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The highlights from Heather Smith and Tyler Caskey's chat about the latest features, integrations and pricing updates since March.
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The latest updates and tips on accounting apps
06 June 2024
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14 minute read
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Tune into the latest Accountants Daily podcast, where we cover everything happening in the accounting app space since March 2024. Although our last episode was just a couple of months ago, there's been a lot of changes! We aim to provide you with practical insights and tips you can explore and use straight away. Here’s a preview of what we cover.
Since we last chatted, Tyler has been setting up a business in New Zealand and deep-diving into the payment space. Meanwhile, I upgraded my hardware with a Samsung 49" Odyssey Curved monitor, switched my old monitor from landscape to portrait, installed the (free) app PowerToys from the Microsoft Store, and activated FancyZones to define the zones on the monitor. I've effectively moved from 2 to 4 screens and enhanced productivity!
Let's jump in and talk about some of the tech that real users are excited about.
Synder (financial automation for e-commerce and SaaS businesses) announces its integration with Cin7 (cloud-based inventory management solutions), offering seamless connectivity between the platforms to transform how businesses manage inventory and reconcile financial transactions across multiple sales channels and payment platforms.
Document management and automation app FYI has added the practice management tool Elite to its roster of products. Elite is crafted to provide a cohesive solution for document, employee, and advanced practice management.
The reporting solution Fathom now allows you to compare Actuals YTD + Budget against the Full Year Budget, enabling you to quickly review how the business is projected to perform compared to the budget through the end of the year.
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Calxa, the budgeting and cashflow forecasting tool, has introduced "Bulk Connections," allowing users to connect multiple Xero organisations simultaneously, simplifying the management of numerous entities. Calxa has also introduced "Sub-Accounts," giving users more granular control over their financial data and allowing for detailed tracking and reporting within larger account categories.
Finlert, a suite of products that float across Xero, has released "SubSync," which brings Stripe and Xero together through a two-way integration that ensures that all of your Stripe invoices are in both systems.
The automated e-commerce accounting solution A2X Accounting has a new Settlements and Payouts page, which simplifies the process of reconciling e-commerce transactions by providing detailed breakdowns and easier access to key data, enhancing accuracy and efficiency. Fun fact; If you have an Amazon account, the page is called 'Settlements'; for Shopify, eBay, or BigCommerce, the page is called 'Payouts'; and for Etsy, the page is called 'Deposits'.
BOMA Marketing introduces a new generative AI feature, Content Assist, which allows users to customise content library articles to fit their marketing needs.
The portfolio tracking software Sharesight enhanced its trade file upload functionality with a new and improved column mapping screen and logic to streamline the process of importing large trade files.
Recently launched in Australia, Netgain specialises in automating repetitive back office tasks through applications fully embedded within ERP software like NetSuite or standalone applications. It includes solutions like NetAssets, NetLoan and NetLease.
Let's switch it up and talk about the GLs.
Intuit now has a deep integration with Microsoft Excel, with the ability to quickly move data back and forth between the solutions through a tool called 'Spreadsheet Sync'. Back in 2021, Intuit acquired DataDear, and this is where the tool is surfacing. You can now enter and record Fixed Assets in QBO. The reintroduced QuickBooks Online desktop app can open multiple companies and clients simultaneously, allowing users to easily toggle between them. Plus, two new app integrations automatically collect recurring payments with GoCardless and securely manage ATO correspondence by integrating ATO SmartDocs with QuickBooks Tax powered by LodgeiT.
The vertical menu in MYOB has been moved to the left, and the language is simpler. The column options also allow you to customise what you see on the invoice and quote list.
Xero has announced new pricing plans, retired its Planday product in Australia, and entered into a new collaboration with Deputy. Xero has introduced the ability to sort, search, and filter statement lines in bank reconciliation and view up to 50 unreconciled statement lines on the bank reconciliation screen. Users are very excited that they can now bulk void up to 200 bills or bulk delete up to 200 draft bills.
I attended a Fusion 5 hosted NetSuite User Group quarterly meeting and there were too many new features and functionalities to mention, but to give you a taste, look out for enhanced inventory transfer settings, batch payment approval workflows, and options to mask company bank account numbers in electronic payment files.
The automated accounts payable solution LightYear has been sold by founders, the Gregg brothers, for a second time! The Access Group has entered into an agreement to acquire the solution. In 2014, The Greggs sold it to Intuit, then bought it back for $1, only to sell it again ten years later. I think we need to coin a new term in our industry: "The Gregg" or "Doing a Gregg" if you can effectively sell the same company twice.
Following up on the last update (which you can read here), WorkflowMax by Xero is still retiring, and the last day to access it is 26 June 2024. You need to have your migration plans in place now!
I have now switched to new Xero Invoicing, while Tyler switched back to classic Xero invoicing because it's not pulling through default GL accounts in Xero projects. Also, I can personally confirm conversations about the importance of 'mythical creatures' have been had with the product development team.
Keep an eye out for these upcoming accounting & business events: Momentum Media's Accounting Conference & Expo 24, 20 June 20th in Sydney; the QuickBooks Product Showcase '24, visiting 21 locations in June; and I shall be chasing the sun attending the Tropical Innovation Festival in Cairns, FNQ 17-21 June, brimming with brains, billionaires, business innovators, and budding entrepreneurs!
Be sure to listen to the podcast for a deeper dive into these stories and more.
By Heather Smith, ANISE Consulting
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