wise-sync - upside down accounting
TRANSCRIPT
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