General Ledger Updates Simplified With Criterion for Acumatica

Managing payroll and all the financial data and processes necessary to run a successful business can be challenging. Even in this era of advanced technology and updated practices, companies seek more efficiency, insight, and strategic planning. Traditional financial workflows depend on a lot of manual effort to extract data from various sources and update the general ledger. Performing multi-level labor allocations with data from multiple sources is tedious, and spreadsheets are generally inefficient and error-prone. Mistakes in the general ledger can disrupt business, drain resources, and misinform critical decisions.

To become more efficient and ensure your records are accurate, you need a reliable solution that automatically updates your general ledger and makes your data available where and when it’s needed.

If you use Acumatica ERP, you are aware of the robust financial and accounting features that have made it so respected in industries like construction, distribution, manufacturing, higher education, non-profits, etc. Now, you can enhance the functionality of Acumatica with an HCM (Human Capital Management) system designed to handle all the complexities of your payroll and labor allocation challenges. Criterion HCM puts human capital at the center of your operations and lets your team automate general ledger updates confidently.

Why Criterion HCM?

Criterion HCM is a cloud-based Human Capital Management platform providing robust enterprise-level functionality with mid-market pricing. It is beautifully designed and highly configurable.

Criterion HCM integrates with your ERP  and other complex business solutions. The open API architecture allows the export of every field within the software (via API or other methods). Whether relying on Criterion’s built-in reporting functionality or ensuring your ERP and HCM are in total sync, you’ll have it all at no extra charge.

Criterion offers three modules under the same database: HR, Payroll, and Talent Engagement. Integrating Criterion with Acumatica allows you to maintain accurate records across all your systems with seamless, instantaneous data transfer. You can use the applications you need while keeping all your data connected.

Manage Complex Labor Allocation and General Ledger Updates

You must ensure your General Ledger is updated correctly after every payroll cycle. Many companies are still trying to do this with cumbersome Excel spreadsheets or other manual methods. However, manually manipulating data is time-consuming, expensive, and error-prone. Often, it involves entering the data into the payroll system and then entering it again to update the general ledger in Acumatica. What’s more, your team’s efforts may be limited by the timing of data syncs. Do your platforms sync once a day or rely on manual syncing? If your data only syncs once daily, there’s always a chance for discrepancies. If you generate a report, the data may be incorrect or outdated. Decisions based on faulty data could be disastrous. Instant direct API integration between systems is a protection.

Waiting for the data to sync also limits your reporting workflows. For example, if you work with multiple companies and subdivisions under the same corporate structure, you could have several thousand lines in your general ledger. Making corrections and generating spreadsheets would be a monumentally inefficient task.

Your Acumatica/Criterion Integration

Integrating Acumatica with Criterion HCM ensures your data is accurate and synced in real time. Streamline payroll calculations and general ledger reporting with seamless API-to-API integration and instant data synchronization that ensures:

• Seamless Bi-Directional Time Tracking

Sync the information between platforms. If you track time in Acumatica, you can route your information automatically into the Criterion HCM payroll module for efficient calculations and distribution each payroll cycle.

Self-service time tracking allows employees to punch in and out quickly from designated locations. Time data is calculated for payroll and automatically routed to the general ledger in Acumatica.

• Streamlined Accounting by Syncing GL and Employee Data to Acumatica

With Criterion/Acumatica integration, you enter payroll data once. General Ledger in Acumatica updates automatically and is ready for accounting workflows and reports.

Because of the single database,  all the information you enter in the HR module is instantly available in the Payroll module and other systems you choose.

• Improved Labor Allocation

When you enter a new project in Acumatica, the data feeds automatically into Criterion HCM so you can track labor against it. You enter your criteria (job fees, customer payments, etc.), and Criterion HCM automatically factors in labor costs to help you generate reports. Gain insight into the profitability of your labor faster than ever. Any field (including custom fields) is reportable, and you can track any data against anything else in the system.

• Multi-Tenant Environment for Better Data Tracking

Criterion HCM can handle complex reporting if you need to account for divisions and departments within multiple companies. Eight levels of complexity are available, and you can add more if you need them.

• Granularity in Reporting

When you generate new reports with Criterion, each field (including custom fields) is reportable and trackable against anything else in the system. Track labor against project data, cost codes, grants, union benefits, etc. You can also export everything to an external BI solution to synthesize HR data with that from other departments and sources. Gain more insight into your workforce and financial activity to improve operations at every level.

What Else Can Criterion Do For You?

• Centralize HR data, wage rates, union affiliation, benefits packages, location, etc., in one place.
• Cloud-based means that when you update a record, it updates everywhere else in the system.
• You can access every setting in the system to configure and use all of the backend tables.
• Automate complex payrolls.
• Create talent engagement workflows.
• Create custom hiring, onboarding, and training workflows

Streamline Your Data With an HCM Built for ERP Integration

At Criterion, we’re experts in multi-state, multi-union payroll in the United States, Canada, and the UK. With Criterion HCM, you can be confident that your payroll calculations comply with all laws, regardless of where you work.

Criterion HCM is the perfect platform if you need a payroll system that can help you handle any complexity and instantly report it back to your Acumatica or other ERP.

Get a free demo.

There’s much more to experience with Criterion HCM. Contact our team at Criterion to book a demo today.

By Criterion, criterionhcm.com

 

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