If you need business management software or ERP (Enterprise Resource Planning) that fits your industry, is flexible, customizable, and easy to update because it’s in the Cloud, look no further than Acumatica. It won an Editors’ Choice Award from PCMag.com in both 2018 and 2019 which noted its ease-of-use, customization capabilities, mobility features and pricing model among reasons to consider it for your company.
In the newly released, Acumatica 2019 R1, every application module across the board has been enhanced in some way.
New functionality added to Acumatica Cloud ERP
No matter your business focus, Acumatica 2019 R1 has a wide range of new features designed to make your job easier, your visibility better, and your decisions smarter. From financial management to construction, the update delivers both usability improvements and added functionality to make the product even more viable for the needs of the growing business.
Financial management: more financial calendars, tax improvements and more
No matter what you do, you can’t survive without a strong core financial management module. As always, Acumatica has worked hard to deliver improvements to the core product:
- Predefined list of currencies: An important user-focused addition to currency management, this reduces the effort in maintaining exchange rates and managing transactions in multiple currencies. Now there is no longer a need to manually enter the world currencies and their basic settings.
- Support for different financial calendars: Designed for the multi-entity business, this allows companies with multiple legal entities within the same tenant to have different fiscal year-end dates.
- Important ASC 606/IFRS 15 updates: Recognition of Revenue from Customer Contracts provides additional support for contracts with multiple performance obligations, including fair market value, re-allocation pool, term start/end dates, and pro-rated fair market value in compliance with ASC 606 and IFRS 15.
- Tax management enhancements: Tax Improvements enhances the integration with tax engines, including overrides for shipping address on AR and SO invoices and pro forma invoice screens to third-party tax providers, such as Avalara.
- Smarter credit card processing integrations: Credit Card Processing Improvements leverages the updated Authorize.Net plug-in for greater PCI compliance; tokenizing credit cards allows greater security for credit card payments.
- Financial usability improvements: Additional improvements to the UI make the program easier to use. Among some of the improvements: Restrict searchable fields on entry point lists for faster results; activate/deactivate attributes for deferral codes; and select from a predefined list of currencies to support external interfaces.
Project management updates
For those at project-based businesses, accurate time and expense, project management, and budgeting and forecasting are necessary to delivering a profitable project—and Acumatica delivers:
- More control over multi-currency project accounting: With multi-currency project accounting, users can enter project transactions in different currencies and maintain projects in both the base currency and the project currency.
- Budgeting and forecasting flexibility: Project budget forecasts by period allow comparisons of actual project costs and incomes with the forecasted, original, and revised budget amounts for each financial period.
- Company-specific financial periods: enables companies in the same tenant to have different fiscal year-end dates which is particularly valuable for businesses that share vendors, stock items, and employees.
- ASC 606/IFRS 15 for project-based companies: Revenue Recognition for projects recognizes the revenue when the performance obligations are satisfied, including those made over multiple periods of time.
Whether you manufacture, distribute, or sell, having inventory visibility is a necessity, and Acumatica has worked to improve everything from warehouse management to advanced planning and scheduling to distribution:
- Warehouse management: Designed for the needs of distributors, manufacturers, retailers and eCommerce firms, Acumatica now offers support for medium and large warehouses with operations such as picking, packaging, PO receiving, putting away, transferring, and physical counting by using barcode scanners (or mobile devices with a scanning option).
- Flexible shipping: Acumatica now allows you to combine multiple ship-to addresses on a single invoice so that you can give your customers more flexibility while saving your business time and paperwork.
- Increased order flexibility in Commerce Edition: Commerce Edition has been improved for commerce order processing to adjust the transactions based on small differences in the way that charges take place, such as changing a shipping method or making changes in tax calculations after the order was taken online.
- Improved commerce integration: Acumatica integrates with a wide range of products, and new connectors make it easier than ever to provide integrations to eCommerce front-ends for true omni-channel sales and fulfillment.
- Manufacturing enhancements: Among the biggest improvements to the R1 2019 update, engineering change and finite capacity make planning and scheduling easier than ever. Engineering change handles the workflow and approvals from the request through creation of the change order and the update of the bill of material (BOM), while finite capacity offers smarter scheduling and improved accuracy pertaining to capable-to-promise and ship dates.
Enough gushing about Acumatica 2019 R1, let’s gush about the company
While there are many benefits to working with Acumatica, one of the biggest is their ability to innovate. Thanks to their 100% partner model, the company can focus a high percentage of their staff on research and development while allowing a selective and well-trained group of partners, like NexTec Group, the freedom to customize a solution for customers like you.
Knowing this, the company’s innovation is put on display is during its semiannual updates—times where Acumatica can show off the new features and functionality added to the platform, such as the addition of an Alexa for Business skill that we discussed in a previous blog.
Learn more: Acumatica 2019 R1
NexTec Group is proud to work with Acumatica to deliver this powerful solution for our customers. As one of the leading partners, we have the skills to customize and deliver Acumatica, no matter your size, focus, or complexity. Get to know more about the update, the product, and our work with Acumatica, and when you’re ready to learn more, contact us for a free consultation.