Financial reporting is the heart of any business. The ability to produce accurate, timely and useful reports is arguably the most important function in the entire accounting process.
Reaons you may be ready to say goodbye to your ERP financial reporting system:
Most report writers continue to rely on Excel or another manual effort. One small change results in an enormous amount of work.
Distributing reports sounds simple enough. But when those reports reflect the complexities of a business and number hundreds or more reports each close period, it can be a very tedious, time-consuming process.
Finance teams often experience that anxiety with every report they send, with these questions ringing in their head: is the right person receiving this report, do I have the right data in here, am I sending anything confidential that I’m going to get fired for?
Yet despite our best efforts to double and triple check the information, mistakes are inevitable when manual processes are involved.
Why do you need Acumatica’s financial management software?
Financial management software provides businesses with a full suite of accounting functions to track daily financial operations and generate quarterly and annual financial statements. In addition, it provides tools for reporting, analysis, budgeting, and planning.
Benefits of Acumatica’s financial management
- Streamline Operations: Close your books faster with Acumatica’s time-saving automation and workflow. Efficiently handle month-end activities with fewer errors.
- Work Locally and Internationally: Reach international markets effectively with cloud multi-currency, multi-language, and multi-company capabilities. Acumatica finance management software also offers localized functionality
- Manage Multiple Entities: Use Acumatica’s financial management systems to integrate financials across multiple business entities, including automated reporting, consolidation, payments, and cash management. Supports independent balance sheet and separate tax reporting.
- Migrate Legacy Data: Users can migrate Accounts Payable and Accounts Receivable historical data from a legacy system to Acumatica ERP, including open balances, original amounts, and dates, without affecting the general ledger.
Accounts payable automation is the process of replacing paper invoices and checks with electronic methods of tracking and paying the money your company owes other companies. The right accounts payable system can help your company meet all of its obligations with fewer errors and less paperwork.
With Acumatica’s accounts payable system, you can decrease your reliance on printouts, emails, and file folders. Through integrations with accounts payable automation partners, this solution saves you time and money by addressing one of the most common problems in accounts payable: delays.
How to Save Money with Accounts Payable Automation
Accounts payable automation isn’t just about keeping track of money owed and preventing delays. It’s also about saving money by making payments in ways that align with your company’s cash flow.
Any growing business must manage its cash flow carefully. Even when business is booming, you may find that your account balances are relatively low due to an unusually large number of outstanding invoices. But even as you wait for customers to pay you, your vendors will still expect you to pay them according to the timeframe you’ve agreed upon. That’s where your accounts payable system can help.
With accounts payable automation, you can align your payments with your cash flows, minimizing the chance that you’ll leave your company financially vulnerable after making a large payment.
Looking for more information?
Join our Financial webinar on May 20th for a live overview of the Acumatica financial management software. Register today!