22nd October, 2024
The Spring 2024 release of MYOB Acumatica is packed with features that cater to the evolving needs of mid-market businesses.
This year’s 2024 R1 Spring Release is focused on boosting customer experience, deepening industry-specific functionality and integrating intelligent technology to help business work faster and smarter.
Let’s dive into the top 8 updates and see how they’ll enhance business operations.
For businesses that need to stay on top of inventory management, the DRP feature is a game-changer. This centralised planning tool helps you manage material needs across warehouses by predicting demand and offering replenishment suggestions based on factors like sales orders, safety stock levels, and forecasts. This ensures that businesses prevent over-ordering or stock shortages, giving inventory managers better control.
DRP also considers lead times, making it easier for companies to maintain just-in-time inventory management, which is critical for avoiding costly delays or overstocking. This feature is essential for distributors looking to optimise their supply chain operations.
MYOB Acumatica takes reporting to the next level by enabling users to use one GI as the data source for another GI, giving you the ability to calculate metrics such as current ration for a financial dashboard or a win rate for sales and marketing managers . This flexibility allows for more advanced and tailored reporting options, empowering users to get specific insights from their data. Whether you’re managing sales, finance, or production, this enhancement helps streamline your business intelligence processes and offers a clearer picture of your operations.
By reducing the time spent on data entry and manual reporting, this update makes it easier to identify opportunities for growth and improvement.
Customer service just got easier with improvements in case management. MYOB Acumatica has introduced automation for assigning cases based on their severity, ensuring that your team handles the most critical issues promptly. Tracking service level agreements (SLAs) and managing commitment due dates are also enhanced, making it simpler to meet your customer service targets.
For businesses that deal with high volumes of customer support, this update ensures cases are managed efficiently, improving customer satisfaction and helping teams stay on track with commitments.
Keeping up with compliance and award rates is a common pain point for businesses, particularly those with a large and varied workforce. The WFM awards library simplifies this by offering an up-to-date library of agreements. This feature allows businesses to quickly apply the correct award conditions to employees, cutting down the time spent on onboarding and payroll administration while ensuring compliance with current regulations.
For industries like hospitality and retail, this feature provides peace of mind by ensuring employees are paid correctly without the manual effort of maintaining up-to-date award rules.
Construction and project-based businesses will appreciate the enhanced proforma billing processes. Previously a user would have to create a new AR invoice for a corrected proforma invoice and a reversing AR credit memo for the AR invoice. Users would have to manually apply these reversing documents which was clunky and inefficient. With the Spring Release, the process has been streamlined so that automation now takes care of the creation of the new AR invoice and AR credit memo. This is particularly beneficial for industries where project billing can be complex, and accurate invoicing is critical.
This update helps maintain clean financial records and ensures project finances are managed with minimal friction.
For manufacturers, the Spring Release introduces several improvements to the Material Requirements Planning (MRP) module. New features such as kit planning will help businesses optimise their production processes. Additionally, the introduction of inactive warehouse management and the ability to exclude return orders from planning makes the inventory planning process much more efficient, particularly for complex manufacturing operations.
These updates provide better forecasting and planning tools, enabling manufacturers to stay ahead of production bottlenecks and improve efficiency.
Financial teams will love the new feature that allows users to reverse cash purchase documents without voiding them. This new “cash return” document can be created directly from the original transaction, streamlining the workflow and improving the accuracy of financial records. This feature is ideal for industries like retail or those with frequent cash transactions and returns, reducing errors and speeding up financial processes.
By automating these corrections, businesses can ensure more accurate financial reporting and avoid the manual re-entry of transactions.
Another key update for manufacturing businesses is the ability to report operations out of sequence. This feature allows businesses to record production events even if they don’t occur in the planned order, improving flexibility in managing production workflows. It’s especially beneficial for manufacturers dealing with complex production lines where operations might not always follow the initial sequence.
This helps reduce delays and ensures that businesses can maintain accurate records of their production processes, even when changes occur.
The Spring 2024 release of MYOB Acumatica is packed with features aimed at helping mid-market businesses improve their operational efficiency, financial management, and customer service. Whether you’re looking to streamline project billing, enhance inventory management, or optimise production workflows, these new tools offer the flexibility and control to meet your business’s evolving needs.
With features like Distribution Requirements Planning (DRP), advanced case management, and improved proforma billing, MYOB Acumatica allows businesses to better plan, manage resources, and reduce manual workloads, all while staying compliant with industry regulations.
Whether you’re an existing MYOB Acumatica user or exploring ERP solutions for the first time, now is the perfect opportunity to explore these new features. Visit the MYOB Acumatica Release Hub to learn more about upcoming features and enhancements and to learn how to make the most of these innovations to help drive your business forward.
For more information on MYOB Acumatica, and to arrange a demo call, click here to fill in the form and we’ll be in touch.
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