CPA Practice Advisor

JUN 2015

Today's Technology for Tomorrow's Firm.

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16 June/July 2015 • www.CPAPracticeAdvisor.com SMALL BUSINESS ACCOUNTING SYSTEMS Reviews BEST FIT Small businesses that are looking for a reliable, easy-to-use product that ofers solid accounting capa- bility as well as good inventor y, sales, and job costing capability. STRENGTHS • Long list of add-on products and applications are available for all Quick Books products • Excellent fle sharing capability between clients and accountants available • Ability to scale up to more robust versions if desired • Good industr y specifc options available • Produc t is user f r iend ly, w it h ne w u s e r s a ble t o b e u p a nd running quickly POTENTIAL LIMITATIONS • W h i l e s o me s u p p o r t i s U. S . based, the majorit y of support calls are handled by overseas call centers. SUMMARY & PRICING QuickBooks Premier is available for $299.95 for either a one year sub- scription or the desktop version of the product. Support plans and upgrades are available at additional cost. Payroll options are also avail- able, and pricing varies. www.quickbooks.com BEST FIT CenterPoint Accounting is a good match for businesses looking for a product with a more traditional look and feel that of fer s sol id inventory and business manage- ment capabilities. PRODUCT STRENGTHS • Cont a i n s e xcel lent sa le s a nd inventory management capability • O f f e r s a n e x c e l l e n t p a y r o l l module • Good reporting module with the abilit y to integrate w ith third- party report writer applications • P r o v i d e s n e w u s e r s w i t h a n impressive selection of geting started tools, help functionality, a nd t ra i n i ng v ideos a nd u ser guides POTENTIAL LIMITATIONS • Does not ofer integration with mobile applications • Does not of fer remote system access SUMMARY & PRICING CenterPoint Accounting 's base product star ts at $1,495, w ith additional modules such as payroll, mu l t i- l o c at i o n i nvento r y, an d check-printing extra. For small businesses with a need for solid inventor y management, Center- Point Accounting may be a good ft. www.redwingsoftware.com QuickBooks Premier Red Wing Software CenterPoint Accounting Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12074928 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12074924 4.5 4.25 2015 OVERALL RATING 2015 OVERALL RATING Kashoo Gives Cloud Option to Many Micro Businesses A n excellent app for micro-businesses and small business owners, Kashoo is a web based application that works as well on desktop and laptop computers as it does on mobile devices such as iPad and Android tablets. Those new to Kashoo can sign up to try the product out for 14 days, without having to provide any credit card information. Once users enter an email and password, they can enter their business name and start seting up the product. Kashoo provides a convenient Geting Started video, which guides users through business setup, how to create invoices, how to record expenses, and running reports. Te data entry screens in Kashoo are set up for quick, convenient data entry, with users able to enter income and invoice data, payments, and detailed payment data by simply clicking on a tab at the top of the screen, minimizing the number of screens that need to be accessed. The dashboard also displays real time balances including Cash, Bank, Credit Card, Aged Receivables, Aged Payables, and Taxes and Remitances. All screens in the app contain a vertical menu bar that ofers access to other features found in Kashoo, including access to adjustments, banking , add-ons, and reports. Kashoo ofers a great deal of fexibility for its users, with the product supporting all popular web browsers including Firefox, Chrome, Safari, and Internet Explorer. An app is also available for iPad and Android tablet users, making Kashoo extremely fexible, with users able to access the product from the ofce or from a cofee shop. Kashoo ofers users a simple default chart of accounts with users able to add accounts as needed, or import a chart of accounts from another application. Standard transactions such as invoices can created easily, with users able to download all invoices as a PDF fle, or email invoices directly to vendors from Kashoo. When making a business purchase, users can simply take a picture of the receipt and it will be in Kashoo in seconds. Vendor payments and billings can also be handled through Kashoo, but electronic invoice payment is not available through the product. Te Automatic Bank Reconciliation feature helps to ensure that all banking data is up to date, with accurate totals refected. Companies are limited to 20 users, but with the product truly designed for micro-business and small business owners, it's doubtful that many companies will need to utilize more than 20 system users. Managers can grant full access, view and edit access, view only, or no access. Business owners can manage the books for up to five separate businesses at the same price, and can easily share the company books with accountants, bookkeepers, or business partners. Reporting options are limited, but offer all the necessary reports, including Proft & Loss, Balance Sheet, Receivables, Payables, Trial Balance, Transactions, and Activity reports.' All reports can be exported to Excel, CSV, HTML, or saved as a PDF fle. Kashoo will calculate sales and value added tax and users can assign multiple tax types to a single transaction. Payroll is not available in the U.S. as an integrated part of Kashoo, but users can process payroll using Paychex. Kashoo supports multiple currencies, with users able to choose from a selection of available currencies. Users can connect Kashoo to both bank accounts and credit card accounts, with transactions easily imported into the product. While Kashoo does not ofer a specifc import function, users are provided with instructions on how to import data from QuickBooks and spreadsheet programs such as Excel. Kashoo also ofers excellent integration capability with FreshBook. Kashoo ofers users a great selection of tools for new users, including video clips and a good selection of informational and how-to articles. Webinars are also available. Product support is available during extended business hours, and users can access support personnel via email or a toll-free number. Users can also pose questions on the Kashoo Facebook page. Kashoo is available in two versions. Te Solo version is for a single user and includes Invoicing and Expense Manage- ment, all Financial Reports, iPhone, iPad, and Android apps, along with Automatica Bank Transaction Sync. The Solo version is available for $4.99 monthly or $49.99 annually. Te Business version of Kashoo includes all of the features available in the Solo version, along with Real Time Team and Accountant Collaboration, Project-Based Accounting, and Multiple Business Management. The Business version of Kashoo is $19.99 per month, or $199.99 annually. Very afordable for even the smallest business with a limited budget, Kashoo makes it easy for users to be up and running quickly. A user-friendly interface, easy data entry options, and an excellent selection of how-to articles and videos will make setup quick and painless. With a free 14 day trial, micro businesses and small business owners may want to head over to www.kashoo.com and try the product out for themselves.

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