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ERP Selection Tips for Manufacturers
/in Blog, ERP Software, Manufacturing /by lindsayChances are, if you’re in manufacturing, you already have software to manage your operations. It may be time, however, to think about updating that system. With competitive trends accelerating and customer preferences evolving relentlessly, manufacturers are under pressure to adapt and become more agile and better at what they do. New cloud-based Enterprise Resource Planning (ERP) solutions like Acumatica give you capabilities that easily translate into improvements in efficiency, quality and profitability. With that in mind, here area few selection tips for selecting the right manufacturing ERP solution.
Table Stakes
Any worthwhile modern ERP solution will have certain core features. Think of them as “table stakes” to be in the manufacturing software game. These include having a cloud-hosting option and the accompanying flexibility the cloud enables. Cloud computing gets you out of the capital investment (CapEx) you’re accustomed to with on-premises solutions.
A modern manufacturing ERP should also be extensible, with the ability to integrate with other systems using standards-based APIs. Mobility is a given, as is deep data management and analytics capabilities. Security is also “table stakes,” especially considering the emerging risks facing Operational Technology (OT) SCADA systems that may be linked to operational management systems like ERP.
Manufacturing ERP Selection Factors
Assuming the system you have in mind meets the table stakes, consider the following factors when making your selection:
This may look like a long list, but it’s really just a sampling of what you should be looking for in a manufacturing ERP solution. We have worked with many manufacturers over the years in the selection and implementation of new ERP systems that are adapted for their unique business needs. If you’re thinking about upgrading your manufacturing ERP, we should probably talk.
Additional ERP Software Resources
How ERP Software Can Save Your Business Money
ERP Software 101: History and Modules Available
7 Signs that You Need ERP Software
Meeting the ASC 606 Compliance Deadline with Acumatica Deferred Revenue Accounting
/in Blog, ERP Software /by lindsayCorporate accounting systems must be in compliance with the ASC 606 rule for revenue recognition as of December 15 of this year. This requirement will not be a problem for companies using Acumatica Cloud ERP’s Deferred Revenue Accounting module. Those that don’t have this software or the equivalent will be in a rush to get right with this important accounting rule. So, it’s worth taking a moment to examine ASC 606 as an example of how the interplay between software and accounting rules can affect financial reporting.
A Brief Overview of ASC 606 and Its Implications
If you’re a CPA, ASC 606 is probably not that big a deal. You should already know all about it. However, if you’re in IT and supporting the accounting department or a business analyst trying to build efficient financial workflows, a quick review of ASC 606 is in order. The Accounting Standards Codification (ASC) rule 606 is one of many rules by which companies control their financial reporting. ASC 606 is paired with International Financial Reporting Standards (IFRS) rule 15. The rule is thus known as ASC 606/IFRS 15. In the US, they’re being promulgated by the Financial Accounting Standards Board (FASB), the accounting profession’s rule-making body.
The goal of ASC 606/IFRS 15 is to standardize revenue recognition in accounting practices worldwide. Before these rules were adopted, revenue recognition was not subject to any global standards. Companies in different countries could recognize revenue on different bases. Revenue recognition relates to the period in which a company will claim a sale is actually revenue, for reporting purposes. As a result, it can have an impact on tax liabilities and many other aspects of financial reporting.
A quick cash transaction is easy. If you get paid $100 in cash in 2019 for an order that started and finished in 2019, you will recognize that $100 as revenue in 2019. However, what happens if you get $50 to start an order in 2019 and $50 upon completion of the order in 2020? Under the old rules, some companies might recognize all $100 in 2019 (and pay tax on it in 2019) while others will split it. The second $50 becomes “deferred revenue.” ASC makes everyone follow the same rules for these practices. It has implications for taxes, lending, incentive-based bonuses (e.g. revenue growth bonuses), share prices, entity valuation and so forth.
How Acumatica Deferred Revenue Accounting Enables Compliance with ASC 606
Acumatica Cloud ERP has a portfolio of specialized accounting modules. Deferred Revenue Accounting is one of them. It enables your accounting team to handle the detailed, potentially confusing revenue recognition requirements of ASC 606 in a centralized, intuitive and automated accounting workflow. In particular, the module helps users identify a contract with a specific customer—itself a major component of ASC 606. Revenue recognition is contract-based.
The module then identifies the performance obligations in the contract, such as revenue milestones for partial completion and so forth. It can determine and then allocate transaction prices to specific financial periods. Revenue is then recognized when the performance obligation is satisfied. Acumatica’s Deferred Revenue Accounting module can handle bundled contracts, multi-item contracts and related contracts. The system makes these aspects of ASC 606 compliance compatible with other accounting rules already in place.
Each company will have its own distinct revenue recognition requirements. Acumatica adaptable, allowing for Customized Deferral Schedules based on templates or created from scratch. Users can link schedules to specific transactions and line numbers on income documents.
To learn more about Acumatica’s specialized accounting modules, including Deferred Revenue, contact us today!
Additional Acumatica Resources
7 Signs That You Need ERP Software
Why Acumatica Outpaced NetSuite on the Most Recent G2 Survey
What’s New in Acumatica 2019 R1
How ERP Software Can Save Your Business Money
/in Blog, ERP Software /by lindsayCan ERP save your money business? In our experience, the answer is definitely “yes.” Enterprise Resource Planning (ERP) software, used correctly, will drive savings in multiple categories of business operations.
ERP at a Glance
The term “ERP” has become a bit of a misnomer. When ERP made its debut in the 1970s, the technology was all about running big manufacturing plants and handling supply chains and logistics for industrial companies. This is still the core of ERP, but today, an ERP solution can do so much more. In fact, modern cloud-based ERPs like Acumatica can run virtually every aspect of a business. ERP does accounting now, along with service management, Customer Resource Management (CRM), project management, project accounting, Materials Requirement Planning (MRP) and more.
High-Level Cost Savings from ERP
How does use of an ERP solution translate into savings? In the big picture, it’s about operating more efficiently. ERP helps people work more quickly and accurately. Process automation cuts down on error-prone manual steps. Miscommunications about orders, inventory, logistics and so forth generally decline with the introduction of ERP. Learn more about the signs you need ERP software.
When we help a customer deploy ERP, they tend to notice right away how much faster everything starts to move. They didn’t realize before how seemingly minor things like chasing down paper bills of lading or returning phone calls slowed down operations. ERP makes people more productive. With people doing more work in less time, the cost doing business drops.
Part of the productivity gain comes from the centralization of all business management processes into a single system. There’s no more porting of data from operations to accounting software, and so forth. People get a continuous, real time overview of data regarding orders, support cases, inventory and the like.
Where ERP Saves Money, Specifically
On a day-to-day basis, we see ERP saving money for our customers in the following specific areas:
All of this depends, of course, on how well you implement your ERP. The software alone won’t do much if your people aren’t making the most of it. This is where we can help. We have worked with many businesses on the implementation of Acumatica and other systems. For a demonstration of Acumatica or a consultation on how software can help your business run better, contact us today!