SaaS Glossary - Essential Terms Defined

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.

The approval workflow is a common business process that requires someone to sign off on the data at a certain stage. Approval workflows require multiple checks throughout the process and from a variety of different stakeholders. Most workflows require some kind of approval built into them.

Asset management is the process of planning and controlling the acquisition, operation, maintenance, renewal, and disposal of organizational assets. This process improves the delivery potential of assets and minimizes the costs and risks involved. Adequate maintenance and proper deployment of systems, people, and processes ensure a positive enhancement of capital over the asset lifecycle.

Share of the insurer's assets attributable to that policy. In other words, it is the asset that a policyholder has built up in an insurance company. The asset share value is calculated as the amount the policyholder has paid in premiums, less the cost of insurance and other expenses to the insurance company.

An audit trail is defined as a step-by-step sequential record which provides evidence of the documented history of financial transactions to its source. An auditor can trace the financial data of a particular transaction right from the general ledger to its source document with the help of the audit trail.

Things happen. Agents call in sick, and some just aren't working to their full capacity. Supervisors must be able to make changes on the fly. This is called agent scheduling. Agent scheduling helps generate reports that equate schedules to agent results and allow for the identification of schedule anomalies for agent assessment and coaching.

Appointment management makes it easy for organizations to reach out to their customers by enabling them to book meeting with their team at the click of a button. Appointment scheduling allows customers to schedule appointments by booking a time by viewing your published calendar.

Automated routing guides customers to appropriate resources based on their current needs. Since customers expect prompt and efficient service when they call, getting the right resource to them at the right time is critical to achieving business goals.

Audience engagement is the deliberate strategy of turning event attendees into active participants, in order to achieve the goals of both organizer and attendee.

The attendance tracking is a functionality that allows you to keep a track of the attendance of students and teachers taking part in your virtual classroom sessions.