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 all 428 terms
Medical Allowance
Medical Allowance: Understanding Employee Health Benefits A Medical Allowance , often referred to as a health allowance or medical benefit, is a predetermined amount of money or a reimbursement...
View definitionMediclaim Processing
What is Mediclaim Processing in Human Resources? In the domain of Human Resources (HR) and employee benefits administration, Mediclaim Processing refers to the end-to-end systematic management, verifi...
View definitionMerger & Acquisition
Mergers and Acquisitions (M&A) Mergers and Acquisitions (M&A) refer to the consolidation of companies or their assets through various financial transactions.
View definitionMGT-7 (Annual Return)
MGT-7 (Annual Return): A Comprehensive Overview MGT-7 is a crucial form prescribed under the Companies Act, 2013, in India, requiring companies to file an annual return with the Registrar of...
View definitionMinimum Wage Compliance
Minimum Wage Compliance Minimum Wage Compliance refers to the practice and systemic adherence by organizations to laws and regulations establishing the lowest legal remuneration that employers can...
View definitionMIS (Management Information System)
Management Information System (MIS) A Management Information System (MIS) is a computer-based system used by organizations to collect, process, store , and disseminate information to support...
View definitionMonth-End Close
Month-End Close The Month-End Close , often referred to as the period-end close or accounting close, is a critical accounting process that occurs at the end of each accounting period (typically a...
View definitionMulti-location Lease Management
What is Multi-location Lease Management?
View definitionNational Pension System (NPS)
Introduction to the National Pension System (NPS) The National Pension System (NPS) is a voluntary, long-term retirement savings scheme designed to enable systematic savings during a subscriber's work...
View definitionNet Salary
Net Salary Net salary , also known as take-home pay or net income, refers to the amount of money an employee receives after all deductions have been made from their gross salary .
View definitionNFRA (National Financial Reporting Authority)
National Financial Reporting Authority (NFRA) The National Financial Reporting Authority (NFRA) is an independent regulatory body established in India under the Companies Act, 2013.
View definitionNiche Hiring
Understanding Niche Hiring Definition and Scope In the field of Human Resources (HR) and talent acquisition, niche hiring refers to the highly targeted process of recruiting individuals who possess ra...
View definitionNominee Details Management
Nominee Details Management is a critical Human Resources (HR) and compliance process that involves the systematic collection, verification, secure storage, and continual updating of information regard...
View definitionNotice Pay Recovery
Notice Pay Recovery Notice pay recovery , often referred to as notice pay adjustment or recovery of notice period pay , is an HR and payroll practice where an employer seeks to reclaim or offset...
View definitionNotice Period
Notice Period In the context of human resources and employment law, a notice period refers to the length of time an employee is required to continue working for an employer after they have given...
View definitionNotice under Section 143(1)
Notice Under Section 143(1) of the Income-tax Act, 1961 A Notice under Section 143(1) of the Income-tax Act, 1961 (India) is a preliminary intimation issued by the Income-tax Department to a taxpayer...
View definitionNotice under Section 148
Notice Under Section 148: Unveiling Tax Reassessment Procedures A Notice under Section 148 of the Income Tax Act, 1961 (India) is a formal communication issued by the Indian Income Tax Department to...
View definitionO2C (Order to Cash)
Order to Cash (O2C) Order to Cash (O2C) , also known as Order-to-Payment, is a fundamental business process that encompasses the entire lifecycle of a customer’s order, from the initial placement of...
View definitionOccupational Safety, Health and Working Conditions Code, 2020
The Occupational Safety, Health and Working Conditions Code, 2020: A Comprehensive Overview Defining the Code: A Snapshot The Occupational Safety, Health and Working Conditions Code, 2020 (OSHWC...
View definitionOCR (Optical Character Recognition)
Optical Character Recognition (OCR) Optical Character Recognition (OCR) is a technology that converts different types of documents containing text—such as scanned paper documents, PDF files, or...
View definitionOffer Letter
Definition and Core Purpose An Offer Letter is a formal document provided by an employer to a job candidate that confirms the details of an offer of employment.
View definitionOn-Roll vs Off-Roll
Understanding On-Roll vs. Off-Roll Employment In the realm of Human Resources and organizational management, the distinction between On-Roll and Off-Roll employment is a fundamental concept that dicta...
View definitionOnboarding Process
Onboarding Process What Exactly is Onboarding?
View definitionOutsourcing Agreement
Outsourcing Agreement An Outsourcing Agreement , also known as a service level agreement (SLA) when it pertains to the performance of services, is a legally binding contract between a business (the...
View definitionOvertime Calculation
Overtime Calculation: Ensuring Fair Compensation for Extra Work Overtime calculation refers to the process of determining the additional pay owed to employees who work beyond their standard or...
View definitionOvertime Management
Definition and Overview Overtime Management is the systematic process by which an organization monitors, regulates, records, and compensates working hours performed by employees beyond their standard...
View definitionP&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.
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