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ERP glossary

Short, plain-language definitions of the terms you will meet when choosing and running an ERP system.

ERP (enterprise resource planning)
Software that runs a business's core processes — finance, inventory, sales, purchasing, HR and operations — on one shared database, so every department works from the same records.
General ledger
The master record of every financial transaction, organised by account. Financial statements are produced from it.
Chart of accounts
The structured list of accounts — assets, liabilities, equity, income and expenses — that transactions are posted to.
Accounts receivable
Money customers owe the business for goods or services already invoiced.
Accounts payable
Money the business owes suppliers for goods or services already received.
Receivables ageing
A report grouping unpaid customer invoices by how long they have been outstanding, used to prioritise collection.
Bank reconciliation
Matching the transactions in the bank statement against the ledger so the two balances agree and differences are explained.
Trial balance
A list of every ledger account with its debit or credit balance at a date; total debits must equal total credits.
Bill of materials (BOM)
The list of components and quantities needed to make one unit of a finished product.
MRP (material requirements planning)
Calculating which materials must be bought or made, and when, from sales orders, production plans and stock levels.
Work in progress (WIP)
The value of goods that have entered production but are not yet finished.
Landed cost
The full cost of bringing stock into the warehouse: the purchase price plus freight, duty, insurance and handling.
POS (point of sale)
The system used to ring up sales at a till, take payment and issue receipts, ideally updating stock and accounts as it goes.
CRM (customer relationship management)
Tracking leads, customers, quotations and interactions so sales and service teams share one view of each customer.
VAT (value added tax)
A consumption tax charged at each stage of supply. Businesses collect it on sales, recover it on purchases and pay the difference to the tax authority.
E-invoicing
Issuing invoices as structured electronic data that a tax authority can validate, rather than as paper or PDF documents.
ZATCA
The Zakat, Tax and Customs Authority, Saudi Arabia's tax authority, which runs the national e-invoicing programme.
Fatoora
ZATCA's e-invoicing platform. In Phase 2, invoices are cleared (B2B) or reported (B2C) through it.
Clearance and reporting
Under ZATCA Phase 2, standard B2B tax invoices are cleared by Fatoora before they reach the buyer; simplified B2C invoices are reported after they are issued.
FBR digital invoicing
Pakistan's Federal Board of Revenue programme requiring sales-tax-registered businesses to issue invoices through PRAL or a licensed integrator.
Multi-tenant cloud (SaaS)
One software platform serving many customers, with each customer's data kept separate, and the vendor handling servers, backups and upgrades.
Private cloud deployment
The same software running in an environment reserved for one customer, often in a chosen location, still operated by the vendor.

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