Acumatica Cash Management

This blog is taken from the notes that our senior consultant made during his certification training for Acumatica and focuses on the Financial Management Features.

 

Throughout the training our senior consultant made comparisons to other Mid-Range ERP (MERP) Systems so that we could see where Acumatica really is a step above the rest.

 

“Acumatica has some great features and improvements over what other MERP Systems offer.”

Acumatica Cloud ERP - Cash Management.

Batch Transactions – I’ve seen this in other systems, often hidden away though. Depending on how your bank shows your transactions on your statement, you might want to roll up transactions into one single transaction to make reconciliation easier. Acumatica helps you prepare a deposit slip for example, grouping multiple AR receipts and posting to your bank account with one reference.

Payment Reclassification - When going through the bank statement, you could find random receipts/payments on there. With Acumatica you can enter them into the system against a holding account so they are at least logged. Then once you've investigated them you can reclassify them and assign them to a customer/vendor and Acumatica will create the AR/AP documents for you automatically and move the balance from the holding account to your bank account. Alternatively you can link it to an AR/AP entry if it's already there and you missed it first time round. Compare this to the paper method of highlighting bank statements and then hopefully remembering to investigate it, rather than use it as a psychedelic coaster! By having it in the system it's logged for someone to do something with. I really like this!

Bank Statement Import - File formats supported are OFX and Excel, the latter doesn’t use systemised templates so it needs to be configured each time you import. If you have any other formats, you can use the integration manager to bring these in. Hopefully as the partner base expands, more templates will be developed and it can catch up to other products in the market. That said, once you have your statement imported, it's a really cool tool which I think will lead the market very quickly. It's definitely friendlier than other tools I’ve used. The AutoMatch feature is incredibly configurable and you can create transactions (e.g. bank charges) directly from this screen too.

Bank Reconciliation – This is pretty standard. But that’s a good thing! A nice feature is the ability to void out previous reconciliations and do them again - and easily. I’ve not come across this before in other MERP’s I’ve used.

Overall, I’ve been very impressed with v4.0. It’s clear that the developers are listening to their user base and giving them the features they really want rather than what they think they should have. The best part is that it doesn’t end here. I recently attended a reveal of the features due in v4.1 in August. They are amazing. I can’t believe they’ve achieved so much in 6 months. Stay tuned for more on this!