Recently, Flexi Software hosted its 30th Anniversary User Conference online. The customer showcase sessions were particularly keen in that it allowed for valuable insights to be gleaned from peers as featured customers shared their experiences and best practices for using Flexi software.
One of those customer showcases featured New Mexico Mutual‘s Michelle Lucero as she talked about how they use Flexi Analysis to improve their accounting efficiency.
During last month’s 30th Anniversary User Conference, several of Flexi’s preeminent customers were featured so as to present the myriad ways that they have used and currently use Flexi’s products. One of those companies was Hochheim Prairie Insurance.
In this relatively short video, sit back, listen and learn as Flexi’s Director of Business Development, Spencer Kuo, talks with Hochheim Prairie Insurance’s Kim Taylor on how and why they chose FlexiCloud when they decided to migrate their company information to the Cloud.
Last month, Flexi hosted its 30th Anniversary User Conference online. During this impactful and memorable event, a number of happy Flexi customers were featured and highlighted for their extended and devoted usage of certain Flexi products. One of those institutions/ happy customers was Stephanie Lanegan of Glacier Bank. In this quick 13 minute video, see what Glacier Bank is doing in regards to Accounts Payable Automation and why FlexiWorkflow was the perfect solution for their organization.
On October 29th, 2020, Flexi Software will be hosting its 30th Anniversary User Conference for its customers. Unlike previous conferences, this edition will be completely virtual but will be no less impactful.
For Flexi and its customers this is a mutually beneficial opportunity to meld power users and product experts together in one place (virtually of course)—In addition, this is sure to be a flawless recipe for innovation and knowledge-sharing that can’t be missed by current Flexi customers.The Flexi User Conferences is an unbeatable opportunity to learn from you, our best customers. Our goal? To listen and collect and exchange honest feedback from the people that know our product inside and out.
In this 3 1/2 hour session, forget the questions and comments section of the website or emails, now Flexi users can get answers to their questions and address concerns about current, future and past software releases in real time.From our user roundtable sessions and customer showcases to the best practices session and new release announcements, Flexi software users will be dialed in to the innovators and developers who will listen to customer feedback and take their suggestions to heart.
Even in today’s uncertain world, no one can deny the power of a handshake and face-to-face interaction. The Flexi User Conference is our way of building a rapport and a pathway—towards our customers so they can understand the people behind the product, and so we can help get to know the people in front of it. So save the date. October 29th from 12:30 to 4:00 PM EST. Click here to register for The 2020 Flexi 30th Anniversary User Conference. Note: This user conference is only open to current Flexi customers.
In 1982, singer Steve Miller had a chart-topping song called Abracadabra. The last time Form 1099-NEC saw the light of day? It was as well, 1982. Can you guess which one of these two things is making a comeback? Luckily, it’s not the song, it was pretty bad. However, for Form 1099-NEC it is making its return in the 2020 tax year.
For the last few decades, business owners have been responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.
Form 1099-NEC, which stands for Nonemployee Compensation, is a form that solely reports, wait for it… nonemployee compensation. Form 1099-NEC however, is NOT a replacement for Form 1099-MISC. Form 1099-NEC is only replacing the use of Form 1099-MISC for reporting independent contractor payments.
Form 1099-MISC, Miscellaneous Income, is an information return that businesses use to report payment types, such as payments made to independent contractors. You can also use Form 1099-MISC to report other payments, like royalties and rents. Form 1099-MISC is like Form W-2 but for independent contractors and thus independent contractors use Form 1099-MISC to make tax payments based on what businesses paid them during the year.
Before the Protecting Americans from Tax Hikes Act (PATH Act), taxpayers could file one Form 1099-MISC to report nonemployee compensation and miscellaneous income items by February 28 each year. In 2015, the PATH Act changed the Form 1099-MISC due date to January 31 for reporting nonemployee compensation.
Because of the due date change for nonemployee compensation, taxpayers had to begin separating nonemployee compensation using two Forms 1099. This change not only caused a lot of confusion for employers and taxpayers, but it also caused the IRS to mistakenly treat forms received after the January 31 deadline as late returns. The IRS has brought back Form 1099-NEC to separate nonemployee expenses and clear up the confusion.
It is important to note that the 2020 Form 1099-MISC and the 2020 Form 1099-NEC are to be used for reporting payments made in 2020 during the 2021 tax season. Do not use these forms for reporting 2019 payments during the 2020 tax season. In addition, do not use Form 1099-NEC to report personal payments. It is only to be used for payments if you are in a trade or business for profit. Form 1099-NEC must be given to nonemployees by January 31, the year after the reporting year. For example, you must give 2020 forms by Feb. 1, 2021 (because Jan. 31, 2021, is a Sunday). The forms must be filed with the IRS before Feb. 1, 2021.
The bottom line is this: Fill out Form 1099-NEC if you have any workers you paid $600 or more to in nonemployee compensation and if you’re going to listen to anything from 1982, you can’t go wrong with maybe some Eddie Money or Stevie Wonder.
For more information on how Flexi software can help your company power through your accounting challenges, reach out to us 24/7 because as you know accounting never sleeps! Happy Filing.
When it comes to companies affected by the Pandemic no one was excluded. Including credit unions. We learned a lot during those times, best practices were redefined, and we continue to incorporate those lessons in ways that make our businesses stronger and more resilient.
When talking about accounting software, credit unions have core systems that run their operations, such as deposits and loans, just like other companies, in addition to basic accounting modules that include general ledger, accounts payable and reporting. While these core systems have basic features to complete accounting tasks, it’s often not enough to keep up with industry standards. Members on credit unions operations teams get just as busy with other duties like generating revenue and working with members and thus don’t have time to keep their systems up to date.
In the post-COVID-19 world, more businesses than ever continue to have at least a partial remote workforce. It is important to ensure that your credit union accounting system is flexible and prepared to help the finance team work productively both now and in the future. Below are three reasons why it might be time for credit union’s to take their accounting systems to the next level.
Because employees are being forced to work remote, it is critical for everyone to have access to the accounting system from anywhere. All users should be able to have access to the numbers and data at home. Additionally, IT may not be around to help with support, so it’s important to work in a platform that’s user friendly and has the capabilities needed. In fact, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets, which minimizes the risk of dealing with older technology systems. When an employee at a credit union asks for a report, it can take a significant amount of time to gather the data they’re requesting. Wouldn’t it be nice to know the information they’re looking for is ready instantaneously? With our cloud accounting software, Flexicloud, we provide real time visibility into your financial position right in the cloud, making your organization more agile, so that when information is needed, it’s easily accessible, no matter where you’re physically located.
With the uncertainty that the pandemic is causing for a lot of credit unions, it is important to work with a partner who provides subscription-based pricing that gives you flexibility! The last thing your credit union needs to worry about during this time is dealing with the costs accounting systems bring. Having subscription based pricing, you can prepare for that cost each month, not having surprises or increases in your bill.
The inefficiencies manual processes cause have been exacerbated more than ever due to the increase in remote employees. Paperless workflow automation solves this. Accountants often have stacks of paperwork that show numbers, do calculations in spreadsheets and use various tools to get the numbers they are looking for. Papers and spreadsheets additionally leave room for error, decrease organization and are inefficient. For example, at multi-company or branch accounting outfits, these serve as gaps due to inadequate technology solutions which create an increase in manual work and a heightened risk of mistakes. Flexi has several apps such as eInvoice, eVendor, and eJournal that take paper and spreadsheet processes and convert them to software applications, streamlining the accounting process.
With all the uncertainty in the world currently and not knowing when things might return to normal, it’s important to be certain about one thing, and that is that your accounting system supports your financial needs and your employees. Don’t waste more time working in a system or environment that’s ineffective. Reach out to our team at Flexi, so we can give you the tools and support you need when you upgrade and or migrate to our credit union accounting software.
Companies across numerous industries – healthcare, banking, investment, and others – rely heavily on their financial management software to streamline their operations. With so many options from which to choose, it can be difficult to know which software is right for your company. Below, you can learn more about the five most important features of the best financial management software platforms.
Of all the features that you should look for in your financial management software, this is one of the most important. Cloud-based platforms are critical because they allow for collaboration across departments, they make it easy for individuals to access information from anywhere, and they make it simple to deploy software anywhere it is needed – even on the go. It ensures that everyone has access to the exact same data at the same time, too, which goes a long way toward preventing misunderstandings and the mistakes that can arise from them.
Your financial management software should be able to carry out many of your accounting processes automatically, as well. This saves you and your finance team a great deal of time and effort by reducing the number of repetitive tasks. What’s more, when you can automate based on your own rules, it also reduces the likelihood of mistakes that can lead to serious issues.
If your company consists of several branches, locations, or franchises, then it’s important to choose a platform that makes it easy to manage your finances across all entities with ease. In fact, look for an option that allows you to simplify these complexities and create reports based on any data you choose almost instantly. Consolidating ledgers across multiple entities should never be complicated, even when you are dealing with different current currencies.
Though historical data certainly plays an important role in making business decisions, access to real-time data takes things even further. Making business decisions can be tough as it is, but with access to real-time data, you can be confident that the decisions you are making are based on the most accurate and up-to-date information available. No matter what the situation or decision, real-time data makes it easier.
Finally, you should choose financial management software that provides you with a complete audit trail for every single transaction your company processes. This should include not only the original transaction, but also the workflow and all the approvals that led up to that transaction. This is a great way to ensure that you are following various guidelines, and it also allows you to produce compliance documentation in mere seconds.
Your financial management software is an important part of your business. You rely on it to understand how your company is faring at any given time, so the information you access should always be accurate and up-to-date. When choosing financial management software, be sure that it offers you these five features as well as the ability to customize reports and workflow automation to your company’s unique needs.
In its most recent customer success report, Featured Customers, a leading customer reference platform for B2B business software & services, recognized Flexi International Software, aka Flexi, as a “Rising Star” in the Financial close management software space. For the uninitiated, FCM, or Financial close management software, or simply accounting close software, helps companies to complete the financial close process.
A Rising Star, according to the organization, is a vendor on FeaturedCustomers.com that understands where the market is going and has a disruptive technology. Rising Stars have been around long enough to establish momentum, a minimum amount of customer reference content along with a growing social media
presence. This recognition is based on collected data from their customer reference platform, their market presence, their web presence, & social presence as well as additional data aggregated from online sources and media properties.
Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit trails which includes a visual display of the audit workflow process, real-time visibility, analysis of financial reports and more.
Flexi’s software was built to perform, saving finance teams hours and weeks of time. With Flexi’s open architecture the flexibility to choose stand-alone modules as business needs dictate can happen at the drop of a hat. Find out how enterprises can gain the ultimate in speed and power with the entire financial management software platform, which is uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into your other proprietary or third-party systems. Here is a link to the full article/PDF recognizing Flexi.
CFOs continue to play important roles within their companies as they provide insight and make decisions that can completely alter the future of their companies. In 2012, the Association of Chartered Certified Accountants put out a report that included predictions about how the roles of CFOs would change in the coming years, and thanks to process-driven automation, their predictions are coming true.
To put it simply, process-driven automation can be described as the use of one or more digital technologies to automatically perform a process designed to accomplish a specific goal. As technology continues to improve – and as computers and their software become more powerful – more and more processes are being automated every single day. Some of the biggest changes that have come as the result of process-driven automation in the financial industry include:
Not long ago, much of a CFO’s time was spent crunching numbers and comparing data in order to better understand the company’s complex finances. In other words, they spent much of their time reviewing financial data from the past and putting together reports that were easy for others to understand. Today, thanks to process-driven automation, CFOs can simply click a button to generate complex reports.
In short, the role of the CFO has changed. Whereas they once looked into the past, accounting automation allows them to spend more of their time looking into the future. Because they no longer need to spend countless hours at their desks poring over spreadsheets and compiling months’ worth of data into understandable reports, they can spend more of their time concentrating on the more critical aspects of their jobs – analytics, fraud detection, compliance, and more.
Finance executives in industries like banking, healthcare, and advising have always worked hard to provide data and insights designed to improve their companies’ revenue and facilitate growth. Process-driven automation has not replaced the CFO; rather, it has given them access to powerful tools that allow them to do their jobs more efficiently and accurately.
If your company relies on an invoicing and billing system to generate revenue, it may be worth your time to analyze the systems and processes you’re using to find out if they are truly the best options for you. Below are some surefire signs that the system you are using may not be living up to your expectations and it may actually be time to upgrade your accounting software.
Invoicing mistakes can wreak havoc on your company. If they’re in your favor, it can tarnish your reputation with your clients and customers – especially if they have overpaid for a product or service in the past. If they are in your clients’ or customers’ favor, it may not affect your reputation negatively, but it certainly can cause you to miss out on a significant portion of your revenue. If mistakes seem common, it may be time to reevaluate your invoicing and billing system and consider moving to something with more automation features.
Invoices and bills should be sent out as soon as possible after a service is rendered. In some cases, it may even be better to send an invoice before the product or service is provided. In either case, ensuring that clients and customers receive their invoices in a timely manner is important. If they receive the invoice weeks after the fact, they may ignore it or even call to question it, and this can disrupt your cashflow a great deal. Your invoicing and billing system should allow you to generate and send invoices mostly automatically – and soon after the service or product is rendered.
Another important consideration to make when it comes to your current invoicing and billing system is convenience. Does it give your clients and customers the option to use whatever payment method is best for them? If it doesn’t, this can cause delays in remitting payment, and once again, that can disrupt your cash flow. You should always use a billing system that makes it easy for your clients and customers to pay their invoices online via credit card, debit card, or even an electronic wallet service – whatever is best for them.
Depending on the size of your company, you may have an accounts receivables team contacting clients or customers about their unpaid invoices throughout the week. This collection activity can and often does help companies improve their revenue, but it can also be frustrating for your clients and customers if information isn’t updated in real time. For example, if a client pays his or her bill at 9am, but the system doesn’t update immediately, then that same customer may receive a frustrating collection call at 3pm the same day. To prevent this, make sure that your invoicing and billing system updates information in real time.
As technologies continue to improve, and as financial management software systems get better about allowing companies to customize them to their needs, there is no reason to continue using an invoicing or billing system that is not serving your company well. If you are dealing with numerous invoicing mistakes, delayed invoices, or even a lack of up-to-date information, it’s time to consider upgrading.
