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Ways To Streamline Your Retail/E-commerce Accounting With Acumatica

It can be challenging for retail & e-commerce accountants to find the right platform without sifting through endless software and endless vendors trying to find the right solution. Acumatica is an efficient accounting software designed with retail & e-Commerce businesses in mind. It stands out in the crowded marketplace of accounting programs for several reasons. One of these reasons is that its features help streamline retail & e-commerce bookkeeping and tax planning processes and strategies.

Retail & E-Commerce Bookkeeping - Simplifying Accounts Payable

Acumatica helps streamline the process of managing vendor payables. Its unique accounts payable process can help you avoid overpaying vendors. You can also access open debit adjustments during the payment process automatically.

Acumatica also features an intelligent payment processing that can make managing vendor prepayments easier. It does this by letting you:

  • Issue prepayments

  • As invoices are received, apply prepayments to them

  • Enter prepayment requests

Our experienced retail & e-commerce accountants also appreciate Acumatica’s prepaid expense recognition feature. Using this feature, you can create and assign deferred expense schedules on a per accounts payable basis. You can also split payments between a prepaid account and an expense account automatically.

Furthermore, Acumatica’s accounts payable automated invoice approval and payment features allow you to:

  • Set up processes

  • Approve payments

  • Prioritize or delay payments

  • Designate accounts to pay from

  • Designate a selected payment method based on the source of the charge

Efficient Vendor Payment Management

One of the most significant benefits offered by this platform is it allows you to optimize payments. This feature helps you avoid late charges and take advantage of discounts that vendors offer by matching payments with cash flows.

Acumatica also allows accountants to predict cash requirements, allowing them to make better vendor payment decisions with the support of drill-down reports and dashboards. These reports also give them access to past information, and, at the same time, clarify future needs. Acumatica makes retail & e-commerce tax planning smoother by allowing you to enter data faster with its predictive entry and flexible screen layout. You can also minimize errors by setting up payments, default accounts, sub-accounts, discounts, and terms for each vendor.

Acumatica can offer you improved financial flexibility that will accelerate your ability to make decisions. Since Acumatica works in multiple currencies, it allows you to keep vendor balances both in base currencies and the vendor currencies. All currency conversions happen automatically.

What Sets Acumatica Apart From Other Accounting Solutions?

Acumatica is an adaptable solution. It can be deployed inhouse, or in a private or public cloud. This solution can be easily configured to match your company's needs. You can integrate it with other capabilities, such as CRM or data visualization to work with other ERP solutions.

Your business can be more efficient as it lets you automate processes, promote collaboration with other team members using an all-inclusive user license, and gain access to the platform anywhere and anytime. Our knowledgeable team of retail & e-commerce CPAs can take the tedious accounting and tax planning tasks off of your plate so that you can focus on growing your business. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.