An operating budget is a financial plan that estimates a company’s projected revenues and expenses for a specific time, usually a year. It covers day-to-day costs such as salaries, rent, utilities, and supplies. Businesses use operating budgets to monitor performance, control spending, and plan for profitability.
An open account is a payment arrangement in international or domestic trade where a seller ships goods before receiving payment. The buyer pays at an agreed future date, often 30–90 days later. While this method benefits buyers with flexible terms, it poses higher financial risk for sellers without upfront payment guarantees.
On-call employment is a work arrangement where employees are only called in when needed rather than having fixed schedules. It provides flexibility for employers to manage peak demand but often leads to irregular hours for workers. This model is common in healthcare, hospitality, and service industries.
Occupational Health and Safety (OHS) is the system of laws, policies, and practices designed to keep employees safe at work. It covers areas such as hazard prevention, workplace ergonomics, safety training, and compliance with legal standards. Strong OHS programs reduce accidents, improve employee well-being, and ensure a safer work environment.
Off-cycle payroll refers to employee payments processed outside the normal payroll schedule. Companies use it to issue bonuses, correct payroll errors, or pay departing employees quickly. It ensures employees receive accurate and timely compensation without waiting for the next regular payroll cycle.
The O1B visa is a U.S. non-immigrant visa specifically for people with exceptional talent in the arts or outstanding accomplishments in the film and television industry. It allows these individuals to work in the U.S. for a particular employer, project, or production. This visa is often sought by artists, actors, musicians, and other creative professionals.
An O-1 visa is a U.S. non-immigrant visa granted to individuals who demonstrate extraordinary talent or achievement in areas such as science, arts, education, business, or sports. It allows these professionals to work in the U.S. temporarily under a specific employer or project. This visa is often used for top performers, researchers, and highly skilled specialists.
A notice period is the duration an employee must work after resigning or being terminated before leaving a company. It allows employers time to find a replacement and ensures knowledge transfer. The length of a notice period often depends on company policy, job role, or employment laws.
A non-employee refers to someone who works for a company but is not classified as a regular employee. This category includes contractors, freelancers, vendors, and consultants. They typically receive payments through invoices or contracts rather than payroll and do not get standard employee benefits.
The mobility department is the team responsible for handling employee relocations, global assignments, and related compliance tasks. They manage visas, work permits, tax considerations, and cultural support to make international moves seamless. This function is key for companies with global operations.
Master Data Management (MDM) is the process of organizing and maintaining a company’s critical data across multiple systems. It helps ensure consistency, accuracy, and reliability of information like customer, product, or financial data. By using MDM, businesses can avoid errors, improve compliance, and make better decisions.
The marginal revenue formula calculates the additional income a company earns from selling one more unit of a product or service. It is found by dividing the change in total revenue by the change in quantity sold. Businesses use this formula to guide pricing strategies and maximize profits.
Managed payroll is a service where a company delegates its payroll responsibilities to an external provider. The provider handles salary calculations, tax withholdings, benefits administration, and compliance reporting. This approach saves time, reduces errors, and ensures payroll is processed accurately while freeing HR teams to focus on strategic tasks.
Malicious compliance happens when someone deliberately follows orders or rules to the letter, even when they know it will create inefficiency, errors, or unintended consequences. It’s often used as a form of passive resistance in workplaces where employees feel unheard or frustrated. While technically obeying instructions, malicious compliance can highlight poor management or flawed policies.
Labor laws are a set of rules established by governments to regulate the relationship between employers and employees. They cover areas such as minimum wage, working hours, overtime, leave entitlements, health and safety, and employee termination. These laws ensure fair treatment, protect workers’ rights, and provide guidelines for businesses to remain compliant.
Job classification is an HR method used to organize jobs into structured categories or levels based on their responsibilities, duties, and required qualifications. It helps ensure fair compensation, career progression, and compliance with labor regulations. By standardizing roles, job classification makes it easier to compare positions, set pay scales, and manage workforce planning.
A job board is a website or platform that connects employers with potential employees by listing available job opportunities. Employers use job boards to reach a wide talent pool, while job seekers use them to search and apply for roles across industries. Popular examples include Indeed, LinkedIn Jobs, and Glassdoor.
An invoice is an official document that a seller issues to a buyer to request payment for goods or services delivered. It typically includes details like item descriptions, quantities, prices, taxes, invoice date, and payment terms. Invoices serve as both a payment request and a financial record for accounting and tax purposes.
Invoice date is the day an invoice is created and sent to the buyer. It marks the start of the payment timeline, helping both parties track when payment is due based on agreed terms (e.g., Net 30). Accurate invoice dating is essential for managing cash flow, bookkeeping, and avoiding disputes over late payments.
Invoice amount refers to the total value listed on an invoice that a buyer must pay to the seller. It typically includes the price of goods or services, taxes, shipping fees, and adjustments like discounts. Businesses use the invoice amount to track payments, manage cash flow, and maintain accurate financial records.