Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/460060
12 February 2015 • www.CPAPracticeAdvisor.com VIRTUAL CFO PLATFORMS Reviews BEST FIT Accounting frms with multiple clients that use QuickBooks Online, or who they want to move to the online small business bookkeeping system, allowing the frm to provide real-time accounting and consulting services to clients. STRENGTHS • Intuit has the largest community of add-on applications available through its apps.intuit.com website, providing extensive specialization options for virtually any business type. • Te program has direct integration to dow n load l ive bu si ness data f rom clients' fnancial institutions, easing reconciliation and transaction verif- cation processes. Additionally, it has direct integration with client versions of Quick Books Online, as well as the abilit y to import from desktop ver- sions of Quick Books and traditional spreadsheets. • Strong dashboard v iews and multi- c l i e n t c a p a b i l i t i e s , i n c l u d i n g a bench ma rk i ng tool t hat compa res fnancial metrics. • Ne w m a n a ge me nt r e p or t i n g a nd c ustom izat ion opt ions for sha r i ng reports with frm branding, as well as an online document sharing center that acts as a portal to allow clients to send the frm requested documents. • Multi-currency options allow seting defaults for customers, vendors and ot her opt ions, but f i xed a sset a nd fnancial statements remain in U.S. dollar mode. POTENTIAL LIMITATIONS • Some advanced features can be chal- lenging for infrequent users, including job costing and inventor y manage- ment. Other features are only avail- able in the more advanced Essentials a nd Plu s version s, such a s bench- marking, purchase orders and inven- tory. SUMMARY & PRICING QuickBooks Online Accountant is free for ProAdvisor members, and is also available at no cost while an accountant has at least one user of the QuickBooks Online business system on his client roster. The small business, traditional version of QuickBooks Online is avail- able in three versions based on the fea- tures the business needs and the number of staff. Simple Start costs $9.95 per month, Essentials costs $19.99 per month, and QB Online Plus costs $29.99 per month. Separately, the QuickBooks P r o A d v i s o r p r o g r a m i s f r e e f o r accounting frms who wish to support only online accounting clients. A paid model is available if supporting clients using the desktop version of Quick- Books. Accountants.Intuit.com/QuickBooks BEST FIT A cco u nt i ng Power i s d es ig n ed f o r accounting firms who want to regain control over their clients' bookkeeping by allowing the frm to collaboratively manage business processes, from posting transactions to reporting. The system includes collaborative and period-based write-up functions, such as reconcilia- tion, journal management and fnancials generation, and includes useful manage- ment tools like multi-client dashboards, alerts and detailed user security setings, that allow frms to use the system as an outsourced fnance department for cli- ents. STRENGTHS • Provides good tools for write-up and collaborative accounting w ith busi- ness clients • Of fers d i rec t i nteg rat ion w it h t he PowerPractice Suite, which has solu- tions for practice management, payroll processing and reporting, document management, website management and other tools. • Power Practice has streamlined data ent r y sc re en s t h at f ac i l it ate h i g h volume processing. It also has tools for importing data from Quick Books, Sage and most report formats. • AccountantsWorld does not compete w ith firms for sales. The client-side accounting solution is only available through the accounting frm's online s of t w a r e , a nd t he r e f or e on l y t he accounting frm is in contact with the small business. • Te system includes good reporting tool s a nd c u stom i z at ion feat u res, including mu lti-client dashboards, automat ic a ler t s a nd t r ia l ba la nce capabilities, and is the only system in t h is rev iew to i nclude bu i lt-i n job costing capabilities. POTENTIAL LIMITATIONS • T he s y s tem doe s not h ave d i re c t integration with fnancial institutions for transaction downloads and auto- mated reconciliations, however, this data can be imported. • Accounting Power does not support multiple currencies. • T he s y stem ha s l i m ited i nventor y c a p a bi l it ie s a nd f e w a d d - on s a r e available for CR M, manufacturing or other niche needs. SUMMARY & PRICING A first-year special that includes the Accounting Power Pro system and the Collaborative Bookkeeping Module (for unlimited clients) costs $160 per month or $1,595 for the frst year. www.AccountantsWorld.com Intuit QuickBooks Online Accountant Accounting Power by AccountantsWorld Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12039324 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12039358 2015 READERS' CHOICE AWARDS Vote for your favorite programs for tax preparation, planning, write-up, accounting, cloud technologies, client accounting and many other categories. Your vote helps to shine a spotlight on the best technologies designed for tax and accounting professionals. The voting period will end March 3, 2015. http://cpareaderschoice2015.questionpro.com/