Bookkeeping – recording of financial transactions. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.
Source: myaccountingcourse.com
Accounting – is interpreting, classifying, analyzing, reporting, and summarizing financial data. Source: investopedia.com
Workflow – Progression of steps (tasks, events, interactions) that comprise a work process, involve two or more persons, and create or add value to the organization’s activities. In a sequential workflow, each step is dependent on the occurrence of the previous step; in a parallel workflow, two or more steps can occur concurrently.
Source: businessdictionary.com
Process – Sequence of interdependent and linked procedures which, at every stage, consume one or more resources (employee time, energy, machines, money) to convert inputs (data, material, parts, etc.) into outputs. These outputs then serve as inputs for the next stage until a known goal or end result is reached.
Source: businessdictionary.com
Budget – A budget is basically a financial plan for a defined period, normally a year. It greatly enhances the success of any undertaking. As the saying goes, “if you fail to plan then plan to fail.”
Source: investopedia.com
Cash Flow Statement – represents transactions that have already taken place. Past information.
Source: investopedia.com
Cash Flow Forecasting – lets you know exactly how your business is doing right now and where it is headed into the future. Predicts the most likely future cash outcome.
Source: fluidly.com/blog
Cash Flow Projection – takes the forecast and adds alternative scenarios or assumptions about future income and expenses. Source: fluidly.com/blog
Gross Margin – a company’s net sales minus its cost of goods sold. The higher the margin, the more a company keeps of each dollar in sales.
Source: Investopedia
Net Margin – is equal to how much net income or profit is generated as a percentage of revenue.
Source: Investopedia
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