Accounts Payable Software Key Terms

Understand the meanings of accounts payable software key terms

Accounts payable software allows you to manage, monitor and control your accounts payable with computer interfaces that help you work more efficiently. Accounting software is available for any company that uses programs that handle all accounts payable needs. Some jargon used by accounts payable software companies can be confusing to those new to the software. Reviewing the meanings of accounts payable software key terms will help you find the appropriate software for your company’s needs.

 

CRM, or customer relationship management

CRM, or customer relationship management, includes all aspects of customer service. An accounting software program with CRM provides an interface that allows your representative to view the customer's history and any notes regarding the customer's account.
Try: Find more information about CRM at Customer Think. 

ERP, or enterprise resource planning

ERP, or enterprise resource planning, allows you to view and control various aspect of accounting over a variety of departments.
Try: Visit Sysoptima for more information about ERP. Learn even more from Web Media Brands.

Internal controls

Internal controls are software programs that provide a broader view of the accounts. They also protect against fraud. Internal controls allow you to view your information and protect it from getting in the wrong hands. Internal controls also offer a wide range of scans and checks to prevent errors.
Try: Kpo Web provides more information and details about internal controls. Read more at the University of Houston-Clear Lake.

Two-way integration

Two-way integration is a feature available with some accounting software. With two-way integration, you can import from and export to other programs on the system. This allows you to seamlessly transfer data.
Try: Advanogy offers more information about two-way integration. Find out more about how two-way integration works at rCash.

IFRS, or international financial reporting standards

IFRS stands for international financial reporting standards. IFRS is a set of guidelines and standards that most accountants and companies follow when it comes to their accounting. These standards are set by the International Accounting Standards Board (IASB).
Try: The American Institute of Certified Public Accountants has information about the IFRS available online. Graeme Pietersz also provides information about international financial reporting standards.

GAAP, or generally accepted accounting principles

GAAP stands for generally accepted accounting principles. These are commonly used accounting information recording techniques, principles and procedures. Many software companies make sure that their software is compliant with the GAAP.
Try: Learn more about GAAP at All Business. Street Authority also has information about generally accepted accounting principles.

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