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 | Mar 29, 2023 | Business, Manufacturing & Distribution
In today’s fast-paced digital age, manufacturing businesses face unprecedented challenges. These challenges range from global competition to supply chain disruptions. Manufacturers need to embrace innovative technologies to streamline their operations, boost productivity, and generate new revenue streams. Acumatica is a leading cloud-based ERP solution that offers a comprehensive suite of tools and functionalities to help manufacturers revolutionize their businesses from top to bottom. In this guide, we’ll explore 9 key strategies for success with Acumatica.
Streamlining Supply Chain Management with Acumatica
Acumatica offers manufacturers powerful supply chain management (SCM) tools to streamline their operations. Acumatica SCM capabilities allow manufacturers to effectively manage their entire supply chain, from procurement to inventory management and order fulfillment. Manufacturers can use Acumatica SCM to automate processes such as purchase order creation and management, material requisition, and purchase receipt. This automation reduces the risk of errors and saves time and money.
Acumatica SCM also offers features such as inventory management, demand planning, and order fulfillment. These features help manufacturers optimize their inventory levels and reduce lead times. By providing real-time visibility into inventory levels and demand, manufacturers can make informed decisions about when to reorder materials and when to produce finished goods.
Acumatica SCM also allows manufacturers to manage multiple warehouses and locations. Manufacturers can easily transfer inventory between locations and track inventory levels in real-time. The system also supports drop-shipping, enabling manufacturers to ship directly from suppliers to customers without handling the inventory themselves.
Enhancing Production Processes with Acumatica
Acumatica offers manufacturers powerful production management tools to enhance their production processes. The production management features of Acumatica allow manufacturers to plan and manage their production schedules, track production costs, and manage the production of complex products.
Acumatica production management tools allow manufacturers to create and manage bills of materials (BOMs) for complex products. Manufacturers can track the costs of each component in the BOM and manage the production of each component. The system also supports the management of work orders, enabling manufacturers to track the progress of production and manage resources such as labor and equipment.
Acumatica production management also offers features such as quality control and engineering change management. These features allow manufacturers to ensure the quality of their products and manage changes to their production processes.
Leveraging Advanced Analytics for Better Decision Making
Acumatica offers manufacturers powerful analytics and reporting capabilities to help them make better decisions. The system provides real-time visibility into key performance indicators (KPIs) such as inventory levels, production costs, and sales data. This real-time visibility enables manufacturers to make informed decisions about their operations.
Acumatica also offers advanced analytics capabilities such as predictive analytics and machine learning. These capabilities enable manufacturers to gain insights into their operations and make data-driven decisions. For example, predictive analytics can help manufacturers forecast demand and optimize their inventory levels. Additionally, Acumatica comes with customizable dashboards and reports. Manufacturers can create custom dashboards and reports to track KPIs and monitor their operations. This real-time visibility into their operations enables manufacturers to make informed decisions and drive continuous improvement.
Unlocking the Power of eCommerce with Acumatica
Acumatica offers manufacturers powerful eCommerce capabilities to help them sell their products online. The system integrates with popular eCommerce platforms such as Magento and Shopify, enabling manufacturers to easily sell their products online.
Acumatica eCommerce capabilities allow manufacturers to manage their online stores, including product catalogs, pricing, and order management. The system also supports customer self-service portals, enabling customers to place orders, track shipments, and view their account information.
Acumatica eCommerce also offers features such as upselling and cross-selling. These features enable manufacturers to increase their sales by offering complementary products and services to their customers.
Integrating Acumatica with other Business Applications
Acumatica offers manufacturers powerful integration capabilities to help them streamline their operations. The system integrates with popular business applications such as Microsoft Office, Salesforce, and Amazon Web Services.
Acumatica integration capabilities allow manufacturers to automate processes such as data entry and document management. For example, manufacturers can automatically import sales orders from their eCommerce platform into Acumatica, eliminating the need for manual data entry.
Acumatica also offers powerful integration capabilities with manufacturing-specific applications such as CAD software and product lifecycle management (PLM) software. These integrations enable manufacturers to streamline their design and engineering processes and improve collaboration.
Ensuring Data Security and Compliance with Acumatica
Acumatica offers manufacturers robust data security and compliance features to protect their data and ensure compliance with regulations such as GDPR and HIPAA. The system offers role-based access control, enabling manufacturers to restrict access to sensitive data based on user roles.
Acumatica also offers features such as data encryption, audit trails, and two-factor authentication. These features ensure the security and integrity of manufacturers’ data while ensuring that their operations are compliant.
Providing Excellent Customer Service with Acumatica
Acumatica offers manufacturers powerful customer service capabilities to help them provide excellent customer service. The system offers features such as case management, warranty management, and service contract management.
Acumatica customer service capabilities enable manufacturers to effectively manage customer inquiries and issues. Manufacturers can track customer cases from start to finish, ensuring that customers receive timely and effective resolutions to their issues.
Acumatica also offers features such as customer self-service portals and field service management. These features enable manufacturers to provide a seamless customer experience and improve customer satisfaction.
Training and Support for Successful Implementation of Acumatica
Acumatica offers manufacturers comprehensive training and support to ensure the successful implementation and adoption of the system. The system offers online training courses, documentation, and user forums. Acumatica also offers implementation services and support from certified partners. These partners can help manufacturers with everything from system installation to customization and integration. Even better is the ongoing support and maintenance services to ensure your manufacturing systems are always up-to-date and running smoothly.
Find out more why manufacturers choose Acumatica’s powerful tools and functionalities to streamline their operations, boost productivity, and generate new revenue streams. The strategies in this article can help manufacturers to unlock the full potential of Acumatica ERP and take their businesses to the next level. Whether manufacturers are looking to streamline their supply chain management, enhance their production processes, or leverage advanced analytics, Acumatica has the tools and capabilities to help them succeed. With powerful eCommerce capabilities, robust data security and compliance features, and comprehensive training and support, Acumatica is a game-changer for manufacturers in the digital age.
Contact Galeforce Consulting Partners to learn more about our winning partnership with Acumatica to help grow your manufacturing business.
by gfcpartners | Jan 24, 2023 | Business, Manufacturing & Distribution
QuickBooks is widely recognized as an accounting software that supports small businesses with managing accounts, inventory, payroll, taxes, expenses, and budgeting. For companies starting out, deploying QuickBooks is a good first step towards operational improvement. But there comes a point in each expanding company’s journey where QuickBooks doesn’t support the changing needs of the organization. Perhaps it’s an increase in manual processes and offline spreadsheets to track information outside of QuickBooks. It could be the need to add third-party software to handle repetitive tasks that QuickBooks is lacking. Maybe the data needed to make decisions isn’t available from QuickBooks. Or, reports aren’t actionable, with a snapshot of the past rather than a real-time view into your operation.
Additionally, many construction or project-based small businesses require more than QuickBooks to meet their needs right off the bat. We’ve worked with construction companies who have found QuickBooks hindered their operations due to the lack of project-based accounting features, field service, and payroll capabilities.
Our clients have often come to us frustrated with the limitations of QuickBooks, including:
- Limited functionality for job costing and progress billing.
- Inadequate reporting capabilities for tracking project expenses and profitability.
- Difficulty in tracking change orders and managing subcontractor invoicing.
- Lack of integration with scheduling and estimating programs.
- Limited support for multi-currency transactions and foreign currency exchanges.
- Difficulty in tracking retainage and progress payments.
- Limited ability to handle complex job-costing and inventory management.
- Inability to handle complex union compliance and certified payroll requirements.
- Limited ability to track and manage equipment and asset management.
- Limited support for construction-specific tax regulations.
If you’re using QuickBooks now and experiencing any of these frustrations, read how Acumatica, the Cloud ERP construction solution is helping construction companies solve issues and grow.
Compare QuickBooks to Acumatica for accurate project-accounting and construction software.
The pressure to stay up to date on current projects has been a thorn in the side of many contractors. Poor communication has derailed countless construction projects, causing them to finish late and over budget. Acumatica’s cloud ERP software tailored to the construction industry has advantages that QuickBooks does not. Here are a few:
- Real-time access to project data from anywhere, on any device.
- Modern accounting features can help you streamline and automate Accounts Payable workflows, such as entering invoices and obtaining approval for payments. Additionally, it provides real-time project costs related to labor, materials and equipment.
- Project Management allows both office and field teams to access current information from a central, streamlined system, improving field-to-office communication.
- Reduced response times with instant notifications and message alerts.
- Robust document storage – view and store important documentation such as RFIs, jobsite progress photos, and project issues.
- Ensure adherence to regulations by processing waivers, certificates, and status changes quickly. Additionally, create alerts for staff and vendors about expiration dates and other essential data.
- Customer Management offers real-time customer activity management (e.g. contacts, quotes, orders, invoices, payments, support cases and service calls) as well as a customer self-service portal.
- Adaptable workflows to automate, control and increase the efficiency of accounting and back-office processes.
- Thorough and up-to-date reports that keep you informed about the progress of each project.
- Comprehensive view of your business with Role-based Dashboards.
- Comprehensive Connections: Link with popular construction applications.
- Unlimited users.
Switching from QuickBooks to Acumatica Cloud ERP: A Big Change, But Worth It
When you look at the pros and cons, you realize the benefits that newer technology can bring to your business.
For example, communication – with the right tools, your field teams can complete their construction projects more efficiently allowing you to manage your projects more effectively.
We know that switching the system that you run your business on can seem like a risky, big endeavor. For this reason, partnering with an experienced solution provider is a wise choice. The team at GFC knows construction and ERP, and believes that Acumatica for Construction is a right-priced, low-risk solution.
Let us show you how a modern solution can give you the tools you need to grow your business, keep projects running smoothly, make your customers happy, and turn a reliable profit.
Read more about 5 Benefits of Cloud Construction Management and then give us a call to discuss your unique business needs.
Construction firms can no longer stay competitive by relying on paper-based processes, manual workflows, and an endless barrage of emails. Smart, forward-thinking firms are moving their businesses to the cloud. With cloud-based solutions, they’re finding the powerful communication tools and automated workflows they need to maximize the profitability of every project.
Don’t get left behind on yesterday’s technology. Take the first step towards a better bottom line today.
by gfcpartners | Jan 10, 2023 | Business, Manufacturing & Distribution
Technology has made powerful, flexible measurement systems with KPI capability both affordable and user-driven.
“KPIs are a standard business management tool that is becoming both more powerful and at the same time easier to use thanks to packaged Business Intelligence and Executive Information Systems applications that are part of a comprehensive back office software system.”
Every kind of manufacturing company, in all industry segments including automotive, food and beverage, health and beauty, electronics, industrial machines, metal fabrication, plastics, etc., rely on measurements to monitor business activities and performance, document successes and challenges, and help direct management decision-making.
Of course, while we measure a number of parameters simply to comply with mandatory accounting and reporting requirements, smart management will incorporate those measurements into valuable intelligence that helps run the business more effectively and more efficiently.
“KPIs are a standard business management tool that is becoming both more powerful and at the same time easier to use thanks to packaged Business Intelligence and Executive Information Systems applications that are part of a comprehensive back-office software system.”
Download this free whitepaper from Acumatica and learn:
- What is a key performance indicator
- Types of KPIs and those specific to manufacturing
- How to use and reap the benefits of KPIs
- Ongoing KPI maintenance including adjustments and expansions
- anytime, anywhere.
Historical and Predictive KPIs – Which Should You Use?
There are two basic types of KPIs. First, ones that tell you where your business has been and where you are headed. The other, shows you the overall health of your business.
Historical KPIs allow you to easily measure past activity, and showcase where your business will likely go in the future based on that history. They can be set up with alerts and warnings to monitor and detect exceptions, based on historical data, and call attention to issues. These systems can even alert you via email or text.
The second type of KPIs are predictive. These can provide multiple lines of insight into where your business could go in the future. By utilizing all your business data, predictive KPIs can help you make better decisions for your business. In other words, predictive metrics don’t rely on the experience of previous tasks. These metrics show future results according to which the optimal production scenario for the whole factory is made evident. For example, when production runs smoothly, peripheral departments such as sales, supply chain management, etc. are affected positively, as their value-added activities are conducted in alignment with the shop floor.
As performance indicators of the future, Predictive KPIs usually contain information around:
- Inventory – Total inventory value, raw material inventory, WIP inventory, finished goods material value, and others
- Resources – Productivity, OEE, manufacturing time, setup time, capacity load and others
- Products and Customers – Production quantity, manufacturing cost, contribution margin, profitability, and others
- Orders – Earnings, profit, profit ratio, cumulative employee costs, cumulative total costs, and others
One thing to note, you want to make sure your predictive KPIs exist for the entire planning period as well as pre-determined shorter planning periods. This forms an important pillar for making effective management decisions in every case, which is the reason that every manufacturing company today requires an end-to-end planning solution.
Example KPIs for Manufacturing
Plan vs. Actual Hours & Cost
This KPI compares different areas of the shop, different processes, and different products. By keeping a close eye on these metrics, you get an indication of how effectively your business is operating and how to improve overall results.
Utilization & Capacity
The ability to plan optimum utilization of resources is key to a lean shop. Resource load balancing can help save on costs and improve on-time products, reduce overtime and expediting costs, and improve on deliver promise dates. Utilization and capacity KPIs, also referred to as Work Center Dispatch KPIs, can easily be modified to fit your business so you’ll always know what each center is working on and what’s in the queue for completion.
This metric is a little bit more granular but offers better insight into workflows and resource utilization. Many manufacturers use this as a starting point for defining a display of released orders in the plant and the current location and status of each. By using this production schedule KPI and the work center dispatch KPI, you can easily see the overall status of each work center and schedule across your departments or the entire shop.
Profitability by Customer by Category by Item
We all know that not all customers are created equally. Some of them are highly profitable and others might cost your company money. And this is true for products too. It’s wise to review profitability of both customers and products on a regular basis. This example of Sales and Profitability by Item Class and Item gives you plenty of data to better understand your business.
KPIs may have originated in large, complex organizations but their value us universally recognized, and technology has made powerful, flexible measurement systems with KPI capability both affordable and user-driven so smaller organizations can benefit as well.
Many KPIs are historical in nature, focused on summarization, presentation, and analysis of data commonly found in manufacturing management systems. User-managed alerts and alarms highlight activities and business areas that need attention, relieving busy managers from the need to pore over endless reports and screens. Built-in tools enable fast, intensive analysis to get to the heart of the problem and make sound, informed decisions.
If you need better insight into your manufacturing business, talk to GaleForce. We have the experts you need and solutions to match your unique business and pricepoint. ERP solutions have evolved immensely over the past years and enterprise level features like KPIs are readily available for SMB level businesses. Let’s talk. Contact us today.
by gfcpartners | Oct 28, 2022 | Business, Manufacturing & Distribution
For manufacturers to succeed in today’s digital economy, a modern factory is essential using innovative technologies to transform their businesses. These tools will automate processes, improve quality, increase throughput, lower costs, bolster sales, and bring you higher profits.
Unfortunately, entry-level applications and legacy ERP solutions are hindering your growth with having to invest in costly customizations or complex, expensive, and disconnected hardware, system, and processes. Replacing those systems with new, innovative cloud ERP solutions can modernize your factory and business operations.
There’s a better way, and it just takes a little planning.
Steps to a Digital Transformation
Without a complete plan, it’s challenging to modernize your manufacturing operations. How do you know that you have the right technologies in place to take your business to the next level? Are you confident your ERP system has the features you need, and they are set up correctly for your business?
The strategies you implement to automate your factory depends on how far you are in your digital transformation journey. Manufacturers who are just starting will have few automated processes using basic technologies. Manufacturers further along will have more automated processes using progressively more advanced technologies. The first step is to understand where you currently are before developing a digital transformation plan. Use the diagram below to chart your journey.
Once you have an understanding of where you are, and where you want to be, you need to research options, prioritize activities, and develop a detailed plan.
- Foundation: Technology has evolved quickly. Does your current business system easily integrate with other applications or have an open architecture? Are there modules available to purchase to improve factory operations? Do you get instant, real-time data in reports and dashboards to help you make business decisions or are you waiting for days for reports to be pulled together?
- Research: Review your current system features and find where there are functional gaps. Not only now, but for future needs. Then conduct a thorough business process review to identify areas that can be improved with automation.
- Prioritize: Reviewing the list of functional gaps, decide which ones are most important based on costs and benefits.
- Develop a Plan: Your plan should define your desired goal, supporting technologies, and a timeline and process for conducting the implementation from start to finish.
Turn your business into the factory of the future. It’s not just faster; it allows you to extend the abilities of your entire team, enabling them to do things they never imagined possible. Learn more about Acumatica, the cloud ERP and how you can modernize your operations.
“Acumatica provides the best business and industry management solution for transforming your business to thrive in the new digital economy. Built on a future-proof platform with an open architecture for modern technologies, rapid integrations, scalability, and ease of use, Acumatica delivers an unparalleled experience for users and customers alike.”
Ready to get started?
GaleForce Consulting Partners has the experience and expertise to help turn your business into a factory of the future. We have helped businesses just like yours, pulled in multiple directions, leveraging a mess of disparate applications, and unable to get accurate information. It doesn’t matter what system you’re using, how old it is, how bad your data is. We’re experts at taking what you have and determining what you ultimately want to do with it all. Then we dig in and figure out how to make it happen.
Give us a call and let’s talk growth. 1-833-432-7278.
In the meantime, download this free playbook and learn more: Download PDF – Prepare for the factory of the future with Acumatica Manufacturing Edition Playbook
- Which eight feature categories to look for in your next manufacturing ERP.
- How a modern ERP can support your use of 14 emerging technologies.
- Four simple steps to digital transformation.
- The four phases of creating a modern factory.
- Why Acumatica Manufacturing Edition is ideal for transforming your manufacturing business.
- You’ll also get a handy checklist that will help you assess your organization’s progress in building the factory of the future. Download the playbook now.
Read some of our successes and see how we’ve helped other manufacturers like you:
Dukathole Group boosted growth to meet the needs of the housing crisis.
Erickson International replaced Sage 100 with Acumatica and connected 7 locations and numerous disparate systems.
FSC Lighting improved processes and scaled rapidly with Acumatica, a modern ERP solution.
by gfcpartners | Jul 5, 2022 | Manufacturing & Distribution
Every manufacturer wants to get paid faster but everyone has a different quote-to-cash process. Some manufacturers forecast demand, then build to stock and fulfill orders from inventory. Engineer-to-order manufacturers use CAD applications to design custom products based on customer designs or internally developed specifications. Configure-to-order manufacturers set up features and options to create new items based on customer preferences. Estimating is critical for job shops that rarely stock products they quote and sell to customers.
No matter which production style your business employs, you can benefit from automation. Do you have a modern manufacturing ERP solution that can automate your quote-to-cash process? With Acumatica’s Manufacturing Edition workflows, you get the flexibility of different quote-to-cash scenarios to manage sales, inventory, purchasing, manufacturing, shipments, and accounting.
“Because of Acumatica, we can now place orders faster and react to sales quicker. As a result, I think we’ll be able to reduce our total inventory by somewhere between $1.5 million and $2 million dollars.”
MATT STONER, CFO, DAKOTA RED CORPORATION
Learn more on how Acumatica supports simple and complex processes for manufacturers. The quote-to-cash process comprises three phases and 14 unique steps that most manufacturers use with some variation. Here is how a modern ERP solution can help with each.
Phase 1: Prepare and Sell
Item Definition => Lead Generation => Pre-Quote Activities => Quote Creation => Sales Order Creation
Most manufacturing sales start well before the quote is created. Set up stock items for products and non-inventoried items for services. Leverage embedded marketing automation to generate business leads. Manage the sales cycle with lead assignment and opportunity activities. Acumatica Manufacturing Edition provides applications to create newly manufactured items for a variety of manufacturing environments. Create quotes and send them to customers for electronic approval. Convert quotes to sales orders and manage order details for a clean hand-off to manufacturing.
Phase 2: Produce and Fulfill
Production Order Creation => Scheduling => Material Planning => Production => Fulfillment
Manufacturing begins way before sales gets involved in make-to-stock environments – production begins based on forecasted demand and items are stored until the order is placed. In most make-to-order scenarios, manufacturing starts after the sales order is created. Make-to-order manufacturers typically create the production order directly from the sales order, project, or service order. Production orders are scheduled against finite capacity constraints. Purchase orders and production orders for dependent raw materials and subassemblies are suggested through the time-phased material requirements planning (MRP) application. Material and labor transactions are entered throughout the production process or backflushed automatically for work in process costing. The finished goods inventory is updated and ready for order fulfillment.
Phase 3: Account and Analyze
Accounting => Cash => Reporting => Supporting Processes
Accounting engages in the quote-to-cash process at various points for invoicing, vendor payments, and related activities. Invoices are typically sent after the order has shipped. However, some companies send multiple invoices for large items like capital equipment that take longer to make. Vendor invoices are received, vouchered, and paid. Collection activities are managed for past due invoices with phone calls and email communication. Additional activities and reports complete the process with sales commissions and detailed analysis. There are many other supporting applications and processes crucial to perfecting the quote-to-cash process that should not be ignored.
What’s Your Quote-to-Cash Process?
Manufacturers perfect the quote-to-cash process and get paid faster with a comprehensive and modern ERP application like Acumatica. Manage every step effectively and with the flexibility to adapt the system to the way you do business.
Streamline item creation for stock and non-inventoried items. Use manufacturing estimates, the rules-based product configurator, Acumatica for Arena Native Connector, and Engineering Change Control applications to manage finished goods. Acumatica’s embedded CRM includes marketing automation for lead generation with configurable sales processes and automation to manage complex product sales cycles.
Harmonize production plans with resource constraints and material planning processes to ensure maximum throughput. Backflush material and labor processes for accurate and faster transactions. Streamline operations with supporting accounting activities, sales commissions, engineering changes, subcontracted, outside processing, and more.
With Acumatica, you have a complete and connected business application with powerful tools to analyze data in real-time. Manage your business by exception with role-based dashboards, real-time reports and inquiries, and connected business analytics. Download this free playbook from Acumatica on Perfecting your Manufacturing Quote-to-Cash Process and give the Galeforce team a call to learn more about taking your manufacturing business to the next level with a modern, ERP solution.