Why you should switch to ERRM?

What is ERRM?  Enhanced Revenue Recognition Method or ERRM is a feature in RFMS designed to give users more detail of the activity in Journal. It utilizes new Standard Account Codes for enhanced Journal reporting and real-time General Ledger posting.  And it complies with SOX, the United States federal law enacted in 2002, which set new or enhanced standards for all U.S. public company boards, management, and public accounting firms

• The feature breaks apart the Journal summary reports as they take place into a detailed listing that shows when specific transactions take place.
  • A/R
  • A/P
  • Customer Deposits
  • Sales
  • Cost of Sales
  • Bank Deposits
  • Inventory

No more Month End Summary Postings to your journal in one lump sum.

• You gain Work-in-Progress and Accrual tracking through the Journal for Material and Labor.
• Labor Costs post when a job is booked vs. when the installer paid.
• Sales Tax is not included in Sales number. It is posted to its own Cost of Sales account as well as your Sales Tax Liability as jobs are booked.
• You gain the ability to Bill your customer and create an Accounts Receivable before all expenses entered into a job. Billing allows you to run customer statements prior to job costing.
• You can Book orders before job costing to recognize revenue before all vendor invoices are received and entered.
• Material status (Staged) added when picking ticket is run. With a delivery ticket, you remove the inventory.  Status of delivered can be utilized to identify what material has been sent out to job site.  No more cut and delivered material listed on month-end inventory balance report.

Quite simply, ERRM gives you the financial data you need for managing your business and the financial statements required by financial institutions and is, therefore, considered the Best Practice in Accounting for most RFMS clients.