Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/460060
February 2015 • www.CPAPracticeAdvisor.com 11 Reviews VIRTUAL CFO PLATFORMS BEST FIT Xero's small business cloud accounting system can be used by virtually any small business, but is best-suited to f irms that prov ide professional ser v ices. For accounting frms, the system allows excellent integration features. STRENGTHS • Tere is a broad array of third-party add-ins created by companies who have partnered w ith Xero to provide specialty and niche functionality for specifc industries or reporting needs. Tis includes invoicing applications that act as sales and A/R subledgers designed to be operated by entrepreneurs instead of accountants. • New integrated payroll system automates processing, reporting and payment to state and federal entities. • Te web-based program simplifes reconciliation because it automatically imports transactions from the small business' financial institution and can automatically classify transactions or match them to existing transactions based on amount or vendor. • Xero supports more than 160 currencies for the purposes of sending sales invoices, quotes and pur- chase orders, as well as for AP functions. Exchange rates are automatically fed into Xero via a feed from XE.com. • The reconciliation interface enables batch class options and minimizes the required data entr y, allowing focused, quick entry of large numbers of transactions. • If two entities using Xero transact business with each other, the system's "Xero to Xero" function can take invoices from the billing Xero company and imports them in as bills to be paid in the receiving company's Xero account. POTENTIAL LIMITATIONS • W hile it has a large ecosystem of third-party add-ins, many of the systems are geared toward use by smaller businesses. • Te system does not include a built-in solution for inventory management or point-of-sale, but does ofer add-on solutions through third-parties. • Te primary interface is designed more for small business owners than accounting frms, with forms- driven functionality. • Xero's Partner Program ofers a variety of incentives for accounting frms, with the best discounts and resale margins available to frms with a hundred or more of their business clients using the SMB version. SUMMARY & PRICING Te Xero Partner program is free for accounting frms, which allows use of a frm account on Xero, a Practice Organization system, training, and additional tools, as long as the frm maintains at least one small business using Xero and that the frm is managing the invoicing for Xero for that client. Additional free resources, including the Practice Manager, are available to frms as the frms get more of their clients onto Xero. Also, frms receive a recurring margin for the clients they sign up for Xero, with the percentage increasing based on the quantity. www.Xero.com Xero and Xero Partner Program Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12039250 BEST FIT Accounting CS is best-suited to accounting firms managing multiple engagement types for clients, par- ticularly those who wish to move their clients into the fully-integrated, web-based client side of the system. STRENGTHS • Well-respected brand and broad suite of integrateable systems that is used by thousands of accounting professionals in the U.S. • Ofers powerful tools and features for traditional w r i t e - u p f u n c t i o n s a s w e l l a s c o l l a b o r a t i v e accounting with clients. • Intuitive user interface for clients and firm staff, designed for fast, heads-down data entry and high- volume processing. • Accountant-centric system allows detailed control over user access rights by staf members and clients. • The company does not market directly to small businesses. Te small business accounting compo- nent is ofered to clients by the accounting frm. POTENTIAL LIMITATIONS • Direct integration with fnancial institutions and third party programs would beneft users. • Accounting CS does not support multiple currencies. • P a y r o l l f u n c t i o n a l i t y r e q u i r e s t h e s e p a r a t e Accounting CS Payroll system, but the data does integrate into Accounting CS. Data can also be imported from A DP, Paychex and other pay roll systems. SUMMARY & PRICING Specifc pricing for Tomson Reuters' Accounting CS depends upon the number of accounting frm users and clients, as well as additional add-on functionality that frms and clients desire. Firms should get a customized pricing quote. cs.ThomsonReuters.com Thomson Reuters Accounting CS Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12039168