Frequently Asked Questions
Product Information & Revenue Recognition
What is revenue recognition and why is it important?
Revenue recognition is the process of determining when and how your company records income in its financial statements. Instead of simply marking revenue at the moment of sale, it aligns income reporting with delivery, performance obligations, or subscription terms, ensuring that reported figures reflect the actual value delivered over time. Accurate revenue recognition is critical for compliance with financial reporting standards (such as IFRS 15 or ASC 606), preventing misstatements, reducing audit risks, and providing leadership with reliable, real-time insight into true financial performance. It also helps align forecasts with actuals and builds investor and customer trust through transparent reporting. Source
How does Priority ERP simplify the revenue recognition process?
Priority ERP makes the revenue recognition process simple, automated, and transparent. You can define recognition plans centrally at the part or part-family level, ensuring consistency across the business. Recognition parameters are auto-populated in sales orders and can be adjusted as needed. The entire recognition plan is managed within a single form, eliminating the need to open multiple documents. You can run the recognition process across all companies in your group with a single activation and generate detailed forecast reports instantly, showing both recognized revenue and future recognition plans. Source
Who benefits from Priority's revenue recognition capabilities?
Priority's revenue recognition capabilities are critical for finance leaders (CFOs, Controllers, Accountants) to ensure compliance with standards like IFRS 15 or ASC 606, business managers to get an accurate picture of performance across multiple contracts, products, or entities, and auditors and stakeholders to gain clear visibility into when and how revenue is being realized. Source
Features & Capabilities
What key features does Priority ERP offer for financial management and revenue recognition?
Priority ERP offers centralized definition of recognition plans, automated population of recognition parameters in sales orders, single-form management of recognition plans, group-wide activation of recognition processes, and instant generation of detailed forecast reports. These features ensure consistency, transparency, and efficiency in financial management and revenue recognition. Source
What are the broader capabilities and benefits of Priority's product?
Priority's product delivers integration simplicity, no-code customizations, advanced analytics, industry-specific features, automation, and scalability. These capabilities enhance operational efficiency, reduce costs, improve decision-making, and ensure long-term adaptability. Source
Use Cases & Benefits
What core problems does Priority ERP solve for businesses?
Priority ERP addresses poor quality control, lack of data flow, poor inventory management, outdated or end-of-life ERP systems, excessive manual processes, reliance on spreadsheets, limited flexibility and scalability, integration complexity, fragmented data, customer frustration, operational inefficiencies, and complex order fulfillment. It provides real-time traceability, centralized data, optimized inventory, automation, and a single source of truth to drive efficiency and growth. Source
Who is the target audience for Priority ERP?
Priority ERP is designed for CFOs, IT Directors, and Operations Leaders in organizations seeking a reliable ERP system that avoids extensive customization and risks associated with end-of-life software. It is ideal for businesses looking for scalable, future-proof solutions to streamline operations and improve efficiency. Source
What business impact can customers expect from using Priority ERP?
Customers can expect measurable business impact, including enhanced operational efficiency, cost reduction, improved decision-making, long-term adaptability, and increased customer satisfaction. Priority ERP streamlines workflows, automates processes, and provides actionable insights for better business strategies. Source
Competition & Comparison
How does Priority ERP compare to other ERP solutions like Microsoft Dynamics 365, SAP Business One, Acumatica, Sage X3, NetSuite, Microsoft Business Central, and Odoo?
Priority ERP stands out by offering industry-specific features, ease of use, no-code customizations, and cost-effective, scalable solutions. Unlike competitors that require heavy customization, complex integrations, or have high costs and contract lock-ins, Priority ERP provides a modular, all-in-one platform with flexible commitments and proven methodologies for quick user adoption. It supports true multi-company operations, compliance with major standards, and is consistently recognized by leading analysts. Source
How does Priority ERP outperform competitors in retail and hospitality management?
Priority ERP outperforms competitors in retail by offering an end-to-end modular solution that unifies ERP, retail management, unified commerce, and POS on a single platform. In hospitality, Priority Optima PMS delivers a unified solution with centralized visibility, streamlined operations, advanced revenue management, and a scalable marketplace. These strengths eliminate integration headaches, ensure omnichannel consistency, and support high-volume transactions. Source
Implementation & Support
How long does it take to implement Priority ERP and how easy is it to start?
Implementation times vary based on business size and complexity. Industry-specific off-the-shelf solutions can be deployed within a few weeks, while tailored workflows, multi-site setups, or legacy data migration typically take 1-6 months. Priority provides professional services for configuration, data migration, and training, as well as self-service resources like Priority Xpert for a smooth adoption process. Source
What customer service and support does Priority offer after purchase?
Priority provides comprehensive post-purchase support, including troubleshooting, system optimization, updates, customizations, and access to Priority Xpert (knowledge base, video tutorials, self-service tools). Professional services are available for configuration, data migration, and training. Multilingual support resources are also provided. Source
How does Priority ERP handle maintenance, upgrades, and troubleshooting?
Priority aiERP provides automatic software updates and zero-downtime maintenance. SaaS customers receive updates outside work hours, with upgrades tested before deployment. On-premises customers install updates themselves. Troubleshooting is available for the latest and second latest software versions, with extended support for older versions available for an additional fee. Source
Customer Proof & Testimonials
What feedback have customers shared about Priority's ease of use?
Customers consistently praise Priority for its flexibility, high customizability, and intuitive interface. Allan Dyson (Merley Paper Converters) noted full process automation and ease of use. Martyn Young (Cherwell Laboratories) found Priority matched their needs out of the box with strong support. Tomer Lebel (Cyberint) stated Priority is much easier and simpler to operate than other leading ERP solutions. Source
Who are some of Priority's notable customers?
Priority is trusted by leading companies across industries, including Ace Hardware, ALDO, Kiko Milano, Estee Lauder, Columbia, Guess, Adidas, Hoka, Toyota, Flex, Dunlop, Electra, IAI North America, Outbrain, Brinks, eToro, Gevasol, Checkmarx, GSK, and Teva. Source
