Does 5m mean 5 million?

Excuse me, could you please clarify something for me? I'm just a bit confused about the terminology here. When someone says "5m", does that actually mean "5 million"? I've seen it used in various contexts, but I'm not entirely sure if it's a universally accepted shorthand for that number. Could you possibly provide some insight or confirm if my understanding is correct? Thank you in advance for your help.