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Financial Management

Financial Management

Acumatica Financial Management systems provide a feature-rich accounting suite, fully integrated with Acumatica’s suite.

Why Choose Acumatica for Financial Management

Finance Suite is a  package of General Ledger, Cash Management, Accounts Payable, Accounts Receivable, Fixed Assets, Deferred Revenue, Taxes, Currency Management which provides flexibility and powerful functionality in a business and each covers a particular facet of accounting.

Acumatica designed Financial Management  to run on a standard web browser over the Internet, which offers an ideal solution for companies with multiple locations and a mobile workforce.

 

Benefits of Financial Management

The stronger your financial management the greater the opportunity you have to maximize your profits in the short term and to grow your capital value in the long term.

  1. It improves the efficiency of a business  by simplifying or eliminating unnecessary steps, using modernizing techniques of Acumatica.
  2. It provides timely, accurate, reliable and verifiable information that hasten your decision-making process. It provides advanced financial reporting and decision-making procedures for evaluating the merits or shortcomings of your operational and strategic approaches to business.
  3. It enhances your scheduling and forecasting capacity. This enables you to allocate your financial resources effectively and set realistic performance targets with financial reports and personalized dashboards that access the shared, centralized database.
  4. Proper financial management usually means that a company can grow in one or more areas, or at the very least, remain stable. It also provides you with an opportunity to follow through on your policies and plans.
  5. It provides you with a framework for integrating functional processes and financial resources in your business. This accelerates the processing of transactions and conveyance of financial information, Acumatica’s financial management systems to integrate financials across multiple business entities, including automated reporting, consolidation, payments, and cash management.

 

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Acumatica Wins 2017 CODiE Award for Best Cloud ERP Solution

Winner of 2017 CODiE Award is Acumatica ERP

Acumatica is the winner of 32nd annual CODiE Awards by the Software & Information Industry Association (SIIA) for business technology. Acumatica is considered as the best cloud ERP based on its interoperability, mobility, functionality, reporting, ease of use, and analysis of data and many more.

Acumatica has all the features to boost your business growth has given another proof of being the best in the race of cloud ERP by winning the 2017 CODiE Awards. This honor reflects the dedication of Acumatica team to provide customers with the best available set of fully integrated business applications.

Acumatica’s ERP platform leverages the world’s best cloud and mobile technology to deliver a suite of fully integrated business management applications such as Financials, Distribution, CRM, Manufacturing, Service Management, Project Accounting, and Business Intelligence.

The Acumatica ERP platform is a scalable infrastructure of core components that run in the background so you can focus your attention on workflows, productivity, and business logic—not technology. Because Acumatica’s ERP platform uses standard web technologies and development languages, you can modify your business logic using the platform tools or a separate integrated development environment.

What is a CODiE Award ?

The SIIA CODiE Awards were established in 1986 so that pioneers of the then-nascent software industry could evaluate and honor each other’s work.

The SIIA CODiE Awards have recognized thousands of software, information and education technology companies for achieving excellence. What makes the CODiE Awards unique is that they are the only peer-recognized program in the content, information, education, and software technology industries so each CODiE Award win serves as incredible market validation for a product’s innovation, vision, and overall industry impact.

CODiE Award finalists and winners experience increased product recognition; increased press, customer and prospect visibility; product validation for your team; and the simple enjoyment of standing out as the best amongst the competition.

Why did Acumatica win best cloud ERP solution?

The SIIA CODiE Awards judges looked for the following criteria during the initial review for best Cloud ER

  • Ease of use
  • Implementation
  • Mobility
  • Functionality
  • Reporting and analysis of data
  • Customization

All this functionalities are  available in Acumatica, which is a complete and integrated package of Cloud ERP to improve and  polish your Business Growth with more profitability.

Nobody can predict the future of their business with 100% of certainty, but Acumatica implementation can provide you a scalable infrastructure to build a fruitful business.

You can expect help with your questions about which cloud ERP is right for your business, how ERP implementations work, and how all of your business management needs can be met. We’ve built a flexible, integrated solution to help you accelerate your business and are thrilled to be recognized in the industry as the Best Cloud ERP Solution! We hope it continues to show customers – and future customers – our dedication to your success.

 

 

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Prepayment in Accounts Payable document

Prepayment is an upcoming payment that is paid in advance to vendors.

Here I’m going to describe two simplest ways of creating prepayments in Acumatica:

  1. Standard way
  2. Simplified way

Creating Prepayments in the Standard Way :

  • On the Bills and Adjustments form, select the document type as Prepayment and enter a vendor prepayment request. When we save the prepayment, the system assigns it a reference number. we cannot apply or withhold taxes on prepayments, but we can add tax amounts to the prepayment amount for easier calculations.
  • Click on Release and release the prepayment. A prepayment request, when released, doesn’t generate any transactions.
  • We pay the prepayment by creating an Accounts Payable check, by using the Checks and Payments form.
  • After releasing the Accounts Payable check. , the system changes the status of this check to Closed and changes the status of the original prepayment to Open, so that we can apply this prepayment to bills and credit adjustments.

Creating Prepayments in the Simplified Way:

  • We can create a prepayment more simply, by using the Checks and Payments form. Just open the Checks and Payments form then select the type as Prepayment and apply the document. Release it.

 

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Release of Prepayment in Accounts Receivable document

Hi All,

I want to share an example how we can applied  and  release a prepayment in Accounts Receivable document. We can applied it either fully or partially depends on our company scenario or on customers demand.

So lets start it:

Create a Sales Order > Confirm the Shipment > Create the Invoice and release it.

 

Then goto Payments and Applications screen > select the Prepayment document type from the drop down. (See in attachment) > on the Documents to Apply tab of the Payments and Applications form select the Invoice  reference #  for which you want to do the prepayment .

If you want to do full payment as prepayment then leave the Amount Paid field as it is or for Partial prepayment decrease the Amount paid > save  and release it.

 

 

Comment below if you have any Questions . Thanks for reading.

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Why Choose Acumatica ERP?

Is everything transparent and efficient in your business? Make it so by using Acumatica Cloud ERP. Cloud ERP is a must for survival in this competitive world where you must have the ability to rapidly respond to changing business requirements. You are provided with everything you need to manage your business in one integrated web-based ERP solution. You just need to have an internet connection to access it anywhere and anytime.

cloud

Reasons to choose Acumatica Cloud ERP:

  • Implementation is quick and easy
  • Less uses of memory
  • Global access to real time data
  • Very fast to access
  • Upgrades are seamless and inclusive
  • Mobility
  • High security
  • Cloud ERP allows businesses to customize applications, reports and business processes

Contact us below for a demo or for enquiry.

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Acumatica ERP Distribution Suite

Distribution Suite

The Distribution suite includes the Inventory, Sales Orders, Purchase Orders, and Purchase Requisitions modules.

Distribution Flowchart
Inventory

The Inventory module, provides a wide range of add-on features which will help our business to more effectively manage the inventory. With the basic functionality only, we can create and maintain stock and non-stock items, update prices and evaluate costs, perform receipts and issues, prepare and complete full physical counts. The add-on features enable we to track items by lot or serial numbers and expiration dates; use multiple units of measure (base, sales, and purchase units) for each item and configure the rules for conversion between these units of measure; configure multiple warehouses, each with multiple locations; set up automated replenishment; configure automatic packaging to facilitate shipping; and more.
The Inventory module is integrated with the financial modules, as well as with other modules of the Distribution suite.

Sales Orders

The Sales Orders module, includes basic functionality and add-on features. By using its basic functionality, we can manage sales-related activities, such as entering sales orders of various types, fulfilling sales orders, generating pick lists, creating shipments, and adding additional freight costs. Also, the Sales Orders module provides tools for configuring custom order types and fulfilment workflows that can help we improve order fulfilment processes. If we use add-on features, we can set up integration with carriers, configure automated packaging functionality, and process drop ship orders.

The Sales Orders module is integrated with the financial modules, as well as with the Inventory and Purchase Orders modules.

Purchase Orders

The Purchase Orders module, includes basic functionality and add-on features. By using its basic functionality, we can manage purchase-related activities, such as placing purchase orders, receiving purchased goods, returning purchases, and processing various additional costs associated with purchased goods. Also, we can maintain vendor catalogs with alternative IDs for stock items and last-used prices.

The Purchase Orders module is integrated with the financial modules, as well as with the Inventory, Purchase Orders, and Purchase Requisitions modules.

Purchase Requisitions

The Purchase Requisitions module, incorporates the functionality that makes it possible for our company to process requests for goods and services, approve requests, and prevent cost overruns. The Purchase Requisitions module provides configurable request documents and budget compliance verification. Also, the module facilitates an efficient bidding process.