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Acumatica Cloud ERP
What’s a Cloud ERP?
Cloud ERP uses cloud computing platforms and services to provide businesses with
more flexible business process transformation. Cloud ERP solution helps business
streamline administration, reduce costs and optimize operations. Enterprise resource
planning (ERP) is a business management software—usually a suite of integrated
applications—that a company can use to collect, store, manage and interpret data
from many business activities, including: Product planning, cost, Manufacturing or
service delivery, Marketing and sales.
Traditionally ERP systems have been known to provide mature system functionality
and abilities of greater customization and integration but have been quite complex
for smaller and medium scale businesses to use. Cloud ERP solutions provide
constant access to work resources across a broad range of devices, ensuring that
employees are able to use any hardware they want, to remain productive. Whether
the businesses are starting from the beginning or upgrading their infrastructure,
majority of them are moving on cloud noting the substantial benefits as the major
driver. The reduced costs, along with faster implementation and less invasive
updates make the solution an attractive option for many work environments,
solidifying the technology's business use case. Cloud ERPs reduce the complexity in
great proportions from Legacy systems and hence have been popular with the
Business owners.
Challenges of Legacy ERP systems:
Rigid development and delivery mechanics
Long reaction time and less adaptable to business changes
Highly complex and difficult to manage programs
Functionality gaps and user dissatisfaction
Costly and complex version upgrades
Difference in Business Applications written at different times with different tools
Advantages of Cloud ERP systems over Legacy ERP systems:
Lower upfront Cost – The main reduction in upfront cost comes from lower
cost for hardware, user licenses and implementation, excluding user training
and customization (Grumman 2011). The aforementioned benefit is most
important for SMEs than for large enterprises.
Lower Operating Cost - Cloud ERP lowers operating costs for energy,
maintenance, configurations, upgrades and other IT staffing costs and efforts
(Castellina et al. 2011, Marston et al. 2010). This benefit is generally considered
as having increased relevance for SMEs.
Rapid Implementation - Rapid implementation is generally agreed to be
among the top benefits of cloud-based ERP. It could also contribute to easier
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change of cloud service providers (Benlian and Hess 2011) and reduced time
of providing new products in certain types of business (Marston et al. 2010).
Scalability – Resource pooling and rapid resource elasticity of cloud-based
ERP make the infrastructure capacity highly elastic (Scavo et al. 2012). That in
turn enables faster time to market (Kim et al., 2009, Marston et al.2010), high
level of strategic flexibility and improved competitiveness (Benlian and Hess
2011). This feature is reported as a possible advantage that is particularly
relevant for SMEs in competing with large rivals.
Focus on Core Competency – Cloud-based ERP and other enterprise
applications allow focusing the resources that would be used to maintain an
IT department on other essential areas of business (Castellina et al. 2011). In
some cases it mainly results in reduced pressure on internal IT department
which can focus on servicing core competencies (IT solutions, 2011).
Access to advanced technology – Cloud-based applications often enable
access to specialized technology and advanced computing resources that
otherwise would have not been accessible to SMEs (Saugatuck 2008).
Rapid Updates & Upgrades - Cloud-based ERP systems usually get faster
updates and new functionality than traditional ERP systems (Engebrethson
2012).
Improved Accessibility, Mobility & Usability – Besides their inherited features of
mobility and accessibility, cloud-based ERP can usually boast higher levels of
user friendliness and usability than other types of ERP (Enge- brethson
2012, Jlelati et al. 2012).
Easier integration with other Cloud Services & Applications – Using benefits of
SaaS shared infrastructure, companies that adopted cloud-based ERP may
get relatively inexpensive integration with other cloud services once
respective cloud providers have integrated their infrastructures (Scavo et al.
2012).
Improved System Availability and Disaster Recovery – In many cases SaaS
providers ensure measures such as backup routines, fall-back and recovery
procedures, conditioned power etc. of higher quality than most SMEs do in-
house (Scavo et al. 2012).
Risks of Cloud based ERP:
Subscription Expenses
Performance Risks
Security Risks
Strategic Risks
Customization & Integration Limitations
Compliance Risks
Loss of IT competencies
Functional Limitations
Limitations of hybrid deployment strategy
SLA issues
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Acumatica Cloud ERP
Acumatica Financial Management Suite is a web-based accounting and financial
management system for medium-sized businesses. It is horizontal in nature and can
serve the needs of professional services, marketing, banking, hospitality, and other
vertical markets. System security settings can be configured to manage user access
to particular reports, fields, and data records.
Applications within Acumatica Financial Suite include general ledger, cash
management, accounts receivable, accounts payable, an employee portal,
currency management, tax management and deferred revenue management.
These financial applications are integrated with those of the Acumatica Customer
Management Suite and Distribution Management Suite. Acumatica can also
provide mid-sized MTO, mixed mode and repetitive manufacturing companies a
comprehensive MRP, Manufacturing Execution and Financial solution.
Each application includes dashboards, document management capabilities and
reporting capabilities. The applications can be accessed from any computer or
mobile device using a web browser.
Servers for Acumatica Financial Management Suite use Windows operating systems
with .NET services. Compatible with most browsers, the system is web-based and can
be used as a cloud service, installed on-premise or hosted. Databases of Acumatica
Financial Management Suite use Microsoft SQL servers. New system applications are
developed with Microsoft Visual Studio, while existing applications are customized
with Acumatica Studio.
Acumatica is the only secure, cloud- and browser-based small and mid-size business
ERP solution that adapts to your business.
Configurable, extensible, and easily integrates with other systems.
In addition to integrated CRM and ERP modules, Acumatica provides better
options to integrate with your existing on-premise systems. A robust API is
available to simplify integration; one can see source code and make
changes using our web-based tools or standard development tools such as
Microsoft Visual Studio.
On-premise, hosted or SaaS deployment.
Acumatica's deployment options are flexible and one can switch easily
between them as needs change without losing performance and security. No
one is ever locked in.
Optimized for mobile use.
One can run business from anywhere, using any device. Acumatica makes
life easy.
Priced for unlimited users, with no hidden fees
One can either buy a subscription or buy the license. Acumatica encourages
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businesses to grow and pricing for unlimited users allows one to involve
everybody in business process improvement to maximize ROI on investment.
Upgrade on own schedule
Acumatica gives the choice of if and when to install an upgrade. One can
do the upgrade at a time convenient to user.
Benefits of Acumatica ERP
Easy Export & Import
Most systems do have the ability to export and import data with Excel. However in
many cases one still has a lot to do in the spread-sheet itself, first to understand what
it contains and then to put it in the correct format when you want to import.
In Acumatica every transaction screen has a small Excel icon. This exports the detail
of the particular screen. All item lines on the order, all item lines on a purchase order,
all lines on a journal etc.
Multi-Currency Customer Accounts
This applies where one trades with a customer or supplier in more than one currency.
In global trade, the same customer with an office in the UK and in France may want
invoices in sterling and euros respectively.
In other systems users only have one currency per customer account. So to have
multiple currencies one needs multiple accounts e.g. DIG0£ and DiG0€. This is
problematic as it means users have two or more customer accounts for the same
customer, so credit control, receipts and debt management is awkward.
In Acumatica one customer account can have multiple currencies so this is no
longer an issue!
Change Account Number
Changing account numbers, be it a nominal account, a customer or supplier
account, a product code, is a problem in most mid-range systems.
Either it is not possible unless there have been no transactions and users simply
delete the account not needed or there is a long winding process that will run
through the entire database and change every reference.
In Acumatica users only have to change the number. QuickBooks has this feature
but it is rare to find it in larger systems.
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Quickly Create Supplier Account from a Customer
Fairly often a business will sell goods and services to a supplier and vice versa. When
this happens you need to create an account in both the AR and AP ledgers.
It is no big deal to re-enter the names and addresses in the one ledger by looking at
the address details in the other but it takes a little time and is error prone.
Acumatica has a “create supplier” (extend to vendor) button on the customer
account. Simple, that is all one needs to do and a supplier account is created with
the full name and address and contact details.
The ability to copy and paste documents
Users go to something like a journal, hit the copy button at the top, create a new
one then hit paste. It brings everything over, including header settings.
One can even turn journals into templates and then paste from a template.
The best one is taking a project, copying it to memory then hitting paste and it
copies over all the tasks and budget information.
Pre-Payment Rates
One can change the rate of a prepayment so it gets fully applied to an invoice. The
systems will then auto-generate the forex entry.
If a mistake is made, users can void off the prepayment. Re-enter it so the bank is
correct. Then apply with currency rate change.
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Division into Modules
Acumatica Cloud ERP is divided into different modules:
Financial Management Suite
Acumatica ERP Financial Management Suite includes a core set of financial
modules used by almost every organization. Acumatica financials are designed for
companies with complex requirements, yet are easy to use in smaller organizations
having less ERP needs.
Modules within the Financial Management Suite
General Ledger
The hub of Acumatica finance system, the General Ledger (GL) module is the
central repository for collecting and analysing financial information. Dozens of pre-
designed reports can be tailored for departmental or individual use through filtering
and sorting options at runtime. Data can also be presented in dashboards or viewed
online.
Cash Management
The Cash Management module provides functionality required for managing day to
day operations related to cash transactions, cash balances, funds transfer, and
bank account reconciliation. It's integrated with the General Ledger, Accounts
Payable, and Accounts Receivable modules to centralize all cash management
functions
Accounts Receivable
The Accounts Receivable module allows companies to manage receivables and
automate the tasks of invoicing customers and collecting payments. There are
several time-saving features such as defaulting of customer information on entry,
automatic tax computation, commission calculation, discounts, and due dates
calculation.
Accounts Payable
Accounts Payable module allows companies to efficiently manage liabilities for
purchased or received goods and services. This module accumulates, stores, and
organizes vendor information and documents to automate the payment process.
Employee Portal
The module allows companies to automate the process of entering timesheets,
submitted expense claims, and assigning work. The EP module works with Accounts
Payable for expense payments to employees and with Accounts Receivable for
time and expense billing to clients. Centralized task management allows everybody
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in organization to create, assign, and manage tasks within the guidelines of business
policies.
Currency Management
The Currency Management module provides functionality to support multiple
currencies so you can do business internationally and manage international
subsidiaries.
Tax Management
Tax Management module provides centralized tax configuration, management,
and reporting. The TX module stores system taxation settings and provides tax audit
and tax reporting functionality. Taxation settings are used across the system to
provide accurate and consistent collection of tax information.
Deferred Revenue Management
Deferred Revenue Management module allows you to automate and accurately
account for situations where you need to recognize revenue in future periods.
Create centralized deferral schedules and link them to any transaction line item or
inventory component.
Fixed Assets Management
Fixed Assets Management module provides complete visibility into your assets and
depreciation calculations. You can add fixed assets directly from AP purchases,
import them from a file, or add them individually.
Intercompany Accounting
Intercompany Accounting automates financial reporting, payments, cash
management, and inter-entity transfers for organizations with multiple business
entities. The features are integrated with other Acumatica modules so you can easily
manage inter-company payments.
Distribution Management Suite
The Distribution Management Suite is an add-on module to the Financial
Management Suite for managing the complexities of distribution such as purchasing,
ordering, tracking inventory, filling orders, and delivering customer support.
Our distribution software is integrated with our core financial modules to deliver real-
time measurements of profitability by warehouse, product line, location, and
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business unit. Integration with CRM ensures that your entire organization, from sales
to support, has visibility into your distribution processes.
Features
Inventory Management Software
The Inventory Management module provides real-time access to available
inventory, inventory in transit, reorder quantities, and inventory costs so you can
efficiently manage your distribution process to improve customer satisfaction while
maximizing profits. Advanced features such as multiple warehouses, lots, inventory
sub-items, expiration dates, negative inventory, and bin location ensures that
Acumatica can meet your needs.
Purchasing
The Purchasing Management module automates purchasing processes and
reduces the cost of acquiring materials. Acumatica automates the entire
procurement process from vendor quotes, to issuing purchase orders, receiving
orders, creating AP vouchers, and analyzing results. Partial receipts, drop shipments,
workflow, and ordering algorithms improve purchasing efficiency.
Order Management Software
The Order Management software module allows you to optimize the way you enter
and fulfil sales orders. You can split orders across multiple warehouses, allocate
inventory, verify credit limits, issue replenishment orders, accept returns, and more.
Integrated workflow with notifications and alerts improves fulfillment processes and
improves customer satisfaction.
Requisition Management
The Requisition Management module allows you to organize and simplify complex
distribution processes involving multiple products and suppliers. The module
optimizes the way you gather requests, obtain bids, create quotes, approve quotes,
manage purchases, and fulfil orders for internal or customer consumption.
Project Accounting Suite
The Project Accounting Suite manages budgeting, inventory, time sheets, billing,
profitability, and reporting for individual business initiatives. You create projects that
are included in company-wide financial reports.
Project Accounting Software features are integrated with the general ledger,
accounts payable, accounts receivable, sales orders, purchase orders, inventory
management, and the employee portal.
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Features
Expense Management
Track expenses related to materials, labour, services, and inventory to gain a
complete view of project related costs. Allocate shared costs and overhead
expenses to projects based on formulas that you establish.
Advance Billing
Manage all billing scenarios including cost plus, fixed price, time & materials,
milestone billing and contract specific pricing. Modify resource billing rates by
project, project tasks, inventory item, employee, and account group. This provides
the flexibility to bill labour and materials according to the customer, the type of work
being performed, or the specific project contract.
New In 4.2
The ability to configure multiple, distinct rate tables based on specific projects or
project tasks delivers additional billing flexibility.
Budget Tracking
Project accounting budgets can include inventory items, non-stock items, labour,
services, and more. Real-time reports compare actual project costs with original and
revised budgets.
Time and Expense
Tracking Acumatica Project Accounting Software improves the accuracy of
employee timesheets by making the process more convenient. Employees, partners
and contractors can enter timesheets from anywhere using any device with a
browser. This allows them to enter information from the office, a client site, or while
travelling. The same convenience applies to expense reports.
Streamlined and Unified Employee Time Entry
Featured Timecards, Timesheet and Simple Time Cards combined on a single screen.
Setup is quick and easy and users can enter data multiple ways from a single screen,
making it faster to enter time for employees and equipment.
Resource Management
Assign project managers, employees, machines and other resources to individual
projects and tasks. Establish billing rules and options for each task.
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Customer Management Suite (CRM)
Acumatica Customer Management Suite provides a web-based customer
relationship management (CRM) application for managing leads contacts,
opportunities, and business accounts. Integrated financials and content
management foster a team approach and deliver a single consolidated view of all
customer contacts. Dashboards and reports provide real-time sales data to
accurately manage forecasts, quotas, and results.
Features
Sales Automation
Acumatica provides sales tools which improve information flow, reduce sales cycles,
increase close rates, and improve sales efficiency. Sales teams are provided with a
complete view of opportunities, and contacts so they are aware of all activities
which influence the sales decision. Lead assignment and workflow help manage
sales processes to improve efficiency.
Integrated Marketing
Acumatica provides marketing tools to manage leads, improve conversions,
measure campaign performance, communicate with contacts, and improve
productivity. Marketing teams can capture leads from web forms, purchased lists,
advertisements, direct mai, events, and other sources. Captured leads can receive
branded email offers. Lead reports help you track the best channels for obtaining
qualified leads.
Service and Support Automation
Acumatica provides service management tools to reduce response times, improve
customer satisfaction, reduce support costs, and accurately bill transactions.
Support personnel can capture inquiries from web forms or enter them manually to
create a case. Once created, cases are assigned and escalated according to
policies that you set. Integration with financial modules ensures that cases are billed
according to client support contracts.
SaaS vs Traditional Licence
Acumatica’s product suites and customisation tools can be purchased as a
traditional software licence or as a subscription service (SaaS). Compare these
options and see which is best for your business.
With Acumatica, you can switch between SaaS and a traditional licence as your
business requirements change. Switching is easy because the application code is
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nearly identical and your customisations are stored separately so they can be
exported and re-installed.
Acumatica product suites and customisation tools can be purchased as a
traditional software licence or as a subscription service (SaaS). Compare these
options and see which is best for your business.
With Acumatica, you can switch between SaaS and a traditional licence as your
business requirements change. Switching is easy because the application code is
nearly identical and your customisations are stored separately so they can be
exported and re-installed.
References
http://findaccountingsoftware.com/directory/acumatica/acumatica-erp/
http://www.socialerp.com/acumatica-review.php
http://www.acumatica.com/
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Key Contacts:
Ramesh Kumar
CEO & Founder
Skype: Ramesh.RetailOn
Email: Ramesh@RetailOn.net
Whatsapp & Mobile: +91 9739721850
https://www.facebook.com/ramesh.kumar1
4th Floor, 535 Fifth Avenue, New York City, New York 10017, United States
Pragyan Priyadarshani
COO & Cofounder
Skype: Priya.RetailOn
Email: Priya@RetailOn.net
Whatsapp & Mobile: +91 9538374000
https://www.linkedin.com/in/pragyanpriyadarshani
RetailOn, 3rd Floor, 2nd Block, HM Tech Park, Whitefield, Bangalore – 560066