Financial Management for Field Service Businesses
For field service businesses, people across the business need to be in the know. Dispatch needs to connect with technicians, technicians need to understand equipment, and management needs to oversee both. But no matter how good the service, you can’t do much if you’re not bringing in money.
Financial Management is the backbone of any business management solution. This is no different for the field service business, who needs to connect billing with receivables, contracts with revenue recognition, and do so with a complete view over inventory, hours, budgets, and actuals. Much like the rest of information at your field service business, your accountants need to be in the know, and thanks to an integrated, focused Financial Management Solution, they can be.
As a leading provider of this solution, The Donas Group has the skills to customize, integrate, and deliver this field service management solution for companies like you.
What Makes Acumatica’s Advanced Financials Right for Field Service Businesses?
Understanding the big picture at your field service business requires you to track cash flow, account for services, and maintain visibility across the business. Configured to meet your needs by an experienced partner, Acumatica Financial Management fits into your processes and puts your finance team in control.
Financial management software provides businesses with a full suite of accounting functions to track daily financial operations and generate quarterly and annual financial statements. When tailored to the needs of the Field Service business, you can get the most out of every project. Here’s how:
- Streamline Processes and Reduce Errors: Efficiently handle all your finance operations by streamlining laborious and inaccurate manual processes. See how everything works together in a centralized location, drill down to see drivers behind the numbers.
- See the Big Picture: Gain a complete view of project-related costs for materials, labor, services, and inventory items. Compare budgets to actuals and focus on constant improvement.
- Bill Accurately: Connect mobile billing and invoicing in Service Management with your Financial Management solution to track billing rates by technician, equipment, customer, and more. Recognize revenue based on completion percentage or task progress.
- Remain Flexible: Improve project management by controlling changes to the project scope, including customer and internal requests. This information continually updates in your financial management solution and helps you stay up to date.
Key Features of Acumatica Advanced Financials for Field Service
As one of the most flexible ERP products on the market, Acumatica lets you build the exact product you want to use. Not only does Financial Management connect with Field Service, you gain even more by integrating with Customer Management Manufacturing, Distribution, Commerce, Project Management, and more.
General Ledger
The core of any good financial management platform, Acumatica General Ledger functionality provides your business a central repository, fully integrated, with analysis and real-time reporting power.
Accounts Receivable
Speed up the creation and distribution of invoices, receipt and collection of payments, and meet your revenue recognition requirements. Acumatica Accounts Receivable connects to the rest of your software to improve your business.
Accounts Payable
Connect your business and improve the speed with which you pay suppliers. With Acumatica Accounts Payable, you can improve the way you manage liabilities and make payments for goods and services.
Cash Management
Control day-to-day transactions, cash balances, funds transfer, and bank account reconciliation.
Project Cost Tracking
Time and Expense Management
“M3 Technology has grown dramatically since implementing Acumatica. With the move from the old on-premise solution to Acumatica’s Cloud ERP, M3 experienced a growth in revenues by 60% in just the first two years, all while maintaining the same headcount in the finance department. We came out of the gate billing larger orders, but we covered the tasks with the same people. We weren’t extra stressed or working overtime to keep up, yet we were doing way more in sales and transactions through Acumatica.“
– Kelly Burns, ERP Developer & former Chief Operating Officer (M3 Technology Group)
Get to Know Acumatica Field Service and The Donas Group
Built to integrate with a variety of applications—whether they are made by Acumatica or a third-party vendor—Acumatica’s financial management functionality delivers a strong backbone for your business. Customized for your field service business by value added resellers like Donas, you gain access to the information you need—when and where you need it.
As a leading provider of this usable and functional application, The Donas Group can help you make the most of your journey to the cloud. Get to know more about our work and contact us for a free consultation.