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Tag: accounting software

Sage 50 small business accounting software

Best Accounting Software for SMEs

Written by Admin on .

How to Choose the Best Accounting Software?

 

How to Choose the Best Accounting Software for your business? There is a wide range of accounting software and finance management applications available today, Therefore, it is important to consider technology platforms, compliance requirements, and the regular changes in standards when you sit down to select suitable Accounting software for your business. This buyer’s guide will help you discover the best Accounting Software by providing valuable tips on what to look for and what challenges to be wary of.

 

Get to know accounting software with a free trial or demo

It’s always a good idea to start your research of accounting software with free software trials from reliable vendors. It can save you time and money, because you will be able to experience all the important features first-hand and identify any possible issues. To request a free trial or demo of Sage One or Sage 50c Accounting Software simply drop us a message on our contact us page.

 

Targeted Businesses

First, make sure you identify which business category you fall into. . Most likely, you will belong to one of the three following categories:

Best Accounting Software

  • Start-up –These companies are generally looking for accounting software that facilitates an easier entry into the accounting world. It seems to be the area where significant innovation is happening to structure the accounting system to the needs of small business owners. It allows for management of money in and out of the company, in one place, which provides for greater accuracy of the business finances. Sage One is ideal for this type of business, check out Sage One – accounting software for start-ups.
  • Small business – These companies have fewer than 50 employees and have an annual turnover not exceeding €10m*. A well maintained and healthy cash flow is vital; any late payments from customers can have a great impact on running their day to day operation. We have written blogs about 5 Ways to Improve Cash Flow. Also check out our Sage 50c product page – accounting software for small business.
  • Growing small business – These companies seek more sophisticated features such as greater data storage, ability to manage and track expenses effectively and control inventory costs and quantities etc., and they need nothing but the best accounting software to achieve it. Growing businesses upgrade their systems for a range of reasons. When a small business starts growing, it will begin to look for a list of specific features to boost its productivity. For those in need of a more detailed examination of this type of solution please visit the Sage 50c product page accounting software for small business.
  • Medium to Large enterprises – Big organizations need a comprehensive enterprise resource planning (ERP) suite to manage their functions. These systems are sure to offer features relevant to large companies such as foreign currency, advanced stock and order processing and multi-company consolidation. Such large entities really value seamless integration. If you require more information on this type of solution you should visit the Sage 200 – accounting software for enterprises product page.
  • Best-of-breed purchasers – These buyers look for specific functionality. For example, non-profit organisations seek systems with fund accounting features which track funds and generate insightful reports on how each fund is used. In the education industry, colleges and universities make use of software that tracks how financial aid is disbursed. Construction companies and engineering firms need a solution that can break down expenses by each location, project, and other criteria. Best-of-breed buyers really value specific functionality.

Types of Accounting Software

  • Database Accounting Software – This type of software can handle financial management, more complex tasks, a large network and complicated accounting functions.
  • On-Premise Accounting Software– In areas where internet connection is slow and limited, businesses can take advantage of accounting software in the form of CDs or DVDs which are installed on your desktops or laptops.
  • Cloud-Based Accounting software– These accounting software are available online and data can be accessed through the Internet or Cloud.

Key Features of Best Accounting Software

Although the features of accounting applications can vary significantly, there is a basic set of features each accounting application should have:

  • Performance Dashboards – a real-time accounting dashboard ammassing all accounting and finance metrics in one place.
  • Centralised Contacts – Ensures users can access key contact details, information, notes, history and files from any platform at anytime.
  • Expense Capture – Giving users the ability to photograph receipts and capture expenses, invoices and other paperwork digitally.
  • Track Cash Flow – Record sales and receipts in real time and link directly to the business bank account so users have the most up-to-date view of the company’s finances at their fingertips.
  • Easy invoicing – Create, edit & send invoices directly from the accounting software.
  • Manage VAT– Easily submit the company’s online return to ROS.
  • Reporting and Analytics. Grants insight into crucial financial activities and compares financial information. It is also a great asset for regulatory compliance.
  • Customization. Due the fact that it would take too many accounting software types to satisfy the needs of every industry, you need to look for a program which will at least allow you to customize forms, reports, and other facets to your standards.
  • Integration. Integration is a priority in the case of any accounting app, because it is essential for you to link your accounting system with other business apps in use. This enables the systems to draw information from each other without you having to import it manually.

Benefits of Best Accounting Software

The best accounting software solutions offer the following benefits:

  • Better visibility & control of income and costs, facilitating financially responsible decision making
  • Insightful reports that summarize key information clearly, for easier understanding and better decision making.
  • Compliance with regulatory requirements and reporting standards.

What Accounting Software does Pimbrook provide?

  • Sage One – An affordable, secure and easy to use online payroll and accounting software for start-ups and small businesses.
  • Sage 50c – Ireland’s leading accounting software , Sage 50c will help you run your business more efficiently. It  will manage your accounting, invoicing, cash flow, inventory, taxes and so much more.
  • Sage 200 –An accounting software solution that combines advanced stock control, order processing, business intelligence and financial management into one solution.
Sage 50 - Improve Cash Flow

5 Ways to Improve Your Cash Flow

Written by Admin on .

The origin of the expression “Cash is King” is unknown, however it’s validity within the business world has never been opposed. Cash is essential for a business, if you’re not making money; you’re not really running a business.

 

Here are the top 5 ways to help you improve your cash flow

1. Use the Right Accounting System

You need an accounting system in place that helps you keep track of money in, money out. It’s that simple. Using these standards, ensure that you have reliable accounting information on which you can base important financial decisions (also necessary for potential investors and creditors). If you don’t have a system in place, you’re just flying blind. Work closely with a trusted financial partner or accountant and dig deep into your books to avoid cash flow mistakes.

2. Monitor and Analyse your accounts

Once you have an accounting system in place, you’re on the right road, but, now you need to track and analyze the numbers to understand and improve your cash flow. Just because you’re turnover is good, doesn’t mean you’re profitable. You need to keep a close eye on costs vs turnover —including future costs such as taxes. If there’s still money left over after your calculations, then and only then, are you making a profit. Also use the numbers to identify where the profits are coming from (i.e. is one product more profitable than others) and make business decisions based on your findings.

3. Established Payment Terms

For many business owner this task may not be their first priority, but getting it right is crucial to ensuring healthy cash flow. When you are in the early days of starting up your business, there’s a never-ending list of tasks to complete. Sorting out the terms and conditions of trade is not always at the top of the list. Getting your product market ready, finding customers and marketing your product often take priority in the startup process.

You need to establish payment terms between you and your supplier or between you and your customer, neglecting this less exciting part of your business, could impact your cash flow through delayed payments and having to pay for materials before receiving payments.

The invoice may have been sent, but has the payment been received? Customers are notorious for stretching credit terms, which means that the money you were including in your calculations may not have been received. It’s important to have a system in place to collect payments in a timely fashion, as per the agreed terms. Your accounts receivable need to be in line with your accounts payable.

4. Set-up Budget

Operating your business without a budget is like starting a business without a business plan. You need to know where you’re going and how much you can afford to spend on this journey, if you want to build a profitable business. Unfortunately for those entrepreneurs who aren’t “number people” a budget is never one and done. You’ll need to create a new budget at least annually.

Many businesses wind up spending money unnecessarily. One of the biggest unnecessary expenses is staffing costs. Business owner often miscalculate their personnel costs: who you need, what you need to pay them, and how long (and how much it will cost) to source them. Before going through the expensive process of sourcing, recruiting, and hiring an employee, look into outsourcing, especially for non-core functions such as HR, accounting, and legal.

Keep a close eyes on your bills, just as you would hope (and expect) your customers to make payments in a timely fashion, you need to do likewise. Make sure that you have a system in place to ensure that you give the money going out at least as much attention as the money coming in.

5. Review your Product or Service Pricing

Pricing is an art, a challenging art. Do your due diligence to perform competitive analysis. It’s not realistic to think that you can charge much less than your competition, unless you are guaranteed a much higher volume of sales—a nearly impossible guarantee for most startups.

Raising your prices – if you have not already done so, it might be time to raise your fees but not quietly. Make sure you announce to your past and current customers that your prices will be increased as of a specific date and why you are increasing them. You can then give them an opportunity to stock up or renew their contracts.

 

Want to improve your cash flow? Choose Sage 50c Accounting Software

 

Managing the day-to-day accounts is important, but you also need financial reports for insight into the big picture, that is, the real-time and projected status of your profitability.

The first step towards improving your cash flow is to get an overview of your businesses current financial status. Sage 50 Accounts can help you track and improve your cash flow.

 

Pimbrook Software is an award-winning Sage Business Partner, delivering payroll systems and online or on-premise accounting software for small to medium size businesses. If you have any questions, please contact us now!  1850 202 502.
Sage 50c Accounting Software

10 Things to Know about Sage 50 Accounting Software

Written by Admin on .

Sage 50 Accounts

Sage 50 Accounts (now Sage 50cloud) offers everything you need to run your business more efficiently – from accounting, invoicing, cash flow, inventory, taxes and so much more. It’s an easy-to-use accounting software for small business. Built-in checks and balances keep your finances on track and help you stay compliant with taxes and reporting requirements.

Sage 50cloud delivers built-in accounting best practices to keep your business finances on track and help you stay compliant with taxes and reporting requirements. It keeps your finances safe and secure with screen-level user access and bank-level online protection. You have peace of mind knowing your critical info is safe from prying eyes. It’s empower you and your employees to work anytime from anywhere, allows you to bill customers on the go, and gives your accountant real-time access to your finance books.

Here are the 10 Things to know about Sage 50 Accounting Software

1. Sage 50 Accounts Remote Connection

Sage 50 Accounts (now Sage 50cloud) accounting software can facilitate, cloud access via Office 365 integration, giving you more freedom and flexibility in how you work.

2. Automatically sync Microsoft Outlook contacts and Sage 50 Accounts contacts* to save you time.

Access customer balance information, credit limits, contact details and order history from Microsoft Outlook.

3. Cloud Back –Up*

Get the security and peace of mind with automated data back-ups stored offsite, in the cloud. You can also undo data entry errors by restoring data from the cloud as of a particular date. Never again be stuck without a recent backup.

To Know if Sage 50 Accounting Software
is a perfect fit for your business:

Learn More Book a Demo Now

 

4. Sage 50 Accounts with Microsoft Office Business Premium**

Minimize your vendors list and easily manage your technology platforms – and your budget – with one monthly payment that covers your core business solutions, including your accounting package and your office suite.

5. Sage 50 Accounts Dashboards

Keep a finger on the pulse of your business with a visual dashboard highlighting key areas of performance and stay a step ahead with a view on key revenue and budget trends.

6. Customers & Sales in Sage 50 Accounts

Manage your customer contacts and create quotes, sales orders and invoices with ease. Track customer payments, issue monthly statements and customize your forms with your logo and specific information. Take your invoicing to the next level with mobile invoicing from wherever you are with Sage 50 Accounting.

7. Vendors & Purchases

Keep track of your vendors, pay your bills and track your purchases. You can manage and track your expenses effectively with mobile payments and bank feeds in Sage 50cloud Accounting Software, so no matter where you are your expenses are recorded and the headache of lost receipts is a thing of the past.

8. Inventory in Sage 50 Accounts

Optimize inventory management and control inventory costs and quantities. Take it a step further and assemble items on the fly or create complex builds from stock items.

9. Reporting Centre in Sage 50 Accounts

Stay on top of your financial performance with more than 93 easy to generate reports. Define timeline parameters, view Budget vs Actual and export to Excel ®.

10. Banking in Sage 50 Accounts

Transfer funds, make deposits and reconcile your bank account. Make the process even easier with bank feeds – skip the data entry and sort your bank transactions into Sage 50cloud Accounting.

Sage 50

 

Sage 50cloud is a trusted desktop solution that seamlessly blends productivity and accounting software with secure online access and Microsoft Office 365* integration.

* Once the backup is set and the option to sync to office 365 it will then automatically backup.

** Included with Sage 50cloud Standard and Sage 50cloud Professional. Available on Sage 50cloud Essentials for an extra charge.

To hear more about Sage 50 Accounts from Pimbrook

Contact us today on 051 395 900(Waterford) or 01 862 4016(Dublin)
Let’s start the conversation!
Contact Us!
Pimbrook is the leading provider of Sage Accounting & Payroll Software to the SME market in Ireland. We are an accredited Sage developer and reseller with over 17 years’ experience implementing and supporting Sage products. We offer the best accounting software and payroll system and aim to equip our clients with the Accounts and Payroll skills necessary to optimise their business.. We are the Sage 50 Irish Partner of the year 2015, 2016 & 2017 and currently servicing 1,300 clients and growing.
E-Commerce

E-Commerce Tips for a Small Business

Written by Pimbrook Software on .

More and more businesses are moving online- E-Commerce. And there are more incentives to do so everyday.  Online shops present huge opportunities for new budding Irish Start-ups with bright business ideas, as well as for already existing off-line businesses in Ireland who want to reach new markets, both Nationally and Abroad, The increase in online retail in the consumer market will be followed very quickly by business to business.  And companies are making it easier. Sage themselves now no longer ship physical software product to us, we get all our Sage Accounting  (Sage 50c) and payroll (Micropay) software online, making delivery quicker and easier.

E-Commerce
Use the clickabliity of images to drive traffic to your website.

 

Top Tips for E-Commerce:

  • Hire a Professional.  Don’t even imagine that it’s easy or that you can google how to do it.  Buyers are increasingly more selective about buying online and are far more likely to purchase from a website that looks good and functions well. Prepare to spend at the start in order to save money and more importantly for a small business, time, in the long run.  In addition, freeing yourself from the initial design and set-up also allows you to focus on other important aspects of getting the online business off the ground. Setting up an E-Commerce business, even a few years ago was costly and time consuming as it was most likely going to be a bespoke product, not very suitable for small businesses in Ireland.  But now it is a more competitive field, with help available from the Local Enterprise Office through their online trading scheme.
  • Know your Customer, both Existing and Potential.  As we said, if you don’t currently have an online business you are reaching into a new market. Know their age, their gender, where they originate from, their hobbies, interests, what websites they like to visit, what their job is, their online buying habits and how many times a day they go online. This will make it so much easier to market to your customers.  And Yes, this seems like a lot, but a simple e-survey with a possible incentive, as in a prize, or voucher, can go a long way to sweetening the deal.
  • Be Social.  Reach them through the market you want to join, for example, if your business is Business to Consumer, Facebook is probably your medium of choice. If you are selling very visual products, try Instagram.  Have a look at our blog on Social Media to get you started.  If you intend to run an online anything you need to have an active presence on some or all of the main social media platforms. Sign up and secure your business name as soon as possible. Social media is a way to engage with your audience and share information with them on a constant basis.  Choose your platform wisely, I find the easiest way to do this is to look at the age demographic. I feel Social Media allows our brand and business to be creative and show personality, which for a customer, could be the difference between you and your competitor, and you want to drive them to your E-Commerce site as easily as possible.
  • Link your Systems. As far as possible the switch to E-Commerce should be easier and more cost effective in the long run, therefore it makes sense to link your Sales through your E-Commerce site directly to your accounts, Eliminating the need for double administration. We partner with Actinic, a one stop shop (excuse the pun) to get your E-Commerce platform off the ground. Talk to your designer and us about this at any stage, but make sure it is sooner than later, we can help.  Contact us on 1850-202502, or by email.

 

warehouse solution

Implementation tips for developing Sustainable Warehouse Solutions

Written by Pimbrook Software on .

Developing Warehouse Solutions

Warehouse Solution, whether you operate discrete or process manufacturing, perform distribution services, or stock goods for retail, developing sustainable warehouse solutions is essential for achieving long-term success.

The conscientious decision to focus on what is commonly known as the triple bottom line—economic, environmental, and social dimensions—involved in operation is a comprehensive business philosophy. And with an enterprise resource planning (ERP) system in place, enacting sustainability measures becomes much easier.

What is sustainable warehouse management?

warehouse solution
Essentially, sustainable warehouse management is a system designed to meet the present needs of society without compromising the opportunities and resources available for future generations.

Although it involves the entire scope of the business process, sustainability is closely associated with environmentally sound procedures. Indeed, Global Reporting Initiative’s G4 guidelines cover this aspect, but most recently, they’ve released a linkage document that will assist the compliance of the latest EU directive for the disclosure of non-financial and diversity information.

Warehouse ERP Implementation

Introducing and developing sustainable warehouse solutions is often a challenge, even with an advanced ERP system. Many distributors employ third-party supplier’s (VMI) and logistics (professional carriers) to orchestrate the chain of supply.

However, even these challenges can be reduced with the following implementation tips and techniques. First, divide your sustainability analyses by aspect and type, and then update your core performance indicators within the system with appropriate coding so that the qualitative and quantitative data can be collected and reported properly.

Ignoring the economic performance and market presence aspects, the following list can help you implement the metrics and indicators used to evaluate company sustainability.

Environmental

  • Materials—a percentage of the input usage of recycled materials
  • Energy—energy consumption of the primary source (direct)
  • Water—total usage amount for the facility
  • Emissions, effluents, and wastes—direct and indirect greenhouse gas emissions by weight, oxide emissions by type and weight, and amounts of non-recyclable solid waste

Labour Practises (Social)

  • Employment—employee counts and turnover rates by age group, gender, and region
  • Health and Safety—Injury occurrence rates, work-related fatalities, occupation-related disease, lost days, and absenteeism
  • Diversity and Equal Opportunity—Basic salary allocation by gender and employee category. (Also see the recent G4 linkage document for simplified EU compliance.)

Human Rights (Social)

  • Investment and Procurement—total numbers and percentages of agreements that have gone through human rights screening
  • Child Labour—any measures that have been taken to help eliminate child labour
  • Freedom of Association—measures that support the right to exercise freedom of association and collective bargaining, and any identification of these rights at risk.

Society (Social)

  • Community—the nature and scope of any programmes, practises, or initiatives that have a positive impact on the operation of your community, and the effectiveness and outcomes of those endeavours.
  • Corruption—the amount and percentage of business units that have been examined for risks related to corruption
  • Consumer Health and Safety—this will naturally vary depending on the type of products housed in your facility, but basically, any assessments made concerning the improvement or life cycles of the products that could impact consumers.

With an advanced ERP system, many of these indicators are already integrated, and the reporting framework can be easily customised to include new governmental regulations and directives.

Effective ERP implementation for a sustainable warehouse involves collecting the right data and then making informed business decisions based on the performance reports that your ERP system generates.