Acumatica 2023 R2: What You Need to Know About AI/ML Features

Acumatica Cloud ERP 2023 R2 Overview

Acumatica 2023 R2 is the latest version of the Acumatica enterprise resource planning (ERP) software. In simple terms, it’s like an upgraded and improved version of Acumatica, designed to provide businesses with even better tools and features for managing various aspects of their operations.

This new version, 2023 R2, includes updates and enhancements that aim to make the software more powerful and user-friendly. It often incorporates feedback from users and takes advantage of the latest technology trends to improve the ERP experience.

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Overall, Acumatica 2023 R2 is the next step in the evolution of the Acumatica ERP software, bringing new capabilities and improvements to help businesses manage their resources, finances, and operations more efficiently.

Technical Feature Benefits of Acumatica 2023 R2

In the ever-evolving landscape of the digital economy, small and medium-sized enterprises (SMEs) require more than conventional financial tools to thrive. They demand an ERP system that effortlessly harmonizes with diverse technologies and applications.

Enter Acumatica’s business management solution, a transformative force that empowers enterprises to consolidate their tech resources and equips them with the discernment and adaptability needed to confront their distinct challenges head-on. Here’s what’s new in Acumatica 2023 R2:

• Enhance your mobile work experience with dynamically visible containers, a feature that simplifies navigation on your mobile device. These containers intelligently display only the tabs and information relevant to your current tasks, ensuring you stay focused and productive while on the go.
• Boost your efficiency by saving valuable time with actionable custom field elements. Easily navigate to external websites or resources directly from Acumatica, eliminating the need to switch between applications and streamlining your workflow.
• Tailor your processes precisely to your business needs. With Acumatica 2023 R2, you have the flexibility to create custom workflows for different order types. This customization empowers you to optimize your operations and respond swiftly to the unique demands of each order.
• Bank reconciliation and credit card receipt management become effortless with automated field mapping. Acumatica simplifies these tasks by automatically matching bank transaction fields to corresponding fields within the software. This automation, featured in Acumatica 2023 R2 update, not only reduces errors but also speeds up the reconciliation process, ensuring your financial operations run smoothly and accurately.

AI/ML Feature Benefits of Acumatica 2023 R2

Crafted on an agile foundation with open APIs that supports swift integration, Acumatica 2023 R2 update redefines how businesses engage with the digital realm.

What sets Acumatica apart is its innate intelligence, further enhanced by artificial intelligence (AI) and machine learning (ML). This framework, debuting in Acumatica 2023 R2 update, is meticulously crafted to not only address the present needs but to future-proof SMEs in an ever-shifting business landscape.

• With Acumatica’s advanced document recognition, you can effortlessly incorporate new branches and locations into your system, all while navigating complex language variations with ease. This powerful tool, featured in Acumatica 2023 R2 update, ensures that your organization remains agile and adaptable, even in diverse international settings.
• Efficiency is at the core of Acumatica’s features. Experience lightning-fast data entry through intelligent text completion. This innovative function, featured in Acumatica 2023 R2 update, doesn’t just save time; it learns from your past entries to make insightful recommendations, ensuring that your data entry process becomes increasingly intuitive and streamlined with each use.

New Acumatica 2023 R2 Features for Financial Teams

While financial management typically serves as the core of ERP systems, Acumatica’s financial suite is designed to meet the complex demands of larger enterprises while remaining accessible and adaptable for smaller businesses. Here’s what’s new in Acumatica 2023 R2 update:

• Improve cash flow management and optimize payment procedures through Acumatica’s comprehensive and seamlessly integrated payment processing system. This system empowers businesses to effortlessly make secure payments via credit card and ACH transactions.
• New Acumatica’s advanced overtime calculations consider multiple factors, providing accurate and transparent overtime assessments. The result? Employees gain a clearer understanding of their earnings and deductions in the context of various jobs and projects, thanks to enhancements in paystub clarity.

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• Compliance efforts, whether in the United States or Canada, are simplified with Acumatica’s specialized features. In the US, businesses benefit from state configurations tailored for 1099 reporting, ensuring seamless and accurate tax reporting. Meanwhile, in Canada, experience improved T5018 reporting capabilities, further enhancing compliance processes.

New Acumatica 2023 R2 CRM Features

In the field of customer relationship management, Acumatica CRM supports increased sales effectiveness by implementing a streamlined approach to lead and opportunity distribution. Here’s what’s new in Acumatica 2023 R2 update:

• Sales teams can automatically assign leads, contacts, accounts, and opportunities to sales representatives based on predefined sales territories. This Acumatica 2023 R2 update not only boosts the efficiency of your sales teams but also contributes to a more organized sales process.
• Acumatica simplifies return processing tasks by automating the creation of return orders and seamlessly linking them to relevant cases. This Acumatica 2023 R2 update integration helps adher to time-to-resolution Service Level Agreements (SLAs), ultimately ensuring that customer issues are addressed promptly and to their satisfaction.
• Managing personal email accounts within the Acumatica platform contributes to a centralized and secure approach to email management. For those who prefer using Gmail as their primary email tool, Acumatica extends its functionality through a dedicated Gmail add-on, readily available on the Google Marketplace. This add-on, part of Acumatica 2023 R2 update, empowers users to instantly add contacts, leads, opportunities, and orders, further streamlining the integration between the two platforms.

Acumatica 2023 R2 Updates for eCommerce Retailers and Distributors

Here are the feature benefits for distributors, retailers, and commerce merchants:

• Elevate your profitability while gaining a clear view of your operations. Acumatica provides the capability to review estimated margin percentages and amount calculations during the order creation process, both for entire orders and individual line items.
• Simplify the allocation and deallocation of stock for orders with the introduction of the Manage Sales Allocations screen. This feature automates the allocation process and allows for manual overrides, offering flexibility in refining or altering suggestions.
• Protect your margins effectively by utilizing features that offer the option to exclude automatic line discounts, such as volume discounts, from order lines for specific price points, including promotional pricing.
• Extend your reach to the largest sales channel globally with Acumatica’s Amazon connector. This integration seamlessly links Acumatica to Amazon’s Seller Central marketplace, accommodating both FBA (Fulfilled by Amazon) and MFN (Merchant-Fulfilled Network) delivery models.
• Open doors to new markets and expedite sales to business customers by leveraging Shopify B2B eCommerce platform. This integration seamlessly combines online sales with Acumatica’s robust back-end fulfillment processes, offering a comprehensive solution for expanding your business.

RELATED: Acumatica Cloud ERP: A Solution for Growing Businesses

Acumatica 2023 R2 Updates for Manufacturers

Explore the unique feature benefits, as part of Acumatica 2023 R2 new version release, tailored for manufacturers:

• Empower business cost accountants with improved manufacturing cost control tools. In Acumatica 2023 R2, Acumatica introduces a new user role, coupled with the option to lock production order status, streamlining the implementation and setup process.
• Simplify the printing of production order tickets with the Acumatica DeviceHub service. This service includes automation schedules and predefined printer settings, making the production order ticketing process more efficient.
• Extend the capabilities of Acumatica’s Product Configurator through newly introduced web endpoints. These endpoints, introduced in Acumatica 2023 R2, enable you to harness rules-based product options and values logic, facilitating configured orders from external applications such as website storefronts, custom portals, or other interconnected systems.

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Acumatica 2023 R2 Updates for Manufacturers

Explore the unique feature benefits, as part of Acumatica 2023 R2 version update, designed for contractors and service organizations:

• Unlock better insights with side panel access to multiple business document maintenance screens. This intuitive feature enhances end-user navigation, providing a more streamlined and efficient experience.
• Efficiently manage your cost codes by deactivating those no longer in use for your projects. Once deactivated, these cost codes become unavailable for selection but remain documented, ensuring uninterrupted workflow for your team.
• Empower your users with the ability to edit retainage information within subcontracts and purchase orders that are linked to change orders. This feature offers greater flexibility and control over your financial processes.
• Enhance project visibility with the capability to review outstanding Accounts Receivable (AR) aging documents and their unreleased retainage for a specific date. This feature provides valuable insights into project financials, aiding in informed decision-making.

Key Terms Explained

What is ERP System?

An ERP (Enterprise Resource Planning) system is a software solution that integrates and manages core business processes, such as finance, human resources, supply chain, manufacturing, and more. It facilitates seamless information flow across various departments, enhancing efficiency, collaboration, and decision-making within an organization. ERP systems help streamline operations, reduce manual tasks, and provide a centralized platform for data management.

Related: Benefits and Applications of ERP Systems

What is Acumatica?

Acumatica is a cloud-based enterprise resource planning (ERP) solution. It is known for providing businesses with a comprehensive suite of integrated applications to manage various aspects, including financials, distribution, customer relationship management (CRM), and more. Acumatica’s cloud-based approach allows users to access the system from anywhere, promoting flexibility and scalability for businesses of different sizes and industries.

Related: Acumatica Cloud ERP

What is Cloud-Based ERP?

Cloud-based ERP (Enterprise Resource Planning) is an ERP system that is hosted and delivered through cloud computing. Instead of being installed on a company’s on-premises servers, the ERP software and associated databases are hosted and managed by a third-party service provider in the cloud. Users access the ERP system through the internet.

Key characteristics of cloud-based ERP include:

• Accessibility: Users can access the ERP system from anywhere with an internet connection, providing flexibility and mobility.
• Scalability: Cloud-based ERP systems can often scale more easily to accommodate the changing needs of a business, whether it’s expanding operations or adjusting to seasonal demands.
• Cost Savings: Cloud-based ERP eliminates the need for on-premises hardware, maintenance, and IT staff for managing servers, potentially reducing upfront costs and ongoing expenses.
• Automatic Updates: The service provider typically handles software updates and maintenance tasks, ensuring that users have access to the latest features and security patches.
• Collaboration: Cloud ERP facilitates collaboration among users, allowing multiple stakeholders to access and work with real-time data concurrently.

Popular cloud-based ERP solutions include systems like Oracle NetSuite, SAP Business ByDesign, Microsoft Dynamics 365, and Acumatica, among others.

How does Acumatica differ from other ERP systems?

Acumatica differentiates itself from other ERP systems through several key features:

1. Flexible Deployment: Acumatica offers both cloud-based and on-premises deployment options, providing flexibility based on a company’s preferences or requirements.
2. Licensing Model: Acumatica uses a consumption-based licensing model, allowing users to pay based on the computing resources they use, which can be more cost-effective for certain organizations.
3. Unlimited Users: Acumatica typically offers unlimited user pricing, which can be advantageous for businesses with a large number of users or those that require broad access to the ERP system.

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4. Customization and Adaptability: Acumatica is known for its highly customizable platform, allowing businesses to tailor the ERP system to their specific needs without extensive coding. This adaptability can be particularly valuable for industries with unique requirements.
5. Integrated Modules: Acumatica provides integrated modules for various business functions, including financials, distribution, manufacturing, and CRM. The seamless integration of these modules can contribute to a more unified and efficient system.
6. Modern Architecture: Acumatica is built on a modern, cloud-native architecture, which can contribute to scalability, flexibility, and ease of updates.

Users should evaluate specific features, scalability, customization options, and deployment preferences when considering Acumatica or any other ERP system.

Related: 10 Best ERP Solutions for Your Business