Surviving the Next Audit and Tax Season with Acumatica Best Practices 

For mid-market businesses, navigating audit and tax season can be particularly challenging. To help address these challenges, our recent webcast, “Surviving the Next Audit and Tax Season with Acumatica Best Practices,” provides invaluable insights and practical tips for Acumatica Cloud ERP customers. The goal of this webinar is to equip businesses with the strategies, best practices, and tools necessary to streamline the audit and tax process. Our expert panel brought together seasoned professionals with decades of experience in ERP systems and financial management.  

Key Takeaways 

Best Practices for Using Acumatica Cloud ERP 

Webcast moderator, Dan Wu of NexTec Group, emphasized the importance of setting up your ERP system correctly from the beginning. He stated, “Companies invest so much time in their ERP system, and they end up exporting their financials to Excel. Ensuring the system is set up correctly from the start can save a lot of time and hassle later on. Regular system audits are crucial to catch errors early, and accurate data entry is vital for reliable financial reporting.” 

Transforming Tax Compliance 

Connor O’Donnell, a Sales Executive with Avalara, shared his insights on transforming tax compliance processes with Acumatica. “Acumatica offers tools that automate and streamline tax compliance, reducing the risk of errors and helping companies stay compliant with regulatory requirements. By leveraging these features, businesses can maintain up-to-date tax records effortlessly. Automation in tax reporting minimizes manual errors, and streamlining processes ensures adherence to all necessary regulations,” he explained. 

Jim Gross, Client Account Manager at NexTec Group, added, “One of the key benefits of using Acumatica for tax compliance is its ability to integrate seamlessly with other financial tools. This integration helps create a more cohesive and comprehensive approach to managing taxes, which is particularly beneficial during the busy tax season.” 

Efficient Audit Preparation 

Preparing for audits can be daunting, but Acumatica offers tools to ease this process. Gabriel Michaud, CEO & Founder of Velixo, advised, “A key strategy for audit preparation is maintaining organized records and utilizing Acumatica’s powerful reporting tools to generate necessary documentation. Conducting internal audits proactively helps identify and address issues before an external audit. This preparation can significantly reduce the stress and workload during the actual audit season.” 

Jennifer Pomeroy, Sales Director of DocLink by Beyond Limits, emphasizes the importance of preparation: “The sooner you start preparing for an audit, the better. Acumatica’s features allow you to conduct internal audits and fix any discrepancies early on, making the actual audit process much smoother.” 

Time and Resource Management 

Mid-market companies often face constraints in time and resources. Avalara’s Connor O’Donnell emphasizes the importance of efficient management, stating, “Effective time and resource management is crucial, especially for mid-market companies. Acumatica’s project management features help keep everything on track. Prioritizing critical tasks and delegating responsibilities efficiently can make a significant difference in managing these constraints. Regular updates and maintenance of the system are also essential to ensure smooth operations.” 

Jennifer Pomeroy also noted, “Allocating resources wisely is key. Acumatica’s project management tools enable teams to track progress and ensure that all tasks are completed on time, without overwhelming any single team member.” 

Leveraging Technology for Better Outcomes 

Gabriel Michaud highlighted the role of technology in enhancing audit and tax processes. “Technology plays a vital role in enhancing audit and tax processes. Acumatica’s advanced features like automation and real-time data access make a significant difference. Automation for routine tasks reduces manual effort and errors, while real-time data access allows for timely decision-making. Customizable dashboards provide clear, actionable insights, collectively contributing to smoother audit and tax seasons,” he noted. 

Jim Gross further explained, “With Acumatica, you have access to real-time data, which is crucial for making informed decisions quickly. The ability to customize dashboards means you can tailor the information to meet your specific needs, making the technology work for you.” 

Watch the Webcast On-Demand 

For a more in-depth understanding and to see these strategies in action, we invite you to watch the full webcast on-demand. Gain access to expert advice and practical solutions tailored for mid-market companies. 

Wrapping Up 

Navigating audit and tax seasons doesn’t have to be overwhelming. With the right practices and tools, particularly those offered by Acumatica, mid-market companies can achieve greater efficiency and accuracy. Our on-demand webcast provides a comprehensive guide to surviving these critical periods with confidence and ease. 

Stay informed and ahead of the curve by implementing the expert recommendations shared in this session. For further assistance and personalized advice, feel free to contact our team of experts here. 

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