Although every company is required to accurately manage their Accounts, not all businesses will manage their finances in the same way. For some it is a case of pawing through streams of paper, for others it is combining numerous Excel Spreadsheets together or manually transferring data between back end systems and into a dedicated accounts package in order to meet their HMRC requirements. However this diversity in how businesses are managing their Accounts isn’t restricted to just the tools being used but also includes the methods of working too.
With this being the case, it can be difficult for businesses to find a solution that provides the right balance of controlled management and flexibility to accommodate their own specific accounting processes. The result of this is too many businesses working both inaccurately and laboriously in order to fulfil their legal obligations to HMRC and achieve their own commercial insight. Therefore to save time and avoid making key business decisions off misleading financial data, businesses should ensure that their Accounting solution is fully integrated and well suited to meet their needs.
OrderWise – The Fully Integrated Solution For Your Commercials & Financials
With the fully ICAEW accredited and HMRC approved OrderWise Accounts module, businesses are already provided with a comprehensive Accounts solution that is also seamlessly integrated into the main OrderWise system. Offering support for both Standard and Cash accounting, multi-currency handling and a wide range of specialist features, OrderWise Accounts gives you the flexibility to manage your financials in the exact manner you require. You can read more about the OrderWise Accounts module HERE.
Now this flexibility has been further extended in version 11.3 of OrderWise with three new enhancements made to the OrderWise Accounts Module.
New Aged Balance Options
Managing Aged Balances for customers and from suppliers is an integral part of the Accounting process, however each business will use different periods over which to calculate this debt. Some businesses will simply do this by the month, others will base it off the date the invoice was issued.
Therefore to accommodate for all methods of working, OrderWise Accounts now enables users to choose how their aged balance debt over different periods is calculated. This has been facilitated by new aged balance options that allows tailored customisation of how customer and supplier balances are aged, either by user-specified Aging Periods or Calendar Months.
Additionally, OrderWise Accounts users also have the flexibility to choose to base aged balance on the document date or the due date. With document date selected, balances will be aged based on the recorded date and time of customer/supplier transactions. With due date selected, users can age the balances based on each transaction’s due date, which also incorporates the Payment terms they are using.
With the addition of these new Aged Balance Options, businesses using OrderWise Accounts have the ability to fully customise how these vital figures are calculated, ensuring they are tailored to their own requirements and methods of Accounting.
New Payment Terms Options
As well as new Aged Balance options, version 11.3 of OrderWise also sees the addition of two new payment terms. Much like how the methods used to calculate aged balances will diversify from business to business, the payment terms companies will choose to adopt for their customers will also greatly vary.
That is why this month, OrderWise Accounts users can now select payment terms of either End of Period after Next or End of Month after Next. These are included in addition to the pre-existing payment terms available within OrderWise Accounts and work in the same way as the End of Next Period and End of Next Month options but for the following period or month.
With the inclusion of these new options for Payment Terms, businesses can benefit from tailored credit control and the flexibility to choose how this is managed for each of their customers.
Import Year-End Adjustments
The final new enhancement to OrderWise Accounts is the ability to import Year-End Adjustments. With companies across the country now reaching the end of their financial year, many will be in the process of compiling their end of year Accounts ready for submission to HMRC. During this time, many businesses will be having their finances validated by colleagues or external Accountants, seeing adjustments that need to made during these checks. Without an easy way of adding these adjustments, staff managing financials will be left with having to rekey the information they receive back from their Accountants. This not only increases the likelihood of risks being made but if there are a lot of adjustments to make, a lot of time can also be lost.
Solving this problem, new OrderWise Accounts functionality added in version 11.3 of OrderWise means Year-End Adjustments can now be imported into the Year-End Adjustments grid from an Excel document by simply clicking the new Import button. Thanks to this new feature, businesses using OrderWise Accounts can benefit from stress-free handling of their end-of-year financial obligations by being able to quickly and simply add their year-end adjustments.
For more information on OrderWise including Accounts, you can download our brochure.
Existing Customers can visit the OrderWise Online Shop.
To discuss your requirements in more details contact us today on 01522 704083.