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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

ACH Transfer

An electronic bank-to-bank transfer processed through the Automated Clearing House network, used for payroll, bill payments, and business transactions.

Payments InfrastructureBusiness Banking

AML

Anti-Money Laundering — a framework of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

Audit & ComplianceBusiness Banking

B

Bank Reconciliation

The process of matching a company's internal cash records to its bank statement to identify and resolve discrepancies.

Accounting & BookkeepingBusiness Banking

D

Digital Wallet

Software application storing payment credentials and enabling transactions without physical cards.

Payments InfrastructureBusiness Banking

I

Interchange Fee

The fee paid by a merchant's bank to a cardholder's bank for processing a card transaction, forming the largest component of merchant payment processing costs.

Payments InfrastructureBusiness Banking

K

KYC

Know Your Customer — the process of verifying the identity of customers and assessing their risk profile to prevent fraud, money laundering, and terrorist financing.

Audit & ComplianceBusiness Banking

L

Lockbox

A bank service that collects and processes customer check payments sent to a dedicated PO box, accelerating cash application and reducing float.

Invoicing & ARBusiness Banking

O

Operating Account

The primary business bank account used for daily operational transactions including payroll, vendor payments, and customer receipts.

Business BankingTreasury Management

S

Sweep Account

A bank account that automatically transfers excess funds into an interest-bearing investment at the end of each business day, maximizing returns on idle cash.

Treasury ManagementBusiness Banking