Wednesday, December 28, 2016

Flashback 2016 : 12 Big Things That Happened In Accounting World

With every passing year, accounting becomes more advanced and adopts new technological aspects to make business process easier than before. Year 2016 saw a number of changes in accounting world and gave an assortment of exclusive opportunities so business owners can process their business effectively.

Fruitfully, business-owners, with small and medium-sized ventures, became able to increase efficiency without any hard efforts. Want to know about those big things? Here, we have a blog post which gives you an overview on changes that took place this year- 

JANUARY: FreshBooks- The New iPhone Application

The year started with a big buzz of FreshBooks. The application was launched for the use of iPhone users who look to connect their business with their phones. The major purpose of this new iPhone application update was simplifying some business processes that include creating invoices, capturing expenses instantly, and tracking time for later billing in order to shorten accounting burdens. 

Sending invoice by emails, receiving payments, previewing PDFs, previewing receipt captures from expenses became easier with FreshBooks. Also, the application had an attachment receipt button to enter receipts on computer then capture it using the phone and new credit-card reader for accepting mobile payments for simplified business work. 

FEBRUARY: Sage’s Announcement of Partnership with Apple  

In beginning of the year, iPhone and Sage came up with news of their partnership. This arrangement saw both of these companies collaborate on providing best accounting tools to both- small and medium-sized businesses.

The manufacturer also released Sage Live Product available for iOS that was designed to help small & medium sized businesses via iPhones, iPads, Apple Watches. Sage’s major motive to launch this product was to provide real-time decision-making, reduced cost and democratic access to business management tools.

MAR: MYOB’s Launch of Wide-Ranging New Feature for Its Version 

MYOB made an announcement of adding several new features for its Bigger Business version 18 months after its release. MYOB Advanced Customer Portal consists of features that simplify customer administration by enabling a portal. 

The launching organization of MYOB confirmed that customers would be able viewing the invoices, statements, placed orders, mobile application for iOS & Google Android, users can get ERP as well as CRM functionality at any moment. 

APRIL:  Reckon Goes Live With Payroll Software 

Finally, in April, Reckon announced the launch of its long-awaited payroll software. The software was a perfect fit for both the small and big businesses. The major motive of launching the software was to offer technological advancement so the business with several accounting tasks can save huge time without dropping the precision.  

The manufacturer announced that the solution was the best tool they have ever introduced for easier accounting process. The software was a big boost! 

MAY: Sage with Its Three Latest Features for Cloud Applications  

Sage, on 11 May, made big announcement about its three add-on features for cloud based applications. The manufacturer verified that these added features will definitely improve user-experience, functionality, lessen the need of administration, improve collaboration, and more. 

Multi-currency, time tracking, direct bank feeds are those features that had been added to the cloud-based sage software to amplify productivity of businesses with complex accounting requirements.    

JUNE: Sage’s Launch of Very New Software

In the middle of June 2016, Sage publicized its new software Sage HandiSoft Practice Management. The manufacturer assured that HandiSoft would be the most significant change in accounting for the customers in the local market. 

Also, with the combination of Salesfoce CRM with HandiSoft and functionality, the manufacturer tried to enable single data-base, single hub to access real-time data with improved speed. The software is the cloud version and new practice management application to make straightforward decision in accounting.

JULY: MYOB Integrates Direct Online System 

MYOB, in JULY, came up with a big declaration of introducing a new online payment system that offered SMEs completing payments through Visa Card and Master Card. This new system was called MYOB online which gave access of invoices that are delivered directly by the emails. 

The integration was aimed to help SMEs raise invoice and email it instantly to the customers. There is an option of automatic updates, which allows the accountants to get confirmed about the payment.

SEPTEMBER: Launch of QuickBooks 2017   

Launching of QuickBooks 2017 for desktop was one of the best news which came this year. The version consisted of new features and various improvements to the existing one. Some major areas of the improvement were scheduled reports, search improvements, security, enhanced enterprise quality, report customization etc. 

QuickBooks 2017 is 25th version of the accounting software. As predicted, the software came was launched in the second-half of September 2016 to allow businesses take benefits of featured accounting solution. QuickBooks launcher, with release of this latest version, planned to target technology lovers with either small or medium sized business.           

OCTOBER: Intuit Launches New Application For Self-Employed  

QuickBooks launched its very new application for the professionals. The app for self-employed individuals helped to manage business finances and had an aim to lessen accounting burdens. Use of the application allowed the users to manage their receipts, profits & loss, prepare invoices, track expenses and many more. 

Launched by QuickBooks, the application targeted 60 percent individuals interested in completing a series of business tasks through their smart phones. Intuit confirmed that the application would be able to provide further opportunities to accountants for managing their finances in better way.   

NOVEMBER: The Bookkeeping summit of Accountex 

Accountex, the independent accounting technology conference and expo held on November 15-18, 2016. It is a leading conference and expo in the accounting technology marketplace. The main motive to organize the summit was to provide nationwide bookkeepers detailed overview and training in accounting, practice management, networking with peers 24/7 on challenges, technology and many more. The experts shared their factual thoughts and informed about the opportunities in various fields of accounting.      
Accountants, finance professionals and bookkeepers were given the choices to select from more than 70 educational sessions. This independent global event was attended by over 1200 attendees and 125 exhibitors to get live training on various aspects related to accounting.  

December: QuickBooks 2017 R4 Updates Releases 

Intuit, in December 2016, announced its latest update of QuickBooks 2017 R4 for U.S. versions. This update was available as manual update from Intuit website. 

This update included a series of changes in the version- changes for 1099 Misc e-filing, improved scheduled reports feature, partial payments with QuickBooks payments, corrected bank feeds and more. 

Some additional changes in this release include show filters (filters applied to a report is visible on printed reports), search as you type, Online bill pay, QuickBooks help etc.  

Final thoughts-

Saying 2016 game-changing year would not be wrong in any way. It was the year of growth for accounting and bookkeeping industry. All these trends of 2016 had great impact on the overall process of business and businesses grippingly adopted these transformations to make miraculous growth. This is how the year was a lucrative time that offered abundant openings to different accounting firms and accounting professionals.

Besides, every year come up with many trends to shake up the system and avail new advantages to the industry and this is what we are expecting from 2017. Many trends, technological progresses, tools, applications, updates would be released to bring big picture of the advanced accounting. 

Techarex Networks, with superior cloud-based accounting solutions, is looking to upscale the benefits of services for people in accounting industry, professional accountants, small and medium-sized businesses. 

If you are looking for one-stop-destination for all you accounting needs or if you are planning to migrate your business to the cloud, contact Techarex Networks to know how we can help you grow.     

You Can also get information about accounting solutions and accounting software like QuickBooks and QuickBooks Hosting Services.

Thursday, December 15, 2016

How To Avoid Cyber Scams This Holiday Season

Small and medium size businesses are mostly prone to failure because of improper internal controls. Cyber fraud in one or the other form is the most prevalent internal issue that they face today.

Another reason behind small businesses becoming the victim of such frauds is their lack of adequate capital as well as technological resources that can help them protect their assets.

Internal theft by computer, unauthorized access to critical information systems, credit card fraud etc., are some of the major cyber scams prevalent these days. Auditors, business owners, and managers need to learn the way to avoid such scams from happening.

For this, it needs to be ensured that suitable controls are well in place in order to facilitate the prevention and detection of such scams. 

The Horrific Impact of Online Fraud                                                                                                                                       
There are different types of online scams or frauds. Some of these include phishing that use forged e-mails & websites in order to trick recipients. On receiving such fraudulent emails, the recipients may give out their personal information like credit card data, passwords and social security numbers.

Once all such critical information gets leaked, the user may have to suffer in different ways.
The person's social security number may be misused in several illegal ways while the credit card data may be used to make some unauthorized transactions as well.

By having at least slight technical advice and common sense, it will be possible for you to avoid the chances of occurrence of online fraud. In order to avoid being a victim of such scams, you need to follow a few tips. Let's take a look at some of the Do's and Dont's in this regard.

What you Must Do?

     Disable file sharing on your personal computer
     Always take extreme caution when opening attachments from unknown senders.
     Ensure familiarizing yourself with the privacy policy of the website you are browsing. This should be done, especially if you are prompted to provide your confidential/personal data.
     Review your credit card statements and bank statements regularly.
     Install & update your software firewall, anti-spyware and antivirus solutions. 
     Ensure keeping your Windows operating system as well as all your applications updated. 
     Always create strong passwords. Strong passwords typically include eight characters or more than that. You can use a unique combination of numbers, letters and symbols.
     Also protect the passwords carefully by using suitable password protection software. Such software encrypt passwords for secure storage, monitor them for unauthorized usage, and also notifies you whenever a website offers secure login capabilities.
     Lock your home mailbox.

What you Should Avoid

1. Do not provide your personal data to anyone either over phone or in person unless & until you are totally sure about the other party’s trustworthiness.

2. Do not give out your personal crucial information in response to following -

     Any email
     A website you are visiting through an external link
     A pop-up screen appearing on a real Web site.

Rather, you should open another browser window and straight away type the URL into the address bar in order to ensure that the site is legitimate.

3. Don’t ever keep your financial data on your laptops unless very necessary; laptops have far more probability of being stolen than desktops.

Following the instructions mentioned above will definitely help you avoid being a victim of cyber scam in the first place. However, if you do realize that you’ve become a victim of such fraud or cyber-crime, you need to report the same to proper authorities immediately. 

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