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) The Year of Workflow
Workflow has been a hot topic in all kinds of software, including applications used in accounting firms and in the general accounting packages used by companies to run their financial operations. After all, most of these organizations have software applications. Few larger than the very small companies linger in the era of pencil and paper. The trick is getting value out of the investment. Two areas are particularly important in this endeavor. One is business intelligence, or whatever you want to call getting understandable information out of the data. The other is workflow. Workflow is simply about who does what in what order. I would add one qualifier to that, which came from Roger Mongeon, the co-vice president of sales and marketing of Doc.it, and that it is about communicating that information within the organization so that everyone knows the procedures. More>> - (
) Slash Your Accounting Costs By Converting To A Modern Accounting Model
Price comparisons show that small businesses can save up to 78p in every £1 spent on traditional accounting software packages - such as Sage, Quickbooks and IRIS – by converting to online accounting software (see end for price comparison table).
For many small businesses the saving associated with switching to online accounting is almost £600 in the first year. However, if total cost of ownership of the software is also included (i.e. the cost of a server to host the software, upgrades, back ups and maintenance) then savings could easily reach thousands of pounds per year. Then, in addition, there are further savings to be made from the increased efficiency gained from being able to work more closely with your accountant in an online system.
Mark Davies, managing director of e-conomic, commented: “Almost everyone has been affected either directly or indirectly by the credit crunch. More>> - (
) Tough Economy is No Time to Lose Sight of the Books
When switching from paper books to computer software or switching between accounting software packages, do so at the end of the quarter. Run both systems for the next quarter simultaneously to make sure both systems are equal before disposing of the old method.6. Don�t over-categorize
When categorizing expenses, don�t make it harder than it needs to be. For example, when categorizing office supplies, you don�t need to separate fax paper, copy paper, letterhead, printer cartridges, etc. All of these items can be listed under �office supplies�.
7. Separate Accounts
Have a separate checking account and credit card for your business. Not only will you be able to track expenses more efficiently, but, in the event that something goes wrong or the IRS wants to review your books, you will only need to review the one account. More>>
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) Town making progress
"MUNIS is a very robust and sophisticated municipal accounting software package, and it takes patience, training, and persistence to learn all of its functions," Caliento said.Another concern cited in the audit was the lack of record-keeping in the accountant's office. Caliento said that the general ledger is now being maintained and updated regularly.
Florence said that while the ledger had some problems, the treasurer's bank statements for 2007 are up to date.
"Our records internally have always been reconciled," he said. "But it does take effort from all of the departments to keep things running smoothly."
Another concern Scanlon raised was the fact that the town's free cash for fiscal 2007 has not been certified. Caliento said he is still planning to submit the proper paperwork to the state Department of Revenue to certify the cash next month. More>>
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) Awards success for Access
ACCOUNTING software specialist Access Accounting scooped two prestigious industry awards last week for its mid-range Access Dimensions software. The Stratford St Mary company won the SIFT Media Software Satisfaction Award in the mid-range software category, for the second year running, and days later picked up an Accountancy Age award for the best mid-tier software package.Managing director John Beech said: “We are really excited to be awarded two respected accolades in such a short space of time. Our products are constantly evolving and the awards are testament to our on-going development and commitment to delivering innovative solutions.“We focus on delivering real competitive advantage to our customers and these awards, which are very customer focused, are testament to our success."The SIFT Media award, which is based on customer votes, saw Access Accounting receive almost 26% of the vote and the highest customer satisfaction rating. More>>