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Review of Online Accounting Developments in May

The online accounting world is changing rapidly and we think it’s important that you’re kept up to date on the latest product developments. Each month we will be releasing an update on the latest releases as well as giving you an insight into some items that are in the pipeline.

May has been an exceptionally busy time in the accounting software industry as providers try to put their best foot forward at Accountex, the UK’s largest Accounting Conference, as well as number of other trade shows such as the Business Show etc. This means that there has been a huge amount of development recently and the below are just some of the recent useful releases:

  1. AFEX:

Current:

For those that may have been following our Twitter feed we recently launched a partnership with a provider called AFEX.

AFEXDirect is a secure and efficient online payment platform that gives businesses direct and real-time access to buy currency from a live market with spot trades, forward contracts and market orders. Through AFEX, businesses can make foreign payments at more competitive rates than the UK Banks can offer.

Future:

AFEX have recently released a branded prepaid card service and with a 1% monthly fee it is quite competitive.

The benefit of using prepaid cards rather than personal expenses is that it is much easier to track and budget expenditure. Employees can be specified an amount of money per month and then request more funds as and when required. They could also be used as a branded marketing tool to be used with your company logo on the front.

In terms of future developments, we hope to connect the AFEX services with an accounting system in order to automate the processing of non-UK payments. We are also looking to test an app they are building where you can track balances and expenditure on each card in real-time.

  1. Basecone:

Current:

This month saw the release of Basecone’s new app for expenses. Like other providers, this app allows you to take pictures and build a monthly expense claim report on your mobile phone. The difference with Basecone’s new app is that you can also set the accounting codes in the background. This means the process of posting the expenses is completely automated, saving your accountant/bookkeeper a considerable amount of time. You can see more on this video. https://basecone.wistia.com/medias/0arho87ngx

Future:

Basecone’s upcoming roadmap looks to be centred around the development of bulk booking capabilities which we think sounds interesting. Currently when booking documents, the posting proposal and scanned details are reviewed and booked one by one. However, a bulk booking option will mean you can review/post multiple documents at once saving you a considerable amount of time.

  1. Twinfield

Current:

Over the last month, Twinfield have added the ability to automatically reverse journals. You might argue that this capability should have been there in the first place but either way, it is a great addition to the Twinfield offering. On an individual booking, you can tick the reversal box and this will create a reversing journal in the next period when the transaction is finalised.

Future

Wolters Kluwer are currently working very hard on a new piece of software called One Click which will automate and store workflows between clients and accountants. The inspiration behind this is the increasing use of mobile technology in business. Using One Click you can access your reports, files and you’re your accountant’s outstanding items on your smartphone so you are always right up to date. This is a really exciting project but I think this one will take a while to finalise and release.

These are the main ones for this month but in terms of what to look forward to next month. We will focus more on reporting and Dashboards as the provider Futrli (who provide forecasting technology) are close to releasing reporting packs. We have also been working with Microsoft Power BI and have learnt a lot about how this can be used to link in data from many different systems in your business. Finally, there will be some developments around FCA reporting and compliance.