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- Posted by FinancialZone
- 09 February 2011
- Projects
PROBLEM
The client needed a bill management application that would streamline their processes. In particular they wanted:- Multiple approval levels for entry, review, payment, etc. to improve cash controls
- Simplified bill input, review, approval, and payment processes to reduce wasted time
- Ability to manage and search for bill copies online versus filing hard copies
- Full integration with QuickBooks
SOLUTION Application Selection - We worked with the Client to determine the ideal process for managing and paying bills that would work best for their specific situation. Taking all requirements into consideration, we evaluated and selected a cost-effective bill management solution that we could tailor to their specific needs.Application Setup - Once the app was selected, we helped the client acquire the necessary licenses at a discounted rate. Then we installed the integration engine, configured the app, and synced up the data with QuickBooks. Training & Support - Once implementation was completed, we provided hands on training to staff, management, and their bookkeeper on how to use the app, and then outlined the overall workflow including roles/responsibilities.
RESULT We exceeded our Client's expectations beyond what they had originally imagined and now they have a streamlined and consistent method for managing and paying their bills. Here are some of the immediate and positive effects on their business. - Their staff spends 80% less time on bill management tasks which allows them to focus on higher priority tasks.
- They decreased their direct processing costs drastically by almost 50% using paperless and electronic payment features.
- They no longer keep a filing cabinet or storage boxes for bill copies and other vendor documentation, since everything is available on demand in a secure environment.
- They have very effective cash controls since they're able to assign roles and approval levels to each person involved in the process.
If you or someone you know needs help in streamlining bill management processes, please don't hesitate to contact us.
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- Posted by FinancialZone
- 05 January 2011
- Projects
An established, not-for-profit addiction treatment center, with multiple locations in Iowa, hired us to help them switch from Microsoft Small Business Manager to Intuit QuickBooks.
PROBLEM
The client needed a more user friendly accounting application, but one that would also provide them with more robust reporting capabilities than the standard reporting features in QuickBooks.SOLUTION
Needs Analysis - Performed a Needs Analysis to determine the Client's application and reporting requirements, which helped us select the most appropriate version of QuickBooks and decide whether any 3rd Party applications would be necessary, and if so which one(s). We also determined the ideal reporting structure and other elements critical to the conversion process.
Application Setup - Selected, purchased, installed, deployed, and configured the following software applications:
- QuickBooks Premier Accountant Edition
- Intuit Statement Writer
List Import - Scrubbed the exported vendor listing and imported it into the newly configured QuickBooks data file. Since the Client uses an unrelated app for patient/program invoicing, there was no need to import a customer list. We also Imported the new Chart of Accounts. See below.
Chart of Accounts Redesign - Redesigned the Chart of Accounts so that we could ultimately generate useful, customized financial reports outside of QuickBooks' canned report options. We did not use QuickBooks "Classes", as this would have created more work for the client, and would have led to inaccuracies. Instead, we setup new accounts based on the format below:
DDDCCCC
- DDD (Department) - Programs, Services & Locations
- CCCC (Category) - Revenue, Expense, Asset, Liability, Equity
For Example, account number 3005101 is the account for Contractor Services related to the Inpatient Alcholism Treatment Program, where 300 is the Inpatient Alcoholism Treatment program and 5101 is the Contractor Services expense category. Contractor Services could also be used for any of the other Programs, Services & Locations such as 100, 200, 400, etc.
Report Templates Setup - In Intuit Statement Writer, we setup and configured various report templates based on the new account format so that the client can easily combine and isolate specific or groups of programs/locations/categories within the Profit & Loss Statement.
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- Posted by FinancialZone
- 01 December 2010
- Projects
A growing wholesale insurance brokerage firm in Georgia, specializing in medical malpractice coverage, asked us to help them streamline the way they account for each policy sold. Since each deal has several financial components affecting revenue, accounts receivable, and accounts payable, it can be difficult to get accurate reporting and to keep their trust accounts in balance.
PROBLEM
Commissions on each deal are calculated and recorded manually after a premium payment is received from a client. Then a payable is recorded separately after a manual calculation determines how much is owed to the insurance underwriter and various state agencies for fees and taxes. This scenario has thrown the books out of balance, and has prevented the company from generating financial reports that display a clear picture of operating results. It is also extremely inefficient.SOLUTION
In QuickBooks Pro, we configured the company's Sales Items and Invoice Template so that all of the financial effects of a particular deal are contained in one spot. This drastically streamlined the process so that:- Commission Revenue is now recorded when it is earned (when the policy is executed), instead of when the premium is collected.
- A receivable is recorded when the policy is executed, so the firm can track how much each client owes, and when the premiums are due.
- Various payables are recorded when the policy is executed so the firm can track how much they owe to the insurance underwriter and the various state/local agencies and when they are due.
- The company can hide many of the invoice details from their client, but still be able to provide the client with the information they need.
- The trust accounts are always in balance.
- Overall, management has a much better sense of how the business is doing without having to keep a bunch of numbers in their head. Because each deal is input in a consistent manner, they can now rely on their reporting. This has also drastically reduced the amount of time they spend on their accounting.
If you or someone you know needs help in streamlining accounting processes, please contact us.
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