When it comes to employing technology that helps you take control of finances, the path to a decision is rarely an easy one. Different products have different workflows, features, and benefits. Still, one of the most important parts of any software offering for growing businesses is the way it handles the day-to-day and strategic financial management needs. This is where cloud accounting functionality comes in.
What is Acumatica Cloud Accounting?
Built to deliver the essential financial management needs of the growing organization, Acumatica provides businesses with a full suite of accounting functions to track daily financials and generate quarterly and annual financial statements.
The cloud accounting and financial management functionality is intuitive and easy to learn—perfect for businesses who need a solution that grows and evolves with them, but also comprehensive enough to handle the complex needs of multinational and heavily regulated firms.
Available as a standalone product or connected with other applications and modules, cloud accounting in Acumatica helps you to streamline operations, leverage a single version of the truth, manage as many entities as you need, and access the solution anytime from any device.
Cloud Accounting Applications Provided by Acumatica
Whether you need a solution that is simple and quickly implemented or a fully customized cloud accounting product, Acumatica is flexible enough to handle both, offering the following applications:
The core of any cloud accounting product, the General Ledger (GL), tracks all financial transactions and is used to generate the company’s financial statements, including the Income Statement and Balance Sheet. The GL functionality can bring information from across the accounting suite, connect with other industry-focused modules, or leverage third-party data to provide a complete picture of your business.
With this robust GL offering, you can see mission-critical information about your business in real-time, generate financial reports, and track a variety of ledger accounts, income, expenses, and assets.
If you’re not getting paid, you’re not going to be in business for long. Tracking the money your company is owed but has not collected yet, accounts receivable software is a core part of any accounting product, and Acumatica delivers the visibility you need to understand what you are owed and the automation you need to improve collections.
Accounts Receivable software helps you generate invoices, send statements, collect and apply payments, verify balances, track commissions, and deliver customer reports.
Just as you need to track who’s paying you, paying your suppliers on time can improve your relationships and save you money in the form of discount capture. With accounts payable software, you can monitor your cash flow by tracking all your outstanding invoice payments as well as available discounts, due dates, and cash requirements. Simplify the approval process, calculate taxes, speed up payments, and do all this with fewer errors.
AP functionality features a variety of features: Multiple AP Accounts, multiple currencies, 1099 reporting, AP aging, vendor account security, and a powerful audit trail—all part of your Acumatica cloud accounting software.
A cash management system is essential to business health because cash is the lifeblood of any company. If your business lacks a positive cash flow, you’re on the road to failure. Acumatica lets you manage your cash needs in one place, integrated with GL, AP, and AR accounts to more easily manage day-to-day transactions, cash balances, funds transfers, and bank account reconciliation.
Among the key cash management features offered in Cash Management: Petty cash management, account security, remittance and payment instructions, multiple currencies, and a strong audit trail ready for your business.
Currency management isn’t just about automating calculations as you work in different currencies around the world. It’s also about minimizing your growing mid-market company’s financial risk when currency values change dramatically. You can easily track your gains and losses and take steps to protect your financial health.
Built for global businesses but simple enough for a company that needs to pay suppliers at the right time. Currency management can handle unlimited currencies and rate types, provide visibility into gains and losses, automatically handle rounding differences, and provide easily accessible reports.
The right tax accounting software will let you configure tax rates, perform tax accounting, and generate tax reports all in one place. Ready to work with the rest of the cloud accounting product and any other modules you need in the future, Tax Management streamlines and automates the tasks involved with configuring, collecting, managing, and reporting tax.
With recent changes in the accounting standards, timing your revenue recognition correctly has become both challenging and necessary. Deferred Revenue Accounting can automate calculations by assigning a schedule to any affected transaction line item or inventory component. Accurately implement and account for deferred revenues and deferred expenses through integration with other financial modules.
Recurring Revenue Management
In today’s subscription economy, it’s more important than ever for businesses billing in this way to have a solution that fits their billing model. With Recurring Revenue Management, you get the flexibility to adapt as your business grows and your billing needs change. Improve cash flow, billing accuracy, and customer service.
Fixed assets—depreciated over the course of three, seven, or thirty years, among others—are rarely easy to track. Luckily, Acumatica’s Cloud Accounting functionality has you covered, providing complete visibility of fixed assets and depreciation calculations. Simply add assets from an AP purchase, import a file, or add an item individually, select from the fitting schedule, and Acumatica does the rest.
Acumatica Cloud Accounting: Here for Today, Here for the Long-Term
Many people talk about Acumatica as a Cloud ERP—a complete solution that connects everything in your business. Because it is. However, the way the product is built allows you to start with Cloud Accounting today, adding modules including manufacturing, distribution, commerce, or more as your business evolves.
Milestone Information Solutions is a proud, well-qualified Acumatica Partner who can customize and implement this powerful solution for your business. Get to know more about the work we do and contact us for a free consultation. When it comes to employing technology that helps you take control of finances, the path to a decision is rarely an easy one. Different products have different workflows, features, and benefits. Still, one of the most important parts of any software offering for growing businesses is the way it handles the day-to-day and strategic financial management needs. This is where Acumatica’s cloud accounting functionality comes in.
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