FileBound Document Management – An Easy Choice

Sage announced yesterday that Sage ERP X3 was named a Leader in the Nucleus Research 2012 second half Technology Value Matrix for Enterprise Resource Planning (ERP).  The report describes Sage ERP X3 as being “scalable and flexible” with an “improved user experience” and integration with various Sage cloud applications, such as Sage SalesLogix for CRM and Sage Exchange for payment processing. The Value Matrix is based on functionality and usability, and  applications are placed into four categories of the Matrix: Leaders, Experts, Facilitators, and Core Providers. The Matrix measures two core attributes that best indicate an application’s ability to deliver initial ROI and, ultimately, maximum value over time. Those like Sage ERP X3 in the Leaders quadrant, have invested in both functionality and usability features that are likely to deliver the greatest potential returns. the two core measures that Nucleus has found indicate an application’s ability to deliver initial ROI and, ultimately, maximum value over time. “Sage ERP X3 offers preconfigured solutions for manufacturing (discrete and process), services and distribution. With its latest major release, Sage ERP X3 provides an improved user experience with Webtop (a set of personalized widgets), better search capabilities, and extended cloud applications,” said Gabriel Gheorghiu, principal analyst, Nucleus Research. “It can also be deployed as a hybrid delivery model, which is a combination of cloud and on premises. These enhancements make Sage ERP X3 one of the top ERP solutions from both a functionality and usability perspective.” You can read the full news release at http://na.sage.com. Or visit here to learn more about leading ERP solution Sage ERP X3.

Wholesale Distributor Realizes 25% Efficiency Gain with Move to Acumatica. Midway Industrial Supply has been a stalwart in the industrial sector for nearly six decades, serving the Mid-Atlantic region through the supply of power transmission and industrial products and repair services. In an industry that’s traditionally slow to embrace change, Midway continually innovates, growing through strategic acquisitions while striving to keep its operations lean and efficient. So when its outdated on-premise ERP began negatively impacting operations, Midway was ready to make a change. The company recognized the timing was right to replace Infor FACTS with a modern, cloud-based ERP — Acumatica Cloud ERP — and turned to its long-time technology partner, Net at Work, to make it happen. Gearing Up for Growth   “We were ready to move the business forward by taking advantage of a next-generation, cloud-based ERP application,” explains Richard Swank, Midway’s CFO. “Infor FACTS had been around for nearly 30 years. We had a lot of performance and network issues that zapped productivity. Also, we wanted a more agile, modern solution that would make it easier to roll out to new entities and provide us with better insights across the organization.” Midway considered other ERP applications before zeroing in on Acumatica. “Net at Work recommended Acumatica as an ideal replacement for FACTS. We’ve trusted Net at Work with our technology for decades, and their recommendation carried weight,” adds Swank. Modifications to Fit, Not Foil, Updates One challenge Midway faced with its previous ERP system was extensive customization, which resulted in challenging — and therefore infrequent — software updates. But Acumatica’s highly configurable platform alleviates this pain point. Midway can make most of the changes and adjustment they want in Acumatica through simple configuration adjustments. Midway also has access to Net at Work’s library of Acumatica enhancements through its Customer Experience Plan. In addition, the Net at Work programming team has built several customizations that add specialized functionality, but none of these modifications impede the company’s ability to update the software. “We update every year without issue,” notes Swank. ROI Powered by Greater Efficiency Since implementing Acumatica, Midway has made three acquisitions and opened three new locations while hiring only one new finance department employee. The efficiencies gained with Acumatica led to substantial growth without increasing overhead costs. “We’re growing bigger but remain lean,” Swank says. “Much of that is because of the efficiencies we’ve gained with Acumatica. We can achieve things with the software we never considered with the older application. With Acumatica, every single process is more efficient. I would estimate that overall, we’re seeing a 25 percent gain in efficiency. That alone helps pay for the software.” Supporting Data-Driven Activity Midway’s remote sales teams have direct access to a customized Acumatica dashboard, providing instant access to key performance indicators, informative graphs, and detailed reports. It’s a simple yet impactful change that allows sales teams to spend more time with customers and less time searching for data. Midway Industrial Supply’s transition to Acumatica Cloud ERP has been a resounding success. The product’s flexibility and strong partnership with Net at Work have empowered the organization to scale efficiently, achieve significant gains in efficiency, and streamline operations across its distributed organization. Download the full Net at Work success story to read more about Midway Industrial Supply’s next-generation transformation.

Beginning with tax year 2020, businesses will now need to use Form 1099-NEC to report non-employee compensation in Acumatica Cloud ERP. Form 1099-MISC has been updated with rearranged box numbers for reporting certain income. 1099 MISC / 1099 NEC in Acumatica Starting in 2020, form 1099-MISC was redesigned to remove Non-Employee compensation, and a new Box 7 was added. For those that issue Non-Employee 1099s, reporting will now be done using form 1099-NEC. Acumatica Vendor Setup In Acumatica versions 2019 R2 or later, no Vendor setup changes are needed. Acumatica will automatically print nonemployee compensation amounts, which were historically in 1099-MISC Box 7, now as form 1099-NEC Box 1. Other 1099 settings will also automatically print to the proper 1099-MISC boxes: Box 9 Direct Sales will print to 1099-MISC Box 7 Box 10 Crop Insurance Proceeds will print to 1099-MISC Box 9 Box 14 Gross Proceeds to Attorney will print to 1099-MISC Box 10 Box 16 State Tax Withheld will print to 1099-MISC Box 15 Box 18 State Income will print to 1099-MISC Box 17 Box 151 Section 409A Deferral will print to 1099-MISC Box 12 Box 151 Section 409A Income will print to 1099-MISC Box 14 Please contact Net at Work to discuss version upgrades or 1099 reporting workaround processes with Acumatica versions 2019R1 and lower. NOTE – Acumatica does not process 1099 Interest or 1099 Dividends Where to purchase 1099 Forms Pre-printed 1099-NEC or 1099-MISC Forms can be purchased online through Amazon.com, or in stores like Costco, Walmart or Office Depot. Do not wait until the end of January process your 1099s!!! Employers must file forms 1099-MISC and 1099-NEC by February 1, 2021. Updating YTD 1099 Amounts in Acumatica If AP Invoices have been processed for the year but not marked correctly for 1099 purposes: Update the original transactions using AP Bills and Adjustments, changes to the 1099 Box settings in Document Details are allowed even after the AP Bill has been Released. For system conversion purposes or to enter a summary 1099 amount for a Vendor: Enter an AP Quick Check, using the same GL Account as both the DR and CR to create a wash entry in the General Ledger. The amount of the Quick Check can be used as a summary entry for the 1099 vendor. The Quick Check will need to be cleared in Banking for reconciliation purposes.
Reviewing 1099 Details in Reporting in Acumatica Run the 1099 Year Details report to see your 1099 Amounts. NOTE – Compare this to your AP Payment Register report to make sure you did not miss any payments not marked as a 1099. Printing 1099-NEC Forms Acumatica Under the 1099 Menu, run the 1099-NEC Form for each Company/Branch. NOTE – Get your 1099-NEC forms ordered ahead of time. NOTE – Test two vendors before printing 1099 forms for all vendors. Filing the 1099-NEC Electronically in Acumatica Under the 1099 Menu, you can run the 1099-NEC Create E-File Process. This will create a text file that you then transmit to the IRS. NOTE – This process in Acumatica will create the file, but It will not transmit it for you! Closing the 1099 Year in Acumatica Once you have printed and submitted your 1099s, close your 1099 Year. This locks your 1099 amounts and prevents your numbers from changing. Please contact Net at Work with any questions or to schedule a quick review of the Acumatica 1099 reporting process. .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }