Advanced Billing in Acumatica
Posted on: December 13, 2021 | By: Rosie Gill | Acumatica
Acumatica is one of the most comprehensive cloud ERPs on the market right now. Its integrated CRM-ERP software paired with its ability to be accessed from virtually anywhere in the world make it an attractive solution for companies looking to remain competitive in the modern marketplace.
One of the key benefits of Acumatica is its advanced billing module. With advanced billing, Acumatica users can oversee any project billing scenario using tools like cost plus, fixed price, time and materials, milestone billing, and contract specific pricing to get accurate estimations for both the company and the client.
Users are able to modify resource billing rates using filters like project, project task, inventory item, and employee. Moreover, there are a few key benefits that users get when they use advanced billing. These include:
- Flexible billing: Users can incorporate any complex billing rule rates when calculating project revenue. They also have the ability to make these calculations in multiple different currencies.
- Fixed-Price and Cost-Plus Projects: Users can send invoices specific to project and/or contract requirements, meaning these invoices will be calculated based on a price that was determined in advance, or the amount will be calculated in the style of a cost-plus project, in which the price is determined once all costs and fees have been incurred.
- Revenue Recognition: Users can choose what revenue they want to be recognized based on the percentage completed of the project or based on the amount of tasks that have been completed in correlation to the project. The recognized revenue will then be automatically shown in the General Ledger journal entries.
Advanced billing in Acumatica provides users with a more efficient way of monitoring and reporting project costs, leading to increased efficiency and customer satisfaction.
Interested in learning more about how a comprehensive cloud-based ERP like Acumatica can change the way your business operates? Reach out to a consultant at Logan Consulting today!
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