In our previous article we took a look at seven signs your technology could be causing your end of month stress. The common thread between the issues was a simple one: the technology powering most businesses is not up to the task of efficiently tackling end up month closing. This is because many businesses still use legacy systems, not a modern, agile ERP solution. In this article we will look at seven ways Acumatica, a class-leading ERP solution, can help alleviate end of month stress.
Freedom of Movement for Data
Acumatica is intelligently designed to integrate easily with existing business systems through open architecture. Featuring built in CRM functionality, Acumatica allows users to analyze data day by day while ensuring that various business segments are all operating with the same accurate data. This data consistency is key to making informed, intelligent business decisions across the entirety of a business, not just a single segment.
Real Time Financial Results
By integrating financial and operational systems business leaders can receive daily financial reports. There is no limit to or charge for adding users, and custom access roles can be set up for businesses with security concerns, meaning anyone who needs access to data can be given it. Users can access the system from anywhere at any time, meaning it is no longer a month-end scramble to piece together disparate sets of financial data.
Digitally Transform Your Transactions
Rather than manually enter transactions Acumatica uses machine learning (ML) and artificial intelligence (AI) technology to help digitize the transaction process. AP documents can be generated directly from scanned vendor bills, as well as identify expense receipts for coding. Once coded source docs can be attached to the transaction from any mobile device or computer, then automatically routed for approval. These automations drastically reduce the likelihood of adjustments being required at the end of the month.
Eliminate Manual Entries
In step with the previous point those same ML and AI technologies help eliminate the need for manual entries across a variety of fronts. With all systems being housed within the Acumatica framework the need for cross-referencing transactions that impact multiple business segments or companies under the same umbrella is eliminated as they are automatically linked and accounted for. Automatic revenue and expense recognition can be enabled, as can automated entry creation for a number of different scenarios, giving users several opportunities to save time and effort for more important, intensive projects.
Consistent Procedures through Configurable Processes
Acumatica allows users to set up several automated solutions to ensure that processes are the same across all lines of business, eliminating the possibility of confusion between two different departments. Automated alerts, notifications, and document assignments can all be created, and billing rules can be set up to ensure that clients are being billed consistently. By ensuring all segments of the company are working the same way, end of month back-and-forth is eliminated.
Bank Feeds and Daily Reconciliation
Acumatica features the ability to set up bank feeds, allowing for daily reconciling of financial accounts. This eases the burden on accounting teams, as they no longer have to wait until the end of the month to have the documents and records they need to reconcile the books. With easy compatibility with major book-keeping software this allows users to always know true cash balances.
Customize Reports and Statements to Meet Business Needs
Acumatica allows users to create in-depth customized reports, editing all of the fields as needed to give users the exact information they need in reports. This ability to customize ensures everyone from leadership down is getting accurate, role specific information presented to them quickly and in an easily digestible form.
By switching to Acumatica, a modern ERP solution, companies can transform their end of month closing from a headache to a breeze, increasing efficiency and customer satisfaction.