Discover the meaning of the latest AU payroll and HR terms and abbreviations with this free glossary.
Accrual An accrual is when expenses, losses, and liabilities haven’t yet been recorded in the accounts. It can also mean when revenues and assets have been earned but not yet recorded. Provision is always made for accruals at the end of each accounting period.
AI AI, or artificial intelligence, is the development of computer systems able to perform tasks that humans can. These include intelligent recommendations, speech recognition, and decision-making based on data input.
Annual leave Annual leave is paid time off work. All employees are entitled to annual leave, including full-time, part-time, temporary and casual workers. Most employees are entitled to 4 weeks' annual leave each year.
Application An application, or app, is a software program which performs a specific function, either for users or for another app. Applications use a computer operating system and system software to function. They include word processors, web browsers and communication platforms.
Assets Assets represent what a business owns that can be converted into cash. They can include cash, investments, money owed, supplies, equipment, land or buildings. They can also be patents or trademarks. To appear on a balance sheet, assets must have a measurable value.
Attendance services Time and Attendance are automated solutions to track employee attendance to minimise productivity loss and monitor absenteeism. Having readily accessible data helps businesses pinpoint workforce trends before they become issues. Then they can take action accordingly.
Audit An audit is when an independent and official third party, such as HMRC, examine a company’s accounts to prove a company’s health. Sometimes, audits are used to uncover mistakes or wrongdoing, including fraud. Businesses might have periodic audits.
Australian Business Number (ABN) A unique 11-digit identifier issued by the Australian Business Register which is operated by the Australian Taxation Office.
Australian Tax Office (ATO) The ATO is the Government's principal revenue collection agency. Their role is to manage and shape the tax, excise and superannuation systems that fund services for Australians.
Automated time solutions An automated time solution is a software-based method for keeping track of employees’ time, rather than doing it manually. The benefits are saving time and eradicating manual errors, while simultaneously managing staff leave, absences, and benefits faster.
Awards Awards (modern awards) are legal documents that outline the minimum pay rates and conditions of employment.