Revenue Cycle and Related Processes

These flashcards cover key vocabulary and concepts from the lecture notes on the revenue cycle, expenditure cycle, payroll and HR cycle, database management systems, big data, and ERP systems.

Revenue Cycle

The process of processing customer orders, delivering goods/services, and collecting cash.

Sales Order Processing

The set of tasks that includes receiving customer orders, credit approval, inventory checking and goods picking, shipping, billing, and accounts receivable update.

Credit Approval

A task where the credit department checks a customer’s credit limit.

Accounts Receivable Update

Recording the sales transaction after billing.

Segregation of Duties

An internal control that ensures sales, shipping, billing, and cash collection are handled separately.

Three-way Match

An internal control process involving matching the Purchase Order, Receiving Report, and Invoice before making payments.

Physical Security of Assets

Measures taken to protect assets from theft or damage.

Data Mining

A process used in Big Data reporting that discovers hidden patterns in datasets.

Predictive Analytics

Forecasting future trends based on historical data.

Enterprise Resource Planning (ERP) Systems

Systems designed to integrate all major business processes into a single system.

In-house Development vs Commercial Packages

In-house allows custom solutions while commercial products offer faster and cheaper implementations.

Compliance Risks

Risks associated with breaching laws such as GDPR.