Accounting Intelligence

Presenter Information Mike Hunter, CPA Managing Partner of APTUS Business Services, LLC www.teamAPTUS.com Over 20 years of experience providing tax, accounting, and business consulting to small businesses and individuals Member of the American Institute of CPA’s, Michigan Association of CPA’s, Ohio Society of CPA, and Society for Financial Professionals

Have you ever used this?

Technology & Accounting Most accounting platforms today are internet based All the banks today have online access All credit cards companies today have online access Any bill you have can now be paid electronically Invoices are now sent by many businesses electronically and they receive payment electronically

Transaction Automation We now have the capability to upload hundreds if not thousands of transactions data into our accounting system in seconds You no longer have to enter transactions entirely manually into the accounting software Accounting systems and applications today have built in artificial intelligence

Banking Today Most banks are capable of connecting your account(s) directly to the accounting software i.e. QuickBooks In QuickBooks, the transactions are downloaded into a holding screen where you can review the transactions and either match them with information already entered in software or add the transaction Allows for easier reconciling of your monthly accounting

Invoicing & Accounts Receivable The quicker you send invoices, the faster you get paid Accounting software can send invoice electronically and in an option for automatically sending Send reminders and statements electronically

Invoicing & Accounts Receivable Tracking invoices and collection of customer balances Prepare estimates and send electronically Calculating and managing sales tax properly

Bills & Accounts Payable Enter bills into accounting software with due dates and payment information Knowing when bills are due at a click of a button can help manage your business cash flow Making payments electronically to save time and cost Us of an electronic bill payment software allows for a more automated process and control

API Application programming interface In computer programming, an application programming interface is a set of subroutine definitions, communication protocols, and tools for building software Accounting software today are using thousands of APIs

API Software Integration There are third party programs that can be integrated with accounting software to transfer information timely and accurately Example: a CRM that specializes in your Industry, project management, and bill payment QuickBooks online has several “Apps”

Expense Capture and Billing Capture receipts electronically and in many cases have the information automatically fill in the details right into the accounting software Link certain expenses to a client or customer accounts to allow for easier invoicing of these reimbursable expenses Employees can complete expense reports and be reimbursed electronically

Mileage Tracking Mileage can be automatically tracked with GPS location Mobile apps like Expensify and MileIQ have these features Information is tracked continuously and then reports can be generated to record the information or submit for reimbursement

Payroll Processing Capabilities to integrate payroll with accounting software Track time and reimbursed expenses Run your payroll with the click of a button and have all your payroll and taxes paid electronically

Real Time Accounting With a regular rhythm of transactions being recorded in the accounting software, accounting today can be done in real time Allows for greater transparency and accuracy of a businesses financial information Better management cash flow

Reporting Dashboard view of financial reporting Customize reports, invoices, bills and software to fit your needs to how you want to run your business Build reports that produce your KPIs (key performance indicators)

Tax Planning and Reporting Now with accurate financial information you can better plan for taxes Some software will even help you with estimating your taxes Accounting software can be set up to import information into tax software

Thank You! Questions?