The Ultimate Qashiopedia
Non-Liquid Assets
Non-liquid assets, in contrast to liquid assets, are those that are difficult to convert into cash quickly. A classic example is real estate, where selling the asset may take several months due to the lengthy process of finding a buyer, accepting an offer, and receiving payment.
Non-current liabilities
Non-current liabilities refer to obligations on the balance sheet that are not due within one year. Examples include long-term borrowings, capital leases, mortgages, or bonds payable.
Non-liquid assets
Non-liquid assets, in contrast to liquid assets, are those that are difficult to convert into cash within a short period. A classic example is real estate, where liquidating the asset might take several months due to the lengthy process of finding a buyer, accepting an offer, and receiving the payment.
OCR (Optical Character Recognition)
Technology that converts different types of documents, such as scanned paper receipts, into editable and searchable data for automated expense processing.
Operating budget
An operating budget is a comprehensive forecast that outlines total revenues and expenses over a specific period, typically quarterly or annually. It is usually prepared towards the end of the year to project for the following year, allowing companies to plan and achieve specific business goals.
Opportunity cost formula
Opportunity cost (OC) is an economic term that refers to the potential benefits that could be lost when one option is chosen over another. In essence, OC represents the cost of what you did not choose. Although OC is not strictly numerical, as "benefits" can also encompass time or satisfaction, companies often evaluate it using the formula OC = Waived option - Chosen option, selecting the most efficient alternative.
Optical character recognition (OCR)
Optical Character Recognition, commonly known as OCR, is a program that extracts and converts text from documents, images, and certain PDFs. Typically used with scanners, it is frequently applied to passports, invoices, business cards, receipts, and other printed materials to digitise the text.
P&L statement
A profit and loss (P&L) statement, more commonly referred to as the income statement, is a financial report that summarises the revenue, costs, and profits or losses for a specific period, usually quarterly or annually. It indicates whether a company is making or losing money and highlights areas where revenues and expenses can be adjusted to improve profitability. All public companies are required to provide three financial statements: the income statement (P&L), balance sheet, and cash flow statement.
PNI finance
PNI, or Paid/No Issue, refers to all payments made that do not generate a cheque. For example, this includes cash and bank transfers.
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