MYOB has unveiled an impressive array of new features in the 2024.1 Spring Release, enhancing accuracy, efficiency, tracking, and financial management to drive better project outcomes and elevate customer satisfaction. This blog will explore the latest enhancements and features for managing projects in MYOB Acumatica.
Pro Forma Billing Enhancements
Construction firms often grapple with inaccuracies in proforma invoicing, labor-intensive manual processes, and challenges in tracking changes, leading to financial discrepancies and project delays.
The MYOB Acumatica 2024.1 release addresses these issues with automated calculations, streamlined workflows, enhanced tracking, and integration with project management tools. These improvements boost accuracy, efficiency, and transparency in the billing process, ensuring superior financial management and project tracking.
Key benefits of this feature include:
- Enhanced Accuracy: Automated calculations and better integration with project management tools minimize errors.
- Increased Efficiency: Simplified workflows reduce manual data entry, accelerating the billing process.
- Improved Tracking: Enhanced audit trails and documentation for all invoice changes increase transparency.
- Better Financial Management: Faster billing cycles and precise invoicing improve cash flow and project tracking.
AP Project Transaction Link to Pro Forma
Enhanced Project Costing Reconciliation for Expenses and Billed Amounts
The reconciliation process for project costs, including expenses and billed amounts, has been significantly upgraded. Customers can now link AP bills and expenses directly to specific proforma invoice lines via a project side panel. This enhancement is designed to improve project accounting accuracy and validate customer invoiced amounts.
NOTE: Substantiated billing is coming in the future, offering customers detailed reporting to better validate billed amounts. The integration of AP documents with proforma lines in the MYOB Acumatica 2024.1 release marks the initial phase of this rollout.
Practical Application of Features in MYOB Acumatica
The Project Manager aims to link project expenses directly to customer billing amounts, enhancing the accuracy of customer invoices. The AP Clerk seeks improved control over subcontractor payments through a pay-when-paid feature, mitigating potential cash flow challenges for the organisation.
Improved Process of Pro Forma Invoice Correction
Ensure precise and efficient handling of pro forma invoice corrections with a streamlined workflow for previously closed and released accounts receivable documents.
A pro forma invoice is a preliminary bill of sale provided to buyers before the delivery of goods. It typically includes a description of the items, the total payable amount, and other essential details such as shipping charges and sales conditions. Unlike a regular invoice, a pro forma invoice does not request payment; instead, it outlines the transaction's terms and estimates the associated costs. This type of invoice is often used to declare the value of goods for customs or to provide an itemised quote to a customer before finalising the sale.
Previously, users had to generate a new AR invoice corresponding to the amended pro forma invoice, along with a reversing AR credit memo for the original AR invoice. This process was then manually applied to the reversing documents, making it cumbersome and inefficient.
With the MYOB Acumatica 2024.1 release, this process has been streamlined to automate the creation of the new AR invoice and AR credit memo.
The key benefits of this feature include:
- Enhanced Accuracy:
- Automated calculations reduce errors.
- Improved integration with project management tools ensures up-to-date information.
- Streamlined Processes:
- Simplified workflows minimize manual entry.
- Real-time updates enhance visibility and control over invoicing.
- Better Tracking:
- Detailed audit trails for all invoice changes.
- Clear documentation of approvals and modifications.
Example of Feature use in MYOB Acumatica
A Project Manager can handle corrections and adjustments to proforma invoices through a more streamlined corrections workflow that automates the release of the AR credit memo and auto-reverses the AR Invoice, overcoming manual steps.
The MYOB Acumatica 2024.1 Spring Release brings a suite of powerful enhancements designed to streamline project management, improve financial accuracy, and boost overall efficiency. By automating complex processes and integrating seamlessly with project management tools, these new features empower businesses to achieve better project outcomes and elevate customer satisfaction. Stay ahead of the curve by leveraging these advancements to optimise your operations and drive growth.
For a deeper dive into how these updates can benefit your specific operations, explore our other blogs covering Finance, Sales and Customer Management, Project Management, Supply Chain Management, Production, Field Services, and Platform Enhancements.
Additionally, you can access the full release notes here for a complete overview of all the new features and improvements.
