wise-sync - upside down accounting

Upside Down Accounting

Move to Cloud Accounting

Early adopters eat the late

Innovators Early adopters Late majority LaggardsEarly majority

1986 1999 2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Desktop95%

Online5% Desktop

20%

Online80%

New Subscriptions

Mind Numbing Accounting

• Manual Data Entry• Limited Financial

VisibilityTime to look to the Cloud, but don’t know where to start?

Online storage

Training

Implementation

Conversions/setup

Sales Tax compliance

Online Banking/Payments

Insurance

Payroll Compliance

Financial planning

Client engagement

Reporting/benchmarking

Productivity/office

ConnectedBusiness

Average Month At Virage Group:

• 13 Bank Account, 9 Credit Cards• 70+ Statement Pages (~2200+ Transaction Lines)• 5 Entities, 2 Countries, US$ & AU$• All Billing through ConnectWise & Wise-Pay

Who is Xero?• Global leader in online accounting• 500,000+ paying businesses!• 16,000+ Xero accounting partners• 1000+ staff (US HQ in San Francisco)• A new release every 3 weeks• Unlimited users with different roles• Bank feeds from 7000+ institutions

2007 2008 2009 2010 2011 2012 2013 2014

Knowledge is power

The Xero Advantage

400+

Integrations = Flexibility

Simplified Financial Reporting

Simple Reporting

Advanced Reporting

Invoices, Procurement, InventorySync all of the key entities to Invoices in Xero, removing the double handling and data-entry.

Single Record BatchingSimplifies the batch management process, by each record being batched with the Record ID

I.e. Invoice ID: Inv-0121BatchID: Inv-0121

Sync Payments applied in Xero to Invoices in ConnectWiseEnhanced payment sync methods ensure that payment sync applies payments as and when they are applied, including reallocations.

More Data on your Invoices and PO’s.Missing data is back filled from alternative API sources including:• Customer Contact Records• Products• Purchase Orders

Wise-Sync Features

Option for Vendor Invoice Date SourceProvides partners with the ability to select the preferred date source for Purchase Orders.

Support for Days after EOM TermsAllows partners that require days EOM terms to be applied to invoice due dates in Xero.

Some More Wise-Sync Features

Wise-Sync – Supporting Multi Owner Level Organizations

Mapping Slip ID | Purchase Order ID:Mapping of the slipID to the reference in Xero provides ConnectWise users with a way of sending the reference information to the Xero invoice from ConnectWise. As the VendorInvoice in ConnectWise is limited to a single value (text) this cannot be used for multiple vendor invoices, such is the case when part shipments are received.

Wise-Sync – Supporting Part Shipment Purchase Orders

1: SlipID2: Purchase Order #

Note: When the conditionSlipID = Purchase Order # such is the case for default SlipIDs, the Vendor Invoice from the purchase order will be referenced when supplied.

Account Segments:• Account

• Can be used to define a “Sub Account Structure”. The defined structure of your Chart of Account

• Class • Can be used to define revenue by a class. Useful where

you have multiple billing (revenue/cost centers).Note: Segments are separated by ‘:’ i.e. “xxxx:xxxx”

Wise-Sync - Supporting Multiple – Account Segments

OfficeMELSYDBNEPERADLHOB

DivisionINFRAPROJAPP.DEVDESKTOPMSASAAS

Revenue Structure:• Structure (Office)• Group (Division)• Project Type

Key Elements of Accounting Setup – GL Structures

OfficeMELSYDBNEPERADLHOB

DivisionINFRAPROJAPP.DEVDESKTOPMSASAAS

Anonymous macro data for the first time uncovering the shape of small business

Unlock insights to Business Owners

Industry benchmarking Geocode Industry Code Report Codes

Business Performance Dashboard

So What has XERO & Wise Sync done for Virage IT

Moving from MYOB - One of the key drivers of moving to Xero was the portability. Tired of the performance of MYOB, Xero provided a simple to use interface, with more focus on keeping data up-to-date, by reducing the wait for key information such as bank statements to allow for reconciliation.

• Statements rarely (actually never) sent, only delinquent debtors (120+ days)

• Average Aged Debtor Days 60 days before questions asked.• Bank Statements Reconciled Monthly• Limited understanding of ‘where things were’ from a bookkeeping

perspective.

Pre Xero (06/30/2012)

• Aged debtors < 45 days• Invoices sent on 1st, Payments Received on 7th , Statements Sent on 15th

with up to the minute payment information.• Ability to have intelligent discussions around overall business performance,

rather than just on sales.

Post Xero (07/01/2012)

Move to Cloud Accounting > Self Lead

Move to Cloud Accounting > Fixed Price

• Migration of Chart of Accounts• Review of COA Effectiveness• Recommendations / Consolidation to maximise financial reporting• Setup Xero on your 90 day plan• Setup Bank Feeds to partner banks (guided process)• Review and Training Session on how to use key features.• Get you ready for Go Live

Stage 1: Planning for your Xero Migration

• Setup ConnectWise Prerequisite Tasks• Setup GL Mapping to Basic COA Structure• Get you to your first invoice run, ready for EOM / SOM billing.

Stage 2: Go Live – Start Syncing

• Your VMAG team completes the account conversion, bringing your closing balances, accounts receivable and accounts payable, from your old accounting package into Xero.

• Options available for detailed import from MYOB.

Stage 3: Complete Conversion

Move to Cloud Accounting > Fixed Price

Includes 10 Hours Conversion Services additional consulting services billed at $220 per hour - Price is Excluding Tax

90 Days Xero90 Days Wise-Sync90 Days Wise-Pay

Xero Setup and ConversionsConnectWise / Wise-Sync SetupGetting Started – Training & Support