3 Benefits of Using Acumatica’s Advanced Billing
Posted on: May 6, 2021 | By: Josie Mah | Acumatica
Whether your business needs help managing budgets, inventory, or billing, Acumatica has the advanced software needed to handle large-scale project data and create comprehensive business and financial reports. In this blog post, we will highlight 3 key benefits of using Acumatica’s Advanced Billing features.
1. Flexible Billing
Acumatica allows users to modify billing rates by a variety of factors such as a project, an inventory item, an employee, and more. Users can also calculate the time and materials needed for billing according to the customer and/or project requirements. Acumatica’s flexible billing options allow businesses to handle even the most complex billing rules and quickly calculate revenue in a variety of currencies.
2. Fixed-Price and Cost-Plus Projects
Acumatica’s Advanced Billing enables users to invoice projects according to contract requirements. More specifically, users can use a fixed price set in advance or bill cost-plus projects that are invoiced at a later date. Acumatica also offers the option to configure multiple rate tables for projects and tasks.
3. Revenue recognition
Acumatica will optionally recognize revenue based on project or task completion. Additionally, project revenue recognition rules are automatically reflected in General Ledger journal entries.
In addition to the aforementioned key benefits of using Acumatica’s Advanced Billing, the platform offers a variety of other useful features. For instance, users can save time and reduce data entry errors with the automated billing feature, which allows users to define project billing parameters automatically. This feature is supplemented by Acumatica’s flexibility with billing periods — projects can be billed weekly, monthly, quarterly, or according to any statement cycle. Timesheets and expenses can also be posted on a delay. Markups can also be billed at the customer level based on service type. Further, any incorrect billing charges can be corrected with an automatic reversal accompanied by an invoice regeneration.
Acumatica’s Advanced Billing features provide a future-proof way to help your company thrive in the new digital economy. As an Acumatica partner, Logan Consulting has helped clients grow their business with technological solutions. Contact us today to schedule a free consultation and find out whether a cloud ERP service like Acumatica can help transform your business.
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