The Complete Guide to AR and AP Automation in Acumatica

Acumatica is a robust cloud ERP system designed for small and mid-sized businesses. It allows teams to manage core business processes effectively and even provides industry-specific software editions. ?

But when it comes to finance process automation in Acumatica, certain functions still require your teams to perform key AR and AP processes manually. This manual activity doesn’t just consume time and effort; it also increases financial risks. Implementing an AR and AP automation solution that can easily integrate with your ERP is crucial for creating optimized finance functions.

Companies often turn to the Acumatica marketplace to find solutions with pre-built connectors for Acumatica that enable seamless integration with your ERP to fully automate the AR and AP workflows and fill the functional gaps.

Imagine taking your AR and AP management to a new level with just one software integration with Acumatica. Now, you might wonder what the need is when your ERP already provides AR & AP management modules.???

In this blog, we will explore how the Global PayEX product suite empowers Acumatica customers to enhance their AR and AP management, leading to higher ROI.????

Acumatica Explained: What It Offers and What It Doesn’t?

AR and AP management with Acumatica? ?

Acumatica’s Accounts Payable and Accounts Receivable modules have several basic automation features. However, Acumatica doesn’t provide the robust capabilities of integrated third-party AR/AP automation software.??

For Accounts Receivable Management, Acumatica offers:??

• Invoice and Statement Delivery: Users can create and deliver invoices and statements. These can also be formatted for distribution in HTML, print, or PDF form. ?
• Credit Card Processing: Accepts credit card payments using a PCI-compliant system. Users can also view transactions and send notifications such as expiring card alerts.???
• Parent-Child Credit Policy: When dealing with branches or franchises, one can configure parent-child relationships for credit management to control it at the parent level.??
• Recurring Billing: Contract templates can be created to apply and manage fees, overage, and minimum charges.???
• Deferred Revenue Recognition: When deferred revenue codes are used for individual line items, Acumatica recognizes the current part of deferred revenue and applies the appropriate transaction.???
• Customer Refund Balance Management: Allows one to track and apply customer refunds to payments, prepayments, and credit memos.??

For Accounts Payable Management, Acumatica offers:??

• Vendor Prepayments: Prepayment requests can be entered, issued, and applied automatically to invoices as they are received.?????
• Prepaid Expense Recognition: Assigns a deferred expense schedule by AP line item. Payments are categorized between prepaid accounts and expense accounts.??
• Automated Invoice approval: Set up the process to automatically approve payments or follow an approval process to prioritize or delay payment before these documents are processed and paid.????
• Acumatica Self-Service Portal: Enables you to view invoices, make payments, and store credit card information.??
• Tax support: Automatically calculate withholding and VAT taxes and prepare one or more versions of tax filing reports.??

Read the full blog: https://globalpayex.com/resources/blogs/the-complete-guide-to-ar-and-ap-automation-in-acumatica/