Finance Module in Acumatica

The Finance Module in Acumatica comprises a complete suite of tools that organizations can use efficiently to manage financial operations. Acumatica is a cloud-based ERP system, and its finance module deals with flexible, scalable, and integrative core accounting and financial processes. Some of the key components are as follows:

General Ledger (GL)

Acumatica’s GL is an umbrella accounting data repository. It supports multi-company, multi-currency, and multi-language functionality, making complex accounting scenarios possible for organizations.
Features:
Flexible chart of accounts
Reporting and dashboards
Consolidations
Auto intercompany transactions

Accounts Payable (AP)

The AP manages all the vendors of an organization, tracks liabilities, and make sure that it pays its vendor on time.
Features:
Vendor management
Invoice processing
Payment scheduling
Integration with cash management

Accounts Receivable (AR)

Manages customer bills and collections along with managing efficient accounts receivable.
Customer management
Recurring Invoicing
Payment Processing
Aging reports for late accounts

Cash Management

It helps in controlling cash inflows, including bank accounts, transfer, and cash forecasting.
Bank Reconciliation
Cash flow analysis
Multi-currency support

Currency Management

Acumatica has the facility of multi-currency transactions that enable the users to manage the foreign currency translation, revaluation, and consolidation.
Features:
Real-time exchange rates
Currency revaluation
Consolidated reporting in multiple currencies

Tax Management

Automates tax calculation, reporting, and filing, which makes it easier to comply with local and international tax regulations.
Features:
VAT, GST, and sales tax automation
Multi-jurisdiction tax management
Integration with third-party tax services like Avalara

Fixed Assets

This feature allows organizations to monitor and manage fixed assets and track their respective depreciable amounts.
Features:
Asset categorization
Depreciation schedules
Asset transfer and disposal

Deferred Revenue Management

This component manages the revenue recognition that covers contracts or services over several accounting periods.
Features:
Flexible revenue recognition schedules
Compliance with revenue recognition guidelines such as ASC 606 or IFRS 15
Recurring revenue deferral

Project Accounting

Automates financials in connection with project cost and revenue management. Tracks all the projects and allows profitability analysis.
Project budgeting and billing
Expense management
Project-based reporting

Financial Reporting

Acumatica includes built-in financial reporting capabilities that can be used to generate and tailor reports on balance sheets, income statements, and cash flow statements.
Predefined templates for reports
Data automatically pulled from GL in real time
Role-based access on report

Budgeting and Forecasting

Support organizations to budget and manage the dollars against the projections.
Features:
Budget templates
Adjust forecast
Analyze the variance

Key Benefits of Acumatica’s Finance Module:

Always have live financial information anywhere.
Scalable for companies of any size, growing or with complex needs.
The finance module is integrated with other modules such as inventory, CRM, manufacturing.
Automation reduces manual processes and greater accuracy with automation of the following bank reconciliations, tax computation, revenue recognition

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