5 Acumatica Financial Capabilities
Posted on: November 20, 2023 | By: Page Wildridge | Acumatica
Acumatica, a popular ERP solution for small to mid sized businesses, comes equipped with several important financial management capabilities. Your business can harness the power of Acumatica to conquer your accounting responsibilities. In this blog, we will discuss five ways your business can utilize Acumatica to stay on top of your accounts receivable and accounts payable.
Cohesive Multi-Vendor Payments
Managing payments to multiple vendors is often a tedious task for small to mid sized businesses. However, the ERP streamlines accounts payable with easy multi-vendor payment automation. In just a few clicks, you can schedule payments to suppliers simultaneously, allowing you to avoid complex manual processing. Additionally, Acumatica is also incorporating AI to simplify vendor bill imports and approvals. This intelligent automation creates seamless experiences for vendors expecting timely compensation as well as for your finance team.
Seamless Approve Processes and Tracking
The ERP can ensure you make your payments on time by providing reports on total outstanding balances and in-depth information about your AP and AR. When managed by hand, processing accounts payable and accounts receivable invoices involves many steps. On the AP side, tasks include matching bills to purchase orders, routing for approval, remitting payment, and reconciling with bank transactions. For AR, workflows encompass generating customer invoices, sending statements, collecting and posting payments, handling late payments, and verifying open balances. However, when using Acumatica, the process is much more efficient and simple. The ERP solution will automatically approve payments according to your pre-determined approval process. Additionally, the ERP will offer insights that you can utilize to analyze your AP and AR needs, cash requirements, and provider performance.
Holistic Cash Flow Management
Effectively managing your cash flow is vital for growing your business. Acumatica provides an ERP solution that will help you track your needs all in one place. Through Acumatica, you can harness up-to-the-minute data alongside expected inflows and outflows to understand your real-time cash standing. Additionally, your business can get visibility by consolidating reporting across business units, legal entities, and locations, while drilling down into specifics as needed. Lastly, you can synchronize ledger and bank balances via automated feeds and transaction reconciliation.
You can improve communication within your team members through Acumatica’s cloud-based system. The ERP helps keep your customer data, payment information, payment disputes, and other information all in one place. This centralized location will help your business optimize your payment tracking and eliminate errors.
Keep Watch Over Rising Costs
Acumatica’s integrated AP and AR capabilities will flag and monitor rising costs to ensure you are accurately managing your cash flow. The system will work on accurate, real-time data to ensure you have up to date information. This will help you reduce risks and improve precision.
Check out this page on the Acumatica website for more information on Acumatica’s Financial Capabilities
2020 Nucleus Research Report on ERP Technology