22nd October, 2024
Mid-market industries are evolving rapidly, and MYOB Acumatica is leading the charge with powerful capabilities to help businesses grow, innovate, and meet new challenges. With each major update, MYOB Acumatica ensures its customers have the tools needed to stay ahead of the game.
As we approach the roll-out of the Spring Release, MYOB Acumatica is introducing new features and key enhancements that will help users improve customer experience, boost productivity and visibility with intelligent technology, and win in Construction, Manufacturing and Wholesale & Distribution with industry-specific updates.
Let’s explore the exciting new features in the 2024 R1 Spring Release and what’s on the roadmap for MYOB Acumatica users in 2024 and beyond.
The 2024 R1 Spring Release brings several exciting features and enhancements aimed at boosting productivity, streamlining operations, and improving financial management. These updates offer more flexibility, greater automation, and deeper insights. Here’s a breakdown of some of the key highlights from this release.
First up is the ability to reverse a cash purchase document. This functionality benefits retail businesses and corporate finance teams handling frequent cash purchases and refunds. Previously, voiding and re-entering details was time-consuming and prone to errors. Now, users can create a “cash return” document directly from the original transaction, streamlining workflows and improving the accuracy of financial records.
Next, there is support for credit memos with terms and cash discounts, allowing businesses to offer early payment discounts more effectively. This feature improves cashflow forecasting and ensures accurate reporting, particularly valuable for companies managing large volumes of invoices in retail and manufacturing sectors.
Several improvements in sales and customer management will streamline processes even further. Enhanced case management features will allow customer support teams to handle service issues more efficiently. Automatic case assignment based on severity and SLA tracking will help businesses meet and exceed customer service expectations, even under heavy workloads.
Enhancements in returns (RMAs) introduces new search criteria to quickly find and process a return, improving employee productivity and the customer experience. Additionally, tracking approval and rejection reasons on financial forms ensures better documentation and decision-making across departments.
This Spring Release introduces a range of updates for manufacturing businesses aimed at optimising production processes. Material Resource Planning (MRP) enhancements improve planning efficiency, which help minimise bottlenecks. Features like kit planning and out-of-sequence reporting for operations provide flexibility in managing production timelines.
Construction and project-based businesses benefit from enhanced pro forma billing. The ability to correct pro forma invoices allows corrections to be made directly to proforma invoices and automatically generate accounts receiveable documents. This reduces administrative overhead, keeps project billing accurate, and is crucial for industries like construction, where managing project finances and invoicing can often be complex and prone to errors.
Field service businesses will benefit from the ability to reverse service invoices, which streamlines the process of handling billing errors and refunds. This ensures financial workflows are more accurate and reduces the administrative burden of service invoicing.
For those in supply chain and distribution, the introduction of Distribution Requirements Planning (DRP) is a game-changer. This feature centralises inventory planning and generates replenishment suggestions based on demand. DRP helps businesses prevent over-ordering and stock shortages by considering forecasts, sales orders, and safety stock levels.
Additionally, bi-directional pick-lists and aggregated quantity picking will significantly improve warehouse management. These features enable more efficient picking and packing, speeding up order fulfillment and reducing manual errors.
Payroll teams will appreciate the new Workforce Management (WFM) agreements library that will easily help apply local regulatory requirements and maintain accurate pay conditions. Within WFM, we’ve also made it easier to onboard new employees and apply agreements to automate employee payments, leave entitlements, and more, all while reducing the time required to ensure compliance.
The Spring 2024 release also includes major improvements to Platform Services, with a focus on automation and user experience. Enhancements to business events and action sequences make it easier to automate repetitive tasks, allowing teams to focus on strategic activities. The ability to use generic inquiries (GIs) as data sources for other GIs adds flexibility to reporting, enabling deeper operational insights.
To ensure businesses make the most of these new features, MYOB offers various support resources, including demo videos, release notes, and online learning modules.
MYOB has also introduced its new Release Hub, a new destination to stay up to date with MYOB Acumatica releases and connect with resources to make the most out of new features and enhancements.
While the 2024 R1 Spring Release offers plenty of new features to explore, there’s even more to look forward to in future updates. MYOB Acumatica customers can expect further advancements in 2025 and beyond. With heavy investment in product development and a focus on customer feedback, MYOB continues to develop MYOB Acumatica and help mid-market customers do big things.
Whether you’re managing complex financial processes, overseeing large-scale projects, or optimising supply chain operations, MYOB Acumatica has the tools and features to keep your business competitive.
MYOB is committed to delivering continuous improvements to our products, ensuring your business always has access to the latest tools and technologies. Whether you’re in construction, manufacturing, or distribution, MYOB Acumatica is designed to grow with you, offering scalable solutions that adapt to your evolving needs.
With the Spring Release and exciting updates on the horizon, you can trust that MYOB Acumatica will continue to provide the best-in-class technology needed to thrive in today’s fast-paced market.
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.
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