That’s right: The future is here! Now that it’s officially 2020, it may be time to jump on that accounting app bandwagon if you haven’t already done so. The exciting news is you can actually do a lot of your accounting tasks from your phone instead of your computer.
Here are just a few examples of accounting things you can do on your phone.
Are you still trudging to the bank to make your deposits? If so, there is a better way! Simply download your bank’s mobile app, login, and look for the Make Deposit function. Get the check you want to deposit, write “For Electronic Deposit Only” on the back and endorse it. On your phone, enter the amount, then take a picture of the check. Presto! Hit Deposit and the money will be in your account in no time.
Shoeboxes of receipts are a thing of the past. (Thank goodness, we say, as we wipe our forehead!) Send your receipts to your accountant simply by taking a picture of them and sending them via email or through a document entry system like Receipt Bank or AutoEntry. You’ll need to set this up to connect with your accounting system, but once it’s set up, it’s a real time-saver.
Wondering how much income you made last month? Download your accounting app on your phone and login to get many of the features that you have on your computer onto your phone. You’ll need to be on a cloud system like QuickBooks Online or Xero, or possibly have a hosted desktop solution in order to have this functionality.
There’s no need to be tied to your desk on payroll day if you can submit or approve payroll from your phone. Many payroll systems have apps you can download so you can be free of your computer.
There’s a mobile app for almost any add-on you might need, such as TSheets for time tracking or Square for taking payments.
There are even some apps where you can talk in plain English and get a plain English answer back. These apps are using artificial intelligence which is exploding in the accounting space. You can ask questions about your cash flow or check a metric that you like to follow.
Feel free to reach out to us if you’d like to find out more or get help moving some of your accounting functions to your mobile phone.
If you find yourself on the go more often than not, having constant access to your business accounts and these features will be beneficial.
Did you know that you can add apps to help increase the functionality of your core accounting system? The process will save you time and frustration. It is because every business is different that you may—and likely will—need these add-on features that aren’t already included in the accounting system you currently use. That’s where the apps come in: They provide a deeper functionality in the areas you need them. Take a look below at some examples we’ve put together.
Payroll apps help to simplify how you pay your employees. These payroll apps were created to help you implement an easy and automated method of managing payroll and all things HR-related.
Popular payroll options include Intuit’s many options, Gusto, ADP, OnPay, and Patriot. Explore the different features of each app and find which one works best for you and your needs.
- Time Tracking
The best and most accurate way to keep track of an employee’s time is with an app. A wide range of apps can make not only tracking but scheduling your employees’ time simple, too. These apps include:
- Time Tracker
- And more!
Again, each app will offer different features. For example, most have timers, but only one might offer geofencing, so find the one that’s best for your business. Regardless of which one you choose to use, though, you will quickly discover how much time and energy you save without having to do time tracking manually.
Need more functionality to better manage your inventory? If you run an ecommerce, retail, or wholesale operation, you may need an inventory app to give you more features. Back order functions, drop ship handling, and recall functionality may be required depending on what you sell. Here are some popular apps for inventory:
- SOS Inventory
There are also many ecommerce apps in this space: WooCommerce and Shopify, to name a few.
- Cash Flow
Dozens of apps exist to help you manage your cash flow as well as get funded:
- Cash Flow Frog
- Blue Vine
- And too many to list
Managing your cash and debt are important areas and ones that are easy to find to help you get quicker answers to your questions.
Now that it’s 2020, try working smarter, not harder. Add-on features can help! Remember, the examples listed above are just a few apps currently available. Determine what you need for your company to make better decisions, and then look around for the perfect app.
And, if we can help you implement your ideas faster, feel free to reach out to us anytime.
If your eyes glaze over when you’re presented with financial statements for your business, you’re not alone. Many entrepreneurs benefit greatly when they can see their financial results in graphical and chart formats. Fathom is the perfect tool to help your numbers come alive so they can become meaningful for you.
Fathom is a company based in Brisbane, Queensland, Australia and founded in 2011. The product is also named Fathom and is a cloud-based software application that crunches accounting data and provides multiple views that make analysis easy. In accounting terms, we call this type of software by many names: Financial Dashboard; KPI software, where KPI stands for key performance indicators which are metrics that help you measure your business results; and Business Intelligence (BI) software.
Fathom can present your accounting data in multiple insightful views:
- KPIs – Popular KPIs are pre-loaded, plus you can create and calculate your own. Fathom handles financial KPIs like the current ratio or debt-to-equity ratio, and you can also enter non-financial data such as number of employees and customer satisfaction scores.
- KPI explorer – This display takes on a wheel shape where green is good and red indicates room for improvement.
- Profitability – This line graph shows your business’s breakeven point.
- Cash flow – This bar graph shows in red and green your cash balance fluctuations.
- Trend – This line graph allows you to see at a glance the direction account balances are moving over time.
- Goalseek – This chart allows you to perform what-if analysis, set goals and measure your progress.
You can also generate predefined or custom reports in Fathom. The reports can be scheduled as well as exported to Excel.
Fathom does require a setup process. It integrates with QuickBooks Online, QuickBooks Desktop, Xero, and MYOB (which is popular in Australia). It’s included in the Advanced version of QuickBooks Online. The steps to set up Fathom include:
- Updating the data, which is mostly done through integration setup
- Adding your company profile
- Mapping Fathom to your Chart of Accounts, which is a very common setup step
- Selecting your KPIs, which requires some strategy work on your part
- Setting targets
- Enabling alerts if desired
There’s a lot to like about Fathom. If you feel like you’d like to start digging deeper into your business’s financial results to find opportunities for more growth and profit, then please contact us anytime.
More and more small businesses are finding virtual meetings useful. Virtual meetings have many advantages:
- No travel time is needed for participants, so you’ll save on gas and auto maintenance.
- They create an ability to visually connect with remote employees, customers, vendors, partners, job candidates, and other stakeholders.
- They are better than a phone call because of the visual element.
Before you climb into the car or book a flight, think about whether a virtual meeting could save you time and deliver the same result. It’s a very big change in habit to get used to, but when you do, you’ll find it saves you time and money.
To hold a virtual meeting, you’ll need a software app that works in your browser. There are many choices available, and one popular one is called Zoom. You can find them at https://zoom.us/.
It’s easier than you might think to hold a virtual meeting. The learning curve is more psychological than any skill or equipment needed. You’ll need a computer, and you can use your phone or your computer for audio. If you use your computer for audio, you’ll need a microphone and speakers.
For best results, you should also have a webcam built in to your computer, or you can purchase one separately and connect it. Everyone is camera-shy, or webcam-shy, but don’t let that stop you! You can always host a meeting without video.
Zoom has a free account that you can use to try out virtual meetings. Once you’ve set up your account, you can schedule a meeting or host a meeting on the fly. Setup choices include whether you’ll use computer or phone audio, whether you want the video to be on or off, and whether you want to record the session, which can be very handy. You can also mute and unmute participants, so that it can be used for classes as well as meetings.
Here are a few tips to make sure your virtual meetings go off without a hitch:
- Treat a virtual meeting with the same importance as a face-to-face one: be on time, have an agenda, and make sure everyone is heard.
- Audio quality is probably more important than visual quality. If you are new to the software, do a test run before you start inviting clients to meetings so you can get through any learning curve. Consider using a microphone headset for higher quality sound. Apple EarPods work great if you have an iPhone.
- For good video results, face a window or light source so that your face is not in shadow. The brighter the better; everyone looks better with more lighting because the light erases wrinkles! If possible, the webcam lens should be at eye level or above. You can use books under your computer to raise it if you need to.
Try virtual meetings in your business, and invite us to your next meeting.
Artificial intelligence (AI) has arrived in the accounting profession in a big way. The good news is it’s streamlining accounting tasks, finding patterns in data you can take action on, and generally making things better. Here are just a few places we’re seeing AI and machine learning impact accounting.
Most systems have incorporated some form of machine learning into transaction coding. When bank feeds are imported, each transaction needs to be coded to add the account code in the chart of accounts. Class, tracking codes, and other custom data may need to be added as well. Rules can be set so that the accounting application can pre-code the transactions; in this case the accountant simply approves or corrects the entry.
It starts with a picture of a receipt. Invoice fetching applications can turn pixels into data using sophisticated OCR (optical character recognition). The data is then turned into a business transaction that can be imported into an accounting system.
The books of many government agencies, nonprofits, and large businesses need to be audited on a regular basis. Auditing is an expensive process. Smart programs can review a company’s data and assess where the risks and anomalies are so that the audit program can be modified to focus on the more important parts. This reduces risk and cost for everyone involved.
Artificial intelligence can help to speed up the matching of purchase orders, packing slips, and invoices so that accounts payable tasks are streamlined. It can also automate approvals and look for duplicate invoices to avoid overpayments.
Accounting Tasks That Are Clerical
Robotic Process Automation (RPA) is a platform that allows users to create automation without involving the IT department. Think Excel macros or Zapier on steroids. Any workflow with a mind-numbing set of clerical steps is a candidate for RPA.
AI allows accountants to spend less time on routine tasks and more time on higher-level analysis work. As AI becomes more affordable for small businesses, everyone will benefit from this long-term trend.
Blockchain is a term that has been bantered about quite a bit when referring to the future of accounting technology. While its impacts are primarily long term in nature, let’s take a brief look to see what everyone is talking about.
Blockchain is a technology that can store transactions. Some people have referred to it as a digital ledger. Unlike your current accounting books, transactions recorded using blockchain technology are public. This digital spreadsheet of transactions or records is copied across thousands of servers so that there is no single point of failure. It’s a decentralized, distributed, and public digital ledger.
The blockchain ledgers are updated constantly as new records are added. They are also reconciled constantly. Once added, the records cannot be altered retroactively. This feature has many implications for auditing in that many records won’t need to be validated the old-fashioned way because blockchain is self-auditing. Auditors will still need to validate the non-digital components of a transaction such as physical inventory counts.
Prior to 2016, blockchain was originally referred to as block chain, where the blocks are the list of records or transactions. While the records are public, they are protected through cryptography. Each block includes cryptographic code from the previous block that keeps the entire chain of data safe and verified.
Blockchain is then a way for two parties to safely record their transaction permanently and with verification. While bitcoin is the most common current use of blockchain technology, many developers are working on new applications. Development started heavily in 2017, so it remains to be seen which applications will take off and which will die.
Blockchain’s uses in the future will be many:
- Banking is the most obvious application, and right now the focus is on international transfers.
- Stock trading.
- Smart contracts. This concept is a huge part of what blockchain could be used for. Smart contracts are economic actions using blockchain that can be recorded without human interaction. They could initiate bill payments after goods have been received and after checking that there are funds available.
- Legal transactions, such as land titles.
- Medical records, so that there is no more filling out of forms in each doctor’s office.
Blockchain in the future may eliminate the double-entry bookkeeping system that we have now. Instead of each person keeping their own set of records, companies will write their transactions into a public blockchain ledger. This will reduce the cost of bookkeeping in the long term. But for this to happen, much development must be done to standardize and optimize the financial system. Many accounting professionals are working today toward that goal, which is many years away.
For now, the biggest implication to realize for a blockchain future is that personal reputation will become incredibly important. Blockchain systems eliminate the intermediary so that you are doing business with other people in a peer-to-peer environment. Identity protection as well as reputation will become essential. Blockchain is also likely to take off first in countries where there is a lot of corruption and/or corporations are not trusted.
Blockchain may not impact your life today, but it’s definitely something to watch on the horizon.
Accounting software continues to evolve decade after decade. It started out as one big massive complicated set of programs that only large companies could afford. Today, cloud accounting is the modern solution, and today’s accounting systems are designed to meet the core requirements of most businesses rather than doing everything.
Enter apps. Apps are the add-ons to accounting systems that can enhance functionality, and there are now literally thousands of them. In this article, we’ll look at some of the major categories of apps in the accounting marketplace.
Probably the most common add-on to accounting systems is payroll. There are many payroll providers in the U.S. and Canada, including Intuit, ADP, Insperity, Paychex, Ceridian, and Nethris. In the small business space, Intuit, ADP, Paychex, SurePayroll, and Gusto are names you’ll see.
The payroll space includes other related offerings, including support for human resources functions, where you have Gusto and Zenefits, related payroll functions such as workers compensation, where you have AP Intego, and time tracking, where you have TSheets and many more options.
Selling, Collections, and Invoicing
Retail and other businesses will likely have a separate point of sale system consisting of a cash register to ring up sales and a payment collection process to take credit cards, cash, and other forms of payment.
Ecommerce businesses will have an online shopping cart connected to a gateway and a payment processor, and in turn, your bank.
Field service businesses may have a mobile point of sale system connected to a field service system like Jobber or ServiceTrade that lets them create quotes, present invoices, and collect payments.
Service businesses may use an invoicing system that may or may not be connected to time tracking if hourly billing is used. A calendar system might be connected in the case of coaches, hair stylists, massage therapists, and the like.
There are micro apps such as one that will connect your accounting system to Stripe, and major systems that do several of the above functions.
There is a multitude of cash flow and accounts receivable collection apps that hep you get paid faster or start collection processes when you don’t. This category also contains lending apps in case you need a business loan.
Accounts Payable and Expense Management
On the expense side, there are apps to help you with entering, matching purchase orders, invoices, and shipping documents, approving, and paying bills. For businesses with a large volume of expense reports submitted by employees that need approval and payment, apps like Expensify, Concur, and Tallie are available.
For businesses with inventory, there are several inventory apps that will manage the inventory and ordering process. Other apps will help with bar code functions, labels, and shipping.
Data Entry and Document Management
Apps like AutoEntry, ReceiptBank, and HubDoc will transform a cell phone photo of a receipt into a transaction in your accounting system with very little human intervention. Document management apps will help you stay compliant with the document requirements of the IRS, CRA, and other tax authorities.
Other apps like ScanWriter and Transaction Pro Importer can bring transactions into your accounting system from paper documents and other files.
Apps like Zapier are available simply to connect one accounting app to another. For example, A2X brings Amazon data into QuickBooks.
Dozens of apps are available to help you enhance your reporting, create a dashboard of metrics, plan a budget, or present a graphical view of your financial and non-financial key performance indicators. These include Fathom, Corelytics, LivePlan, Spotlight Reporting, and Qvinci, to name a few.
If you have a function in mind that you wonder if your accounting system can meet, give us a call and we’ll be happy to discuss your options. There’s an app for just about anything these days.
If you haven’t looked recently, there is a whole new world out there designed for our convenience. One of these conveniences is food delivery. This industry has changed so much that it deserves a fresh look.
No longer do you need to go out for lunch if you are having a busy day or just need to stay in the office for any reason. You can simply order lunch on your cell phone, and it will be delivered approximately 45 minutes later to your door.
There’s an app for that
It used to be that you could only get pizza or Chinese food delivered, but those days are over. Some restaurants will deliver directly, but there is an easier way. Food delivery apps such as GrubHub will let you order from hundreds of different restaurants in your area while they send a driver to collect it and deliver it to your door.
How much will it cost me?
First, ask yourself how much you are worth per hour to your company. Or, if you will get home earlier because you don’t have to go out for lunch, ask yourself what the value of spending more time at home or with your family is worth to you.
Besides the cost of food, you’ll pay a delivery fee of $0 to $5 and a tip for the driver. When you factor in the cost of your time, gasoline, and wear and tear on your vehicle, using a food delivery company is a no-brainer. Not only will you be helping yourself, you’ll be helping a hard-working driver, too.
What are my options?
The specific options in your location will vary, but some of the companies that are offering food delivery services include:
- GrubHub and Seamless
- Amazon Prime Now
All you need to do is download the app, set up an account, choose a restaurant, and order your food. You can also order from your PC or Mac using a browser and visiting their website.
Try these food delivery apps, and while you’re at it, treat the entire office to a meal.
If you spend a lot of time online using a web browser to view web sites or to work in online applications, then you may benefit from knowing these wonderful features about your browser software.
All browsers support bookmarks, and hopefully you are already using this powerful feature. Which web pages do you need to visit on a daily basis? Those should be ones that have a place on your browser’s bookmark bar. Look for your browser menu to find the bookmark commands you can use to set them up.
Avoid bookmarking your bank, brokerage, and credit card web pages for security reasons, but most everything else is fair game and will save you a lot of time.
Need to browse privately? Many browsers offer incognito browsing which disables browsing history and the web cache. Find this command in your browser menu.
Roughly two-thirds of the population use Google Chrome as their browser, and the People feature is unique to Chrome. If you have a situation where you have multiple accounts with one software provider, Chrome allows you to have an entirely separate browser session going on for each person.
Let’s say you’re a social media consultant and manage the Facebook accounts for ten clients. You can set up a “person” in Chrome, one for each client. You then can have ten browser sessions going for each of your clients without having to log out and log back in to each Facebook account.
Do you volunteer at a nonprofit where you manage accounts for them? Set them up as a new person, and you can log in to all of their accounts without impacting yours.
Pretend that different departments of your business are separate people. Set up Accounting as a person in Chrome and log in to all of your accounting apps. Or set up Marketing as a person and log in to all your marketing and social media apps using this person.
Set up a different bookmark bar for each person, pouring rocket fuel on your time savings and decluttering you bookmark bars at the same time.
Set up a new person using the Manage People section in Settings. Toggle between People by using the button on the tab bar at the top right of your screen just to the left of the Minimize command.
Many browsers have extensions or plug-ins which expand the functionality of the browser. Here are couple of favorites.
- Gmail Offline – allows Gmail users to view their email when they don’t have an Internet connection.
- AdBlock Plus – tired of ads popping up? Get this extension to thwart them.
- Momentum – provides a customized, motivational dashboard with weather, time, and daily to-do items.
- Pocket – allows you to save articles and other content to read later or on your other devices.
Many of the software apps you use every day also have Chrome extensions you can use. Pinterest, Evernote, your anti-virus software, Hootsuite, and others have extensions you can check out and install.
Try these tips to learn your browser software better and become more productive while navigating the web.
Did you ever want a secretary that could answer questions all day? While Amazon’s Echo product can’t fetch coffee, it can perform all sorts of digital tasks that come up in daily life at work and at home.
The Echo Dot looks like a small speaker that sits on your desk or table or in your car. It’s enabled with voice recognition and can be integrated with hundreds of apps. Its voice, named Alexa, can answer questions, spend money, play games, control components of your house, play music, and act as an alarm clock. And that’s just for starters.
Alexa listens to your voice and responds. A few of the questions that Alexa is capable of answering correctly include:
“Alexa, how old is Matt Damon?”
“Alexa, where is the closest sushi restaurant?”
“Alexa, could you order a stapler from Amazon?”
“Alexa, open Amex.”
“Alexa, set a timer for 20 minutes.”
“Alexa, order a pizza.”
“Alexa, play music by Lorde.”
“Alexa, what’s on my calendar?”
With additional integrations, Echo can control room temperature and turn on lights. Echo’s range is one room in the house, and the biggest Echo fans have more than one in their house and one for the car.
Echo can be used for business or personal needs. Where it comes in for business is to give you insight in how your business ranks in voice search results. Ask Echo about your business by asking it to find a business similar to yours. For example, if you run a hair salon, ask Echo to find a hair salon. Does it mention yours or your competitor?
Echo can save you time, amuse your employees, and help you gain marketing insights into your business.