Business Glossary
Clear, concise definitions of key business terms in payroll, finance, HR, compliance, and outsourcing. Your reference guide from MYND's domain experts.
Showing 38 terms starting with "P"
Clear filterP&L Statement (Profit & Loss)
Profit and Loss Statement (P&L) The Profit and Loss statement (P&L) , also known as the Income Statement, is a fundamental financial report that summarizes a company’s revenues, expenses, and profits...
View definitionP2P (Procure to Pay)
Procure-to-Pay (P2P): Streamlining the Business Buying Process Procure-to-Pay (P2P) is an end-to-end business process that encompasses all activities involved in acquiring goods or services, from the...
View definitionPaid Leave
Paid Leave Paid leave is an employment benefit that allows an employee to be absent from work for a specified period while still receiving their regular wages.
View definitionPAN (Permanent Account Number)
PAN (Permanent Account Number) The Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India to taxpayers.
View definitionPaternity Leave
Paternity Leave Paternity leave refers to a period of paid or unpaid absence from work granted to fathers (or male partners) following the birth or adoption of a child.
View definitionPay Band
Pay Band A pay band , also known as a salary band or pay grade, is a predefined range of salaries allocated to a specific job role or a group of similar job roles within an organization.
View definitionPay Cycle
Pay Cycle A pay cycle , also known as a payroll cycle or pay period, is the recurring interval of time over which an employee’s work is tracked and for which they are compensated.
View definitionPay Scale
Pay Scale: Understanding Compensation Structures A pay scale , also known as a salary scale or pay grade, is a systematic framework that outlines the range of salaries or wages an organization is...
View definitionPayment of Gratuity Act, 1972
Gratuity: A Long-Service Benefit That Protects Employees The Payment of Gratuity Act, 1972 provides a lump-sum financial benefit to employees who complete five or more years of continuous service...
View definitionPayment of Wages Act, 1936
Payment of Wages Act, 1936: Ensuring Fair and Timely Employee Compensation The Payment of Wages Act, 1936 (PoWA) is a cornerstone piece of Indian labor legislation aimed at regulating the payment of...
View definitionPayroll Accounting
Payroll Accounting: Ensuring Accurate Employee Compensation and Compliance Payroll accounting is the systematic process of tracking, recording, and reporting all financial transactions related to...
View definitionPayroll Calendar
Payroll Calendar A Payroll Calendar , also known as a payroll schedule or payroll processing calendar, is a meticulously planned timetable that outlines all the critical dates and deadlines...
View definitionPayroll Outsourcing
Payroll Outsourcing Payroll outsourcing, also known as payroll processing outsourcing or Business Process Outsourcing (BPO) for payroll, refers to the practice of contracting with a third-party...
View definitionPayroll Processing
Payroll Processing: Ensuring Your Workforce Gets Paid Accurately and On Time Payroll processing is the administrative and computational procedure by which a business calculates, manages, and...
View definitionPayroll Reconciliation
Payroll Reconciliation: Ensuring Accuracy and Compliance Payroll reconciliation is a critical accounting process that involves comparing and verifying all financial data related to employee...
View definitionPayslip Generation
Payslip Generation Payslip generation, also commonly referred to as payroll processing or salary slip generation, is the systematic and automated or semi-automated process of calculating and creating...
View definitionPeople Analytics
People Analytics Defining People Analytics People Analytics , often referred to interchangeably as HR Analytics or Talent Analytics, is the practice of collecting, analyzing, and applying data to...
View definitionPerformance Bonus
Performance Bonus A performance bonus is a type of variable pay awarded to an employee, team, or department in recognition of achieving specific, pre-defined performance goals or exceeding expected...
View definitionPerformance Management System (PMS)
Performance Management System (PMS) A Performance Management System (PMS) is a systematic, continuous process used by organizations to identify, measure, evaluate, and develop the performance of...
View definitionPetty Cash Management
Petty Cash Management Petty cash management refers to the systematic process of handling and controlling small amounts of cash kept on hand by an organization for minor, immediate expenses.
View definitionPF Claim Processing
Understanding Provident Fund (PF) Claim Processing Provident Fund (PF) Claim Processing is a critical Human Resources and payroll administrative procedure through which an employee, former employee, o...
View definitionPF Deduction
PF Deduction: Understanding Employee Provident Fund Contributions PF Deduction , short for Provident Fund Deduction, refers to the mandatory contribution made by both an employee and their employer...
View definitionPF Transfer
Introduction to Provident Fund (PF) Transfer In the realm of Human Resources and employee benefits, a Provident Fund (PF) Transfer refers to the administrative and financial process of moving an emplo...
View definitionPF Withdrawal
Provident Fund (PF) Withdrawal refers to the administrative and financial process through which an employee reclaims the accumulated monetary contributions from their designated Provident Fund account...
View definitionPost-Merger Integration
What is Post-Merger Integration?
View definitionPre-Employment Screening
Pre-Employment Screening Pre-employment screening , also known as background checking, is the process undertaken by employers to verify the information provided by job candidates during the...
View definitionPrepaid Expenses
Prepaid Expenses: Understanding Advance Payments In accounting and financial management, prepaid expenses represent costs that a business has paid for in advance of receiving the goods or services...
View definitionPresumptive Taxation
Presumptive Taxation: A Simplified Approach to Business Income Presumptive taxation is a tax regime where the tax liability of a taxpayer is determined based on a set of presumptions, rather than a...
View definitionPrivilege Leave (PL)
“`html Privilege Leave (PL) Privilege Leave (PL) , often used interchangeably with Earned Leave (EL) or Annual Leave , is a type of paid time off that an employee is entitled to after completing a...
View definitionProbation Review
Definition and Core Function A Probation Review is a formal assessment conducted by an employer at the conclusion—or at specific intervals—of a new employee’s probationary period.
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