Issues with real time project revenue recognition specifically for labor
What do you like best about the product?
-Ease of expense filing and timecard entry and the approval workflow for both
-Invoice and PO generation and emailing
-job costing (projects module)
-deferred revenue module
-Invoice and PO generation and emailing
-job costing (projects module)
-deferred revenue module
What do you dislike about the product?
Two main issues:
1) We use the percent of complete method for project revenue recognition. Acumatica does not recognize revenue that is attributed to labor hours (professional services) in real time. Using a schedule to do so at an elected frequency is not ideal as financials are therefore not always up to date. Furthermore, Acumatica is not bound by the dollar limits of the actual project and will over-recognize revenue if actual costs exceed budgeted amounts, requiring manual intervention via journal entries to claw-back the excess revenue. This leads to overstated financials unless and until you review each open project to confirm excess revenue has not been recognized.
2)Ease with customizing reports and general inquiries is sorely needed. This especially comes into play if the fields you wish to include are not part of the standard report. You cannot filter on a field if it is not an option to begin with. Havin the ability to easily add fields that already exist in Acumatica to canned reports or GI's would greatly improve data analysis.
One minor issue only because it is needed once annually: 1099 reporting. Would be ideal to be able to print and file 1099s directly from Acumatica as well as the 1096. Electronic filing of your 1096 is now required for filers with more than 10 1099's. We currently have to use an outside software program to do this.
1) We use the percent of complete method for project revenue recognition. Acumatica does not recognize revenue that is attributed to labor hours (professional services) in real time. Using a schedule to do so at an elected frequency is not ideal as financials are therefore not always up to date. Furthermore, Acumatica is not bound by the dollar limits of the actual project and will over-recognize revenue if actual costs exceed budgeted amounts, requiring manual intervention via journal entries to claw-back the excess revenue. This leads to overstated financials unless and until you review each open project to confirm excess revenue has not been recognized.
2)Ease with customizing reports and general inquiries is sorely needed. This especially comes into play if the fields you wish to include are not part of the standard report. You cannot filter on a field if it is not an option to begin with. Havin the ability to easily add fields that already exist in Acumatica to canned reports or GI's would greatly improve data analysis.
One minor issue only because it is needed once annually: 1099 reporting. Would be ideal to be able to print and file 1099s directly from Acumatica as well as the 1096. Electronic filing of your 1096 is now required for filers with more than 10 1099's. We currently have to use an outside software program to do this.
What problems is the product solving and how is that benefiting you?
centralizing all company operations and accounting
There are no comments to display