Are Your Front and Back Office Communications Creating a Sales Bottleneck?

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In today’s hyper-competitive world, speed is everything. People expect to make purchasing decisions in seconds, not minutes or days. Think of the last time you were shopping online. How quickly did it take to complete your purchase?

Do your customers have the same experience with your company?

Firms that continue to grow quickly and aggressively work very hard to replicate this same experience with their customers and prospects. They do this by removing any barriers to the sales process by promoting instant communication and efficient collaboration between sales and finance.
Where does your company stand?

Are you like most companies, that send an e-mail and wait for a response…leaving the customer waiting?
What if you were able to have your salespeople instantly see their customer’s credit status, outstanding balance, and aging immediately, right from within your CRM system?

What if your company had the ability to send instant messages to the finance team, and get an immediate response for approval and keep track of these conversations as part of that sales order so that you can instantly access the history…without digging through hundreds of e-mails?

In this video, Hans Schaedel, CFO of Canto, discusses how his company improves collaboration between sales and finance teams using Intacct Collaborate. This product, which is based on Salesforce’s award winning Chatter platform, allows all members of the finance and sales team to communicate and collaborate easily and efficiently.

Click here to watch the video

Intacct Collaborate allows users to collaborate securely in the context of financial records. Conversations are stored with the individual customer, vendor, invoice, or general ledger records where they are posted. Users can also attach relevant documents, such as credit reports, to these conversations. This approach allows everyone in the finance and sales team instant access to any issues in a way that they can be easily reviewed, understood and updated. Issues can be quickly identified, discussed and resolved.

According to Intacct, Collaborate is available free of charge to all Intacct users and does not require the company subscribe to Salesforce. Intacct will provide the licenses to their users free of charge if they don’t subscribe to Salesforce.

New Webinar – Eliminating Front and Back Office Bottlenecks
Intacct is also sponsoring a webinar – Aligning Finance and Sales: Best-in-Class ERP and Salesforce on
February 10th at 2PM EST.

You will learn how to gain stronger alignment between sales and finance by connecting processes, data, and people between Salesforce and Intacct, the best-in-class ERP and how you can:

Automatically trigger invoicing and revenue recognition when a sale is completed in Salesforce
Comply with the latest multi-element revenue recognition guidelines
Connect sales and finance to speed approvals, resolve exceptions, and drive faster revenue
To register for this webinar, click here.

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4 Sure Fire Ways Your Company is Risking a Sales Tax Audit

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All of your hard work is starting to pay off and your company is growing. Congratulations.

One thing that is most often overlooked in whirlwind of growing companies is sales tax. The concept of sales tax nexus, (the obligation to collect sales tax based on sales activities) is incredibly complex. Once you have established nexus, then your company is required to charge, collect and pay sales and use taxes.

Too often, the rules of nexus are overlooked by growing companies and the next thing you know, you’re hit with a very expensive sales tax audit that can easily wipe out your hard earned profits. Here are four sure fire ways that your company is increasing its sales tax risk:

Customers in New States
Every state has increasingly complicated, ever-changing rules on which goods and services are taxable. There are more than 11,000 different tax jurisdictions in the US.  More importantly, there are more than 100,000 sales tax rate, rule, and boundary changes annually. Determining your sales tax liability for these new jurisdictions can be very complicated.

Launching New Products
Expanding your product offering is a great way to find new opportunities and drive new revenues. Are these new products taxable? That answer will vary state by state and depends on a combination of the type of product and where it is sold.

Selling Internationally
The most successful companies sell internationally. If you are considering, or have started expanding overseas, you need to consider how to charge, collect and remit Value Added Taxes (VAT), particularly if you sell via the web. Calculating VAT can be very tricky and with rates up to 22%, you could be facing a huge tax exposure.

Outdated Finance Systems
We find that too often companies are using systems that were designed more than 15 or 20 years ago, before the rules around sales tax got so complicated. Can your current finance system handle today’s sales and use tax complexity?

Want to learn more about sales tax and how to best prepare your company? Avalara, a developer of cloud based tax compliance and filing software, has put together this easy to follow book: Sales and Use Tax Compliance for Dummies. This valuable resource includes:

  • The difference between sales and use tax and how to comply with complex regulations.
  • How to determine nexus and what it means.
  • How to manage exempt sales to avoid an audit.
  • How to register and file returns in states where nexus is established.

To download your copy, click here and fill out the form at the bottom of the page.

 

To view the original post on the Cloud Accounting Blog and to download your copy please click here >>

Podcast – 5 Telltale Signs that You Have Outgrown QuickBooks

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Join David Fionda CPA and Jim Clarkson CPA for a fun and informative eighteen minute podcast – Cloud Technology and Software Update.

The focus of every program in these podcasts centers on how your clients and companies can streamline operations, improve profitability and drive growth using cloud technologies.

This month’s topic is 5 Telltale Signs that Your Client has Outgrown QuickBooks.  Jim and David will discuss their experiences and insights and show you how to recognize these key signs.

To download the Cloud Accounting Blog‘s new e-book that discusses this in detail, click here.

Click here for the podcast from their program. Feel free to share it with your clients or colleagues.

 

New Partnership Promises to Streamline Processing and Improve Payroll Expense Visibility for CFOs

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In many companies, payroll is one of their most significant expenses. In most companies we work with, weekly or bi-weekly payroll expenses from the outsource provider are entered into the accounting system with a monthly journal entry. The result? Wasted manual effort and no visibility into payroll expenses as they are incurred.

Intacct and ADP are looking to address this need by improved visibility for payroll expenses and costs. They have recently announced a partnership with ADP that will integrate Intacct’s ERP cloud software with ADP’s Workforce Now.

ADP designed Workforce Now as a comprehensive HCM suite that reduces administrative chores and keeps companies compliant with regulations. The integration between Intacct and ADP will allow mid-size companies to sync their employee data and transfer payroll data from ADP to their general ledger within Intacct by clicking a mouse instead of entering the information by hand. That makes for fewer errors and saves employees time.

System One is a staffing company that has to process payroll every week for 65,000 employees and issues 15,000 W-2s at the end of the year. They used to enter all new hire employee and payroll information into two systems by hand. The company has said that migrating to Intacct/ADP has saved them $60,000 each year as they avoided hiring new staff while they were growing.

ADP noted that by giving their clients the ability to spend less time on duplicative administrative tasks, they have more time to spend on more strategic initiatives that will help grow their businesses. Partnerships like the Intacct/ADP integration allow companies to leverage technology necessary to make their employees more productive and provide flexibility that allows their companies to move toward the future.

If you are using or thinking about using ADP to outsource your payroll and want to learn more about streamlining payroll processes and getting real-time visibility into your payroll expenses, please contact the Cloud Accounting Blog.

 

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