Accounts Payable
Amounts a business owes to suppliers for goods or services it has received but not yet paid for.
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ERP terms, made clear.
A practical guide to the language behind finance, inventory, people, supply chain, and connected business operations.
73 useful definitionsBuilt for growing businesses in Pakistan
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A5 terms
Accounts Receivable
Amounts customers owe for products or services already delivered. Receivables help a team track collections and expected cash.
Accrual Accounting
An accounting approach that records income when it is earned and expenses when they are incurred, even if cash changes hands later.
API
A defined way for two software systems to exchange information or request actions from one another.
Audit Trail
A time-ordered record of transactions and changes that shows who did what, when it happened, and which records were affected.
B5 terms
Backorder
A customer order for an item that is temporarily unavailable and will be fulfilled when stock becomes available.
Bank Reconciliation
Matching business cash records against a bank statement and investigating unmatched deposits, payments, or fees.
Bill of Materials
A structured list of raw materials, components, and quantities needed to assemble or manufacture a product.
Budget
A plan for expected income and spending over a defined period, often organized by department, project, or account.
Business Intelligence
Methods and tools that turn business data into reports, visualizations, and insights for planning and decisions.
C7 terms
Cash Flow
The movement of money into and out of a business over time, used to understand liquidity and plan payments.
Chart of Accounts
The organized list of ledger accounts a business uses to classify and record financial activity.
Cloud ERP
ERP software hosted on cloud infrastructure and accessed over a network, with the provider managing the underlying service environment.
Cost Center
A department, location, or team used to group costs so managers can understand where spending occurs.
Credit Note
A document that reduces the amount a customer owes, commonly used to record a return, pricing adjustment, or billing correction.
CRM
Processes and software for managing leads, customer information, sales activity, and ongoing relationships.
Cycle Counting
A routine inventory check in which selected items are counted throughout the year instead of counting all stock at once.
D4 terms
Data Migration
Moving records from an old system, spreadsheet, or database into a new application while preserving their meaning and relationships.
Debit Note
A document that records an increase in the amount due, often because of an additional charge or an invoice adjustment.
Demand Planning
Estimating future customer demand so a business can coordinate purchasing, inventory, staffing, and production.
Depreciation
The planned allocation of a fixed asset’s depreciable cost across the periods in which the business uses it.
E4 terms
E-Invoicing
Creating and exchanging invoice data electronically in a structured format that can be validated and processed by connected systems.
Engineer to Order
A production approach where a product is designed or engineered to a customer’s specifications after the order is received.
ERP
An integrated system that connects core business work—such as finance, sales, purchasing, inventory, and HR—to shared data and processes.
Expense Management
The process of recording, reviewing, approving, and reimbursing business expenses in line with company policy.
F4 terms
FBR Digital Invoicing
Electronic invoice reporting and validation workflows used to meet applicable Federal Board of Revenue requirements in Pakistan.
Financial Period
A defined span of time used to organize accounting activity and prepare financial reports, such as a month, quarter, or year.
Fixed Asset
A long-term resource a business uses to operate, such as equipment, a vehicle, or a building, rather than selling as inventory.
Forecasting
Using historical results, current conditions, and assumptions to estimate future revenue, costs, cash, or demand.
G3 terms
General Ledger
The central accounting record that collects balances and postings from the organization’s financial transactions.
Goods Received Note
A record confirming that ordered goods arrived, including the quantities received and any differences or damage found.
GST / Sales Tax
A consumption tax applied to taxable goods or services. The applicable rules and rates depend on the jurisdiction and transaction.
H2 terms
Human Capital Management
The policies and systems used to manage employee records, hiring, attendance, payroll, performance, and workforce planning.
Hybrid Cloud
An IT environment that connects private infrastructure with public cloud services to share data or applications.
I3 terms
IaaS
A cloud model that provides on-demand computing, storage, and networking resources for a customer to configure and use.
Inventory
Goods and materials a business stores for sale, production, repair, or internal use.
Inventory Valuation
The accounting method used to assign a monetary value to stock on hand and to the cost of items sold or consumed.
J2 terms
Job Shop
A production environment that handles varied, often custom jobs in small batches, with jobs following different processes.
Journal Entry
A dated accounting record that posts one or more debits and credits to ledger accounts.
K1 term
Key Performance Indicator
A measurable value used to show progress toward an operational or business goal.
L4 terms
Landed Cost
The full cost of bringing purchased goods to their destination, including purchase price and relevant freight, duty, handling, and related charges.
Lead Time
The time between starting a process and completing it, such as the time from placing a supplier order to receiving goods.
Leave Management
The process of defining leave policies, tracking employee balances, and requesting and approving time away from work.
Lot / Batch Tracking
Identifying and following a group of items through receipt, storage, production, and dispatch for traceability and quality control.
M3 terms
Master Data
Shared reference records—such as customers, suppliers, products, and accounts—that multiple business processes rely on.
Material Requirements Planning
A planning method that calculates which materials are needed, in what quantities, and when, based on demand, stock, and production plans.
Multi-Branch Management
Coordinating transactions, stock, reporting, and access across multiple business locations within one operating system.
O1 term
On-Premise ERP
ERP software installed on infrastructure managed at a company’s own site or data center, rather than operated as a cloud service.
P9 terms
PaaS
A cloud model that provides a managed platform and development tools for building and running applications.
Payroll
The calculation and payment of employee wages, deductions, benefits, and related statutory contributions for a pay period.
Private Cloud
Cloud infrastructure dedicated to one organization, with access restricted to that organization and its authorized users.
Procurement
The end-to-end process of identifying needs, selecting suppliers, placing orders, receiving goods, and managing supplier invoices.
Production Planning
Deciding what to make, how much to produce, and when, while considering demand, materials, labor, and available equipment.
Project Accounting
Tracking a project’s income, costs, budgets, and financial progress so its performance can be reviewed separately.
Public Cloud
Cloud services provided over shared infrastructure and made available to customers over a public network.
Purchase Order
A formal order sent to a supplier that describes the goods or services, quantities, prices, and agreed terms.
Purchase Requisition
An internal request for goods or services that can be reviewed and approved before a supplier order is created.
Q1 term
Quality Control
Checks and procedures used to confirm that incoming materials, production work, or finished goods meet defined standards.
R1 term
Reconciliation
Comparing two sets of records—such as a bank statement and ledger—to identify and resolve differences.
S7 terms
SaaS
A software delivery model where users access an application as a service, typically through a browser, while the provider operates the platform.
Sales Order
A confirmed record of products or services a customer has agreed to buy, used to coordinate fulfillment, invoicing, and delivery.
Shop Floor Control
The coordination and tracking of production work on the factory floor, including job progress, work centers, and material use.
SLA
An agreement that sets out a service provider’s commitments, such as availability or support response.
Standard Costing
A costing method that compares expected costs with actual costs and records the difference as a variance.
Stock Transfer
A recorded movement of inventory from one warehouse, branch, or storage location to another.
Supply Chain
The network of suppliers, facilities, people, and activities involved in sourcing materials and delivering products to customers.
T2 terms
Tax Withholding
Tax deducted from a payment at its source and reported or paid to the relevant tax authority under applicable rules.
Trial Balance
A report listing ledger account balances to check that total debits and credits agree at a given point in time.
U1 term
User Roles
Permission groups that define which screens, records, and actions a person can access in a business application.
V1 term
Vendor Management
Maintaining supplier information and overseeing performance, communication, compliance documents, and commercial terms.
W3 terms
Warehouse Management
The processes and tools used to receive, store, locate, pick, pack, and dispatch goods within a warehouse.
Work in Process
Partially completed products and the materials, labor, and overhead already assigned to them.
Work Order
An instruction to complete a production, maintenance, or service task, often including required materials, quantity, and schedule.
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