Glossary
Our glossary was designed to help our visitors understand the book-related terms they may be unfamiliar with:
Account Receivable
Billing a customer for goods and services they have ordered. Maintaining the account over 30,60 and 90 days. Contacting late customers and tracking payments.
Account Payable
Managing amount owed to a creditors for delivered goods or completed services. Issue monthly payment reminders and provide balance reconciliation.
Bank Reconciliation
A process by which an accountant determines whether and why there is a difference between the balance shown on the bank statement and the balance of the cash account in the firm’s general ledger.
Budgeting
Process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones.
Billing for Professional Services
Process of generating an invoice to recover sales price from the customer for professional services that requires specific structure.
Debt Collection Services
Outsourcing to collection agencies, and knowing when to hire third party debt collection agency services are often important decisions to consider when you operate a business. When credit is extended to customers or clients it is often a gamble, because even those with excellent credit history can occasionally miss a payment or experience financial hardship. Regardless of the circumstances however, it is still important that their payments are made to you on time as agreed.
Today, business owners confront new cash flow challenges due to tightening credit markets brought on by a recession, the subprime mortgage fallout and economic crisis. With less availability and access to credit, businesses are increasingly using debt recovery agency services as an avenue to maintain positive cash flow and keep their businesses operational.
We advise businesses, as more are seeking debt recovery consulting, to help recover unpaid debts and improve their cash flow.
Forecasting
Planning tool which helps management in its attempts to cope with the uncertainty of the future. It starts with certain assumptions based on the management's experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection. Since any error in the assumptions will result in a similar or magnified error in forecasting, the technique of sensitivity analysis is used which assigns a range of values to the uncertain factors (variables). A forecast (which indicates what 'might' happen) should not be confused with a budget (which shows what 'ought' to happen).
Interim Financial Statements
Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm's assets, liabilities, and net worth on a stated date; (2) income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which shows the inflows and outflows of cash caused by the firm's activities during a stated period.
Monthly Bookkeeping and Data Processing
The process of recording financial transactions and keeping financial records. Transactions include sales, purchases, income, and payments by an individual or organization.
Payroll Processing
1. Calculate the total amount required to pay workers and employees during a week, month or other period.
2.Create and manage paysheet which records wage rates, deductions, benefits, and net pay.
3.Mange employ records and hiring and termination.
4.Manage and update the ministry of labour Wages Protection System.
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