Acumatica Cloud ERP Software Version 2023 R2:
A Comprehensive Overview
Acumatica, a leading provider of cloud ERP solutions, has recently launched its highly anticipated 2023 R2 update. This biannual update is a testament to Acumatica’s commitment to continuous innovation, addressing the ever-evolving needs of small and midsized businesses (SMBs) in today’s fast-paced digital economy. With a focus on intelligent technology, best-in-class applications, and tailored industry capabilities, Acumatica 2023 R2 offers a range of cutting-edge enhancements that empower businesses to reimagine their operations, drive growth, and win in their respective markets.
Reimagining Business with Intelligent Technology
To thrive in the digital era, businesses require more than just financial applications. They need an ERP system that seamlessly integrates with other technologies and applications, providing them with the intelligence and agility to overcome unique challenges. Acumatica’s business management solution offers a modular and nimble platform with native mobility, open APIs for rapid integration, and enhanced by artificial intelligence and machine learning capabilities. These features enable organizations to centralize their technology, optimize workflows, and make informed decisions.
Key Features for Technology
- On-the-go productivity: Dynamically visible containers on mobile devices make work easier and more productive by showing only relevant tabs. This feature allows users to access the information they need quickly, even while on the move.
- Actionable custom field elements: Save time by navigating to external sites directly from actionable custom field elements.
- Tailored workflow: Boost productivity and efficiency by customizing workflows for different order types, creating a seamless experience for users.
- Streamlined bank reconciliation: Automate bank reconciliation and efficiently manage credit card receipts by mapping bank fields to Acumatica fields.
Key Features for AI/ML
- International operations support: Leverage AI/ML capabilities to add branches and locations to Acumatica’s document recognition capabilities, supporting complex language recognition for international operations.
- Intelligent text completion: Speed up data entry with intelligent text completion that makes recommendations based on past entries.
- Improved data entry accuracy: Drive efficiency and accuracy by leveraging AI/ML to enhance data entry processes.
Driving Growth with Best-in-Class Applications and Unified Finance and CRM
Acumatica’s best-in-class applications provide seamless integration across sales, finance, fulfillment, and support, enabling businesses to effectively manage relationships and drive growth. The robust financial suite caters to the complex requirements of larger companies while remaining user-friendly for smaller organizations. Additionally, Acumatica’s embedded CRM offers complete visibility of customer data throughout the organization, empowering employees to deliver fast, informed, and personalized customer service.
Key Features for Financials
- Enhanced cash flow management: Improve cash flow and streamline the payment process with Acumatica’s integrated payment processing system, enabling secure credit card and ACH payments.
- Reporting compliance: Ensure reporting compliance with robust overtime calculations, paystub improvements, and enhancements for 1099 and T5018 reporting in the US and Canada, respectively.
Key Features for CRM
- Sales optimization: Boost sales by automatically assigning leads, contacts, accounts, and opportunities to sales representatives based on sales territories.
- Streamlined returns processing: Enhance customer satisfaction and support by streamlining returns processing, automatically creating return orders and linking them to relevant cases.
- Email management: Simplify email account administration and enhance security by managing personal email accounts within Acumatica. Instantly add contacts, leads, opportunities, and orders via the Gmail add-on.
Winning in Markets with Tailored Industry Capabilities
Acumatica understands that a one-size-fits-all approach is no longer effective in today’s competitive marketplace. To thrive, businesses require industry-specific capabilities and key performance indicators (KPIs) that align with their unique needs. Acumatica’s smart industry editions are meticulously tailored to specific industries, enabling businesses to gain a competitive edge.
Key Features for Distributors, Retailers, and Commerce Merchants
- Improved profitability: Enhance profitability and transparency by reviewing estimated margin calculations during order creation.
- Streamlined stock allocation: Automate the allocation process and apply manual overrides to efficiently manage stock allocation.
- Expansion to Amazon: Connect Acumatica to Amazon’s Seller Central marketplace, supporting FBA and MFN delivery models.
- Integration with Shopify: Seamlessly integrate online sales with Acumatica’s back-end fulfillment processes.
Key Features for Manufacturers
- Improved cost control: Enhance manufacturing cost control and streamline setup for cost accountants with new user roles and production order status locking options.
- Simplified production order ticket printing: Streamline production order ticket printing with the Acumatica DeviceHub service, including automation schedules and predefined printer settings.
- Extended Product Configurator: Leverage rules-based product options and values logic for configured orders from external applications.
Key Features for Contractors and Service Organizations
- Enhanced project visibility: Improve project visibility with side panel access for multiple business document maintenance screens.
- Cost code management: Save time by deactivating cost codes that are no longer used in projects, streamlining workflows.
- Efficient retainage management: Empower users by enabling them to edit retainage information in subcontracts and purchase orders linked to change orders.
Introducing Acumatica Payments
Acumatica 2023 R2 introduces Acumatica Payments, an integrated payment processing solution designed to streamline payment workflows and enhance the customer experience. With Acumatica Payments, businesses can reduce the cost of collections, manage receivables more efficiently, and offer a range of secure payment options to their customers.
Key Features of Acumatica Payments:
- Integrated payment processing: Acumatica Payments seamlessly integrates with Acumatica ERP, linking the system to the banking network and enabling businesses to manage collections and receivables effectively.
- Support for popular payment methods: Acumatica Payments supports credit card payments, electronic funds transfers (EFT), gift cards, and loyalty programs, offering customers a variety of payment options.
- Click-to-pay integration: Acumatica Payments provides a Click to Pay integrated portal, allowing customers to make payments conveniently and securely.
- Streamlined workflow: With Acumatica Payments, businesses can automate end-of-day deposits, fees, and reconciliation processes, reducing manual effort and improving efficiency.
Warehouse Efficiency Metrics
Acumatica 2023 R2 introduces new warehouse efficiency metrics to help businesses optimize their warehouse operations. The Efficiency of Picking and Packing inquiry form provides warehouse managers with valuable statistics and insights into key metrics, enabling them to improve warehouse efficiency and streamline the fulfillment process.
Key Features of Warehouse Efficiency Metrics:
- Processed shipment information: The inquiry form displays information on processed shipments, lines, and packages, giving managers a comprehensive view of warehouse operations.
- Quantity tracking: Track the total quantity of picked or packed items, allowing managers to monitor productivity and identify areas for improvement.
- Operations visibility: Measure overall efficiency in pick and pack modes or pack-only modes of shipment processing, providing a holistic view of warehouse operations.
- Customizable reporting: The inquiry form can be customized with selection criteria to display data by user, shipment, and day, allowing for detailed analysis and reporting.
Sales Allocation Management
Acumatica ERP 2023 R2 introduces a new sales allocation management feature, empowering businesses to efficiently allocate and de-allocate items for sales orders. The Manage Sales Allocations form provides increased visibility, flexibility, and control over the sales order process, simplifying inventory management and improving workflow efficiency.
Key Features of Sales Allocation Management:
- Mass allocation: The new Manage Sales Allocations form enables businesses to mass-allocate item quantities for sales order lines, eliminating the need for individual allocation management.
- Automated allocation processes: Streamline the allocation process with automated suggestions, reducing manual effort and improving efficiency.
- Manual overrides: The form allows users to manually override allocation suggestions, giving businesses greater control over inventory management.
Project Management and Construction Edition Updates
Acumatica 2023 R2 brings minor updates to the Construction edition and project management, delivering significant efficiency gains for construction companies.
Key Updates for Project Management and Construction Edition:
- Inclusive taxes: Support for inclusive taxes in pro forma invoices and project documents, ensuring accurate tax calculations and compliance.
- Enhanced security: Improved row-level security in projects, offering flexible visibility configurations for enhanced data privacy and access control.
- Side panels: Side panels added to project and construction forms, providing detailed information and drill-down capabilities for improved project management.
- Streamlined photo logs: Improved photo logs in Acumatica ERP and the Acumatica Mobile App, allowing for multiple photo uploads simultaneously and enhancing the user experience.
- Retainage management: Edit retainage information in linked subcontracts and purchase orders, simplifying the management of retainage in construction projects.
In conclusion, Acumatica 2023 R2 is a comprehensive update that introduces a range of cutting-edge enhancements designed to empower businesses in today’s fast-paced digital economy. With intelligent technology, best-in-class applications, and tailored industry capabilities, Acumatica enables businesses to reimagine their operations, drive growth, and win in their respective markets. The introduction of Acumatica Payments further streamlines payment workflows, enhances the customer experience, and provides businesses with the tools they need to thrive in a digital-first world. Whether it’s optimizing warehouse efficiency, improving sales allocation management, or benefiting from industry-specific updates, Acumatica 2023 R2 offers a wealth of features and functionalities that ensure businesses can stay ahead of the competition and achieve long-term success.
Ready for a little more information? Contact Gale Force Consulting today for a brief introduction. Ask all the questions you want. No strings attached.