Turn Your Bank Statement Into A Balance Sheet Every Day ...

Seoza News March 3rd 2005 Number 506 ...  An IT Web article alerted me to a new approach to accounting software which every small South African company NEEDS. But let me tell a little story first ...

Refer http://www.accounting-made-easy.co.za

In December 2004 I sold my 12 years old gardening company so I could devote more of my efforts to my internet interests. This meant the highly sophisticated accounting system that I ran (and still do) called Impact Encore was overkill. We needed something simpler that had real power and was electronically compatible with FNB on line banking systems ... both Bankit and eBucks as well as Standard Internet Banking, ABSA and Nedbank systems.

Quite simply we wanted to download our detailed banking statements every day and import directly into a system that would generate not just a trial balance without any extra input but a full daily income statement, full balance sheet and also reconcile the bank account at the same time with 100% precision. I'd been looking for some time for such a system but believed it impossible to find. One of the reasons was to release Brenda, my fantastic lady in the office, to become just as fantastic on the web but this meant I had to relieve her normal accounting and admin load so she could devote time to Internet marketing research.

Well (I think and am pretty sure ...) we found this Holy Grail of complete accounting systems and the man who developed the product.

And not only that he lives just down the road from my office. It's like they say ... you get lucky some times.

This is what it will do for you ....

Manage your bank account

Produce invoices .... by the way remember you MUST put your customers' VAT number on invoices as from this month unless value below a certain threshold. Be careful of massive VAT fines and penalties if you don't do this

Make sure your get paid by your debtors

Manage expenses

Produce VAT and other returns

Produce management accounts for yourself or your bank

Dramatically reduce input errors

Makes bank recons simple and do-able by ordinary people every day in a couple of minutes

Do your accounting work 100 times faster than any other accounting system as Keith claims and I hope to discover

Needless to say I bought the software, it's installed already and training starts tomorrow (2 hrs training included in the price).

This stuff is revolutionary ... it comes on a CD and in a box too.

It's not yet downloadable but I'm told will be soon

Keith summarizes the main benefit as follows just in case I'm getting carried away again ... the main benefit is to import the bank statement once downloaded from the Internet and since most transactions relate to the bank statement (pay out and pay in) it allows business to keep complete sets of books up to date at all times even if you're not an accountant. It takes less than 30 minutes per week to generate full and accurate income statements and balance sheets.

For me that's magic and enables significant monthly savings. It removes accounting complexities (read gobbledygook to you and me), it doesn't even talk about debits and credits ... just minuses and pluses and it does all this from a downloaded bank statement.

NO I've not switched off Impact Encore just yet .... but I might

I'm not even trying to explain how it does this ... I really don't care. It just does it and Keith has a demo he's only to happy to show anybody. If this is last thing you ever do based upon what I think might be useful then take 5 minutes to ring Keith on 011-483-1190 and arrange your demo. Do it now before he's bombarded with requests for a demo. Here's the sound clip again

Refer http://www.accounting-made-easy.co.za