Automation, machine learning, artificial intelligence: sounds like science fiction, doesn’t it? Acumatica even sounds like it could be a great name for a robot. Well, the utopian accounting future is very much here with Acumatica’s end-to-end connected platform and advanced automation tools. Normal accounting tasks are elevated to a higher level in ONE platform. With each version release, Acumatica gets smarter and faster for even more functions throughout the system. Let’s look at the possibilities.
Expense Automation
is more advanced, more connected, and has many advantages that other platforms could only dream of. It has evolved rapidly from simply taking a picture of a receipt that would exist as an attachment in the system (which was still an improvement compared to carrying paper receipts around). Now, Acumatica is able to fully read (using OCR) and “understand” the content of a document using artificial intelligence (AI) and machine learning (ML).
Imagine, then, that you’re a salesperson, you just took a favorite client out to dinner, and you want to get reimbursed. We’re going to do some time travel and look at the reimbursement process.
2010
Two years after Acumatica’s birth year, The Cosmopolitan Hotel just opened on the Las Vegas Strip. You turn off the ringtone on your iPhone 4, dazzle your large customer, and pay for dinner. You diligently record notes on the receipt detailing who dinner was with and other pertinent information. There is no WAY that you’ll get reimbursed if you don’t bring that paper back to Joan in accounting, so she can enter your expenses and all the details line by line. If the ink is smeared, prepare for a phone call or two.
2020
It’s Acumatica Summit in Las Vegas, and you’re using it as an opportunity to visit with your favorite customers at the Cosmopolitan. Acumatica just announced a cool new feature at the keynote speech: document management and OCR! Just snap a picture of the receipt with your smartphone and Acumatica will read the fields! This feature isn’t available yet, though (Acumatica 2020 R1 isn’t officially live). It’s still easy though – you can enter expenses on the Acumatica mobile app. It’s a manual process but you can attach a picture of your receipt so no more carting around paper.
2022
Sure it’s only two years after OCR was announced, but it’s a massive leap forward in terms of machine learning and the advancement of artificial intelligence. Now? Acumatica can almost completely automate the process. All fields are in the correct position in seconds, and Acumatica can even identify and automatically match expenses to the appropriate general ledger account. Further, the AI can identify which transactions are already in the system and automate categorizing new transactions. Future imports are improved by adjusting the matching algorithms to refine system accuracy.
Document Management
Any files relevant to your unique business processes can be uploaded into Acumatica for others’ reference. Users can attach any digital document to leads, opportunities, accounts, etc. This eliminates the wait time and inconsistency in searching for associated documents, contracts, etc. Once files have been attached to one document within the system, the file can simply be linked to additional documents or records without uploading the file again.
Payables Automation
Accounts payable automation is “the process of replacing paper invoices and checks with electronic methods of tracking and paying the money your company owes other companies.” Relying on printouts and emails and physical files and paper receipts means delays, inconsistencies, and manual entry. Old-school approvals processes can drastically slow the workflow from invoice receipt to check runs.
Acumatica eliminates all of that. Acumatica’s AP automation tools can even predict your future cash requirements. Machine learning allows your system to use your company’s cash flow history to project how much cash you’ll need to get through the weeks and months ahead.
Sales Automation
Sales teams are notoriously resistant to data entry, which is understandable; they need to focus on closing deals. Acumatica makes it very easy to empower your sales team to keep the data integrity high. From scanning business cards to automatic routing of opportunities and leads, Acumatica sales automation makes their lives easier, and happy salespeople means more sales.
Analog to Digital
Acumatica isn’t quite as advanced as Iron Man’s computer assistant Jarvis, but it’s getting there! In just a few short years, Acumatica has transformed companies from analog (in the form of a piece of paper) to digital. Now we’re reading that piece of paper, analyzing it instantly, and advancing a process that has been manual for the last 30 years. Every department can benefit – .
And the only logical choice of captain to take your company to the future? CAL Business Solutions. We’ve been to the future, and the future is bright. Read about our story internally.
By CAL Business Solutions, Acumatica and Microsoft Dynamics GP Partner,
