by gfcpartners | May 30, 2023 | Business, Manufacturing & Distribution, Medical Startup, Software Customization
The demand for medical supplies is ever-increasing; this was made especially evident during the recent COVID-19 pandemic. As a result, it is a field of opportunity, and tens of thousands of companies are catering to the needs of an industry generating over $450 billion in revenue annually.
Many have been in business for some time; with longevity comes legacy systems. Perhaps such software solutions served their needs well at the time, but with growth, tighter regulation, and increasing competition, those solutions fall far short of meeting today’s challenges.
This article will highlight two significant areas of difficulty for instrument and medical device manufacturers: Production Efficiency and Regulatory Compliance. Then, we’ll take a look at how Acumatica Manufacturing Edition has solutions for the pain points these companies experience.
Production Efficiency. With legacy systems, it is not hard to find inefficiencies, data silos, and bottlenecks in production. For example, many in this segment have not one, but multiple information systems that each provide functionality specific to one aspect of the overall operations of the company. Inevitably, the data overlaps between systems in areas such as customer profiles, job tracking, financial data, and more. This results, not only in duplicate data, but often unsynchronized information that is inaccurate and leads to mistakes. Because of this lack of integration, teams often devise error-prone manual processes, frequently in spreadsheets, for critical data interchange.
Other inefficiencies are found in the warehouse and on the shop floor. Often, there is hampered communication between administrative and production departments that impedes productivity or causes waste. Decision-makers lack insights into production activities that would help them make adjustments for greater profitability. What is more, as many medical products are composed of multiple parts in a kit, each with its own lot tracing data and expiration dates, inventory management becomes a very complex process that most legacy systems are not able to handle, leaving staff to devise more manual “solutions” to help them accomplish their work.
Regulatory Compliance. Since the quality of their products affects not only their reputation, but the lives of those who will use them, medical manufacturers are facing a wave of new government and industry regulations. GDPR, SOC Type 1 & 2, PCI DSS, and many other standards require strict recordkeeping to ensure compliance. Since such regulations are often changing, it can be a real challenge to update legacy solutions so medical manufacturers can conform to regulatory adjustments.
How Acumatica Helps Instrument and Medical Device Manufacturers Meet Those Challenges
Acumatica is a modern, cloud-based ERP solution that has been built from the ground up on a future-proof platform, providing powerful solutions for today’s challenges and the flexibility to adjust for future changes and growth. What are some of the features that benefit medical device manufacturers?
A Centralized Data Source. Storing all financial, administrative, and production-related data in one system allows you unparalleled visibility into your operations, along with dashboards showing you, at a glance, the health of your business. System alerts keep everyone on track, and reporting is done on clean, accurate, and up-to-date data on which you can rely to drive your business decisions.
A Single Solution. Acumatica has modules to cover the needs of every aspect of your business. Manufacturing, inventory, distribution, field service, CRM, and more, are available in a suite that works together seamlessly.
Easy Integrations and Customizations. Acumatica was made to be extensible. If you have a specialized need that the base product doesn’t cover, it has an extensive API to integrate other products, such as e-commerce or tax-compliance solutions. What is more, it is built with industry-standard technologies (C# and .NET) so developers are not hard to find, nor exorbitantly priced.
Scalability. Built on cloud technology, Acumatica is a solution that grows with you, adjusting to higher volumes as you grow without increasing employee headcount. Also, with unlimited users, you are able to provide access to anyone that needs it without breaking the bank.
Accessibility. Your Acumatica instance is available 24/7, 365 days a year, from any device, anywhere there is an Internet connection. This ensures business continuity and enables executives and representatives to be on the go and yet still on top of daily operations.
Security. Administrative controls in Acumatica give you fine-grained control over user access to the system and critical business data. You can rest assured that with multiple layers of security and data integrity, your information will be safe, secure, and compliant with industry and government regulations.
Industry-Specific. Acumatica understands the needs of the Manufacturing segment and provides the needed functionality so that even instrument and medical device manufacturers will be hard-pressed to find something lacking.
Warehouse Management. The job isn’t done when the product rolls off the line; warehousing and kit assembly are other critical and complex processes that require an industrial-strength ERP to keep them running smoothly. Pick-Pack-Ship operations are automated, dashboards display critical KPIs, and inventory data is easily accessed and analyzed to ensure production processes stay in motion.
How Can You Benefit from Acumatica in Your Organization?
The above list is only a select few features that instrument and medical device manufacturers enjoy. There are so many more, including product lifecycle management, quality assurance controls, change control, material planning, scheduling, product configuration and estimating, kitting with disassembly, lot and serial tracking, and much more.
Would you like to more closely examine Acumatica’s feature set, and compare it with your needs? Contact us today and get expert guidance from professionals that know your industry and have implemented Acumatica for many businesses like yours.
by gfcpartners | May 16, 2023 | Agribusiness, Business
Many agricultural businesses, especially food growers and producers are facing a market of increasingly discerning customers who are interested in, not just the ingredients of a product, but how they were sourced, and perhaps even what processes were applied before the product reached the store shelf.
Government scrutiny is another common pressure in the agriculture industry. Being able to produce a detailed and accurate history for every product and its components is essential to maintain compliance.
Lot traceability is a key factor in satisfying customer demand and complying with government regulations. It tracks each product and component through its entire lifecycle by batch, lot, and unit, which can provide useful insights in several areas, as well as enable you to react quickly in case a problem arises.
What is Lot Traceability?
According to the Food and Agriculture Organization of the United Nations (FAO), “Traceability is defined as the ability to discern, identify and follow the movement of a food or substance intended to be or expected to be incorporated into a food, through all stages of production, processing, and distribution.”
Along with the FAO’s guidelines, lot traceability is also a critical component of new federal food safety guidelines in the Food and Drug Administration’s Food Safety Modernization Act (FSMA).
That definition encompasses the product’s entire trip through the supply chain, from suppliers, distributors, wholesalers, and retailers. It also includes its passage through multiple production facilities of the same company. It tracks all ingredients used, the equipment and processes used on those ingredients, the materials and packaging that touch those ingredients, as well as the labeling.
Most warehouses and processing facilities make use of either barcode or RFID technology to ensure the accurate recording of data along with expedited processing of lot trace information.
How Do Agriculture Companies Use Lot Tracking Data?
Perhaps the best-known use of lot tracking is for product recalls. If there is a defect or contamination, lot tracking helps both businesses and government officials quickly identify the dates, times, and locations involved, as well as the specific lots of ingredients and finished goods affected. With that information, the public can be quickly and accurately informed, and a fast response implemented to remove affected products from store shelves.
However, aside from the worst-case scenario, lot traceability has a lot of other uses that benefit agriculture companies greatly. When tracked through a modern ERP solution, such as Acumatica, businesses can gain insights from their lot-tracking data.
Product Performance. You can track different lots or batches of ingredients and see which ones are lasting longer, of higher quality, or otherwise better for your finished goods. For example, you can track the performance of seed varieties or growing conditions.
Product Visibility. Having a number assigned to each lot helps you gain insights into the growing, shipping, and distribution processes, helping you identify trends and adjust course to improve efficiency and profitability.
Inventory Management. You can track the use of ingredients – including lots, times, and quantities – to give you better control over inventory levels, easier management of product expiration dates, and more.
Supplier Management. Lot traceability also helps you see trends in your relationship with suppliers. Such data will help you identify the best suppliers, negotiate better deals, and otherwise strengthen and streamline supplier relations.
Improved Efficiency. Lot traceability within a full-fledged ERP solution allows you to automate processes in the production cycle and eliminate manual entry that introduces errors. It works hand-in-hand with other emerging technologies such as AI, Big Data, and IoT.
How Does Acumatica Help Agricultural Companies Leverage Their Data?
Flexibility. Acumatica has powerful lot traceability features that make it a natural choice for the agriculture industry. It is flexible and allows you to attach lot numbers to your products at the point that makes the most sense for your operations. Some may find it most practical during receipt of goods, while others find at the time of sales order entry works the best. Still others during purchase order receipt entry.
Control. Acumatica is capable of fine-grained control over lot tracking, not just for products but also for every ingredient used in production. What is more, serialized and lot-controlled inventory allows you to add attributes to each lot entry, helping you quickly identify products or ingredients from a particular distributor, from a particular region, or any other attributes you define, helping you improve internal efficiency and customer service. Such control also allows you to keep tight cost controls, knowing how much was spent (or wasted) in the production of each item.
Units of Measurement. Working with different kinds of products, especially on an international level, can often result in the need for converting between different units of measure. It could also mean differentiating between a single item, a case, or a pallet. Acumatica makes these conversions a snap and also keeps track of size variances to help procurement officials choose the right product sizes to order for the lowest cost.
Efficient Picking and Stock Rotation. You don’t want to sell your freshest product before the older product has been shipped out. Acumatica has First-Expired, First-Out (FEFO) picking, ensuring your perishable items don’t expire before leaving the warehouse. It can also assist in meeting customer requirements; for example, if a customer asks for product with a shelf-life of 90 days or more, you can be sure to deliver what they need. And the process ensures that quality remains high, never disappointing your customers.
Are you an agriculture company or food manufacturer looking for an end-to-end solution to manage your daily operations? Do you need advanced lot traceability functionality in your next ERP solution?
Contact GaleForce Consulting Partners today to learn more about Acumatica’s feature set that fills the needs and meets the challenges of agriculture companies to improve efficiency, regulatory compliance, and profitability.
by gfcpartners | May 9, 2023 | Business, Project Accounting
The October 2022 release of Dynamics GP brought a host of improvements that faithful users will delight in. What is more, it shows how much the team at Microsoft has been listening to customer feedback and providing solutions for customer requests.
There is a long list of enhancements for this release. In this article, we want to highlight the features that were most requested by customers, so you can quickly learn about those that are most important to you!
Checkbook Balance Inquiry Enhancements
Before this release, you selected the checkbook and filled in the fields in the window. Now, the functionality has improved to provide greater filtering capabilities and speed up your workflow. Now, you complete the heading type information first, then select your checkbook, adjust the date range, set other sort options, and then click Redisplay. Now you’re able to quickly find the data you need without leaving this screen.
Checkbook Register Inquiry Enhancements
As they share a similar look and functionality, this window was also updated. The process – setting the filters and clicking the Redisplay button – is basically the same as described for the Checkbook Balance Inquiry window.
Account Category Lookup Improvements
If you remember, the Account Category Lookup was pretty basic. Now you can change the sorting priority to better visualize the list. Additionally, a search feature has been added within the same window to help you quickly find what you’re looking for in a large list.
Account Segment Lookup Enhancements
Like his twin brother Categories, the Account Segments window also gets the sorting and search functionality. This should be a significant productivity boost, making proper segment assignment just a few quick clicks of the mouse.
Journal Entry Inquiry View Workflow History
Good news for users of Workflow! If you select a reversing journal entry, you now have a new view into the transaction. Select the journal entry, and you’ll notice the Workflow History button is now enabled. Clicking it will reveal additional historical data for that transaction.
Transaction Level Post through GL without Printing GL Posting Journal
In the past, when creating a Payables Transaction Entry and checking “Post Through General Ledger Files”, it was required for the GL Posting Journal to be selected in the Posting Setup. As of the 2022 release, this is no longer a requirement. This applies to both the Payables Transaction Entry and Payables Manual Payment Entry screens.
Reprint Bank Journals
Now you’ll enjoy fine-grained control over the data you want to appear when reprinting Bank Journals. For the Bank Deposit Journal, Multicurrency Bank Deposit Journal, Cleared Transactions Journal, and Outstanding Transactions Report, you are now able to filter by Audit Trail Code, focusing on the most relevant data. As for the Bank Adjustments Journal and Multicurrency Bank Adjustments Journal, you can filter not only by Audit Trail Code but also by Date Range, keeping your reports neat and concise.
Print Bank History Reports
Another enhancement for the Bank Adjustments Reprint Journal, Bank Deposit Reprint Journal, Bank Transaction History Report, Multicurrency Bank Adjustments Reprint Journal, Multicurrency Bank Deposit Reprint Journal, and the Outstanding Transactions Report – Reprint reports: Now you can filter by date range! This will be useful in a number of scenarios. Additionally, the selected date range will appear at the top of the report to be clear and transparent about the report’s contents.
Print and Email POP and SOP Documents at the Same Time
Documents across the Purchase Order Process (POP) and Sales Order Process (SOP), including the Purchasing Navigation List, Sales Navigation List, and Purchase Order Entry, now have consistent functionality: You can prepare any of these documents to send by email, and have the option to print them at the same time. When emailing one of these documents, you’ll be presented with the option to Print a Copy or Print Remaining. Not selecting one will simply send the document via email to your client. What do the two new options mean?
Print a Copy will print all documents for this process, and additionally email those documents that have been marked to send. Print Remaining will email documents to those who receive them and print any that weren’t set up to email.
Workflow History Option for No Approval Needed Steps
Sometimes it’s not necessary to save ALL data related to your Workflows. If your Workflow step does not require approval, you can now set the system to skip the step of saving workflow history by checking the “Omit ‘no action needed’ workflow messages from workflow history” checkbox.
These are some real productivity boosters that Microsoft has brought to us in the latest release. And in fact, there are many other features highlighted in Microsoft’s release notes. We hope that these features will improve your workflows.
Would you like to know more about Dynamics GP and the new features available, as well as those coming in a future release? Contact GaleForce Consulting Partners today and let the Microsoft Dynamics GP experts show you how to make the most of your GP investment.
by gfcpartners | May 1, 2023 | Business, Project Accounting, Software Customization
Gone are the days when accountants simply recorded transactions and produced standard reports for management review. Today’s accountants are facing an increasing demand from business leaders to deliver more in-depth analysis of data collected from across the organization so they can let the numbers drive their decisions.
This, at first, can seem to be an uncomfortable shift in job requirements. Accountants are traditionally drawn to time-tested methods and solutions, and are hesitant to adopt new things, especially at the risk of disrupting the orderly and accurate systems they’ve become accustomed to.
Yet, the business landscape continues to evolve at an ever-quickening pace; companies that are agile and able to adapt – usually those that leverage newer technologies to make the most of their business data – are the ones that will stay ahead of their competitors.
How can accountants meet the increasing demand for information from management without sacrificing structure, order, and accuracy? Better yet, how can they become proactive, getting ahead of the technology curve and setting their company up for future growth?
In this article, we’ll explore how Acumatica’s advanced features can become the secret weapon accountants need to deliver the insights management is demanding – now and in the future.
Acumatica Facilitates Accurate and Organized Data Capture
Many organizations are still depending on manual methods to collect data and generate reports. Due to the rapid pace of business, such reports are often out of date before accountants can finish formatting them.
What is more, since accounting, customer, and process data often live in disparate systems, it can be difficult – if not impossible – to get a truly accurate picture of current operations. This also puts decision-makers at a disadvantage, forcing them to go with their “best guess”.
On the other hand, with Acumatica, everyone is working with one centralized system – a ‘single source of truth’. All departments contribute to the collection of customer and organizational data, and the system ensures orderly and accurate data capture. Rather than duplicate data, or customer records that are out of sync, you have reliable and complete information on which to base your reports.
Many ERP solutions strive for that ideal, but because of costly user-based licensing schemes, only certain personnel are able to enter data and interact with the ERP. This can create a roadblock, forcing users without access to rely on others or resort to manual processes. However, Acumatica allows unlimited users by default, letting everyone in your organization access the system at no additional cost.
How Acumatica Helps You Become Proactive
Acumatica has a host of powerful features that help the proactive accountant go beyond the basics.
Financial Management. To get ahead and stay ahead, you need a properly structured and segmented chart of accounts, along with multi-location support, and the ability to allocate expenses across different business segments. Not all systems can deliver the depth of accounting control necessary to produce the kind of analysis and insight that today’s leaders need while still maintaining regulatory and accounting standards compliance. Acumatica goes above and beyond, giving you unparalleled flexibility and fine-grained control.
Cash Management. Cash on hand is what keeps operations running smoothly. It’s about more than just bank reconciliation; delivering accurate reports on current balances, along with cash flow forecasting will help management adjust to changes and keep the company solvent. Proactive cash management allows both accountants and business leaders to move beyond the balance to recognize and take advantage of future opportunities to improve cash flow.
Customer Management. Managing incoming orders and ensuring they are invoiced in a timely manner is critical to generate net income. Inefficient Accounts Receivable processes can create a backlog, and such delays can result in inaccurate data. Not having an accurate financial picture can affect business decisions, and even result in lost revenue. Slow invoicing thus delays incoming payments, occupying a significant portion of your accounting staff’s time with collection activities. Acumatica automates much of the repetitive work, eliminating bottlenecks and keeping your financial data accurate up-to-the-minute.
Vendor Management. Establishing proper controls while streamlining approvals is key to an agile Accounts Payable process. Yet, if the process is largely manual or inflexible, your organization is prone to budget overruns and missed opportunities. Acumatica automates much of the workflow, allowing efficient management of purchasing, spending, and vendor relationships while being flexible enough to allow you to take advantage of opportunities when they come along.
Inventory Management. Inventory levels are another crucial aspect of your business. Too high, and your raw materials will dry up your cash flow. Too low, and your production line comes to a halt. Keep your company in the black and ensure timely, consistent delivery to your customers with the extensive inventory management tools in Acumatica.
Customer Relationship Management. Acquiring new customers is an order of magnitude more costly than nurturing your relationships with the customers you already have. Cultivating those relationships is made easier with CRM software built into Acumatica. Moreover, customer data has become just as valuable as financial data, and it makes good sense to keep it all in the same system to add further depth to business insights.
Proactive Accounting with Acumatica Leads to Success
With the right tools, accountants and business leaders alike can move beyond reactive management to proactive practices that put them ahead of the competition. Cloud ERP allows easy, yet very secure access to all stakeholders, whether in the office or on the go, on any device. Business data is accurately captured and kept current. Processes flow smoothly. Reporting and forecasting are reliable, being based on a single source of truth that stays up to date.
Acumatica helps the proactive accountant to keep company records accurate, stay compliant, and deliver timely insights to keep the business moving forward.
Would you like to learn more about the features of Acumatica that benefit the proactive accountant? Download the eBook for greater detail and contact us today to learn how Acumatica can help you unify and streamline your operations.
by gfcpartners | Apr 18, 2023 | Business, Medical Startup, Project Accounting
Medical startups face numerous challenges every day, from managing inventory to maintaining regulatory compliance. However, one of the most significant challenges they face is managing operations efficiently. Fortunately, we have found a solution to this challenge – Acumatica ERP. In this article, I will share why our clients choose Acumatica ERP, the benefits they have gained, and how it can revolutionize your medical startup operations.
Challenges Faced by Medical Startups
Medical startups face unique challenges that can hinder their growth and success. One of the most significant challenges is managing their operations efficiently. Medical startups need to manage inventory, track sales, maintain regulatory compliance, and manage customer relations, among other things. Without an integrated system to manage these operations, medical startups can waste time, money, and resources.
Another challenge faced by medical startups is the lack of resources. Most medical startups do not have the financial resources to hire a large workforce to manage their operations. Therefore, they need an efficient system that can automate most of their daily activities, allowing them to focus on the core aspects of their business.
3 Key Benefits of Implementing Acumatica ERP
Acumatica is a cloud-based Enterprise Resource Planning (ERP) software that helps businesses manage their operations, finances, and customer relations. It is flexible and scalable software that can be customized to meet the unique needs of medical startups. Acumatica ERP provides a comprehensive suite of applications that can be integrated seamlessly with existing systems to provide a unified view of all business operations. Acumatica ERP can help medical startups overcome many of the challenges they face.
Here are three of the key benefits medical startup clients have gained from implementing Acumatica ERP.
- Streamlined Operations
Acumatica ERP helps to streamline operations by automating daily activities. Businesses can easily manage their inventory, track sales, and maintain regulatory compliance from a single platform. Grow your business and don’t waste time and resources on manual processes.
- Improved Financial Management
Acumatica ERP has also helped startups with their financial management. Easily track expenses, manage cash flow, and generate financial reports, giving you the insight to make informed decisions and plan for the future.
Acumatica ERP is a scalable software that can grow with your medical startup. As you expand, you can add new applications and functionalities to the system, ensuring that it continues to meet your needs.
Why Medical Startups Choose Acumatica, the Cloud ERP
Acumatica ERP was designed intentionally to meet high level business needs with low maintenance requirements. Medical industry startups are a fast-paced environment that require a complex level of capabilities and Acumatica’s systems fit those needs with robust integration capabilities and out-of-the box tools to propel your business.
Acumatica ERP provides a robust inventory management system that can help medical startups manage their inventory efficiently. It allows us to track inventory levels, monitor stock movements, and manage multiple warehouses.
Regulatory compliance is a big area that medical startups need to maintain to avoid fines and penalties. Complying with various regulations, such as HIPAA and FDA guidelines, can be messy and costly if done wrong, or if done haphazardly.
Acumatica’s customer relationship management (CRM) system helps you manage your customer interactions and improve customer satisfaction, along with creating a paper trail that can satisfy regulatory needs. Easily track customer orders, manage customer complaints, and provide personalized customer service while securing customer data.
Case Studies of Medical Startups that have Successfully Implemented Acumatica ERP
Many medical startups have successfully implemented Acumatica ERP and have seen significant improvements in their operations. Here are a few examples of medical businesses that have implemented Acumatica ERP.
EOS Group is a medical equipment sales and service provider that supplies medical equipment and supplies to hospitals and clinics. They implemented Acumatica ERP to manage their operations efficiently. After implementing Acumatica ERP, they were able to streamline their operations, manage their inventory effectively, and improve their financial management. They also saw a significant improvement in their customer satisfaction levels. Read the full story here.
- Preparation time for month-end reporting cut by more than half, increasing speed of decision making
- Transactions required for vendor invoicing reduced by 50%
- Complex reporting time shortened from 20 days to 1 day
- Modern architecture and toolset allow for customization across all modules to fit complex local tax requirements — in less time and for less money
Rapid growth left Ergoresearch to struggle with multiple accounting systems, database and operation systems as well as disparate processes blocking insight into the operations. They needed a single, unique solution flexible enough to allow integrations with custom software. Additionally, a solution that was compliant with International Financial Reporting Standards (IFRS). Read all the details here.
“We wanted to build something for the future, which is why we selected Acumatica in the end.” Sylvain Boucher, CEO, President and Director, Ergoresearch
With Acumatica ERP, Ergoresearch gained:
- Consolidated multiple databases, accounting systems and operating systems
- Flexible development using standard programming languages enabled custom POS, and other custom applications
- Bilingual capabilities allow expansion into U.S.
- Streamlined R&D project management
- International Financial Reporting Standards (IFRS) compliant
Implementing Acumatica ERP requires a significant investment of time and resources. However, the benefits of implementing Acumatica ERP far outweigh the costs. Medical startups have seen huge cost savings by reducing their operational costs. They have improved their efficiency by automating most of their daily activities allowing them to focus on growth strategies and have improved customer satisfaction by being able to personalize service and improve customer interactions with ease.
Acumatica ERP is an ideal solution for medical businesses. Its flexibility and scalability can help medical startups overcome the challenges they face. As medical startups continue to grow and expand, they need an efficient system that can help them manage their operations effectively. Acumatica ERP provides a comprehensive suite of applications that can improve their financial management, maintain regulatory compliance, improve their customer satisfaction levels, and be customized to meet the unique needs of medical startups.
For decades, Gale Force Consulting Partners has worked with medical firms, and we are proud to recommend Acumatica for our growing midsized clients in need of a cloud-based ERP solution.
CONTACT US TODAY and let’s discuss how a new ERP solution can help grow your business.