Wingspan concepts

Wingspan uses terminology and phrases that have specific meaning in the application and in the Wingspan ecosystem. Here you can find a list and definitions for some of those concepts.

• Accounts payable: Accounts payable (AP) comprises the amount a company owes to suppliers and other creditors—items or services purchased and invoiced for. AP does not include, for example, payroll or long-term debt like a mortgage — though it does include payments to long-term debt.
• Accounts receivable: Account Receivable (AR) is a term used to describe the outstanding balances due to a company from its customers for goods or services sold on credit. In other words, it represents the amount of money owed to a company by its customers for the sale of goods or services on credit. AR is considered an asset on a company's balance sheet and is an important factor in determining a company's cash flow and financial health.
• Payroll Funding: Payroll refers to the total amount of money that a company pays to its employees for their work during a specific time period. This includes salaries, wages, bonuses, and other compensation earned by the employees.
• Payroll Schedules: Payroll schedule is a set pay period for each contractor on your project. It could be a schedule of intervals like every week or every month. Or it could be a schedule of dates. For example, you may pay your contractors at the end of every month.
• Collaborator: A Collaborator is a contractor who can send and receive payments. Collaborators are managed on the Collaborator tab in the web application, or by calling the API. Collaborators can be grouped based on project, invited in bulk, and assigned custom fields for better organization and reporting.