Glossary of Terms Flashcards
PSA
Project Service Automation (Dynamics/D365)
What is DMS?
Document Management Systems
What is IMS?
Integrated Management Systems
What is CRM?
Customer Relationship Management/Customer Engagement
What is CRS?
Client Reporting System
What is WIP?
Work In Progress: represents the value of time and disbursement incurred on a project.
What is Write off?
Reduction in outstanding WIP as time/Expenses can’t be billed to the client
What are Lock up days (inc debtor days and WIP days)?
The amount of time it takes for a company to convert its work or value into cash.
What is advanced billing/deferred income?
It is where bills are raised before the WIP (timesheets and disbursements) have been recorded.
What is Gross Turnover?
Represents the total revenue earned.
What are Disbursements?
Third party costs (expenses)
What is Net turnover?
Gross turnover less disbursments
What is gross profit?
Net turnover less staff costs allocated to projects
What are overheads
Operating expenses required to run a business
What is Net profit?
Gross profit less overheads
