Glossary of Terms

eCommerce – business that is conducted over the Internet using any of the applications that rely on the Internet. This commerce can be between two businesses (commonly referred to as B2B) or between a business and a consumer (commonly referred to as B2C).

Cloud - The term "cloud" is used as a metaphor for the Internet, based on the cloud drawing used in the past to represent the telephone network, and later to depict the Internet in computer network diagrams as an abstraction of the underlying infrastructure it represents. Typical cloud computing providers deliver common business applications online which are accessed from another web service or software like a web browser, while the software and data are stored on servers.

CRM (Customer Relationship Management) - CRM encompasses all aspects of interaction a company has with its customer, whether that interaction is sales or service related.

ERP (Enterprise Resource Planning) - a business management system that integrates all facets of the business, including accounting, inventory management, planning, manufacturing, sales, and marketing.

GAAP (Generally Accepted Accounting Principles) - the overall conventions, rules and procedures that define accepted financial accounting and reporting practices in the United States. GAAP is communicated through FASB (Financial Accounting Standards Board) statements, which are recognized as authoritative by the Securities and Exchange Commission.

PSA (Professional Services Automation) – a software suite enabling service organizations to manage and schedule people and skilled resources.

SaaS (Software as a Service) – Gartner defines Software as a Service (SaaS) as software that is owned, delivered and managed remotely by one or more providers. The provider delivers an application based on a single set of common code and data definitions, which are consumed in a one-to-many model by all contracted customers, at any time, on a pay-for-use basis, or as a subscription based on usage metrics. SaaS is also referred to as "On-Demand", "Web-Based" or "Cloud" Applications.

Sarbanes-Oxley (SOx) - an act passed by Congress in 2002 that applies to public companies. Its intent is to strengthen corporate governance and restore investor confidence. SOx includes provisions addressing audits, financial reporting and disclosure, conflicts of interest, and corporate governance. It also establishes new supervisory mechanisms for accountants and accounting firms that conduct external audits of public companies.

SAS 70 Type II (Statement on Auditing Standards No. 70) - testing process developed by the AICPA to signify that a service organization has been through an in-depth audit of their control processes by an independent accounting and auditing firm. A Type II SAS 70 audit tests a service organization’s controls related to financial statements or specific control objectives relevant to the service organization.