September 9^th, 2023 –

Third Wave Business Systems, an award-winning SAP Business One Gold Partner, thanks Solver, a top SaaS Corporate Performance Management (CPM) software, for being an exceptional partner that together, have a revolutionary suite of products and services that empower businesses to enhance efficiency, scale, gain more of a competitive advantage, improve operations, save on costs, seamlessly integrate with other solutions, provide expert consulting, and much more.

Together, Third Wave Business Systems and Solver boast a history of success with our customers and have navigated a multitude of use cases to demonstrate our power and value for small to midsized businesses.

Start your transformation with us today and we’ll be your partner for life.

About Third Wave Business Systems

With more than 20 years of experience in SAP Business One consulting, Third Wave Business Systems leads the industry with a suite of SaaS solutions. We help take business to the next level with a personalized business approach with our consultants and we boast an impeccable integration record. Learn more about our products and solutions at twbs.com or contact us at info@twbs.com.

About Solver

Founded in 1996, Solver has won countless awards for its Corporate Performance Management solution that delivers FP&A solutions to meet midsize business needs. The CPM solution provider has been repeatedly named a CPM Leader by G2. Solver integrates with leading ERPs and is sold through our global offices and worldwide network of partners. Please visit www.solverglobal.com or contact info@solverglobal.com to learn more.

Background Information

Credit card payments are posted to a suspense account. You then use the Deposit function in SAP Business One to post the funds to the bank account and clear the suspense account when the statement is received from Credit Card company.

This example displays the postings made by an incoming credit card payment and deposit. 

Incoming Credit Card Payment from Customer: Debit on credit card clearing account, credit on customer account
Check Deposit:  Debit on bank account, credit on credit card clearing account

Procedure:  Deposit Credit Card Vouchers

When statement are received, the deposit function will be processed in SAP to deposit funds into bank, clear the suspense account, and record credit card service fees.  

• From the SAP Business One Main Menu, choose Banking -> Deposits -> Deposit. Result: The Deposit window opens.
• At the Deposit window, select the Credit Card tab.

• Specify the date of the deposit.  The current date is displayed by default.
• In the Bank Account/BP field, choose Bank Account and specify the G/L account (for example, Cash at Bank – Credit Card).
• Optionally, you may enter the details of the bank in which the deposit was made into the Bank and Branch fields.
• Select the lines included in the deposit.
• Press the ‘Total Commissions’ button and enter the amount of credit card service fees.
• Press Result:  A journal entry is created.  The status of the deposited vouchers is updated. When you display them in Credit Card Management, the value in the Deposited field is ‘Yes’. 

Journal Entry posted for Credit Card Deposit

Note: If you want to display the Credit Card deposit as one line in the Bank Reconciliation, deselect the setting for Credit Deposits under Document Settings -> Deposit window.   

This procedure is important to keep your suspense accounts balacnes, your bank balances accurate and to properly account for your credit card expense. If you have any questions about this procedue contact us.

Our Philosophy

As North America’s longest standing SAP Business One Partner we’ve literally been with our customers every step of the way and are deeply passionate about their success. Our leadership team ensures each SAP Business One customer benefits from both our implementation discipline and creative problem solving to support their current and future needs.

If you have decided that deploying your ERP solution to the cloud makes the most sense for your business, there are two types of cloud environments to consider: private cloud and multi-tenant (or public) cloud. Before deployment, decision-makers need to consider the respective benefits and drawbacks that each cloud environment provides.

One common misunderstanding to clear up is that the cloud ERP deployment model you choose does NOT define the functionality available within the cloud ERP solution. For example, with SAP Business One, an ERP solution capable of being deployed in public or private cloud environments retains all functionalities no matter where the solution is hosted.

Areas your deployment environment does affect, however, are security, scalability, accessibility, and cost savings, which can directly impact business growth and long-term success.

Here is a brief comparison of private cloud and multi-tenant cloud options, and what they offer in terms of running your Cloud ERP solution:

Private Cloud

A private cloud ERP environment is a secure cloud computing environment dedicated to one company. Private cloud ERP deployment offers all of the same options to an organization as an on-premise environment, with several additional benefits.

For our private cloud customers, Third Wave utilizes Amazon Web Services (AWS) secure cloud services platform due to its high level of service, reliability, scalability, security, and cost-effectiveness.

Additional benefits to private cloud ERP deployment include:

• Avoiding costly server investments;
• Not having to share computing resources with unknown companies;
• Full control over your ERP environment for upgrades, maintenance, etc.;
• AWS private cloud is significantly more secure than an on-premise server room;
• Easily add computing resources when needed;
• Access AWS easily from anywhere there is an internet connection;
• Quickly scale your private cloud environment as your business grows;

Multi-Tenant (Public) Cloud

A multi-tenant or public cloud ERP environment is a computing infrastructure that is shared by many businesses called tenants.

For security purposes, each company’s or tenant’s data is not visible to others within the multi-tenant cloud environment, but due to the sharing of computing resources, ERP system resources and performance can be affected.

ERP cloud deployment to the multi-tenant public cloud can mean several things:

• Multiple organizations share computing resources, which can pose resource constraints  that result in data throttling;
• Tenants are not in control of the timing of software upgrades, so they may occur when it is not inconvenient for your business;
• A public cloud ERP vendor can withhold your businesses data if an issue occurs with contract negotiation or payment;

Major risks associated with multi-tenant public cloud ERP vendors, such as Netsuite, are non-negotiable price increases, loss of use for non-payment, surprise addon charges and having your company held hostage.

Learn More: Which ERP Pricing Option Is Right For Your Business?

Our Recommendation

Third Wave highly recommends a private cloud ERP environment for its notable benefits in security, scalability, accessibility, and long-term cost savings. However, there may be reasons your business isn’t yet ready to invest in a private cloud environment. For both options, choose a trusted ERP cloud solution like SAP Business One Cloud from SAP.

SAP is the world leader in ERP software, where you can easily migrate your data between on-premise or cloud deployments (public or private) without the fear of losing access to your system and data.

At Third Wave Business Systems, North America’s longest-standing SAP Business One partner, we work closely with our customer to implement ERP solutions with deployment models that make the most business sense for your company’s success. No matter how you choose to deploy your ERP solution, Third Wave ensures your data remains secure and accessible when you need it.

To learn more about choosing the right ERP cloud deployment model for your company’s long-term success, schedule a customized demo with a Third Wave expert today.

Are you a service company looking to make a change to improve your overall business? Are you constantly trying to balance your employee supply with market demand? Ultimately, you want to improve service delivery by measuring and analyzing your business performance, differentiating your services based on profit potential. To gain this operational efficiency, you need to take a few things into consideration:

Do you experience any of the following with your current Enterprise Resource Planning (ERP) System?:

• Poorly integrated software
• Difficulty driving costs
• Difficulty driving growth
• Difficulty delivery value
• Cumbersome and disparate processes & IT systems

If you answered yes to even just one of these issues, it is definitely time to reevaluate your processes & systems. Furthermore, if your delivery of service is inefficient, you are simply wasting time on non-billable work.

By assigning highly skilled workers to the wrong jobs, you experience lower margins, incorrect pricing, and uncollected revenues. As a result, margins slip and your client satisfaction plummets.

By poorly managing your employees’ talents, you are creating an imbalance between client demand and your supply of resources. If you don’t have the ability to match the right employees with the right jobs/clients, you are perpetually missing out on revenue opportunities and dissatisfying your customers.

Since you struggle to deliver consistent client value from inaccurate and dated information, it gets difficult to determine whether client relationships are profitable or unprofitable. This leads to frustration on behalf of your clients and limited visibility into measuring your performance.

Fragmented systems make it difficult to evaluate projects, services, and contracts. This lack of performance hampers your ability to develop new service offerings. Simply put, you don’t have efficiency.

Improving Operations With An ERP Solution

So how do you not only improve your operational efficiency with ERP, but also maintain it? Since your clients expect the best from not only your services, but also the results and price of your service, you have to deliver. Unhappy clients will only turn to competitors for assistance while voicing their dissatisfaction through various social media portals. In order to meet the needs of your core business components, you should turn to SAP Business One with Third Wave Business Systems.

SAP Business One ERP For The Service Industry

SAP Business One provides rich functionality for all key service delivery processes: service delivery, staffing, client billing, contact management, service notification, revenue recognition, and profitability analysis. Get up-to-date demand forecasts through Business One’s reporting capabilities while also increasing profits and creating additional client value by servicing your clients quicker and more effectively.

SAP Business One is a powerful ERP solution that can be extended with pre-integrated Customer Relationship Management (CRM) and Business Intelligence functionality. With Business One, you will immediately see the follows benefits in your business:

• Intuitive interface and role-based navigation to improve user productivity and adoption processes
• Maximized talent utilization to optimize profitability
• Ability to match a forecasted demand for efficient services with current resources
• Client segmentation and analytics to strategically manage each client opportunity, determining the right talent for each project
• Managing overall risk
• One streamlined process and system
• Natural growth
• Lower operational costs
• VALUE

 

 

Third Wave Business Systems has a skilled team of experts who specialize in developing the SAP Business One solution to clients in the Services industry. After all, they are a service company themselves! They have helped build systems that tailor the needs of not only the individual company, but the industry as well. Contact Third Wave today and learn how you can gain more operational efficiency in the Services industry!

Aberdeen’s research shows how to simplify life at work with a single system to manage your business. The infographic below explains why growing businesses choose ERP Solutions over point solutions or stand-alone accounting solutions.

Contact the experts at Third Wave to find out how a single system can help you grow your business.

Portals provide access to everything from web forms, real-time dashboards, and charts to reports and performance indicators. More sophisticated portals allow users to customize & add additional web forms to meet the customer’s changing requirements. It’s all about sharing data and having instant access to the information you need to make the most effective decisions.

CEOs task IT departments with building executive dashboards that present real-time financial information about the company. From these dashboards, they can then drill down into reports to uncover actionable items.

A sales executive needs instant access to view the performance of the sales team. They also need access to portals in order to increase customer satisfaction.

But when there’s a necessity to create self-service portals that will help drive business growth, small and mid-sized businesses are lagging behind. This can be attributed to the lack of expertise that a small business has on their IT staff along with the lack of overall resources.

The cost of outsourcing the development can be prohibitive, leaving small businesses to continue to use spreadsheets and other manual processes in order to get the information they need. But this approach leads to errors in reporting, lacks real-time visibility and prohibits growth.

Companies also typically spend too much on customizations, which increases the development effort required as well as the risk of project failure. The budget may significantly increase as well because multiple platforms may be required to meet the needs of different audiences for web forms, dashboards, reports, and KPIs.

Another challenge is to ensure that the portals created are optimized for mobile devices. It’s critical to have information available whenever and wherever it’s needed, but if the portal isn’t responsive for mobile, it becomes difficult and unwieldy for users to access the data.

Does your current business management or accounting system provide your company with the ability to expand? Has your organization outgrown the capabilities of your current system to the point that it’s actually preventing growth? It’s time to evaluate your system through the eyes of an investor.

An investor is not only focused on what you are currently doing but also wants to know what you plan to do to ensure you have the capacity to grow. When you fail to invest in the right areas, you hinder that future growth and savvy investors will quickly recognize your limitations.

An investor will look at your development strategy and evaluate if the business management system you plan on putting into place will support sustainable operations. The system must enable you to manage your crucial organizational functions across sales, distribution, financials, manufacturing and client relationship management, providing you with a complete, real-time view of your organization so you can respond to clients faster and grow more profitably.

Choosing the right business management solution gives you the ability to simplify your complex processes as you develop nationally and globally. It scales with your business, allowing an increasing number of employees to use the system, while also adapting to growth as you acquire new clients, add supply chains, manage increasing inventory, and much more. The solution also helps you comply with new regulations, perform financial consolidations faster, and gain insight to make stronger, faster decisions.

The system allows you to standardize, streamline and automate your key processes so your employees can become more productive. Many of the processes that previously required time-consuming manual steps become completely automated. This means you can run your business more proficiently and transparently, as well as scale your business without having to hire additional staff.

Find out how you can optimize your business management systems by contacting the experts at Third Wave or click here to learn more about SAP Business One.