Here you can find the definition of the labels under settings.
When should I use different companies?
A different company needs to be set-up if the VAT number of the specific organizational level is different.
What is the difference between "work location" and "location"?
A “work location” is linked to the employee while a “location” is linked to an asset. A “location” can also function as a cost carrier or a parking.
What is a "cost center"?
A “cost center” is an object to which costs are booked. It might refer to a division, department, team, or any identifiable unit within an organization that is responsible for incurring costs, but may not directly generate revenue.
Both employees and assets can be linked to a specific cost center.