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Upgrading ERP software

Webinar: Manage Changes to Sales Tax on Services

ERPVAR and Avalara will be hosting a webinar on everything you need to know about changes coming to Sales Tax on Services. The webinar will go over the:

  1. Where: what places are being affected by these changes,
  2. What: what those changes are and how they will affect your business,
  3. Why: why there is sales tax on services and what methods states use to tax services.

The webinar will be on May 23 at 11am PT/2pm ET. To learn more information about the webinar, go to their webinar page.

Register for the webinar to save your seat!

Date: Tuesday, May 23

Time: 11 am PT/2 pm ET

Location: Your desk!

Register for Webinar

Acumatica Modules, all-in-one ERP solution, expand ERP

Acumatica Modules – An Overview

Acumatica is the newest of the ERP (enterprise resource management) systems available with its initial release being in 2008. Acumatica can be accessed anywhere there is Internet, or Extranet, at any time and on any device. For optimal performance, Acumatica has 5 suites to help customers obtain maximum functionality and visibility from their ERP system. The modules include Financial Management, Distribution Management, Customer Management, Project Accounting, Manufacturing Management; all of which can be purchased as your business needs them. Read more

Secrets Of Obtaining Easier Business Approvals Using NAV Workflows

Microsoft Dynamics NAV workflow functionality making business processes easier.Microsoft Dynamics NAV Workflow Functionality

Who doesn’t like work being easier? Microsoft Dynamics NAV makes work processes almost painless through new features in the 2016 version like posting previews and workflows.  NAV workflows ensure your business follows best practices by automating approval requests and request notifications.   What makes this functionality even more impressive in Microsoft Dynamics NAV 2016, is that your business can use more than 20 workflow templates to connect business processes according to best practices.

Anyone with appropriate permissions can design a workflow by creating or modifying workflow steps and selecting from lists of events and responses. A workflow designer can build sophisticated workflows, without the need of adding application code.   For example your sales team would like to sell a finished good that has slim margins since they have some latitude on pricing.  However, if they price an item below a certain margin percentage a workflow could kickoff that would require the controller, sales manager and/or the CFO to approve the order prior to shipping.  This is especially important to manufacturing companies and of course any distributor.

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ERP Accounting Software

ERP Accounting Software: Preventing Fraud

A recent audit performed in response to allegations of embezzlement at the University of Louisville has revealed a steep rise in fraud and misuse of funds. Over the past few years, several personalities, including former dean of education Robert Felner, executive director Perry Vaughn, and equine program coordinator Alisha Ward, have been convicted of mail fraud, wire fraud, tax evasion, money laundering, theft, and bribery in a number of federal programs.

Hacker and virus concept

Since all these could have been easily prevented by strengthening disbursement controls, performing regular audits, standardizing policies, and keeping an eye on university bank accounts and vendor contracts, indifference combined with lack of action is actually the factor that has discredited the university.

ERP Accounting Software: Fraud Detection and Prevention

Organizations rarely comment on fraud-related topics, even though it’s well known that, on average, fraud costs companies millions of dollars annually. Some common tricks unscrupulous employees use to defraud organizations include manipulation of payment files sent to banks; modification of client names, addresses, and payment information; creation and approval of fictitious vendors, refunds, and purchase orders; overcharged hours or workloads; and selling sensitive information to third parties.

According to auditors and analysts, opting for an ERP accounting software system is one of the best ways to detect, diagnose, and investigate cases involving the abuse of the accounting system, while preventing fraudulent conversions of any sort. Over the years, a number of advanced ERP solutions have been developed to help organizations do all these and even avoid non-compliance relating to lack of regulatory knowledge. Here is how an ERP system can assist an organization in mitigating fraud and non-compliance issues.

  • Audit Tracking: Unlike manual systems, in which documentation can “get lost” or be replaced without a trace, an ERP system can be set up to issue comprehensive activity reports, grant users access to transaction history, verify external data sources, display time/date/user identification data, and integrate reporting with other features. With special functions, users can look up cash transactions and even drill back to source documents.
  • Alerts: Alerts on certain fields can also be set up so that you’ll be notified about any changes made. For instance, you can customize the system to send alerts whenever names, addresses, and banking details on client accounts are changed. Additional tools, such as the FIM (file integrity monitoring) and IDS (intrusion detection system) included in Dynamics AX, notify system administrators of any irregularities in file integrity and network access.
  • Access Restriction: Another useful function included in most ERP accounting software solutions is user access restriction. Enforcing segregation of duties along with strict authorization mechanisms throughout workflows, an ERP system will prohibit fraudsters from performing operations they aren’t authorized to do. Even if an employee has the authority to add a new vendor or change payment information, for example, someone in authority, such as the CFO, must review and approve all requests. ERP technology can be also be used to automate electronic fund transfers, which will eliminate the risks associated with using checks. Besides improving internal controls, an ERP system can help you follow industry-specific regulations, laws, and practices.

Advanced ERP solutions can make a huge difference in preventing incorrect and fraudulent activity. However, it’s critical to keep in mind that even the best software products have vulnerabilities that a cunning fraudster can take advantage of. Thus, besides using a reliable ERP system, specific preventive measures should be implemented, such as installing a CCTV system, advanced locking solutions, or authentication technology (e.g. ID badge, fingerprint, or retina recognition software).

Moreover, risk management should be considered a top priority during ERP implementations. Analyzing business risks and configuring the application to address and solve those risks will not only prevent accidental and deliberate losses down the road, but also help with management documentation and regulatory compliance.

Another thing you need to do is to make your employees more responsible for maintaining internal control. By combining advanced ERP accounting software technology with the professionalism of your employees and appropriate policies, you’ll create a strong control system that can help you detect, eliminate, and prevent fraudulent user activity at all levels.





Financial Management Solution

Microsoft Dynamics NAV: A Budget Planning and Financial Management Solution

In today’s competitive business world, organizations need flexible financial management solutions that can be integrated with other applications and data stores for improved functionality. Integration gives management an optimal platform for operating the business by providing insight through rich reports and analytics.

 

As competition in the global marketplaces continues to increase, so do the challenges and complexities of financial management. To thrive in today’s economic pressures, companies need to utilize every advantage, including using solutions that can enhance their budget planning and financial management.

Organizations need financial management solutions that can integrate processes and data, and in turn break down artificial barriers of information silos. One of such solutions is Microsoft Dynamics NAV.

Meet Financial Challenges with Dynamics NAV

Microsoft Dynamics NAV is a proven financial management solution that can enhance an organization’s budget planning. The ERP can provide deep insight that can guide operations and strategic initiatives. Its latest upgrade, the NAV 2013, has robust modules that make financial management easier for manufacturing and distribution companies.

Dynamics NAV offers a full general ledger solution that has the basic facilities required for setting up a company and posting to the general ledger: recurring journals, value-added tax (VAT) facilities, general journal, chart of accounts and source code.

Some of the tasks that can be accomplished with Dynamics NAV include:

  • Setting up accounts in the chart accounts.
  • Viewing net changes and balances as they are continually updated.
  • Checking how journal entries can affect liquid accounts before they are posted.
  • Entering figures in the general journal in any currency.
  • Developing budgets based on business unit, project or department.
  • Creating budges in a matrix window for any defined accounting period.
  • Defining the fiscal year as beginning on any date and dividing it into accounting periods.

Users can easily customize the design of Dynamics NAV by changing the appearance of forms, creating user-specific menus and adding additional tables and fields. The ERP can also be used to automate many of the financial procedures and practices of an organization.

User can define the level of control they want by setting up business rules in Dynamics NAV. For instance, discounts and payment terms for individual vendors or customers can be specified. Moreover, users can also handle the full range of currency issues and legal requirements inherent in international trade. This includes handling business transactions in euros and reporting to the management in the currencies of their choice.

Enhanced Modules in Microsoft Dynamics NAV 2013

Dynamics NAV 2013 is a complete financial management solution that makes it easy to connect financial information and transactions across partner companies and international deployments. The ERP has a number of enhanced modules including:

i) Inter-Company Posting

This module enables users to manage accounting for multiple companies in the same posting process. Users can also send documents to multiple partner companies.

ii) Responsibilities Center

Through this module, users can set up cost and/or profit centers. For example, a user can be connected to a responsibility center so that only purchase and sales documents related to the user are displayed.

iii) Cost Accounting

This module provides visibility and insight into budgeted and actual costs of operations, projects, products and departments. The result is better cost control. The module synchronizes cost information with the general ledger and allocates it to different cost objects and cost centers.

Through the Cost Accounting module, users can:

  • Transfer costs from the general ledger
  • Undo allocations
  • Pre-define recurring costs allocation rules
  • Enter and post internal allocations and charges in the Costs Journal
  • Cost budgets and transfer the entries to actual entries

It is also possible to get predictions of the company’s liquid cash through the Cash Flow Forecast. The module comprises of Cash Disbursements and Cash receipts, which when used together, can show a direct flow forecast.

Maximize Financial Management with Dynamics NAV 2013

NAV 2013 delivers integrated functionalities to support solutions for a wide range of organizational needs including distribution, manufacturing, supply chain management, customer relations management, financial management and e-business.

The ERP enables users to capture, share and leverage critical business information across the company as well as with partners. The solution can be customized and more functionality added as the needs of the organization change over time.