A Completed Glossary for All Things AP
AP Turnover: This is how quickly an organisation pays for their invoices. A high turnover ratio signifies the invoices are being paid off quickly.
Asset: Something that has value to the organisation and can contribute to generating revenue.
BPM Software: Business process management software. Examples are all of our solutions.
Cash Flow: This is how much money is flowing in and out of a business. If there is a positive cash flow, there are more incomings than outgoings.
Cloud-Hosted: The ability to make files available through the internet. This allows easy edits and sharing whilst being held securely.
Compliance: Ensuring all laws and regulations are adhered to during any accounts payable process.
Digital Transformation: Integrating different forms of technology into all areas of an organisation.
E-Invoicing: The electronic generation, submission and processing of invoices.
Goods Receipt: A document that confirms that the goods specified in the purchase order have been received in the expected quantity and condition.
Invoice: A bill sent from the supplier for the goods or services they have provided. This will include information such as the unit price, quantity, total amount and any other information that is relevant.
Liability: Something that is owned by a business that either must be paid within a year or are more long-term debts. This is known as current and non-current liabilities.
Pain Points: Pain points are challenges or issues that businesses face, causing operational difficulties and hindering overall efficiency.
Purchase Order: The initial document generated when a company decides to purchase goods or services. This will outline the description, price and quantity.
Purchase Requisition: An initial, internal request made by an employee who needs to order goods or services for their company.
Roadmap: A strategic plan that outlines the key stages and milestones of a project or initiative, providing a visual guide for business implementation and objective achievements.
UiPath Robotic Processes: A process that uses automation software to streamline and optimise repetitive tasks, such as data extraction and invoice processing, improving efficiency and reducing manual effort.
Workflow: The sequence of steps that are adhered to when completing a task. In accounts payable, workflow steps may include invoice data capture, invoice matching, approvals, and payment processing.