Power BI Gives Curio Wellness a Big Competitive Edge

In the highly competitive world of cannabis manufacturing, Curio Wellness has gained advantages by deploying a MaxQ Cannabis management solution that includes Power BI analytics. 

Brad Friedlander, CIO of Curio Wellness, described how his company is deriving a wealth of benefits from Power BI.

End-to-End BI Value

“Our executive team uses it for sales and key metrics, sales by customer, what products are trending, how things are selling within categories, in both quantity and dollars,” he explained. “We can view data in real time, daily, weekly, monthly, and quarterly.”

Power BI is used to monitor and manage the entire business, including operations, sales, and marketing, said Friedlander, adding that this has resulted in better planning, decision making, and performance.

Overall, Power BI has given his company a huge competitive advantage, said Friedlander. “Most of our competitors are on QuickBooks,” he explained, “so they don’t have the ability to do what we do with Power BI.”

Using Power BI also has resulted in better customer satisfaction, he said. “It enables us to meet demand and keep customers happy, which is our number one priority.”

Expanded Use

Curio Wellness obtained Power BI as a standard component of the MaxQ Cannabis solution that is used to manage the company’s seed-to-sale cannabis operations.

However, as users worked with Power BI and discovered its potential, they desired to expand the range of analyses they were able to perform. MaxQ provided additional consulting and customization to enable Power BI to meet the users’ expanding needs.

Friedlander said he is continuously adding pages to Power BI to add functionality that enables the management team to view data in new ways.

Real-Time Advantages

The ability to continually monitor and analyze data in real time is a big part of the advantages the company is deriving from Power BI, Friedlander said. “We can refresh minute by minute and can see data coming from the field for sales and operations.”

Daily monitoring and analyzing of key metrics have enabled the operations and sales teams to make better decisions and change business outcomes, Friedlander said. “It’s allowed us to quickly see problem areas and address them immediately rather than at month’s end,” he explained.

For example, same-day analyses of sales data enable the company to adjust its product processing and packaging to meet market demand. “We can meet demand within a day,” said Friedlander. “When we harvest plants, we have strains that are cured and in the final stages of being packaged, so we can modify the rotation of strains to meet demand on any given day.”

Leveraging Key Metrics

Curio Wellness’s operations and sales teams use Power BI to track a variety of key metrics on a daily, weekly, and monthly basis, Friedlander said. “We track many metrics,” he explained, “including sales by customer, sales by strain, dollars and weight sold, inventory on hand, and manufactured products. We also can see margins and selling price over any given period of time.”

Power BI helps the operations side keep in step with sales and marketing. “We can see the best-selling products in any given week, and modify our trimming and production schedules to meet the current demand,” Friedlander explained.

Power BI data also enables the sales and marketing teams to take steps to boost the sales of underperforming products. “We can see what’s selling and what isn’t, and we can put something on special or do special promotions for weaker selling products,” Friedlander added.

Power BI has proven to be fast, flexible, and easy to use, Friedlander said. “You can make changes on the fly, and you can look at the data in so many different ways.”

Production Optimization

On the operations side, Power BI enables the operations team to monitor production and gauge its efficiency. “We can see what yields are out of the garden and the gross weights and class of product that results from a crop,” Friedlander explained.

Power BI also enables the operations team to see how the crops that are harvested measure up to the planned production. “We can set the results we aim to hit for a crop, and we can see how well we have performed to hit that metric—for example, the percentage of flower that falls into upper tier, middle tier, and lower tier,” Friedlander explained.

The financial team uses the forecasting power of Power BI in the planning and budgeting process. “We can forecast relatively easily based on historical trends, including growth rates by customer, in quantity and dollars,” Friedlander explained. “We can see trends and apply those trends to our forecast for the next year.”

Limitless Potential

Friedlander said he could ever see a time when he could say the potential uses of Power BI had reached an end.“There are endless uses for this,”  he said. “It will continue to evolve to serve the business.”

The company currently is in the process of automating its Flash report, he said, which aggregates key metrics of entire business. “This will let users access data from a single source rather than dragging in data from multiple data sources, and the Flash report will be formatted for the purpose of visualizing the metrics,” he explained.

Going forward, Friedlander said the company plans to expand the use of Power BI in a number of ways, including creating customized dashboards for each team—executive, operations, sales, and marketing. “We also want to add the ability to analyze cost of sales, particularly on the cultivation side,” he said.

Better Than Expected

After using Power BI for a year, Friedlander said the tool had exceeded his expectations. “I love it,” he said, adding that, “I probably use it more than anybody on the team.”

Having never used Power BI before, Friedlander said he was surprised by the tools’ ease of use, ability to format data in many ways, and generally visualize data. “There’s a lot to like about Power BI,” he said. “It’s easy to create charts and visualize data in an appealing way. We use the mapping, which lets us see where the hotbed of activities is coming from.”

Is the company pleased with the return on investment in Power BI? “Absolutely,” said Friedlander. “The ability to get data in real time, and the amount of time you save in aggregating and reporting on data, you can’t put a value on that.”

Power BI has made life easier and benefited the business in numerous ways, said Friedlander, including better performance and decision making. “It also has given us a huge competitive advantage,” he added.

MaxQ Technologies provides state-of-the-art Power BI solutions and incorporates Power BI within advanced business solution suites. Contact us to learn more about Power BI and how your business could benefit from a Power BI solution.

 


MaxQ Cannabis Management Automation Works Wonders for Curio Wellness

In the complex world of cannabis manufacturing, the ability to manage operations efficiently and minimize costs can mean the difference between success and failure. Brad Friedlander, Curio Wellness CIO, described how his company has gained a major competitive advantage by employing MaxQ Cannabis to manage its cannabis operations. Growing high-grade cannabis and producing premium products requires careful management in all stages of the operation—including planning, cultivating, harvesting, testing, curing, extraction, manufacturing, packaging, distribution, inventory management, and sales. The MaxQ Cannabis management system has yielded benefits across all these areas by enabling Curio to operate with greater efficiency while minimizing costs, Friedlander said. Automated Product Data Management Automated product data management has yielded significant time and cost savings, said Friedlander. “We’ve created some standardization that enables us to create new parts and strains with ease from other data we have in the system,” he explained. When a new strain is entered into the system, all the associated parts are created automatically, including SKUs (stock keeping units), bills of materials, kits, and bundles for each of the products. Automated product data management creates all product data in a consistent, standard, and correct manner, greatly reducing errors caused by manual entry. “Just click a button and it creates the inventory items, kits, BOMs, and bundles automatically,” Friedlander explained. “The setup that would take hours manually, we do in 30 seconds.” Integrated Accounting Most competitors are running their business on QuickBooks and jumping between different accounting systems, said Friedlander. His observation agrees with that of cannabis accounting expert Andrew Hunzicker, who relates that many cannabis companies operating in this manner find themselves plagued with financial struggles stemming from the complexity of cannabis accounting, including cost controls within the growth, manufacturing, and retail phases, as well as compliance and tax issues. Best practices for controlling costs in the manufacturing and distribution of cannabis, Hunzicker explains, are stringent and integrated accounting, coupled with the use of advanced analytics to track costs, perform forecasts, and maximize efficiency. The integrated accounting of MaxQ Cannabis, coupled with Power BI analytics, provides all these advantages, including easy data entry and data handling, with changes that ripple through the system automatically, said Friedlander. This saves time and labor and eliminates error, he explained. “The integrated accounting, data handling, cost tracking, and auditing are huge advantages,” Friedlander said. Cost Tracking The ability to produce cannabis products at the lowest possible cost is critical. Automated cost tracking within MaxQ Cannabis enables Curio Wellness to track its costs across all phases of its operation. “The ability to track costs is a huge one,” said Friedlander. The system enables the company to track the cost of inventory by automating the process of accumulating cost into inventory, he explained. “We can see historical data that we can’t see in the regular tracking system,” said Friedlander. “It helps us to understand costs and control them.” Product Traceability Automated product tracking is another key feature that helps Curio Wellness increase efficiency while reducing costs. The MaxQ Cannabis management system enables Curio Wellness to trace any product back to its origin with ease, said Friedlander. “It gives us full traceability,” he explained. “If there is an issue with a product, we can trace it back to the batch in which it was created and who we sold it to with ease.” Comprehensive product tracking and traceability enable Curio Wellness to stay fully compliant and auditable for any government agency that requires compliance information, Friedlander said. Quality Control The MaxQ Cannabis system automation also streamlines the lab testing process, including automated uploading of lab results and printing of labels for each of Curio Wellness’s products. The system will store the Certificate of Analysis (COA) and automatically generate labels from lab results. When products are shipped to customers, the lab results certificate will be mailed automatically with the invoice. “The system automates the processing of the lab reports for each product for each customer for every order,” said Friedlander. “The handling of lab results and label printing is completely automated, a process that was very time consuming in the past.” Analytics Advance Business Curio Wellness acquired Power BI analytics as a standard component of the MaxQ Cannabis system. Friedlander said Power BI is used to monitor and manage the entire business, including operations, sales, and marketing. “Our whole executive team uses it for sales and key metrics, sales by customer, what products are trending, how things are selling within categories, in both quantity and dollars,” he explained. “We can view data in real time, daily, weekly, monthly, and quarterly.” Using Power BI in conjunction with MaxQ Cannabis has resulted in better planning, decision making, performance, and customer satisfaction, he said. The executive team uses Power BI to monitor key metrics, including sales by customer, which products are trending, how things are selling within categories, in both quantity and dollars, Friedlander explained. The ability to monitor and analyze key metrics in real time have enabled the operations and sales teams to make better decisions and change business outcomes, Friedlander said. “It’s allowed us to quickly see problem areas and address them immediately rather than at month’s end,” he explained. “Most of our competitors are on QuickBooks,” Friedlander explained, “so they don’t have the ability to do what we do with Power BI. It’s a big competitive advantage.” Ongoing Improvement Curio Wellness works with MaxQ to extend the system’s capabilities and refine processes in ways that will yield even greater efficiency, Friedlander said. Plans include automating the harvesting of crops with integrated RFID readers, as well as adding a host of new Power BI features. Has MaxQ Cannabis delivered the efficiency and cost control benefits he had hoped it would? “Absolutely,” said Friedlander. “The system not only enables us to operate more efficiently, it gives us a huge advantage over our competitors.” As the maker of the most modern, integrated, and scalable cannabis manufacturing solution, MaxQ has deep cannabis industry expertise. Contact us to learn more about the latest trends and management solutions in the cannabis manufacturing industry.   

Finally, a Cannabis Management System That Fits the Bill

After working with 10-15 different cannabis management systems, cannabis accounting specialist Andrew Hunzicker found the solutions were “filled with bugs, have had significant downtime, and have many features that simply don’t work.”

He found further that among the existing cannabis management solutions there was not one that was “reliable, effective, or efficient.”

Unfortunately, he concluded, “a reliable Cannabis ERP does not exist in 2018.”

At some point, Hunzicker said, he hoped a vendor would overcome these issues and provide an “all-in-one solution.” Until then, he said, “cannabis companies are forced to piecemeal together several systems.”

MaxQ to the Rescue

That was the case until MaxQ Cannabis entered the picture, providing an all-in-one ERP cannabis management solution with all the functionality Hunzicker hoped would someday become available. Although too new to be included in Hunzicker’s report, MaxQ Cannabis is now available to provide streamlined management to cannabis companies of all sizes.

Built on the Acumatica ERP platform, MaxQ Cannabis is a tightly integrated and highly automated cannabis management suite tailored to the needs of cannabis cultivation and manufacturing companies. With MaxQ Cannabis, all the problems with accounting, compliance, tracking, and reliability cited in the report are eliminated.

Goodbye QuickBooks

As Hunzicker notes, with no integrated accounting and tracking solution available, cannabis companies have had to rely on a patchwork of QuickBooks, Xero, Excel, and other apps to manage their operations.

MaxQ Cannabis solves this problem by providing integrated accounting functionality that encompasses the entire management suite, eliminating the need to employ two or more systems.

Rather than separate accounting, CRM, ERP, inventory, and e-commerce systems, MaxQ Cannabis provides an integrated suite of ERP, CRM, supply chain, and e-commerce functions.  All functionality—including accounting, cost tracking, product tracking, compliance, quality control, and business intelligence—are fully integrated across all phases of cultivation, manufacturing, distribution, and sales.

Automation Advantages

MaxQ Cannabis enables cannabis businesses to be more efficient through automation that saves time and labor, streamlines operations, and minimizes costs. For example, the process of entering a new cannabis strain into the system automatically creates all the associated parts—inventory IDs, bills of materials, kits, and bundles—at the press of a button. The automated process takes less than a minute, whereas it would take hours to input the data manually.

The same type of time and labor savings are gained through the automation of the lab testing process. MaxQ Cannabis automates the lab testing process by uploading the lab results and printing the labels for each cannabis product, a process that is time consuming when performed manually.

The system will store the Certificate of Acceptance (COA) and automatically generate labels from lab results. When products are shipped to customers, the lab results certificate will be mailed automatically with the invoice.

Compliance is ensured by automatically creating and transmitting regulatory reports to the appropriate government authorities, such as the Metrc reporting system.

Full-Spectrum Functionality

As Hunzicker points out, cannabis is a complex world involving several sub-industries (farming, chemical manufacturing, food production, and retail), and mistakes can be costly. Cannabis companies, he notes, are faced with a plethora issues such as multi-entity structures, consolidated accounting, cannabis and non-cannabis divisions, and complex customer resource management.

Providing a full spectrum of accounting and management capabilities—including multi-currency and multi-company—is how MaxQ Cannabis stands out from the pack.

No longer do cannabis companies have to settle for less-than-optimal management solutions. Now they can turn to MaxQ Cannabis, a next-generation cannabis management system with the unity of accounting, product tracking, cost tracking, compliance, quality control, and business intelligence that was missing in first-generation systems.

As the maker of the most modern, integrated, and scalable cannabis manufacturing solution, MaxQ has deep cannabis industry expertise. Contact us to learn more about the latest trends and management solutions in the cannabis manufacturing industry. 


Using Acumatica Import with an Alternate Key

When importing data into Acumatica using the Integration tools, I was under the impression you needed to have the key to a record in your data to update the existing record. Thankfully, I was wrong and Acumatica provides an easy way to do this, when you know the secret…

A good example of how to resolve this issue is the way the MaxQ Cannabis solution reconciles lab testing records. In MaxQ Cannabis, there is a form that allows a user to track the testing of different products by their lot number. As required by law, these lots need to be tested by a certified independent lab. The lab technician will go onsite and take a small sample of the lot to be tested, and in doing so creates a new lot number for the sample. The lab will test the sample and report the results by using its lot number, hence the issue. We need to use the lab’s lot number to find the correct lab results record to update the test results (see image below).

As you can see, we have the Lab Package Tag (Acumatica Lot Number) as a field on the lab report and need to update the Lab Result ID for record id 00000012.

The Lab Package Tag is part of the Lab Results Selector. We need to add some special lines to the import scenario to accomplish this. Notice the first three lines of the image below. We are telling the import scenario to use the Lab Package Tag to look up the Lab Results ID and update the data.

More information on this importing technique can be found in the Acumatica I100 Integration Training Guide section “Updating Auto-Numbered Records by a Selector Column (Customers).”

Note: To use fields that are not part of the id’s selector, you can use the special @@ method (shown below). This is documented in the Acumatica I100 Integration Training Guide section called “Updating Auto-Numbered Records by Custom Key (Customers).”

MaxQ is a provider of advanced Acumatica business solutions across a wide range of applications and industriesContact us to learn more about how MaxQ for Acumatica solutions can help your business.


For APTMetrics, Power BI Is a Gift That Keeps on Giving

To say that Power BI has been a game-changer for HR consulting firm APTMetrics may be an understatement, according to CFO Marty Kelly.

Kelly credits Power BI with not only improving his company’s performance, but with making his job and those of his co-workers an order of magnitude easier and more efficient.

APTMetrics’ primary business is assessment-centered talent management solutions. Kelly says Power BI has yielded benefits across all areas of the business, including finance, marketing, sales, and operations, allowing for the consolidation of information across multiple disciplines. The scope of Power BI’s potential uses is limitless, he said.

Kelly took advantage of MaxQ’s Power BI expertise to implement a solution that matched his business needs and made it easy for his team to access data from multiple sources, view and manipulate the data, generate reports, and perform an unlimited range of analyses.

Changing Outcomes

Although Power BI was deployed initially for managing accounting in the financial department, Kelly said the solution’s flexibility has provided a host of unexpected benefits.

For instance, Kelly said he now can take snapshots of the consulting business via Power BI and know much earlier in the month how well the company is doing. By monitoring and managing the project allocation of the company’s 40 consultants, he can make adjustments that improve business outcomes, something he could not do in the past.

Using Power BI, Kelly said, he can view up-to-the-minute information as the consultants input their time and project data into the shared system. “If I know a week-and-a-half into a four-week month that I am falling short,” he explained, “I can call the consulting officer and get people more billable hours.

More Effective Financial Management

Power BI also has enabled Kelly to manage the company’s financials in new and more effective ways. “I use Power BI for in-depth financial analysis, database management and querying, and to create graphical presentations in support of the company’s business model,” he explained.

Power BI is extremely fast and flexible, said Kelly, enabling him to access and analyze data and respond to business issues faster than in the past. It also enables him to delve into financial data to pull up sophisticated financial extracts and generate reports from multiple databases with relative ease.

“I can slice the data in unlimited ways to meet the needs and requests for analytics,” he said, “and I don’t have to distribute reports because people can access shared Power BI reports.”

Power BI also has made forecasting more accurate and reliable, Kelly said, as well as easier to perform. “With ten days of information, I’ll nail the forecast for the month,” he explained. “What used to take four hours, I can now do in ten minutes.”

A Wealth of BI Benefits

Besides better financial management and forecasting, Kelly said Power BI makes it easy to create and monitor key performance indicators (KPIs) for marketing, sales, and the company’s financials. Power BI also enables him to analyze detailed project lines of business and to better understand the company’s customers in terms of revenues and profitability.

In addition, Kelly said he uses Power BI to generate “Flash” reports covering key aspects of the company’s revenue stream—consulting hours, assessments delivered, and how many tests were administered on the IT platform side.

Power BI enables him to nest multiple layers of data, which consultants and other teams can then expand, collapse, button, unbutton, and drill down into.

Everyone in the Power BI Pool

Initially used only by Kelly and his financial staff, the use of Power BI is quickly expanding to support the entire company, including three businesses (consulting, assessment practice, and IT platform for high-volume testing), business partners, the APTMetrics sales staff, and the executive team.

Power BI plays a huge role in the annual financial plan, Kelly said, enabling him to manage the yearly results of the business more effectively. After budgeting and forecasting for the full year, he can refine the plan in real time as the year progresses. “I can see how sales activity is turning into business,” he explained, “and I can more easily compare actual financial data with the full-year plan.”

Kelly also uses Power BI to calculate sales incentives, prepare supplemental financial information for the company’s CPA, and support pipeline activities. “With Power BI I can see whether we are back on a sales cycle and if there is too much quiet time. If we haven’t heard from a customer in a while, it’s time to contact them.”

Accessing data to generate reports has become easier with Power BI, Kelly said, eliminating the need to compile data in Excel and run reports from Microsoft Dynamics. “I used to have to drag a Crystal report into a database or do a direct query from the Dynamics tables and mine those. Power BI is much faster and more efficient.”

Installation a Breeze

Kelly also had praise for the ease with which he and his team could begin using Power BI, and for the MaxQ team who installed and configured the Power BI solution. Once the MaxQ team understood APTMetric’s requirements, he said, they were able to write the formulas, connect the data sources, and have Kelly and his team up and running in two days.

“For setup, we needed help from the folks at MaxQ,” said Kelly. “But once it was set up, we haven’t needed much help afterwards, just an hour of consulting support from time to time.”

Only the Beginning

After one year of using Power BI, Kelly says his company is just getting started. “We addressed key business needs first, but we haven’t come anywhere close to tapping Power BI’s capabilities.”

A big benefit has come from requiring less people to do the work, said Kelly. “If I didn’t’ have these tools, I’d have a million people doing all these tasks. With Power BI, I need less professionals to get the work done, and the work is more efficient and accurate.”

Has Power BI exceeded his expectations? “Absolutely,” said Kelly. “The cost is low and the value for the money is amazing. Every day we see new ways to use the tool. It keeps giving more value.”

Has it made the business more profitable? “Yes. More forward looking, efficient, and profitable.”

“I’m a big fan,” said Kelly. “I have yet to see a downside to it.”

MaxQ Technologies provides state-of-the-art Power BI solutions and incorporates Power BI within advanced business solution suites. Contact us to learn more about Power BI and how your business could benefit from a Power BI solution.


How to Fix Incorrect Purchase Receipt Accruals

                                    In this series, we answer real-life questions from Acumatica users

QUESTION:  I have a variance in my PO accrual report. How do I correct it?

ANSWER:  If you have a report in which there is an accrual account difference, the cause may be multiple Reversals of AP Bills. If this is the case, here is how to resolve it:

First, if you perform a Reverse Action in an AP Bill created from a PO Receipt, as shown below:

Please note that the system provides a warning:

If you continue, all links to the PO Receipt are carried over to the Debit Adjustment (highlighted below):

Unfortunately, there is no restriction to the number of times the AP Bill Reversal Action can be performed, allowing, in this example, creation of a second Debit Adjustment tied to the same PO Receipt:

When the Debit Adjustments are released, the result is double Unbilled Quantities and Unbilled Amounts in the Purchase Receipt Accrual Details report:

RESOLUTION

It is not apparent how to correct this error. You can do so by creating a new AP Bill against the PO Receipt:

The system will take all documents associated with the Receipt into account and create a net Bill, i.e., double the Quantities and Amounts, as shown in this example:

Once the Bill has been released, the PO Receipt has been cleared from the report:

MaxQ is a provider of advanced Acumatica business solutions across a wide range of applications and industriesContact us to learn more about how MaxQ for Acumatica solutions can help your business.


Kudos for Acumatica: Champion ERP and MaxQ’s Solution Platform of Choice

MaxQ chose Acumatica ERP as the platform on which to build advanced business solutions because of its modern cloud-based design, integrated architecture, comprehensive feature set, user-friendly interface, advanced automation capabilities, and more.

It is therefore satisfying to see these same qualities recognized and validated by analysts and product reviewers in their evaluations of Acumatica.

Among the sterling reviews Acumatica received this year, PC Magazine UK  found Acumatica to be best in class, with the reviewer giving Acumatica a rating of “Excellent” as well as the Editors’ Choice Award.

The PC Magazine review found that “Acumatica’s intuitive design, enterprise scalability, and flexible pricing model help make Acumatica an excellent choice for enterprise resource planning, general ledger accounting, and inventory management.” 

Acumatica’s browser-based user experience (UX), said the review, “is excellent, with a feature-rich environment accessible via an intuitive user interface (UI).”

Top of the Leaderboard

Nucleus Research also found Acumatica to be a top-tier ERP leader in its recently released “ERP Technology Value Matrix” report. The report placed Acumatica atop the Leaders quadrant and praised Acumatica’s continuing refinement of its platform, finding that “high usability and flexibility are at the center of Acumatica’s development philosophy” as it continues to add features and automate processes.

Acumatica, said the report, “continues to lead the way in usability, serving several industry verticals, including commerce, manufacturing, and field service.” Nucleus also gave Acumatica accolades for its responsiveness to customers and focus on providing rich mobile capabilities.

Nucleus found that Acumatica’s latest version, released in September, “is bringing a host of incremental improvements to each of its vertical solutions focused on increasing customer satisfaction.”

Acumatica Shines at Summit 2018

IDC attended Acumatica’s Summit 2018 and spoke with company executives and customers. In its report on the Summit, IDC gave Acumatica high marks for its technology and customer satisfaction, finding that Acumatica has added “a significant number of new features and functionality with the release of Acumatica 2018 R1.” Based on interviews with Acumatica customers, IDC said it believed “Acumatica is well aligned with the market in terms of added features, channel momentum, and strategic road map updates.”

Like PC Magazine and Nucleus Research, IDC praised Acumatica for listening to its customers and making improvements to the Acumatica ERP platform based on customer feedback. Acumatica, said IDC, “took great effort to incorporate customer feedback into 2018 R1 even down to relatively small details like reducing the number of clicks while building a report in the financial suite.” This, said IDC, represents a granular level of focus on both customers and technology that will continue to help advance growth quickly.

IDC found that the value Acumatica was providing to its customers was reflected in its excellent revenue and growth numbers, including 144% net-new revenue growth while reaching the 4,000-customer mark in 2017. In addition, said IDC, Acumatica saw 90% year-over-year growth from its parent channel, indicating “building momentum and energy related to its solution.”

Exclusive Club

A report by Mint Jutras, a research and advisory firm that specializes in evaluating ERP solutions, found Acumatica to be an outstanding solution, citing four key elements that significantly differentiate Acumatica from its competitors:

  • The ability to access the solution from anywhere, on any device.
  • A flexible deployment model, allowing the customer to choose public cloud, private cloud or licensed on premise.
  • Modern consumption-based licensing meant to be affordable and inclusive of all designated employees as well as key customers and partners.
  • A connected cloud platform that aids in extending the solution without creating islands of automation.

As Mint Jutras noted, while there are vendors that can make a similar claim for one of these differentiators, “if we combine all four, Acumatica is indeed in a class all by itself.”

MaxQ + Acumatica = Unbeatable Value

Acumatica’s openness and flexibility have enabled MaxQ to create a framework on which we are able to extend the value of Acumatica and tailor solutions to specific industries and applications.

MaxQ solutions built on the Acumatica framework include Advanced Revenue Management, Advanced Billing, Inventory Management, and a Cannabis Management Solution that can handle the most demanding needs of large-scale cannabis manufacturers.

For all the reasons noted by the analysts and reviewers above, MaxQ’s many satisfied customers would agree that a MaxQ solution based on Acumatica offers outstanding value. To see what all the fuss is about, we invite you to see firsthand what a MaxQ Acumatica solution could do for your business.

MaxQ is a provider of advanced Acumatica business solutions across a wide range of applications and industriesContact us to learn more about how MaxQ for Acumatica solutions can help your business.

 


How Do the Different Revenue Recognition Methods in Acumatica Affect Revenue Recognition?

In this series, we answer real-life questions from Acumatica users

QUESTION: How do the different revenue recognition methods in Acumatica affect revenue recognition?

ANSWER:  Recognition methods determine how a deferred revenue or expense amount will be distributed over a defined number of periods. Within Acumatica, you can specify a particular recognition method in the settings of each deferral code on the Deferral Codes form, and can assign a deferral code to a line of an invoice or bill. Revenues can be deferred in a number of ways and over different time periods that you select. Besides choosing a recognition method, you must input the beginning and end dates.

Acumatica enables you to choose the revenue recognition method that best meets your needs. Following are examples of five recognition methods that can be selected within Acumatica ERP, including:

  • Evenly by Periods
  • Evenly by Periods, Prorate by Days
  • Evenly by Days in Period
  • Flexible by Periods, Prorate by Days
  • Flexible by Days in Period

The screen below shows an invoice generated in Acumatica for $7,500 of revenue that is recognized evenly over a five-quarter schedule:

Evenly by Periods

With the Evenly by Periods recognition method, the amount to be recognized is distributed evenly among all included periods. The number of recognition periods is defined by the value you specify in the Occurrences box for the deferral code on the Deferral Codes form.

The screen below shows how you set the Deferral Code for Quarterly Evenly by Periods over a three-period range:

The screen below shows the deferral schedule that is generated:

Evenly by Periods, Prorate by Days

With the Evenly by Periods, Prorate by Days method, the amount to be recognized is distributed evenly among recognition periods (the number of which is defined by the value specified in the Occurrences box on the Deferral Codes form). The first and last periods are counted together as one recognition period and the amount to be recognized for each is proportional to the number of days in each period.

The frequency of occurrences depends on the number of financial periods you select in the Every X Period(s) box. The installment amounts for the first and last periods are calculated based on a full-period amount that is proportional to the number of days each installment should cover.

The screen below shows how you set the Deferral Code for Quarterly Evenly by Periods, Prorate Days over a three-period range:

The screen below shows the deferral schedule that is generated:

Evenly by Days in Period

With the Evenly by Days in Period method, the amount to be recognized is distributed by periods with a proportional division by the number of calendar days in each period. The number of recognition periods is defined by the value specified in the Occurrences box in the deferral code settings on the Deferral Codes form. An occurrence is a recurring recognition event for which a recognition transaction is generated. The frequency of occurrences depends on the number of financial periods you select in the Every X Period(s) box.

The screen below shows how you set the Deferral Code for Quarterly Evenly by Days in Period over a three-period range:

  

The screen below shows the deferral schedule that is generated:

  

 Flexible by Periods, Prorate Days

With the Flexible by Periods, Prorate by Days method, the amount to be recognized is distributed evenly among periods, with a proportional division by days among the first and last periods. The first and the last periods may be less than a full period, depending on the start recognition date and the final recognition date specified in a particular document (such as AR invoice). The number of recognition periods is defined by the recognition dates specified in a document.

The screen below shows how you set the Deferral Code for Flexible by Periods, Prorate Days:

The screen below shows the deferral schedule that is generated:

Flexible by Days in Period

With the Flexible by Days in Period method, the amount to be recognized is distributed among periods, according to the number of calendar days in each particular period. The start date and the final date of the recognition process is specified individually for each line of a particular AR document (such as AR invoice or cash sale).

The screen below shows how you set the Deferral Code for Flexible by Days in Period:

The screen below shows the deferral schedule that is generated:

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