Preparation time for month-end reporting cut by more than half
Prior to Acumatica, management depended on the Financial Department for monthly close information prepared manually in Excel—this could take up to a month or more after month-end. With Acumatica Cloud ERP software, current financial information is always available online, allowing for better decision-making. Monthly close information is now ready on day 10 of the following month.
Transactions required for vendor invoicing reduced by 50%
Before Acumatica, processing a vendor invoice required two transactions (first, to register the invoice and second, to manually select then calculate the withholding tax to be applied to the invoice, according to local tax regulations). Because EOS processed nearly 90 invoices a day, this meant close to 200 transactions were necessary.
Acumatica allows EOS to set up a withholding tax code for each vendor, so when the AP user selects the vendor invoice, the withholding tax percentage is selected automatically, then calculated and posted in a single transaction. This results not only in huge time savings, but in reduction of potential errors as well.
Complex reporting time shortened from 20 days to 1
Ecuador’s specific local tax requirements call for a specialized report to be submitted monthly to authorities. This complex report was prepared manually by the Accounting Department and could take as many as 20 days to complete and validate the information. Now, with Acumatica, the report is prepared with the click of a single button and requires approximately one day for validation.
For EOS, the most significant benefit in purchasing Acumatica is an intangible peace-of-mind. Schotel explains, “When you have an ERP, you want a system that’s good for the next 15-20 years, one that’s going to grow with you. You want an ERP that is a solid partner and helps you envision what else you can do to give added value to your customers. If we continue the partnership we have with Acumatica, we’re going to be able to make that happen.”