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enterprise-accounting

What Is Enterprise Accounting Software and And Why Do You Need It?

Enterprise accounting software is software that allows an organization to keep tabs on financial transactions and data. However, enterprise accounting software goes above and beyond the core accounting processes. Enterprise accounting software comprises modules specific to billing and payroll, accounts receivable, accounts payable, general ledger, and more. Historically it has been a solution that was installed locally, but cloud-based solutions are increasingly available that tailor specific to enterprise business. 

Some of enterprise accounting software’s main functions include:

      Benefits of using enterprise-specific accounting software include automation, visibility, cross-departmental collaboration, and streamlined processes. Enterprise accounting is thus prepared to address the top three concerns of CFOs, including developing talent in the finance organization, providing inputs into enterprise strategy, and measuring/monitoring business performance.

      When shopping for an enterprise accounting software solution, there are many things to consider, including:

      1. Ease of use: A user-friendly interface is paramount when you are switching to a new accounting system that you want your employees to adopt.
      2. Security: Backups, encryption, and user-specific permissions are important, especially for cloud-based enterprise accounting software solutions.
      3. Mobile access: The cloud affords access to any device with an internet connection, which is ideal for most of today’s business scenarios where employees are remote, traveling, or inclement weather keeps them home. 
      4. Customization: Each organization has different needs, so choosing a solution that will give you some wiggle room to specifically tailor your software to your unique needs is extremely important. 
      5. Integrated modules: Integration is of the utmost important, even if the modules happen to be sold separately. A unified platform will make your business run smoothly.

      Flexi for your enterprise needs.

      Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

      • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
      • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
      • Workflow processes are easily defined and set up any way needed
      • Reports are easily set up, generated, and shared with anyone who needs them
      • Open SOA architecture is designed to seamlessly integrate with any system
      • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

      Submit your information and get a demo of the Flexi suite today. 

       

      Category: Accounting Software, Blog

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      Accounting Team

      Why Your Accounting Team Isn’t Operating Full Tilt, and What To Do About It

      It’s imperative that your accounting team is a well-oiled machine. Deadlines are tight, the board is demanding, and time is of the essence for all facets of accounting, including reports and payroll. There are many reasons your accounting team could be slowed down to a stop, but there’s a lot you can do about it. 

      • Is your team still reliant on Microsoft Excel?

      Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs dictate. If you’re still reliant on Microsoft Excel, finding a new solution is going to be the key to implementing better processes to speed up your accounting department. 

      • Is your security at risk?

      When data is hacked, stolen, or otherwise compromised, business screeches to a halt. With cloud-based solutions, data is more secure because it is encrypted and stored on remote servers. Enhanced security only serves to keep your business moving at all costs.

      • Are you sure your team is all accessing the same data?

      If you’re not using a central repository of data that can be accessed from a web browser, then there might be different variations floating around in your colleague’s inboxes or saved to their desktops. If users are accessing and using (and making important business decisions) based on varying versions of data, how can you be sure that you’re operating at full capacity?

      • Are you limited by an on-premise solution?

      On-premise solutions are installed locally on your computer. This can be tricky when employees are traveling or for whatever reason cannot get into the office due to a family emergency, inclement weather, or otherwise. By using a cloud-based service, everyone can access the same data with any device with an internet connection, so a business can stay on track even if key players can’t make it to their machines. 

      Flexi can help you speed up your accounting department

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly-rated support, all at an attractive total cost of ownership. 

      Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

      Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future. Submit your information and get a demo of the Flexi suite today. 

       

      Category: Accounting Software, Blog

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      big-data-accounting

      How Big Data is Helping Accountants

      Big data refers to large sets of data and information that can be mined for valuable insights and analysis. For accountants, big data can provide insights that can help discover new methods of fraud detection, new methods of preventing identity theft, and can even make tax preparation easier. Further, analytics can help accountants determine patterns for predicting risk of identity theft that would otherwise be difficult to discern. 

      How can accountants best utilize the benefits of big data?

      Prioritize determining unexpected patterns

      Outliers and anomalies in data sets often lead to valuable insight, but if you’re not looking for them, you might miss them. Prioritize the importance of determining unexpected patterns to leverage big data to the highest degree. By determining patterns, accountants can make more accurate predictions of financial activity. 

      Prioritize security

      Breaches and hacks are a constant threat in 2019, so putting proper security protocols into place is of the utmost importance. Establishing best practices and consulting with cybersecurity firms can help you keep security under wraps. 

      Anticipate unexpected costs

      We all have witnessed the implementation of a new software or business plan that exceeded the initial projected costs by a landslide. It’s frustrating, so be aware that unexpected costs when adopting a big data strategy will crop up. You might need to hire consultants or more employees. Remember that this is an investment that will help you in the long run. 

      Build the right team

      Having the right staff is paramount. Many accountants do not have a background in data analytics, so you will have to scout specific talent, or be willing to train. By ensuring you have the right people on your team, you can start using the valuable big data insights quickly and easily. 

      Flexi

      Flexi software solutions provide easy access to data and building reports is a breeze. If your company is adopting a big data strategy, make sure you have the right software in place first. 

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

      Submit your information and get a demo of the Flexi suite today. 

      Category: Accounting Software, Blog

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      Crypto Accounting

      What Might Crypto Accounting Look Like in 5 Years?

      Bitcoin prices went up in May 2019, and 8 out of 10 panelists interviewed by Finder believe the surge was due to announcements made by companies like Microsoft and Bakkt at Consensus 2019 in New York. Fifty percent cited factors such as the U.S.-China trade tensions. Prices are expected to continue to climb, with a predicted price of $9,659 by December 31. Another source predicts that by 2020, Bitcoin will be priced between $16,500 and $17,500. 

      Tim Draper, CEO of Draper Associates, believes that we are 2 years away from everyone buying their coffee in crypto. He debunks the myth that cryptocurrency is only used by criminals, asserting that transaction data on blockchain is public, making it far more secure and trackable than cash. 

      While some see Draper’s vision as lofty or unattainable, what can we expect in the next 5 years?

      Based on the current situation, fluctuations will likely continue.

      BeInCrypto predicts that Bitcoin will face a downward trend that will break and start moving upward again around September 2019. A prediction of $16,500 to $17,500 by the end of 2020 is as far as BeInCrypto can comfortably predict at this time.

      “Cyberspace” was a new battlefront in the 90s, and so will be cryptocurrency in the coming years.

      Forbes predicts that governments will seek to regain control as crypto starts to replace much of the existing banking system. Crypto weapons could crop up in many forms: attempts to break currencies, mining attacks to cause chaos, secret crypto launches. The new frontier could be a volatile one.

      Catastrophic crashes have happened and are still possible.

      Bitcoin is using basic blockchain technology, which is now considered antiquated.Other cryptocurrencies are using new technology and unique privacy features, and the competition Bitcoin faces puts it at risk. As new technologies emerge, Bitcoin–once an innovator and a disrupter–is no longer a novel concept.

      However, if performance is any factor, it is possible that Bitcoin would see an increase to over $100,000 in the next five years. It’s also possible that this number could be greatly exceeded.

      Flexi

      As crypto changes the financial landscape, you want an accounting solution that keeps up with the cutting edge. Keep abreast of emerging technologies and ensure that your finances are well accounted for. Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Submit your information and get a demo of the Flexi suite today. 

      Category: Blog, Crypto

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      new-generation-accounting

      How a New Generation of Accountants are Ready to Change the Industry

      As technology has sped up and automated bookkeeping, accountants and finance professionals have struggled to find traditional accounting work, specifically in bookkeeping roles. The unemployment rate for the finance sector represents roughly half of U.S. unemployment, and not because work is scarce, but because the desired qualifications of accountants have changed.

      Sophisticated platforms that utilize AI and automation are cheaper and more reliable than humans in many ways; success in the accounting field has demanded more from its workforce than it did even a decade ago, with a new emphasis on strategic and advisory services, including being educated on various technology platforms.

      To get new and seasoned accountants up to speed so they can find and maintain work, the industry and how the education system interacts with it needs to undergo some major reno.

      The CPA Journal noted in 2017 that a major setback to finding skilled and competent workers in the field is rooted in education. The types of problem solving that on-the-job accountants are now facing is not taught in the traditional accounting curriculum, so the expectation of providing advisory services for newly minted accountants is often beyond their skillset.

      To address the root of the problem, institutions need first update their curriculums to provide settings to teach young accountants more about strategy and less about bookkeeping, which is largely handled today by software.

      On that note, academia should not be operating in a vacuum. To prepare graduates with the skills needed to perform the duties expected of them at their first jobs, businesses and universities need to engage in dialogue. Internship programs are one excellent way to give students real-time experience before earning their degrees.

      In April 2019, the Bureau of Labor Statistics reported that the U.S. added 140,000 accounting and auditor positions to the workforce, but the global workforce pool is still too small. Until curricula and training programs catch up to speed, we will experience a deficit of qualified talent in the industry.

      Flexi can supplement your accounting team

      Your team is expected to do more than ever, and Flexi can provide software that automates, provides fast reporting, and supplements your team in a rich array of ways so they can focus their efforts where it matters most: strategy and advisory services.

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

      Find out why 1,500 customers and 20,000+ users rely on Flexi. Submit your information and get a demo of the Flexi suite today.

       

       

       

      Category: Accounting Software, Blog

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      healthcare accounting process

      How Healthcare is Rethinking Their Accounting Process

      Healthcare accounting is complex, and there is a major disruption in the industry right now. As healthcare finance experts wrestle with value-based payments, fee for service models, price transparency, and more, the waters are muddied further by insurance companies, Medicare/Medicaid, and the sheer number of patients (44 million Americans) that are currently uninsured. 

      Healthcare Accounting

      A healthcare accounting office is tasked with not only collecting payments from patients but also ensuring that patient’s insurance companies pay their bills. If those funds aren’t coming in, then a healthcare organization is very quickly unable to make ends meet, meet payroll obligations, or continue to remain in business to do the important work of diagnosing and treating patients. The system can easily collapse if the right measures are not put into place at the outset. 

      It is incredibly important that healthcare accountants are:

      • Properly educated and trained on accounting processes
      • Able to communicate well in peer-to-peer scenarios
      • Following workflow protocol 

      Think of revenue cycle optimization as a supply chain: if one administrative staff member codes incorrectly, fails to perform a task, or makes an error in data entry, the entire chain suffers. 

      Potential Losses

      Substantial loss of revenue can occur when accounting duties are not performed adequately in any industry, but healthcare accounting is extremely volatile. Note these frightening statistics: roughly 26 percent of claims are rejected, and up to 40 percent of those claims are simply never resubmitted. 

      To get back on track and to ensure the health of your healthcare organization’s finances, accounting staff should be trained on and follow a workflow to confirm patient eligibility, insurance status, and co-pay amounts, and staff members should be mindful of checking for missing charges and following up on claims.

      Flexi can help your healthcare organization succeed

      Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.

      Throughout hospitals and across integrated delivery networks (IDN), Flexi’s solutions increase efficiency, improve accuracy, and reduce labor cost. When implemented as part of an integrated hospital system, there are added efficiencies and cost savings to help optimize your business operations. Try Flexi’s healthcare accounting software today to:

      • Prevent shortfalls and missed margins with powerful analytic tools
      • Improve information flow through multi-entity processing and a faster closing process
      • Enhance regulatory compliance and security
      • Eliminate duplicate data entry
      • Reduce costs through enhanced project management and analysis.

      Submit your information and get a demo of the Flexi suite today. 

       

      Category: Blog, Healthcare Accounting

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      new-accounting-rule

      There’s a New Accounting Rule and It’s Adding Trillions in Liabilities

      Earlier this year, companies are required to record operating leases, such as equipment, office space, planes, and cars. It’s estimated that this new rule will pull up to $3 trillion into the spotlight, expenses that were previously often buried in footnotes rather than recorded on balance sheets.

      Up to this point, companies were only mandated to record leases that led to the purchase of the asset. The Financial Accounting Standards Board has enacted this change to make it easier for investors to evaluate companies’ financial obligations.  

      According to the International Accounting Standards Board, U.S. public companies are committed to $3 trillion in operating leases. Companies with the largest amount of operating leases include restaurants and retailers.

      Leverage, which is measured in the ratio of debt to earnings or debt to equity, is fundamental to evaluating a company’s risk. This accounting rule change may force investors to alter the way they assess criteria to make investment decisions.

      MSCI Quality index employs debt to equity as one of the major metrics in ranking companies, and if a company’s debt to equity ratio changes significantly as a result of this new accounting rule, it could get screened out of the index. In spite of that, Kevyn Dillow, accounting analyst at Moody’s Investors Service, clarifies that credit quality is not changing as a result of this new rule.

      Adding another layer of complexity: some data vendors have yet to incorporate lease liabilities into a company’s total debt amount, and some don’t plan on it even in the future. This means that different platforms could ultimately run very different numbers, leading to inconsistencies in data metrics, which is a concern for many.

      Flexi

      Accounting rules change often, and Flexi knows you need software that keeps up. Whatever industry you work in–whether it be financial services, healthcare, insurance, or banking–Flexi can help keep you on top of the most current regulatory measures.,

      Flexi’s powerful accounting software was built to simplify the complex processes that accountants face every day. Flexi understand how stressful the period close is, how complicated multi-entity books can be, and how frustrating audits are when accurate reporting is not easily available.

      A laser focus on finance and accounting software has enabled the Flexi  team to scrutinize every step of the accounting process, and develop a solution designed to simplify every task. This “process-driven” approach delivers tremendous benefits to finance teams, including a faster, more accurate financial close.

      Submit your information and get a demo of the Flexi suite today.

       

      Category: Blog

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      white label accounting partner

      What Makes a Great White Label Accounting Software Partner?

      White label accounting software is an excellent choice for startups and small to midsize businesses. Small business owners report spending, on average, over 80 hours a year on business accounting, and the time spent can quickly spin out of control when dealing with complex accounting issues. Fortunately, outsourcing to a white label accounting software partner is a cost-effective and reliable option for managing your accounting needs.

      White label accounting software is software produced by a company and then rebranded and sold by another company. This provides myriad benefits: you can focus your efforts where it counts, which is hugely important in startup and small business environments where staffs are smaller; you can save time, money, and resources; and, you have the best accounting software–the experts in the field–at your fingertips.

      • You can focus your efforts where it counts

      If you’re working with a skeleton crew, every minute of every day is a precious resource. Being able to outsource complex tasks and processes can be a lifesaver. Instead of reinventing the wheel and developing an in-house accounting solution, take comfort in knowing that you can redirect your efforts to what you and your team are good at.

      • You can save time, money, and resources

      By enlisting white label accounting software, you can save thousands. While a single accountant’s annual salary can be between $60,000 and $80,000, accounting software can be outsourced starting at just a few hundred a month. And in additional to the salary savings, you also save on overhead, training, hardware, benefits, and more.

      • You have experts at your fingertips

      White label accounting software provides accounting expertise that a junior accountant who is not yet an expert in their field cannot provide. Having access to the experts gives you peace of mind that your accounting is always up to date and compliant.

      How can Flexi help?

      Flexi is one of the few vendors that has proven and delivered white label accounting solution integrations at scale for more than two decades. Flexi’s Industry Partnership (FIP) program provides software companies with the ability to OEM Flexi’s accounting solutions and seamlessly integrate them with their products through Service-Oriented Architecture (SOA) and web services.

      World leading brands have relied on Flexi’s FIP program to gain a competitive advantage by quickly and easily expanding product offerings, increasing revenue, and providing customers with the convenience of a single-vendor solution, all while avoiding the cost and risk of in-house development.

      The following attributes make Flexi a great white label accounting software partner:

      • Flexi significantly decreases time-to-market
      • Flexi eliminates the risk of stagnant, outdated software
      • Flexi strengthens customer loyalty with a more complete solution under your own brand
      • Flexi grows revenue through a proven partnership with a trusted leader in accounting software
      • Flexi provides expertise and a support team to ensure a smooth implementation

      Learn more and explore a partnership with Flexi today. Call 800-353-9492.

       

      Category: Blog

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      Cloud Accounting Statistics

      Cloud Accounting Statistics You Need to Know

      Cloud accounting software is making big waves in the accounting sphere. Cloud software is not only cost-effective and highly accessible, but it’s making data as accessible as ever.

      Cloud software can be accessed from any device with an internet connection, at any time of day, by any user. Gone are the days of installing costly hardware that make data vulnerable to hackers, and gone are the days of heavily leaning on IT and infrastructure to get the job done.

      With cloud software, many tasks can be automated, which not only saves time but also ensures data integrity and accuracy. And, while many people feel their data is less secure in the cloud than stored locally on their machines, encryption and tight security measures actually make the cloud more secure in many ways.

      For these reasons and more, cloud accounting is the future. It’s easy to use, easy to implement and ensures that the reports you need are easy to create, access, and distribute.

      Statistics you need to know if you’re considering the switch to cloud accounting software

      Don’t take it from us: let the statistics paint the picture. New research shows that 67 percent of accountants prefer cloud accounting over locally installed software options and cloud software reduces labor costs by up to 50 percent. And, the market is growing. The market size is projected to reach $4.25 billion by 2023, from its current $2.62 billion.

      Additionally, 58 percent of large companies are utilizing cloud accounting services, and by 2020, it is projected that 78 percent of small businesses will be relying solely on cloud technology. Companies that use cloud accounting exclusively are adding five times the clients than companies who do not, and on top of that, companies that exclusively use cloud accounting also saw a 15 percent revenue growth year over year.

      Get on the cloud with Flexi

      It’s easy to move to the cloud.

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance and highly rated support, all at an attractive total cost of ownership.

      Learn more about how Flexi can catapult your business today with its cloud-based services. Call 800-353-9492.

       

      Category: Blog

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      New Accounting Rule

      How a New Accounting Rule is Getting CFOs Upset

      Starting next year, public companies will be required to report operating leases as liabilities. Under this new rule by the Financial Accounting Standard Board, companies will be required to add to their books the debt-like obligations they incur to lease real estate, office equipment, airplanes, and more.

      The Wall Street Journal estimates $3.3 trillion in operating liabilities to be worked into the corporate balance sheets of public companies due to this change. While these operating leases are currently resting in the footnotes, they will be front and center in next year’s financial reports.

      The change leaves CFOs questioning whether they should renegotiate lease terms, provide specialized reports to lenders, or risk having their debts called by lenders. Legal fees, bank fees, and other fees, fines, and expenses could apply, and the corporate debt-to-earnings ratios will be disrupted, affecting borrowing power.

      While the new rule is intended to improve transparency for investors and lenders and bring the U.S. closer to global accounting standards, compliance will result in time and money spent to observe the new rule. This could require new accounting processes or even new accounting software, not to mention the time and expense of staff training. This is undoubtedly a blow to the bottomline for many public companies who are now scrambling to gear up for this regulatory change.

      While some CFOs will be seeking to amend loan terms, others may opt to produce one set of financials for regulators and yet another set for lenders. For some, the extra time to produce two different sets of reports is the best available option when the other option could involve hefty bank and legal fees.

      As accountants and finance professionals, there is no time better than the present to familiarize yourself with the regulatory change and how it will affect U.S. business to ensure that your books–or your clients’ books–are ready.

      The future with Flexi

      Flexi knows that compliance is imperative for your business. Flexi provides tools and products to help keep your business up to speed with compliance and regulatory demands. As the accounting rules change, let Flexi help your business succeed.

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

       

       

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