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Financial Terms | |
Enterprise resource planning system |
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Definition of Enterprise resource planning systemEnterprise resource planning systemA computer system used to manage all company
Related Terms:enterprise resource planning (ERP) systema packaged software program that allows a company to Accelerated cost recovery system (ACRS)Schedule of depreciation rates allowed for tax purposes. Accounting systemA set of accounts that summarize the transactions of a business that have been recorded on source documents. actual cost systema valuation method that uses actual direct Aggregate planningA budgeting process using summary-level information to Automated storage/retrieval systemA racking system using automated systems business intelligence (BI) systema formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about ![]() charge-back systema system using transfer prices; see transfer Clearing House Automated Payments System (CHAPS)A computerized clearing system for sterling funds Clearing House Interbank Payments System (CHIPS)An international wire transfer system for high-value Corporate financial planningFinancial planning conducted by a firm that encompasses preparation of both cost control systema logical structure of formal and/or informal cost management system (CMS)a set of formal methods Du Pont systemA breakdown of ROE and ROA into component ratios. Dupont system of financial controlHighlights the fact that return on assets (ROA) can be expressed in terms Electronic Federal Tax Payment Systems (EFTPS)An electronic funds transfer system used by businesses to remit taxes to the government. ![]() Estate PlanningAn insurance program designed to provide funds for insured's dependents upon death of the insured, and to also conserve, as much as possible, the personal assets that the insured wants to bequeath to heirs. European Monetary System (EMS)An exchange arrangement formed in 1979 that involves the currencies Federal Reserve SystemThe central bank of the U.S., established in 1913, and governed by the Federal Federal Reserve SystemThe central banking authority responsible for monetary policy in the United States. Financial planningThe process of evaluating the investing and financing options available to a firm. It flexible manufacturing system (FMS)a production system in which a single factory manufactures numerous variations Floor planningArrangement used to finance inventory. A finance company buys the inventory, which is then Government sponsored enterprisesPrivately owned, publicly chartered entities, such as the Student Loan hybrid costing systema costing system combining characteristics Imputation tax systemArrangement by which investors who receive a dividend also receive a tax credit for Interac systemCanada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee. ![]() job order costing systema system of product costing used Just-in-time inventory systemssystems that schedule materials/inventory to arrive exactly as they are just-in-time manufacturing systema production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to lock-box systemsystem whereby customers send payments to a post office box and a local bank collects and processes checks. MACRS (Modified Accelerated Cost Recovery System)A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes). management control system (MCS)an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans, management information system (MIS)a structure of interrelated elements that collects, organizes, and communicates Manufacturing resource planningAn integrated, computerized system for planning manufacturing resource planning (MRP II)a fully integrated materials requirement planning system that involves Manufacturing resource planning (MRP II)An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of Material requirements planningA computerized system used to calculate material Material requirements planning (MRP)A computer-driven production methodology Materials requirement planningComputer-based systems that plan backward from the production schedule materials requirements planning (MRP)a computerbased information system that simulates the ordering and Modified Accelerated Cost Recovery System (MACRS)Depreciation method that allows higher tax deductions in early years and lower deductions later. Multirule systemA technical trading strategy that combines mechanical rules, such as the CRISMA Nonsystematic riskNonmarket or firm-specific risk factors that can be eliminated by diversification. Also normal cost systema valuation method that uses actual Overdraft Systemsystem whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage. performance management systema system reflecting the entire package of decisions regarding performance measurement and evaluation Periodic inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold only at the end of the period. Perpetual inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold each time a sale is made. planningthe process of creating the goals and objectives for Planning horizonThe length of time a model projects into the future. planning horizonTime horizon for a financial plan. Planning, programming and budgeting system (PPBS)A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres. PLUS systemA bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee. Price SystemSee market mechanism. process costing systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; Progressive tax systemA tax system wherein the average tax rate increases for some increases in income but pull systema production system dictated by product sales Pull systemA materials flow concept in which parts are only withdrawn after a push systemthe traditional production system in which Push systemA materials flow concept in which parts are issued based on planned red-line systeman inventory ordering system in which a red responsibility accounting systeman accounting information system for successively higher-level managers about the performance of segments or subunits under the control scarce resourcea resource that is essential to production Split-rate tax systemA tax system that taxes retained earnings at a higher rate than earnings that are standard cost systema valuation method that uses predetermined strategic planningthe process of developing a statement of strategic resource managementorganizational planning for the deployment of resources to create value for customers and shareholders; key varibles in the process include the management of information and the management of change in response to threats and opportunities SystematicCommon to all businesses. Systematic riskAlso called undiversifiable risk or market risk, the minimum level of risk that can be Systematic RiskThe amount of total risk that cannot be eliminated by portfolio Systematic risk principleOnly the systematic portion of risk matters in large, well-diversified portfolios. systematic withdrawal planPlans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals. tactical planningthe process of determining the specific two-bin systeman inventory ordering system in which two Two-bin systemA system in which parts are reordered when their supply in one Two-tier tax systemA method of taxation in which the income going to shareholders is taxed twice. Unsystematic riskAlso called the diversifiable risk or residual risk. The risk that is unique to a company Unsystematic RiskThe amount of total risk that can be eliminated by diversification by Visual review systemInventory reordering based on a visual inspection of on-hand Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |