By Stephanie Elsen

If you are currently searching for accounting software, it may help to know what kind of buyer you are, so you can get the best results from your search. Web site www.FindAccountingSoftware.com has developed a free tool you can use to prioritize what is important, and use that information to get the best search results. Follow this link to give it a try!

Quiz: What Kind of Accounting Software Buyer Are You?

by Stephanie Elsen

As an accounting and payroll software development company, we talk to customers everyday who are looking to make data entry processes more efficient. Thankfully Red Wing Software products have the capability of helping in various ways. Use these features to avoid data errors and increase data entry efficiency!

Time Clock/Time Capture Tools

Using time clocks or other time capture tools can decrease the amount of time spent processing payroll. Instead of entering data by hand, you import the data that has been collected in the time clock or other device, directly into your payroll software. You can map the fields of information you need to import to your payroll software, so that only the information you desire is imported along with the time.

Copy from Previous and Recall

When entering new information into the system, make use of the recall, recurring and copy functionality instead of entering the data manually. These tools provide a way for you to copy from data that’s already in the system. Consider how many similar transactions, employees, customers, and more that you enter over the year, and you will see why this is such a time-saving feature!

Mass Update

If there is a piece of information you need to update for a wide variety of records, you can use the mass update function to save significant time! One example is the updating of vendors to be marked as 1099 vendors. If you need to update several vendors at once, use the mass update tool! It allows you to see a list of vendors available, pick from a list which ones to change, and then make those changes all at once. The same update function is available for employees, customers, vendors and other master files.

Whether you are using Red Wing Software or other accounting and payroll software, using these functions can save time and make your work more efficient!

In this post we have uncovered some ‘hidden gems’, features within CenterPoint Accounting that you may not currently be using, but that can help you and your business. These are features that our customers and the Red Wing Software support team have described as valuable, yet you may not be aware they are available. They are actually not at all hidden, but readily available within the program for you to use!

1. Split Expenses

   CenterPoint allows you the option of splitting expenses by profit center, location, project and more. You can set up expenses to be split by a percentage to the office, a percentage to the sales department, etc. This is a huge time saver and helps you distribute expenses accurately.

2. Reminders

   Set up reminders in CenterPoint Accounting to help keep you organized and on time! Reminders can be set up as “Conditional Balance Reminders” that tell you when you checking balance goes below a certain number, ”Payable Reminders” that remind you to pay your accounts payable invoices, “Scheduled Reminders” that let you setup any kind of a reminder for a certain day to pay rent, maintain your equipment, and more.

3. Amortization Schedule

   Use the CenterPoint Amortization Schedule to calculate interest and principal amounts when planning for loans.

4. Audit Trail Worksheet

   Use CenterPoint Accounting’s audit trail worksheet within transaction entry to easily determine who entered a transaction, creation date and time, modified date and time, how many times edited, who voided, and much more.

5. Drill Down from Reports

   Wondering where a number on a report came from? Simply click on that number and you can drill down the source entry.

6. Customizable Transaction Entry

   Make transaction entry much easier by only stopping on fields where you enter data often. CenterPoint also allows you to add, remove and sort columns on the transaction entry screen for quicker and easier entry.

7. Customizable reports

   You have the ability to pull out the information you need, whether requested by auditors, management, or others. CenterPoint makes it easy with the ability to modify reports, or even create a custom report from scratch. No need to be a programmer; the custom report tools are built for all users!

Wondering how to get started using these hidden gems? Call today and we will be happy to help you! 800-732-9464.

Did you know that September is “International Strategic Thinking Month”? There are a few things you can do with your accounting software to promote strategic thinking in your business.

Create a budget.

Creating a budget can result in increased confidence in decision making! A budget also helps you stay on track and create a profitable plan for the future.

Run an ABC Analysis.

ABC analysis within an inventory management software system is a practical report that can show you which items are most profitable. And, knowing which of your items are most profitable can help you make better decisions.

Run a Suggested Purchases report.

The Suggested Purchases process looks at the inventory information and determines which items need to be ordered based on current on-hand quantities and/or past sales demand (history). Purchase quantities are created from the sales item purchase information such as preferred vendor, minimum quantity, maximum quantity, normal order quantity, and vendor's minimum order quantity. This is a time-saving process that can automate purchase order creation.

While you can be pretty sure your small business accounting software won’t magically balance your checkbook for you or get you better pricing, it can make those two functions (and many more) much easier! Using your accounting software as simply a place to store your data is like buying a car and only driving it around the block. Accounting software can do so much more than just store your data. And while no two businesses are alike, there are certain basic functions you should expect from your software.

Understand profitability

Somehow, some way within your small business accounting software, you should be able to get information about the profitability of your business, and be able to extract a report that tells you which of your items or services are most profitable.

Manage transactions

You enter information into your small business accounting software. Why not take it a step further and use reports to gain more information about those transactions? Reports can give you a quick glance at who owes you money, when it’s due, who you owe, and even which customer ordered the most of any given product. Knowledge is power. Knowing this kind of information can help you receive payment faster, help you get more sales, and much more.

Pull data for those who need it.

Eventually, you will be requested to provide financial information about your business to a third party, such as a financial institution. How easy will it be for you to get the information they are requesting? Will you or your staff spend hours tallying information by hand and submit it to them in a spreadsheet? Or will you run one report, export it to .PDF format, and e-mail it to them? The latter is a much more professional option, and you should be able to pull this directly from your accounting system.

The above are crucial functions, and using them can help you make the most of your small business accounting software. Don’t let your software investment go to waste! Use these functions and others available, to be sure you stay profitable and keep your business running smoothly.