Financial Management

Fully integrated, real time, single repository for reporting and analysis.

GL Account and Sub-account structure and departments

The GL chart of accounts is extended in sub-accounts for further breakdown of transactions for reporting and analytical purposes by configuring and defining multiple segments for the sub-accounts. Departmental reporting is a different view of the transactions processed.

Enhanced reporting

The sub-accounts and departments created above provide for nearly unlimited reporting dimensions and analysis.

Security

Access to accounts and sub-accounts is managed with permissions allocated to certain roles to ensure that sensitive data is protected.

GL Consolidation process improved

Data from multiple entities and multiple currencies are combined with adjustments for inter-company transfers and minority interests to avoid duplication.

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Manage liabilities and payments for goods and services.

Document attachment and workflow

Source documents can be attached during the transaction capturing process streamlining the invoice and payment approval process. Easy drill down to the attached document or email makes access simple.

Vendor Prepayments

Prepayment requests and issues are kept separately from the regular AP account. The prepayments can be applied to the invoices on receipt of the invoices.

Recognise Prepaid Expenses

Deferred expense schedules can be assigned by AP line item which will automatically split payments between prepaid account and expense accounts.

Tax calculations

VAT Taxes are automatically calculated based on the tax rules defined for multiple tax items per document line. Withholding TAX is also supported.

Invoice Approval and Payment process streamlined

Various business processes are catered for in the capturing, approval, payment, reconciliation and release of invoices and related payments. Time is saved utilising the various payment methods available in Acumatica which are extended with vendor discounts and aligning payments with cash flows.

Faster delivery with less errors

Predictive and flexible entry screens allow for efficient data capture reducing errors by default account settings relating to sub-accounts, payment terms and discounts by vendor.

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Do business internationally and manage international subsidiaries.

Realised Gains and Losses

Gains and Losses are automatically calculated during the processing of foreign currency related transactions which include payments, receipts and bank account transfers.

Unrealised Gain and Losses

Adjusting entries are automatically created during the processing of currency transactions which auto reverse when the open documents are settled.

Translation of Financial Statements

The translation of foreign operating subsidiaries trail balance follows the FASB-52 standard. Automatic calculation of gains and losses during the consolidation of foreign currency trail balance are reflected in the consolidated financial statement.

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Recognise revenue in future periods in compliance with ASC 606 and IFRS 15.

Deferred Revenue Accounting

Deferred revenue is automatically calculated, according to pre-established scheduled, and posted and recognised in financial statements

All financial modules are integrated

Expense amortisation is achieved using templates applied to accounts payable entries. During the processing of Sales Orders and Purchase Orders, inventory items can be attached to schedules to facilitate the accounting rules required to process amortisation.

Deferral Schedules Configured

Schedules can be created using templates provided or for complex requirements, schedules can be configured from scratch. These schedules are linked to specific transactions and line numbers on the income statement.

ASC 606 and IFRS 15 Compliance

The configuration of complex multi-element sales scenarios, as required by ASC 606 and IFRS 15, is customised in Acumatica to meet the unique business requirements and workflow.

Multiple Recognition Methods

Revenue recognition across financial periods can be evenly spread or prorated by number of days or even during the payment receipting process. The methods available comply currently with all the recognition requirements.

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Manage recurring billing for accuracy and visibility.

Automate the Billing Process

Business performance is significantly improved by crating automated recurring billing, payment and collection transactions.

Flexible Billing

Contracts can be setup to apply billing and revenue transactions using monthly, quarter or yearly schedules or mixed time-periods – even on the same contract

Business Growth

Pricing and subscription plans which are aligned with business requirements will attract a broader customer base.

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Track fixed assets and manage depreciation calculations

Depreciation Methods

Predefined depreciation schedules include accelerated cost recovery system, straight line, declining balance, sum of years digits, remaining value, flat rate, units of production. Complex depreciation methods can be created to add to the above list. Depreciation methods are applied as useful life and recovery periods.

Purchase Order Integration

Purchase orders can easily be converted into fixed assets without re-entering data. The conversion process is simplified by categorised asset type purchases.

Tax Benefit

Multiple depreciation books can be simultaneously maintained using multiple calendars and special deprecation bonusses and tax benefit rules.

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Save time and minimize errors with automated credit card transaction imports, smart matching with artificial intelligence and machine learning, and push notifications to remind employees to submit expense receipts via their mobile device.

• Schedule Data synchronization
• Smart Matching with AI & ML
• Automated Receipt and Push Notifications

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