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.
Next Steps
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.
- Scalability
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
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
Ergoresearch
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
Acumatica Benefits
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.
by gfcpartners | Apr 4, 2023 | Business, Construction, Project Accounting
Managing a professional services business without proper project management is like trying to navigate a boat through choppy waters without a rudder. It’s essential to balance customer satisfaction, profitability, and flawless project execution to keep your business afloat. But fear not! The answer to your woes lies in Acumatica ERP, a cloud-based software that’s your personal captain, steering you towards calm waters of success. With Acumatica ERP, you’ll get real-time visibility and control over every facet of your projects. You’ll be able to adjust your sails according to your specific business requirements, leaving your competitors in the wake of your success.
This blog post is your treasure map to the transformative features and benefits of Acumatica ERP for professional services firms. So, hoist your sails and let’s explore the vast ocean of possibilities together!
Tailor-Made for Professional Services
Galeforce Consulting Partners brings Acumatica ERP to the table, which is uniquely designed to cater to the complexities of project management in professional services industries. Cast your eyes on this Enterprise Resource Planning (ERP) software that is the perfect anchor for businesses seeking robust and industry-specific solutions. It offers a broad suite of functionalities that will allow smooth sailing, including project accounting and billing, time and expense tracking, resource scheduling, and insightful reporting. With its user-friendly interface and customizable workflows, Acumatica offers the necessary flexibility to navigate the ever-changing tides of business practices. It’s like having a captain who knows every nook and cranny of the sea, able to chart the perfect course to your destination.
Efficient Project Accounting and Billing
Correctly calculating project costs, revenue, and billing is central to a services
firm’s success. Acumatica ERP simplifies these processes with seamless integration between project accounting and other critical financial modules.
Key features include:
- Flexible billing options such as fixed-price, time and materials, or hybrid billing
- Real-time tracking of budgets and project profitability
- Automated allocation of costs and revenue recognition based on project progress
- Integration with accounts receivable and accounts payable modules for efficient cash management
- Accurate tracking of change orders, improving client communication and reducing disputes
Comprehensive Time and Expense Management
Ensuring that accurate records of team members’ working hours and expenses are kept is essential for effective project management. Acumatica ERP offers a streamlined time and expense tracking system that simplifies this process.
Key capabilities include:
- Intuitive timecard and expense receipt entry via mobile devices
- Automated approval workflows, reducing manual intervention and saving time
- Seamless integration with project accounting for accurate labor and expense costing
- Customizable reporting to better understand project resource utilization and trends
Resource Scheduling and Project Optimization
Optimizing resource allocation is vital for maximizing project profitability and customer satisfaction. Acumatica ERP’s robust resource scheduling functionality enables businesses to easily assign tasks, allocate resources, and balance workloads, equipping project managers to make informed resourcing decisions. Key features include:
- Intelligent resource allocation suggestions based on availability, skills, and project requirements
- Real-time visibility into resource utilization and capacity for proactive project monitoring
- Centralized skill database, simplifying the process of searching for and assigning capable resources
Actionable Business Intelligence and Reporting
Maintaining a clear picture of performance and profitability is key to making informed decisions that propel your business forward. Acumatica ERP’s powerful reporting and business intelligence tools deliver actionable insights to help streamline your project management processes. Key benefits include:
- Real-time project dashboards that provide an overview of project performance metrics, including costs, revenues, and margins
- Customizable reports that enable analysis of project data from multiple dimensions
- Collaboration tools and document management functionality for enhanced team communication
Ah, the life of a Project Manager can be quite the adventure, especially when navigating the treacherous waters of legacy Enterprise Resource Planning (ERP) solutions. Imagine being stranded on an island with no way to communicate with the outside world – that’s what it can feel like when facing difficulties integrating new modules and technologies, slow response times, lack of customer support, and outdated user interfaces. It’s like being lost at sea with no compass or map. On top of that, these systems often come with a hefty price tag, long implementation cycles, and limited scalability, making it feel like you’re carrying an anchor that’s dragging you down. And let’s not forget about the pirates lurking in the waters, ready to board your ship and steal your precious cargo – data breaches and weak authentication protocols are common concerns for project managers using legacy ERP solutions. To avoid these challenges, it’s crucial for project managers to stay up to date with the latest ERP trends and seek out modern solutions that can navigate through any storm. It’s time to hoist the anchor and set a course for success with the latest ERP solutions!
Acumatica ERP provides a centralized, cloud-based platform that addresses the unique project management demands inherent in professional services firms. By combining advanced functionalities with an intuitive user experience, Acumatica ERP empowers organizations to drive profitability, optimize resource allocation, and streamline operations. The benefits of Acumatica are vast, offering substantial capabilities that enable businesses to thrive in an ever-changing world. If you’re looking for a robust, scalable solution to your project management and accounting needs, Acumatica ERP is well worth considering.
CONTACT US TODAY and learn more about smooth sailing with Acumatica, the modern ERP Solution for professional services firms like yours.
