Thursday, December 8, 2011

Five Emerging Trends Defining Accounting Departments of the Future

Technology has become the driver changing the way companies exist and operate. The next generation of the workforce will be accustomed to operating in a completely technologically connected world with trusted relationships shaped by social platforms and social networking. Our economic environment has become one with diminished geographical boundaries. Increasingly, clients and customers are more focused on the caliber and quality of the work being performed- not on where it is being performed.

Accounting departments are not immune to these changes, and businesses must reassess their accounting departments to adapt to these trends.

1. Cloud Computing- Also termed software as a service, (SaaS), cloud computing is a new way of providing companies with software programs, allowing users to access the programs over the internet as opposed to having to load the software on an individual hard drive or central server. Emerging cloud and mobile technologies provide companies with increasingly more flexible options and 24/7 access to accounting data. In addition, cloud computing technologies have eliminated the problematic issue of single user systems that house accounting data on a single computer, allowing multiple user access. These technologies also eliminate the need to invest heavily in IT systems and staff thereby increasing profitability. With cloud computing programs, resolution of accounting system IT issues, data security and back-up often reside with the software developer taking the responsibility off of small to mid-sized businesses.

2. Outsourcing- This practice is becoming more and more prevalent across industries and is particularly beneficial to small to mid-sized companies. It provides a greater range of access to specific skill sets that may not be required or affordable on a fulltime basis. Outsourcing specific non-core tasks such as bookkeeping allow businesses to scale back services when they are not required or ramp up services during peak periods. Outsourcing functions such as CFO level services provide businesses with a high level expertise when they need it, expertise which may otherwise be in accessible or unaffordable if they needed to hire a full-time employee.

3. Virtual Office- Geographical boundaries are slowly being erased. It is now significantly less important where a company or its employees reside. This provides increased access to qualified accounting staff with a specific skill set, as they no longer need to be physically present in an office or even in a designated city or state to successfully accomplish accounting functions. This also reduces significant overhead expenses as office space to house staff is no longer essential to performing accounting and bookkeeping tasks. Tasks can be performed anytime, anywhere.

4. Self Service- Our world is becoming increasingly reliant on self-service as a result of technology. Today’s workforce is accustomed to 24/7 immediate access to information and the ability to quickly address tasks. Accounting departments must realize that monthly revenue and profitability reports are no longer sufficient. They must mobilize to offer real time access to live data so that decisions impacting the company can be made promptly and efficiently, by key decision makers with accessibility to this information.

5. Automation and Integration- Accounting departments must look to automate key business processes such as order entries and expense approvals to increase efficiency. This eliminates duplication of data entry and human error resulting in improved profitability. In addition, with access to more and more software programs companies must learn to integrate applications for accounting, CRM, e-commerce, payroll and POS so that they possess an all-inclusive snapshot of the company's financial status. Companies that learn to effectively integrate, manage and analyze this data will be far better equipped to move swiftly and decisively on critical matters that impact their business.

Businesses must embrace these trends that impact their accounting department to remain competitive. We are currently offering a free analysis of your accounting business processes and accounting system. If you would like to learn more on how Analytix Solutions can help improve your profitability, please call directly at 781.503.9004 or email at sales@aixsol.com.

Wednesday, December 7, 2011

Cloud Computing: Transforming the face of Accounting

Cloud computing allows sharing of computing resources over the Internet. Information is stored in the cloud, remotely, instead of on a physical hard drive or server. Once implemented, employees no longer need to work inside the office; they can access information from remote locations as well, if they are connected through the Internet. They can also work as a team without being physically present at one location.

It is a new model of software service delivery that uses the Internet as a network to exchange information. In practice, cloud computing is all about services and not products, delivered over the Internet network. The advantage of the cloud is that it allows for centralized sharing of services, which in turn results in faster deployment of software, in turn leading to significant time and cost savings for business owners.

Cloud computing has already taken business management by storm; it is likely many companies are using some form of the cloud unknowingly, in the form of private networks.

Accounting and Cloud Computing

Accounting is seen as a traditional discipline where implementing cloud computing may seem like a distant dream. However, the reality is that accounting is already being touched by cloud computing.

There are many practical considerations that encourage the adaptation of the cloud for accounting purposes:
- Cloud computing results in scalable solutions.
- Cloud solutions can take off without a large capital or investment; provides better returns on investment.
- Reduces costs and time efforts in researching, establishing, and maintaining applications.
- Cloud solutions allow the system to be updated regularly.
- Cloud solutions result in increased adaptability of the system so that any new changes are reflected automatically and also initialized effectively.

All of these converge onto one truth: the cloud speeds up your accounting processes and helps make them much more accurate and error-free. This means your other equally vital functions, such as that of sales, can take up the majority of attention needed.

Further, integrating cloud computing into your existing systems is relatively easier. This is because it has application program interfaces that allow for seamless merging with existing or new systems. You can build up or strengthen existing applications on the same platform.

This also has significance for the small and medium-size business owners. They can outsource the entire function of accounting over the cloud with a host of benefits, including immense cost and time savings. The implementation of cloud is dependent on the vendor, hence, for a small or medium business, conducting accounting business over the cloud makes immense sense. Once you entrust the responsibility to a vendor, it is also the vendor who supplies interim IT and other support as required. So you save up significantly on infrastructure as well as on manpower hiring, training, and retention costs.

Security concerns are also easier to handle within a cloud. Since a single vendor is responsible for the system end-to-end, the vendor takes full responsibility for the application. You do not need to deploy several different security applications to take care of your data and information.

Further, the adaptability that is inherent within cloud systems ensures that the regulatory changes accounting is subject to get absorbed easily. Most of the current software is unable to adapt rapidly to changes and requirements that are the catchwords today.

Another big advantage of cloud computing for the small or medium sized business is that one can begin harvesting benefits without the need to invest a large amount of money or capital in the beginning: a fact that holds a big promise for small and mid-sized businesses.

Friday, September 30, 2011

Why Does Your Small Business Or Startup Require Automating Accounts & Bookkeeping?

Today, automated accounting is an integral element of business operations. Irrespective of the size of your business, automating your accounting system can lead to increased efficiency, translating into savings of cost and time, and better access to amounts receivable. This is possible because the automating software completes transactions rapidly, allowing customers to approve payments immediately.

Apart from secure payment transactions, automating has a host of other benefits:

  • Timely updates of records and data
  • Speeding up existing processes
  • Reducing or eliminating the need for periodic human intervention, and thus reducing error margins

In the competitive times that we are currently living in, there is very little room for error. Depending on the industry type, acceptable human error margins could hover anywhere between 2% and 5%. While documentation of error is a statistical function and is relative to assignments, automation can help reduce errors.

Automation and Accounts

Automating your accounts will save you a lot of time that would otherwise be used in making manual entries. Functions such as recording credits and debits are an intrinsic part of accounting. Doing this the traditional way eats up time and exposes data to errors. These could range from simple, typographical errors to larger, more serious ones. However, once you automate processes, the software creates folders or sections that are programmed to allot entries to the assigned columns, without error.

With automated systems in place, tracking accounts is also an easier process. Needless to say, automating also plays a role in deterring fraud.

Security and Integrity

The key to automation lies in reducing the opportunities for error (OFE). Lower the OFE, higher the accuracy of your final product. Once programmed, the automation software will also carry out regular updates and reports that can then be reviewed by concerned personnel.

At a time when data safety takes center stage, automated accounting works to reduce instances of human interface, ensuring safety and integrity of the process.

If your organization manages large amounts of numeric data, automation can prove highly cost effective. Automating software can carry out the same amount of work within shorter time periods, and with higher accuracy, thus eliminating the need to rework accounts.

Overview

  • Automation allows for customization and improvisation at multiple levels and in a fast and secure manner. Automating your accounts system will ensure that they will remain in sync with the company’s growth. As your offerings grow, so will your accounts; automating will ensure that little or information is lost, while allowing the changes to be smoothly integrated into the existing systems.
  • Automation allows for all concerned parties to access their information at will. This in turn, further frees up precious human resource for other areas needing intensive human intervention.
  • Since automation also includes keeping a track of activity, there is lesser chance of mistakes going unnoticed for large periods of time. Your vendors and customers both can track their data independently and in a secure manner, reducing chances of fraud.


Automated accounting can prove to be indispensable; especially for small and midsize businesses where budgets are limited. The dual problem of focusing on client requirements while staying well within budget outlines can be resolved by automating accounting processes. Automation can help you do away with the need to establish a resource pool that needs to be trained and maintained. More importantly, it can help you meet your business requirements well within the outlines of your budget.

Friday, September 16, 2011

Analytix Solutions Participating in Jiffy Lube International Convention and Tradeshow

(Woburn), MA: Jiffy Lube is conducting International Convention and Tradeshow this September 18th and 19th at the Hyatt Regency Chicago. Analytix Solutions- a single solution provider offering a complete range of accounting and bookkeeping support for small to mid-size franchise businesses-has been serving one of the franchisees of Jiffy Lube by helping it in planning, implementing and upgrading the existing accounting system to ensure maximum ROI.

Analytix Solutions is participating in Jiffy Lube Tradeshow and offering cost-effective, scalable and qualitative services meant for small and mid size businesses. Company offers one-stop solution spanning from accounting software selection and implementation to integration of third party application which are ideal for multi-unit franchise businesses. These services can offer franchise business the liberty to focus on their core business leaving their non-core functions to Analytix Solutions like Jiffy Lube. Leveraging Analytix financial solutions, franchise businesses can leverage an entirely integrated, secure; web based reporting system that offers real-time access to vital business metrics. Analytix services can improve contingency plans, increase productivity without expanding overhead expenses, and save costs and time through automation. In addition, the company also offers value added services, i.e. IT services, web marketing, including data entry solutions. The company has been in this industry since 5 years and manifests state-of-the-art infrastructure, talented team of experts with vast experience in their respective genres and highly professional business delivery model.

"We have started with a mission to serve startups and franchise businesses to boost their productivity by offering them the liberty to focus on their respective businesses by offering them expert back office financial support though one-stop accounting and bookkeeping solutions. Our online marketing services will also build their brand name by facilitating online marketing tools and platforms. We have come a long way since then. We are looking forward to serving different franchise businesses of diverse verticals offering them winning combination of back office support coupled with solution to online marketing" said Jason.

Headquartered in Woburn, Analytix Solutions has earned a great rapport and wide client base coming from multiple verticals across the globe.

About Analytix Solutions

Analytix Solutions is a professional accounting and bookkeeping service provider along with web marketing solutions with a vision to become one of the prominent back office services and online marketing services providers in United States leveraging its expertise, experience and state-of-the-art infrastructure. For more details about the company please visit http://www.analytixsolutions.com/

White Label and Private Label - A Complementary Concept

Off late, white label products and services have made an enormous impact on the U.S. market, influencing almost everyone, from producers to customers.

There has been a prominent explosion in the number of while label brands. This is specifically true in Europe, where white label goods and services have captured almost half the products and services that is marketed and offered worldwide which may span from consumer products to IT services like accounting and bookkeeping services. This trend is catapulting. What advantages this white label services and products bring in the market and to whom?

Who Are Beneficiaries

White label products and services are those services which are created and produced by one company and the same is branded and marketed by other small and midsized enterprises lacking appropriate infrastructure, manpower, and ample fund and a vision, channel and market to sell the product. Benefits of white label products and services include:

Save Development Cost: These products and services are developed and created by small companies hence the development costs are borne by these companies. This enables the marketing and selling enterprises to save production and development costs on these products and they can cheaply partner with the white label companies to incorporate new products to their services without establishing any in house resources to develop such services and products.

Easy Access to Services: Easy access to solutions and products, in the form of white label products, and services can enable a brand to reach out bigger market faster with customized solution to the customers in a cost effective manner.

Product Expertise: Marketing and private labeling company can retain the viability of innovativeness and scalability in the product and solution by partnering with the developing company. The white label company can always add new updated features to the product and service to offer the private label company an edge over other service providers.

Multiple Service Portfolios: Marketing companies can incorporate diversity in their service portfolio by offering multiple products and solutions to the customers of various verticals.

Market Penetration: Small of midsized private label companies can enter into new markets without actually producing and developing the services and products. It will open up new avenues to the private label companies.

Cross Promotion of Multiple Products: The white label products will enable the private label companies to cross promote and sell different other products and solutions into the market easily at least expense leading to brand building.

In this way white label and small and medium size private labeling companies both are complementary to each other and this concept is very much in trend these days in the global market. Small producing companies can create and develop products and solutions and they don’t need to search for the market. On the other hand the small and midsize enterprises can partner with these white label companies to market and sell their products and solutions under their own brand name at a cost effective manner.


For more information on White Label Accounting and Bookkeeping Solutions send us an email at sales@analaytixsolutions.com or call us at 781-503-9004

Friday, July 22, 2011

Accounts Outsourcing Transition – Pitfalls and Practices

Outsourcing accounting and bookkeeping services is witnessed when a firm purchases online accounting and bookkeeping services from an outside vendor, rather than executing the same task within its own facilities, with an aim to cut costs. In this process the transitioning phase is a critical step in outsourcing.

The Challenges

A few of the challenges could include change management issues, deployment and procurement delays, insufficient knowledge transfer, lack of senior management support, communication gap etc.

Change management system is often not in practice to deal with the transition in several companies. Lack of methodology and foolproof planning is yet another pitfall that frustrates the success of outsourcing transition. In addition, communication breakdown or lack of proper communication also contributes to the failure of transition. Lack of proper knowledge transfer puts the transition phase in doldrums. More importantly, absence of senior management backing to the transition process is the most prominent pitfall that jeopardizes the entire transition initiative. The bigger challenges may be even unpredictable because not all challenges can be predicted at the initial level.

The Best Practices to Ensure Successful Transition

Methodology

Methodology isn't simply a process, it shows how important an accounting and bookkeeping services provider treats the transition phase and with how much of maturity level. The core elements of a good methodology are frequent audits, facilitation of tools and techniques, simplicity of implementation and effectiveness of monitoring process.

Robust Planning

More robust the planning process, better the execution. The key activities at the planning phase should be amalgamation of timeline and expectations, proper resource allocation, and clearly defined criterion to access the success of transition phase should be formulated to make the outsourcing online bookkeeping from transition to business phase.

Risk Management Approach

The proactive approach to predict potential drawbacks early, gives sufficient time to carry out amendments, if required, and enables design a response strategy. In this risk management practice risk identification and risk response methodology should be reviewed occasionally. Risks must be specified clearly and the impacts and possibilities need to be evaluated. Every potential risk response should be addressed with equal significance.

Governance

Many transitions fail with the failure of implementing a governance structure. “No-slack” implementation of governance structure during transition ensures alignment of project objectives with the stakeholders. The communication plan also needs to clearly circumscribe the frequency and format of communication that will be received and sent by shareholders. The well structured governance tracks status of project and changes if any and more importantly, avoids any surprises.

Buyer Readiness

Synchronization of service provider’s past experience and buyer’s readiness is instrumental in the successful transition of online bookkeeping phase. Support of management team should be identified and involved closely to check the progress and delivering support. Clearly defined expectation, clear, fair and upfront communication with affected staff should be the initiative of change management. Resource and budget allocation should be done to guarantee the support to multiple work streams.

Partnership Approach

The joint efforts of accounting bookkeeping service provider and buyer ensure the success of the outsourcing initiative. The teamwork of online accounting service provider and buyer during the transition phase constitutes the foundation and pitch of relationship for the duration of the contract. All pitfall and issues needs to be viewed as project issues rather than service provider or buyer issues. Understanding and trust among both the parties are crucial and they should work towards the common goal of successful transition.

These are a few of the best transition practices that should be considered when hiring online bookkeeping and accounting services.

Friday, July 1, 2011

Happy Independence Day

Analytix salutes all the freedom fighters who fought for our freedom. On this occasion of the Independence Day, Analytix Solutions wishes you all a very delightful and happy Independence Day!

Tuesday, June 21, 2011

Analytix Solutions Joins Intacct Partner Program

Analytix Solutions, a leading provider of accounting, bookkeeping and virtual CFO-level services, today announced it has joined the Intacct Partner Program to provide affordable cloud computing-based financial solutions to mid-size businesses. The agreement enhances Analytix's comprehensive business services offering by leveraging the benefits cloud financial applications deliver to mid-size businesses that want to improve their overall productivity.

"Mid-size businesses are struggling with how to manage their accounting and bookkeeping efforts in a cost-effective way as their companies grow," says Satish Patel, president and founder of Analytix Solutions. "Cloud-based financial management is the future. By partnering with Intacct, Analytix can provide companies with comprehensive, highly-customized offerings that allow them to achieve a broad range of objectives, such as reinvesting in their business and eliminating the need for additional headcount."

Through the partnership, Analytix Solutions will deploy Intacct's industry-leading cloud financial applications to help clients improve performance, take better advantage of financial advice, and make better and faster business decisions. As a cloud-based system, Intacct also enables Analytix's clients to dramatically reduce IT and operating costs and achieve a far lower total cost-of-ownership than with traditional on-premises financial software.

"Intacct's cloud financial applications are ideally suited for firms like Analytix Solutions that offer virtual CFO services - allowing firm employees and clients to access financial information and collaborate in real-time from anywhere in the world via the Web," said Taylor Macdonald, VP of Channels for Intacct. "We’re excited Analytix Solutions has joined the Intacct Partner Program and look forward to working with them to help mid-sized businesses move to cloud financials and improve their overall business performance."

About Intacct
Intacct is a market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct's award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing. Intacct is headquartered in San Jose, California. For more information, please visit http://www.intacct.com or call 877-437-7765.

About Analytix Solutions
Analytix Solutions is a professional services firm providing virtual accounting, bookkeeping and CFO-level services to small to mid-size companies. In addition, Analytix also offers a full range of secondary financial and IT support services including data entry, data migration, systems integration, payroll services and application development. The company is jointly owned and operated by a CPA and an IT expert with over 40 years of combined experience. Analytix Solutions was founded in 2005 and is headquartered in Woburn, Massachusetts. For more information, please visit http://www.analytixsolutions.com.

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Friday, June 17, 2011

Happy Father's Day

A great salute to the Father as a guiding force in our lives! Analytix Solutions wishes you a Very Fruitful and Happy Father’s Day!

Sunday, May 8, 2011

Happy Mother’s Day

Make Mother’s Day a memorable one, and let her know how much she means to you. Analytix Solutions wishes you a Very Fruitful and Happy Mother’s Day!

Sunday, April 24, 2011

Happy Easter

Analytix wishes all its readers Happy Easter.

Monday, February 21, 2011

Happy President’s Day

Once again President Day is there to remind you all, what role our past presidents played to make our country the world leader! Let’s commemorate this historical occasion jointly and pledge to continue celebrating this event every coming year to honor our past presidents.

Analytix Solutions wishes you a Very Happy President’s Day!!

Monday, January 31, 2011

Analytix Solutions to conduct FREE Accounting webinar for Indoor Sports Industry and Hotel Industry on Feb-17

January 31, 2011, Woburn, MA - In continuation with its series of accounting webinars for indoor sports industry and hotel industry, Analytix Solutions has announced its next accounting webinars "Kickoff your Accounting in 2011" for Indoor Sports Industry and "Check-in to Our Suite: Accounting Solutions for Hotel Industry". This free online webinar will be conducted by Satish Patel, CPA, scheduled on February 17.

The hour long accounting webinars will begin at 4-5 PM EST for Indoor Sports Industry and 5.30-6.30 PM EST for Hotel Industry. Grab this opportunity to horn your accounting skills by leveraging knowledge and experience from a CPA's point of view. Interested attendees can register for these free accounting webinars on http://www.analytixsolutions.com/webinars/register-webinars.asp.


The topics of discussion in this accounting webinar for indoor sport and hotel industry will be:


  • Developing smart practices for managing your finance department

  • Discovering emerging trends and technologies impacting financial management

  • Measuring the pulse of your business by tracking key performance indicators

  • Re-evaluating the goals of your finance department

  • Client Case Study

Following are the details for the Indoor Sports Webinar:


Name:
Kickoff your Accounting in 2011

Time: 4-5 PM EST

Web Page: http://www.analytixsolutions.com/webinars/indoor-sports-webinar-feb2011.asp


Following are the details for the Hotel Industry Webinar:


Name:
Check-in to our Suite: Accounting Solutions for the Hotel Industry

Time: 5.30-6.30 PM EST

Web Page: http://www.analytixsolutions.com/webinars/hotel-webinar-feb2011.asp


Analytix Solutions (www.analytixsolutions.com) has been conducting successful accounting webinars for the benefits of Owner, CFO, Managing Director or other key decision makers. It allows the webinar participants an access to accounting experts which helps them manage their practices better.


For more information on these FREE accounting webinars, visit : http://www.analytixsolutions.com/webinars/. To register for any of these webinar event, visit: http://www.analytixsolutions.com/webinars/register-webinars.asp.



About Analytix Solutions


Analytix Solutions is a professional services firm providing virtual accounting, bookkeeping and CFO-level services to small to mid-size companies at affordable rates. Analytix offers customize and scalable solutions that have helped many of our clients recoup over 40% of their in-house accounting costs while simultaneously increasing efficiency. Analytix Solutions also offers a full range of secondary financial and IT support services including data entry, data migration, systems integration, payroll services and application development. The company is jointly owned and operated by a CPA and an IT expert with over 40 years of combined experience. For inquiries email us at sales@analytixsolutions.com.