Financial Management

Why Choose Acumatica for Financial Management?

Financial Management cover the full suite of accounting functions designed to provide solutions for complex requirements yet easy to implement and operate.
The financial management suite fully integrates with CRM, Distribution, Manufacturing, Field Services and Project Accounting.

Benefits

Automation with workflow ensure quicker month end processes which saves time and costs. Management get access to business information quicker to make informed decisions
Multiple companies’ information is managed in one single centralized database providing accurate real time information for management.
Acumatica manage international requirements effectively through multi-currency, multi company, multi locations.
Multiple business entities are automatically reported separately and consolidated for balance sheet and tax purposes.

Financial Applications Include:

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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Automate invoicing and manage collections.
Statement and invoices

Control on the creation of customer invoices and statements are flexible with printing options to choose from ensuring the customer facing business forms remain professional and easy to extract.

Credit payments possible

Payment processing using credit cards are made easy with the PCI-compliant credit card facility.

Revenue recognition

Deferred revenue codes can be defined individual line items on the invoice to support various revenue recognition requirements.

Parent child relationships

Companies or franchises with multiple branches can be configured to manage parent child relationships to enhance the credit control, payment allocation, dunning rules and statement processing.

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Control day-to-day transactions, cash balances, funds transfer, and bank account reconciliation
Integrated with Financial Modules

Cash transactions are automatically generated from General Ledger, Accounts Receivable and Accounts Payable.

Transfer funds between Cash Accounts

Funds can easily be transferred between Cash Accounts or tracked as in-transit. Transfers in different currencies calculate automatically realised currency gain or losses.

Bank account Reconciliation streamlined

The bank reconciliation process is simplified and bank charges and bank interest or omitted transactions can be created during the reconciliation process.

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Tax configuration is centrally managed and reported.
Configure Taxes

Various tax requirements are managed which include Sales Taxes, Withholding Taxes, VAT, Reverse Taxes and Use Taxes. Tax calculations can be performed on each line item or on the document amount using multi rates with different start and ending dates allowing for minimum and maximum tax amount.

Financial modules integrated

All the financial modules which requires tax management are linked. Calculation of taxes is automatic based on the tax rules defined relating the customer, employee or vendor location and the tax category assigned tot eh inventory items. Tax is posted to allocated GL Accounts configured in the Tax Management setup.

Account Payable Offset

Tax bill is automatically generated during the tax cycle creating the accounts payable entries and produce tax reporting in the format required for submission.

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Direct financial reporting, payments, cash management, and inter-entity transfers among multiple entities. Intercompany accounting automates financials reporting, inventory transfers, vendor payments, cash management and inter-company transfer across multiple related companies. Related companies can share common data which include chart of accounts, calendars, multi currencies, customers, suppliers and other non-financial data.
Intercompany Accounting

Intercompany accounting provides for cash, vendor payments and customer invoicing attribution to income and expense accounts in the initiation company clearing through intercompany loan account automatically.

Reporting and Inquiries

Customised reporting can be extracted across one or selected multiple companies with integrated query and reporting tools. Intercompany transactions can be eliminated with reporting tools.

Role Based Access

Access control of groups of users are controlled based on roles associated with specific transactions to specific companies. Users need not log in to switch between multiple companies, but only need to change the views.

Close financial periods by Company

Management of financial periods is performed separately for each company which include the activation and deactivation and open and close to allow posting to open or closed periods.

Easy Navigation between Companies and Branches

The navigation between companies and branches is very easy by selecting from drop down menu the available companies and branches that exist.

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Enable employees to enter time and expense, review cases, approve orders, and assign task from anywhere, at any time.
Real-time access

Connecting to Acumatica in real time delivers up to date information.

Extend functionality

Acumatica’s mobile application offer a wide variety of functionality standard within the system. The Acumatica Framework provide tools and languages to developers to develop advanced mobile solutions within the framework extending the functionality specifically required for unique business needs.

Automatic synchronisation

The mobile app is real time connected which result in immediate update of changes made.

Mobile device integration

The level of security is improved using the mobile app fingerprint reader. Other functions like the camera add further capabilities.

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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.

Watch Video  |  Download Datasheet

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QEDO was established in 2001, as an Information Technology (IT) company focusing on implementation and support of Business Management Systems (BMS), Enterprise Resource Planning(ERP), Digital Transformation and associated services.

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