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Glossary

AI Finance Glossary

Plain-English definitions of AI, accounting, and SaaS-finance terms.

Categories

AllAccounting & BookkeepingAccounting Practice SoftwareAP AutomationAudit & ComplianceBusiness BankingCap Table & EquityCFO PlatformContract ManagementExpense ManagementFinancial Data & APIFinancial ReportingFP&A & ForecastingGlobal PayrollInsurance & RiskInvestment ManagementInvoicing & ARLending & CreditPayments InfrastructurePayrollPersonal BudgetingProcurementRevenue FinancingRevenue RecognitionSaaS BillingSales Tax & ComplianceTax FilingTax Filing PersonalTreasury Management

A

Accounts Payable

Short-term liabilities representing amounts a business owes to suppliers and vendors for goods or services received but not yet paid.

AP AutomationAccounting & Bookkeeping

Aging Report

A financial report categorizing outstanding invoices or payables by how long they have been outstanding, used to manage collections and payment prioritization.

Invoicing & ARAP Automation

D

Days Payable Outstanding

The average number of days a company takes to pay its vendors, measuring how efficiently a company manages its accounts payable.

AP AutomationAccounting & Bookkeeping

E

Early Payment Discount

A price reduction offered by sellers to buyers who pay invoices before the standard due date, improving the seller's cash flow.

AP AutomationInvoicing & AR

I

Intelligent Document Processing

AI-powered technology combining OCR, NLP, and machine learning to automatically extract, classify, and process data from complex financial documents.

AP AutomationAudit & Compliance

O

OCR in Finance

Optical Character Recognition technology that extracts text from financial documents like invoices and receipts, automating data entry into accounting systems.

AP AutomationAccounting & Bookkeeping

P

Purchase Order

A formal document issued by a buyer to a seller specifying the goods or services, quantities, prices, and delivery terms for a purchase transaction.

ProcurementAP Automation

R

Remittance Advice

A document sent by a payer to a payee specifying which invoices a payment covers, facilitating accurate cash application.

Invoicing & ARAP Automation

Robotic Process Automation

Software robots that automate repetitive, rule-based digital tasks in financial processes by mimicking human interaction with systems and applications.

Accounting & BookkeepingAP Automation

T

Three-Way Matching

An accounts payable control process that verifies a vendor invoice against the corresponding purchase order and goods receipt before approving payment.

AP AutomationProcurement