Transaction management

What is meant by Transaction management?

The term "transaction management" refers to the administration, monitoring, and optimization of business transactions within a company or between companies. This includes the capture, processing, and tracking of transactions such as sales, purchases, payments, and other business activities. The goal of transaction management is to execute transactions efficiently and securely while ensuring data integrity.

Typical software functions in the area of "transaction management":

1. Transaction Capture and Processing: Automated capture and processing of transaction data.
2. Transaction Tracking: Real-time monitoring and tracking of transactions.
3. Security and Access Management: Protection of transaction data through authorization and access controls.
4. Reporting and Analysis: Generation of reports and analyses to evaluate transaction performance.
5. Integration with Financial Systems: Seamless integration with accounting and financial systems.
6. Invoicing and Payment Processing: Automation of invoicing and payment processes.
7. Audit Trail: Traceable recording of all transaction steps for audit purposes.
8. Error Handling and Correction: Identification and correction of errors in transactions.

Examples of "transaction management":

1. Sales Processing: Management of sales orders and their fulfillment.
2. Purchase Processing: Management of purchase orders and supplier invoices.
3. Payment Processing: Monitoring and execution of payments and receipts.
4. Inventory Transactions: Management of stock movements and inventory transactions.
5. Customer Transactions: Capture and tracking of customer purchases and returns.
6. Financial Transactions: Management of financial transactions such as transfers and postings.