| Term | Definition |
|---|---|
| Activity-based costing system | Helps managers describe processes, identify cost drivers of each process, and then determine the unit costs of products created in each process |
| Business process management (BPM) software | Automate the core processes that normally occur in an HR office |
| Business process reengineering (BPR) | Redesigning business processes that are no longer effective or efficient. It is a continuous process that requires analysis of an existing process to find areas that need improvement |
| Change management consultants | Facilitate the complex process of BPR and overcome potential negative reactions |
| Cost accounting subsystems | Provides important control information and varies with the size of the company and the type of product produced |
| Electronic funds transfer (EFT) | Also called electronic payment. It is a cash management technique that eliminates paper documents |
| Enterprise asset management (EAM) systems | Automate the management of a broad spectrum of assets |
| Financial planning models | Help financial managers select an optimum strategy for acquiring and investing financial resources |
| Financing process | Describes how a company acquires and uses such financial resources as cash, other liquid assets, and investments |
| Fixed asset management (FAM) | Manages the purchase, maintenance, valuation, and disposal of fixed assets |
| Human Resource (HR) Management | Responsible for hiring or laying off employees |
| Job costing information system | Keeps track of the specific costs or raw materials, labor, and overhead associated with each product or group of products, called a "job" |
| Just-in-time (JIT) inventory systems | The organization produces goods to fill an order rather than to fill inventory |
| Lean accounting | The system of accounting that uses new performance measures to compliment lean manufacturing and further improve the business |
| Lean manufacturing | Involves making the commitment to eliminate waste throughout the organization |
| Lock-box systems | AN effective cash management tool that reduces the float period during which checks clear the bank |
| Non-value-added waste | The Toyota Production System focuses on reducing this in order to improve its business. |
| Payroll processing information systems | Pay employees for their work, maintain employee earnings records, comply with various government tax and reporting requirements, report on various deduction categories, and interact with other personnel functions |
| Process costing information systems | Used by manufacturers of homogeneous products that are produced on a regular and continuous basis |
| Production process | Sometimes called the conversion process. Begins with a request for raw materials and ends with the transfer of finished goods to warehouses |
| Third-party billing | A special accounting need of many health care organizations. Instead of billing customers directly, they go through a third party |
| Time and billing information systems | Track hours and costs associated with each job. Similar to job order costing systems |
| Value stream management | Replaces traditional departments to measure and valuate results and create lean accounting |
| Vertical markets | Markets or industries that are distinct in terms of the services they provide or the goods they produce |
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