What is Acumatica?
Industry Specialties: Serves all industries
Benefits and Insights
Key differentiators & advantages of Acumatica
- Increased Productivity: Acumatica contains a range of automated capabilities, such as the creation of tax filing reports, calculation of realized gains and losses and tax calculation. By automating these workflows, employee time can be freed up for other tasks, and productivity can be increased.
- Centralized Database: The program contains personalizable dashboards and visibility of business processes in real-time. This helps reduce inconsistencies and communication errors.
- Support for Multiple Currencies: This system supports transactions across multiple currencies. This is especially beneficial for companies that do business internationally or that have operations in numerous countries.
- Multi-Site Management: Acumatica allows for accounting to be segmented or centralized among various locations and entities. This provides users with a broader view of a company’s financial health and status.
- Streamlined Compliance: This solution contains tax management capabilities that help ensure adherence to tax guidelines. Calculating taxes can be a difficult process, so Acumatica aims to reduce the headache by accounting for use, sales, withholding and other types of tax.
Acumatica is a suitable tool for companies in a range of industries. Some of the sectors specifically highlighted on the vendor’s website include service, distribution, manufacturing, retail, technology and construction. This program was created with small- and medium-sized businesses at top of mind and is available for deployment both through the cloud and on-premise.
- General Ledger: The GL tracks all financial transactions occurring in a business. It can also create financial statements such as the Income Statement and Balance Sheet. This feature enables users to structure the general ledger by accounts and subaccounts. Financial reporting can be segmented by aspects such as department or product to glean more specialized insights.
- Accounts Receivable: This feature helps users develop and send out invoices for owed payments that have yet to be received. The program can format invoices for printing purposes, PDF or HTML. It also accepts PCI-compliant credit card transactions and can handle refunds, voided transactions and manual charges. The program can connect to bank processing centers through included plug-ins or can be built by the user through Acumatica’s SDK.
- Accounts Payable: The Acumatica accounts payable function contains prepayment tools that allow users to manage requests, apply prepayments to invoices as they come in and issue prepayments. The program can calculate use and VAT taxes and create tax filing reports automatically. Payments can also be aligned with cash flows to reduce the likelihood of late charges.
- Cash Management: The cash management tool integrates with GL, AR and AP functionality. Transactions that are linked to a vendor or customer in the system can be automatically inputted to accounts payable or accounts receivable through this connectivity and balances can be updated. The program also transfers funds between accounts and supports multiple currencies.
- Currency Management: This feature calculates realized gains and losses automatically from transactions made with foreign currency. It also adjusts unrealized gains and losses and prepares auto-reversing entries for open documents that are recorded in a foreign currency. The program adheres to FASB-52 standards for currency translation.
- Tax Management: The program supports use, sales, withholding, VAT and reverse VAT taxes. Taxes can be calculated automatically based on the assigned tax zone or tax category. Manual adjustments can be made in the system. Additionally, taxes are posted to a tax liability account in the general ledger.
- Deferred Revenue Accounting: Acumatica leverages user-established schedules to calculate deferred revenue automatically. Schedules can be developed using templates or completely from scratch. Deferred revenue can be posted automatically to various financial statements.