Unit4 Financials 2023 Q1 Release
March 2023
Unit4 Financials by Coda 2023 Q1 was made available on 14 March 2023.
The new release contains all the previous Unit4 Financials functionality and new features. Plus, many additional customer requested fixes, highlighting the importance of logging enhancements via Unit4’s Community 4U.
Highlights of the 2023 Q1 release include:
Administration
- User Master
Finance
- Element Authorisation
- Pay Format Files
- Deprecated features
General Fixes/Updates
- Information about the version of a Desktop Application has now been updated to refer to the About option on the application menu.
- The Browse Worklist link has been corrected in the workflow alert email, the link now opens Browse Worklist.
- Metadata Dataview – It is now possible to add new attributes when editing dataview joins.
- Resolved an intermittent logon issue in Workflow Designer and Print Formatter.
- Functional errors (with stack trace) generated in webservices are no longer output to the container log.
- Out of memory errors when exporting data have now been fixed as part of general improvements to state handling.
- The Installation Requirements have been updated to explain how to get Java 11 to print the same separators as Java 8 for certain locales (for example Swiss French).
- If a cost centre transfer fails to post (for example – when period access is closed), the asset is no longer kept locked.
- All rows in Billing Browse are selected when using the ‘Select All’ check box.
- Restricted tax lists set on finance document masters are now enforced in Intray Management and Browse Intray.
- Header only documents on the Intray can now be retrieved for modification and deletion in Intray Management and Browse Intray.
- An original user can now modify and post back to the intray (but not to the books) a document whose “Prevent posting to books by original user” flag is set.
- Column recnum on tables ‘oas_elmhistory’, ‘oas_inthist’, ‘oas_lethist’ and ‘oas_prlhist’ has been increased in size from smallint to int to minimise accidental rollover.
- XL will reauthenticate when the current session expires.
- Reduced the memory usage in the CSV Transformation and the Repository Output.
- Security of attachments has been improved
The Release Notes detailing the fixes and features within this release can be found in the Documentation area on Unit4’s Community 4U.
Release dates for Cloud users
Unit4 Cloud customers are notified by Unit4 Cloud support when their pre-production and production systems will be updated. This information can also be found within the Cloud Services – Release Schedules area. View the 2023 Cloud Schedule here.
The Release Notes detailing the fixes and features within this release can be found in the Documentation area on Unit4’s Community 4U.
Upgrading Financials is not merely about accessing the new functionality that comes with a new software release. It is also about mitigating technology, operational, and business risk.
Millennium+
Resource
February 2023
Tailored packages to suit your Unit4 Financials by Coda needs
Would you like to learn more about Millennium+?
View our Millennium+ PDF as we outline exactly what it is, what services we provide and how it can transform your business.
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Renewable energy to become the world’s top source of electricity by 2025
February 2023
Renewable energy will become the world’s top source of electricity within three years, new data reveals.
According to the International Energy Agency Electricity Market Report 2023, 90% of new demand between now and 2025 will be covered by clean energy sources like wind and solar, along with nuclear energy.
This growth in output means that renewables will become the world’s largest electricity source within three years – providing 35% of the world’s electricity and overtaking coal.
"The world’s growing demand for electricity is set to accelerate, adding more than double Japan’s current electricity consumption over the next three years. The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions."
— IEA Executive Director, Fatih Birol
IFS has Renewable Energy Market Solutions
IFS offers the best engineering services and industrial processes to clients involved in various industrial manufacturing sectors. IFS also provides efficient, environment-friendly renewable energy solutions for your renewable energy sector needs.
Millennium Consulting achieves Unit4 Elite Partner status for the fourth year running
February 2023
We are delighted to announce that we have been awarded Elite Partner Status by Unit4 for the fourth year running.
The Unit4 global partner program operates across three levels focused on capabilities, contributions, and customer satisfaction. Elite level partners have achieved the highest level within the Unit4 partner program. This level is awarded to partners that have consistently demonstrated the ability to meet the highest level of success with Unit4 and our joint customers. Millennium Consulting is committed to being an Elite Partner for Unit4, holding Elite partner status since the global partner program launched in June 2020.
This acknowledgement follows the recognition received during the Unit4 XKO partner conference in Lisbon in January, with Millennium awarded ‘Service Delivery Partner of the Year’.
“Achieving Elite Partner status for the fourth consecutive year is a significant milestone and testament to the hard work of the whole team. This is a great reflection of our continuing investment in the Unit4 product landscape. Alongside our Service Delivery Partner of the Year, this is a fantastic way to start the year!”
— Jeremy Lucas, Chief Operating Officer at Millennium Consulting
Why choose Millennium for Unit4 Financials?
We are an Elite Unit4 Partner with more than 27 years of experience working with Unit4 Financials. That means we have the knowledge and experience to design, implement and support the right Unit4 Financials solution for your business.
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Unit4 Financials Continuous Release Schedule 2023
January 2023
Release dates for on premise users
The Unit4 Financials platform is maintained via a continuous release model. Thanks to this predictable cycle of quarterly updates, users get timely access to the type of customer-driven enhancements that helps to keep the finance department ahead of the game.
| 2023Q1 Release | Released 14 March 2023 |
| 2023Q2 Release | Released 13 June 2023 |
| 2023Q3 Release | Planned 12 September 2023 |
| 2023Q4 Release | Planned 5 December 2023 |
These dates can sometimes be subject to alteration.
Release dates for Cloud users
Unit4 Cloud customers are notified by Unit4 Cloud support when their pre-production and production systems will be updated. This information can also be found within the Cloud Services – Release Schedules area.
| 2023 | Preview & Acceptance | Production |
| Q1 | 28th March 2023 | 22nd/23rd April 2023
(Released Maintenance Window) |
| Q2 | 27th June 2023 | 22nd/23rd July 2023
(Planned Maintenance Window) |
| Q3 | 26th September 2023 | 21st/22nd October 2023
(Planned Maintenance Window) |
| Q4 | 19th December 2023 | 20th/21st January 2024
(Planned Maintenance Window) |
These dates can sometimes be subject to alteration.
Updating your legacy systems
Upgrading enables you to:
- Access the latest functionality
- Reduce operational risk and processing costs
- Continue to access Unit4’s “in support” software maintenance and support package
- Ensure you are up to date with Unit4’s latest software security package
As an Elite Unit4 Partner, Millennium Consulting specialises in delivering a seamless upgrade, while also ensuring your upgraded solution is fully aligned with organisational requirements.
How bespoke software can benefit your business
January 2023
Targeting your specific inefficiencies
From corporate accounts to data integration, all business software should have one aim: to make your business processes more efficient.
Every organisation is different in terms of its culture, preferred ways of working, priorities, and compliance requirements. Packaged (‘off-the-shelf’) software might help you solve a lot of these challenges. However, doing so can sometimes require you to make changes you didn’t want to make. For instance, a payment solution might make it easier for you to track invoices, but also requires you to alter your sales workflow. There may be other quirks that are either irrelevant to your business, or that even cause additional inefficiencies that your employees must work around.
The beauty of bespoke software is that you control precisely what’s included. You can target it to your specific inefficiencies, to give you everything you need – and nothing you don’t.
Optimising existing systems
Bespoke software doesn’t have to be a replacement for your existing systems and software solutions. In fact, the opposite is true: particularly when it comes to data integration, one of the most valuable uses for custom programs is in helping you achieve maximum ROI and longevity from existing systems.
Say for instance, your sales, fulfilment, and finance departments all have their own tools and data repositories in place. Bespoke software can be designed and deployed to connect these systems and processes, enabling the free flow of information across the business, and reducing the need for repetitive manual entry.
Support for new operating models
The last few years has seen many businesses transform how, when and where they work. Hybrid working practices are a big part of this, with employees splitting their time between multiple locations. Bespoke software can be configured to match your preferred working model, making applications responsive across all devices, but with access controls that reflect your security requirements. In this way, custom-developed software can help you adapt your existing architecture, ensuring that your entire team, tools, and data can remain connected – wherever they are based.
Creating unique selling points
A typical growth strategy involves maximising the lifetime value of existing customer relationships, while also attracting new customers. Bespoke software can support both aims, helping you create something unique.
For processes such as payment, fulfilment and customer service, off-the-shelf software can sometimes leave you confined to generic operating models. In other words, the user experience you can offer is pretty much the same as everyone else’s. But let’s say you have an idea for a unique subscription model, or a customer service interface: tailor-made software could be just what’s needed to help you stand out from your competitors.
Onboarding and new features
Off-the-shelf software can often involve a steep learning curve for ordinary business users; in some cases, even requires businesses to bring onboard additional expertise. Substantial reconfiguration may also be required to ensure it can support your organisation’s specific needs.
With bespoke software however, you have much greater control not just of the functionality, but also in shaping the wider user experience. At a development level, you can tailor the program’s workflows, navigation, and input fields so they are fully aligned with your own procedures. You can also consider the characteristics of your workforce (e.g., their level of technical ability) to design your user interface.
If your bought-in finance solution includes a reconciliation feature that’s perfect for your needs, you don’t necessarily want it to be tweaked, overhauled, or ditched altogether by the vendor! The beauty of bespoke is that you can determine what changes, improvements or additions are made – and when.
Security
When a vulnerability emerges in a software product that has hundreds of thousands of users, threat actors will try to exploit it before it’s patched. You could find yourself in that unlucky group of customers who are targeted.
Bespoke software does not make you immune to security threats. However, it’s generally a lot harder for hackers to find the weak points in an unfamiliar, one-off system. They prefer easier pickings, which makes a breach less likely. That said, it’s still vital to ensure bugs and source code vulnerabilities are addressed promptly, which is why it’s crucial to choose a reputable development partner to stay on top of this for you.
Scalability
Need to add extra users, or install your software on a brand-new batch of devices? Want to add a new feature to match some recent changes to your operating model?
Another big advantage of bespoke software is that you can do all of this, without having to haggle with the vendors over subscription extensions or functionality tiers. It becomes much easier to scale and evolve your solution over time, ensuring it is future-proofed in line with what your organisation wants to achieve.
Explore the possibilities of bespokesoftware for your business
For the past 10 years, Millennium’s highly skilled team of software consultants have designed, implemented, and delivered bespoke software for a diverse and global client base. This includes automating workflows, developing customised user interfaces, and enabling businesses to realise maximum value from existing systems.
Millennium Consulting named Service Delivery Partner of the Year by Unit4
January 2023
We are delighted to announce that we have been awarded ‘Service Delivery Partner of the Year' by Unit4
Millennium received the award during the Unit4 XKO partner conference in Lisbon for its delivery and service quality on Unit4 Financials by Coda implementations and projects.
"We are all delighted to be awarded the prestigious title of ‘Service Delivery Partner of the Year' by Unit4. This award highlights excellence across all Unit4 products and serves as recognition of all the skilled and innovative colleagues at Millennium. Huge congratulations to the whole team for your continuous drive toward excellence in all aspects of the work you do."
— Jeremy Lucas, COO
This acknowledgement follows the recognition received in the 2022 Raven Intelligence Guide, with Millennium recognised as the top Unit4 Financials by Coda Partner. This annual report showcases the recommended Unit4 implementation partners based on customer reviews.
Millennium Consulting is committed to being an Elite Partner for Unit4, holding Elite partner status since the global partner program launched in June 2020.
Why choose Millennium for Unit4 Financials?
We are an Elite Unit4 Partner with more than 27 years of experience working with Unit4 Financials. That means we have the knowledge and experience to design, implement and support the right Unit4 Financials solution for your business.
An introduction to Digital Invoicing
Published January 2023
In December 2022, the EU Commission published its proposed new VAT framework, “VAT in the Digital Age”. If adopted by member states, all intra-EU cross-border b2b sales will be subject to mandatory e-invoicing and reporting, with phase-in possibly commencing as early as 2024.
This is part of a wider international trend: governments and tax authorities increasingly view digital invoicing (aka e-invoicing) as a way to close the tax gap caused by fraud and error, hence its steady but inevitable roll-out. Here’s a closer look at digital invoicing, and how businesses – especially companies involved in transactions in multiple territories – can become ‘e-invoicing ready’.
How does digital invoicing work?
True digital invoicing is a system whereby invoices are issued, transmitted, received, processed and stored automatically in a structured format.
As an illustration of how this works, let’s say Company A is selling a batch of supplies to Company B:
- When the transaction is agreed, Company A’s AR software automatically generates an e-invoice and transmits this to the tax authorities who then send the invoice to Company B.
- On receipt, the invoice is logged automatically by Company B’s AP system. The invoice is also cross-referenced automatically against the original purchase order or other procurement documents.
- Assuming there is no discrepancy between the purchase order and the invoice, payment can be processed automatically.
The right digital invoicing solution ensures that all relevant information is captured and transmitted to the tax authority when the e-invoice is generated.
Structured Data Transmission (SDT)
Digital invoicing depends on data being shared between different applications and systems. At different stages, the relevant information is read, captured, extracted and acted upon by those applications (notably, the buyer and seller’s accounts solutions), without the need for human input.
For this to happen, it is not sufficient to email a Word version or standard PDF of your invoice. This is where Structured Data Transmission (SDT) comes in: i.e. the transmission of data between systems in a standardised, machine-readable format.
XML (Extensible Markup Language) is the most versatile SDT format. Crucially, it allows programs to read and extract information from invoice fields. It’s efficient, secure and very widely used. This helps avoid any interoperability issues when you need to exchange details with other parties.
The advantages
In the UK, digital invoicing is already mandatory for certain public sector transactions. With the steady march of HMRC’s ‘Making Tax Digital’ initiative, it is probably only a matter of time until it becomes mandatory across a much wider range of contracts, including B2B. We are also witnessing a gradual expansion of digital invoicing mandates across other key markets, including Italy, France, Spain and Germany.
Building up your e-invoicing capabilities at this stage helps keep you one step ahead of these requirements. Beyond compliance, there are some very clear business advantages to digital invoicing adoption, including a significantly reduced administrative burden, lower processing costs, faster payments, better control of cash flow, and stronger partner relationships. Discover more about the business advantages of digital invoicing here.
The risks
We know that mandatory digital invoicing is on its way, but the precise timetables for roll-out are still very much up in the air. In Europe, for instance, The EU Commission seems keen to bring about a certain level of harmonisation between Member States, but many of the tax authorities within those states already have their own initiatives underway, and we could very likely see a mish-mash of different systems and reporting procedures in play over the coming years.
The biggest risk – especially for businesses involved in cross-border transactions – is of sleepwalking into non-compliance, possibly opening the door to investigations, sanctions and reputational damage. Finance teams need to keep a close eye on the jurisdictions where the business is active to ensure invoicing and reporting procedures are aligned with any upcoming changes.
Risk mitigation involves building up an e-invoicing strategy that takes into account the markets in which you operate. Alongside this, you need to consider the expectations and preferences of your commercial partners. Crucially, your system of choice should make it possible to send and receive invoices in various formats, share information using multiple distribution channels and systems and maintain full compliance with the latest regulations, as and when those regulations come into force.
Introducing Millennium Digital Invoicing (MDI)
Millennium Consulting has developed an e-invoicing framework designed to meet your digital invoicing needs, now and into the future.
Millennium Digital Invoicing (MDI) integrates seamlessly into your existing financial processes. It offers the flexibility you need to adapt to evolving e-invoicing requirements. It is also designed to enable you to tap into the full business benefits of streamlined, integrated digital invoicing, offering the potential of optimised business processes and stronger relationships with commercial partners.
To get your digital invoicing strategy on track, get in touch for an MDI demo.
Why is IFS the Enterprise Software platform of choice for Energy and Utility companies?
December 2022
Millennium Consulting has recently partnered with global cloud enterprise software company, IFS AB. A leader in the fields of ERP (Enterprise Resource Planning), EAM (Enterprise Asset Management) and Service Management, IFS has been serving the needs of energy and utilities companies since its inception.
In Oil & Gas, Power Generation, Transmission & Distribution and Water, the need for best-of-breed cloud enterprise software has never been greater. This is a sector where sustainability requirements and rapidly shifting customer expectations are shaping the future. As a consequence, companies are increasingly having to rethink their business models, diversify their offerings and get a tighter grip on asset management. Here’s a closer look at how IFS is equipped to deliver these capabilities…
An integrated platform, delivering a holistic view
Energy companies often comprise a complex portfolio of assets scattered across multiple locations. The drive to net zero undoubtedly represents a huge strategy shift. This coincides with a host of pressing operational challenges, including the need to manage and reduce operational costs, while also ensuring the reliability and safety of existing assets.
In short, organisations within this sector have complex requirements; and those requirements are simply not going to be met by generic, one-size-fits-all planning and enterprise management solutions. Covering areas such as project management, plant maintenance, supply chain and human capital management (to name just a few), the components of IFS are hardwired to meet this sector’s specific needs. In fact, the company has been meeting the needs of this sector right from its earliest days.
Crucially from a strategic point of view, these capabilities are offered on an integrated, composable platform. Your in-the-field leaders responsible for projects, assets and service levels certainly get the benefit of best-in-breed operational management tools. But alongside this, CFOs and other board-level executives get an up-to-date, joined-up picture of performance. In terms of strategy, this puts you in a much stronger position to highlight efficiency opportunities, reduce costs and optimise processes.
The three core offerings delivered by IFS – ERP, EAM and Service Management – complement each other, enabling businesses to consolidate operations, support growth initiatives and improve customer service. This speaks directly to some of the biggest challenges currently faced by the energy sector. These are just a few illustrations of how the capabilities offered by IFS can make a difference to your organisation:
- Use IFS to adopt an end-to-end solution to support the entire lifecycle of assets, from feasibility assessments to operation and maintenance.
- Modernise field operations and get a single view of the truth across asset management, technician schedules, customer systems and outage use cases. IFS’ acquisition of Clevest in 2020 enables the company to deliver a combined enterprise asset management (EAM) and Mobile Workforce Management MWM offering: something that has helped IFS earn a place in the Gartner Market Guide for Mobile Workforce Management Software for Utilities for the eighth year in a row.
- For onboarding new assets (e.g. when diversifying your portfolio through renewables initiatives), use IFS Projects to manage the complete project lifecycle.
- What are your options for reskilling and/or redeploying existing employees to reflect changes in your operating model? Use the IFS Human Capital Management components to analyse resources and ensure alignment with organisational strategy.
While current geopolitical crises have temporarily curtailed contract-switching activity, we can, of course, expect it to return with a vengeance once supply issues have settled down.
In both utilities and power distribution, customers demand reliable and exceptional service at their fingertips. In practical terms, this involves a timely response to queries, and technicians turning up when they are supposed to. This is another key area where the integrated architecture incorporating the Internet of Things (IOT) and energy/utilities-specific capabilities of IFS prove particularly valuable. Workforce, asset management and customer service components exist on a single platform, with the ability to communicate with each other. There’s an opportunity here to ensure complete alignment of all stages of each service engagement, from customer fault logging to ultimate resolution: a huge boost in enabling enterprises to maintain and grow their reputation for quality of service.
As well as its formidable track record, it was also the ambition and transparency of IFS which led Millennium Consulting to partner with this particular vendor. This is a company that seeks to be as much a strategic partner with energy companies as a product vendor: one where the various solution components look set to continually evolve in line with the challenges faced by the sector. Recent presentations from IFS leaders explain this ambition.
We know that this sector is no stranger to innovation, whether it’s AI-driven maintenance solutions and the use of augmented reality in tandem with robotics, through to predictive analytics and machine learning to anticipate demand. To reap the full benefit of these developments, businesses need a way to utilise the data generated by such solutions into their strategic planning processes.
Rather than being based on monolithic code blocks, IFS comprises a multitude of software components linked through application programming interfaces (APIs). In other words, the architecture is flexible; enabling integration with whatever advanced operational capabilities your organisation may be seeking to implement.
An independent IDC analysis found that IFS users benefit from an average 18% productivity gain. The company is committed to ensuring maximum ROI for customers through its unique approach to Business Value Engineering. Deploying sector-specific expertise, IFS offers its customers a Digital Business Value Assessment, whereby specific opportunities, cost reductions and process improvements are identified. This is used to frame the solution scope and define implementation success.
Right across the energy and water sectors, the eyes of regulators, investors and end users are on organisations, ready to scrutinise their sustainability credentials. Companies need a robust framework for formulating ESG (environmental, social and governance) goals, and for translating those goals into action.
The IFS ESG component speaks directly to this need. Key features include the ability to track emissions right across the enterprise, an enhanced ability to factor in environmental costs in planning processes, and a capability within the Service Management module to reduce waste by facilitating the easy identification and recall of underused inventory.
Where to next?
For energy and water companies, IFS offers the opportunity to supercharge digital transformation initiatives and to significantly boost your ability to tackle some of the sector’s most significant operational and strategic challenges. To discover what’s possible, speak to Millennium Consulting today.
Discover the latest IFS news
Renewable Energy Sector Focus: Key trends and how businesses can leverage them
December 2022
Renewable Energy Sector Focus:
Key trends and how businesses can leverage them
With 2023 approaching, climate change and the Ukraine crises are driving the growth of the renewable energy sector more than ever. But while current demand signals are largely healthy, there are, as always, headwinds that some businesses in this field will be better equipped than others to navigate.
Phil Keet, CEO of digital transformation specialists, Millennium Consulting examines the current dynamics of the renewables sector, and how companies can equip themselves to leverage the opportunities that undoubtedly exist.
