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Accounting Intelligence

Discover the benefits of technology and accounting integration for small businesses. Learn about transaction automation, banking connections, real-time accounting, expense capture, payroll processing, and tax planning.

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Accounting Intelligence

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  1. AccountingIntelligence

  2. 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

  3. Have you ever used this?

  4. 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

  5. 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

  6. 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

  7. 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

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

  9. 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

  10. 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

  11. 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”

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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)

  17. 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

  18. Thank You! Questions?

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