“Fine Point Consulting was very helpful in assessing the needs of our business after we separated from our parent company. They identified opportunities for us to improve efficiency in our accounting systems, a transition that also resulted in cost savings for our business.”
– Christopher Kelly, CEO, TitanTV, Inc.
It’s not uncommon when a company is acquired, merged, or sold, that it continues to use the same software programs it’s always used. It’s a decision that often helps smooth the transition from one owner to the next and keep staff moving forward with business as usual. Such was the case for broadcast provider TitanTV, Inc. when they separated from parent company Broadcast Interactive Media (BIM) in 2016. BIM was using accounting software Intacct, a powerful program that’s particularly convenient for its integration with Salesforce. But Intacct was a more robust system than the newly independent TitanTV needed—and it came at an annual cost of more than $15,000.
Enter Fine Point Consulting, which quickly determined that converting to QuickBooks accounting software would not only save TitanTV a bundle, but would also provide the right-size software for their business. Fine Point staff also researched and tested a tool for syncing Salesforce with QuickBooks, an important feature of Intacct the company wanted to maintain. Accountants at Fine Point then managed the software conversion from start to finish. TitanTV’s new accounting system not only saves the business big money, but it does exactly what company leaders need in a way that’s more intuitive and transparent than before. And that’s a success worth broadcasting.
Visit Fine Point Consulting for more information about the great tools and services we use to help businesses like TitanTV, Inc. succeed.
In this blog series, we review accounting, HR, and other software we use in our own office and/or on behalf of our clients. Check it out! You might just learn about a great new tool for your own business.
Two things I always talk about when I chat with potential clients for Fine Point are 1) we are awesome at developing processes and workflow to best serve our customers and 2) we use cutting-edge software to help us deliver amazing accounting and CFO services.
One new-to-us software that we’ve just recently started using is ProRata, which provides automated deferred revenue recognition. It also integrates with Xero and QuickBooks, which is critical for streamlining with our current business and financial reporting processes.
In a nutshell, ProRata calculates and schedules revenue for SaaS and other subscription services, and reports on deferred revenue tracking. Revenue can be assigned by customer and revenue type, as well as parameters such as revenue start and end dates. It then enters those revenue numbers into QuickBooks, saving us hours of time.
Our assistant controller, Chelsea Stanton, has been using ProRata for one of our clients as a test run for the software and is already a fan. “Before I started using ProRata for this Fine Point client, I was using an Excel spreadsheet to track revenue. It was about 20 tabs long, and I had to update it manually based on monthly billing. I usually reserved about a day and half every month to enter revenue for all of my clients into Excel and QuickBooks, but I think using ProRata is going to save me many of these hours.”
ProRata also has a number of reporting features that we look forward to digging into, with easy-to-use graphs and charts that show things like monthly balances over time and how revenues are projected in the future. With its easily navigable, straightforward interface, ProRata is yet another cool tool we anticipate we’ll be using to deliver top-rate service to our clients for years to come.
Visit Fine Point Consulting for more information about the great tools and services we use to help businesses succeed.
Apart from monitoring and planning your small business’s financial strategy, entpreneurs and those new to money management from a business’s perspective commonly struggle with bookkeeping. In many ways, financial strategy and effective planning really can’t begin without consistent and accurate bookkeeping in the first place.
For this reason, we’ve decided to put together a brief list you can use as a reference when devising your preferred method for keeping track of your finances day-to-day, month-to-month, and so on. Not only is this important for simply knowing where your business stands financially at an given time, but it also help alleviate the stress and hopefully shorten the time commitment you’ll put in when tax season rolls around.
If you tend to brush off bookkeeping as a nagging chore, you might want to take another look at the benefits of keeping your books in order. Capturing your all of your expenses when they happen is an important element to maintaining and monitoring cash flow. If your business receives write-offs, keeping a close eye on your records will ensure you don’t end up paying for things you don’t need to. More generally, keeping your finances organized and fully accounted for means less stress and frustration when issues arise and you need to call on your records.
1. Learn the ins and outs of the process before jumping in
Small business owners tend to have a wide variety of excuses for poor record keeping. While some simply don’t see the value to in the time and energy commitment, others consider it too overwhelming to even know where to start. No matter why you’re not being as complete as you should be, it’s important to understand how to get yourself in a position to manage that part of your business.
There are a number of online courses that teach specifically these kinds of skills to entrepreneurs looking for a crash course in introductory bookkeeping. Whether you’re looking for a more generalized bookkeeping instruction, or want to learn the ins and outs of a particular bookkeeping tool, these kinds classes can equip you with the means to be efficient with your records.
2. Pick the right software tool
If you’re reading up on bookkeeping before you’ve launched your business, one of your main focuses in the planning stage should be choosing a software platform to keep your records logged and maintained on. QuickBooks has become something of an industry standard in recent years and if you don’t know where to start looking, it’s a great tool to look into. That said, there are plenty of Cool Tools out there worth exploring.
3. Work on organization
Every business operates on a different workflow, so simply duplicating a partner company’s bookkeeping method more than likely will fall short of achieving actual effective record keeping. Start ironing out your workflow and what kind of bookkeeping plan will best align with your cash flow situation. It may be useful to keep both physical and digital folder systems to collect receipts, invoices and other financial documents you can store to ensure you’re accounting for all finances flowing in and out of your business.
4. Outsource to financial professionals if your budget allows
If you find yourself out of options when it comes to keeping your bookkeeping duties in-house, bookkeepers, accounting firms and other financial professions are always a viable to option for those who want to ensure their records are kept and also have the means to hire outside services.
A major advantage to working with financial professionals besides the lightened workload, is the benefit of having accountant services available to answer questions and offer advice about what steps to take to protect your finances. This is also a great option for those who are capable of handling day-to-day bookkeeping tasks but need assistance setting up software or installing a system you can use regularly.
If you’re a start-up owner and unsure of how to establish a bookkeeping system, give us a call. Our outsourced accounting and CFO services experts can help you navigate these waters.
Photo Credit: bjmccray via Compfight cc
To get in touch with Jen Lang, Luella Schmidt or one of our other Madison-area accountants, click here.
Title Slide: The Benefits of using Quickbooks | with Luella Schmidt and Jen Hildahl
Luella Schmidt: The benefits of using QuickBooks are – this is where I’ll get all geeky and excited about this because the software industry around Quickbooks in the last 5 years has really exploded.
Jen Hildahl: The benefits of using QuickBooks is that is really the mainstream small business accounting software. So there are a lot of add-on tools that have come to the market since it is such a popular software system. (more…)