March 30, 2015

2012 Financial Tools: Glossary


2012 Financial Tools: Glossary

Here are some of the important terms to know in evaluating financial management solutions.

CSV: Stands for comma-separated values, a format commonly used to import and export data.

ERP: Stands for enterprise resource planning, used to describe an integrated system of software modules with a consistent user interface and a shared database supporting all functions.

OCR: Stands for optical character recognition, a process for converting the information contained in scanned images or digital photos into text or numbers.

QIF: Stands for Quicken Interchange Format, a file format for importing or exporting financial data between one of Intuit’s Quicken or QuickBooks products and compatible programs.

Scalable: In financial management software, a scalable solution is one that can be expanded to handle additional users or functions as the business grows.

Single-entry/double-entry accounting: In financial management, single-entry refers to a simplified accounting method, as in a checkbook register, in which transactions are recorded as either income or expense. In a double-entry system, transactions are recorded as both debits and credits, impacting at least two accounts.

Single-entry system: With software and services, this refers to a system that takes the information you enter and makes it available in all components of the system.