Whether you are embarking on the purchase of your first accounting software or replacing a system you have outgrown, serious thought and planning are necessary to ensure that you choose the right software and implement it successfully.
Whether you are embarking on the purchase of your first accounting software or replacing a system you have outgrown, serious thought and planning are necessary to ensure that you choose the right software and implement it successfully.
Topics: Sage 100, Sage 100 ERP, accounting software, sage africa, john shepperson, oates co, needs assessment
Let’s talk about cost accounting. Whether you are a contractor, a consultant, or a manufacturer of widgets, costing is a valuable tool for planning, setting prices, and identifying areas that need improvement.
Sometimes the market dictates prices for a service or item. In that case, costing will let you know which product is the most profitable and which one you are subsidizing. Many people view subsidizing in a negative light, although it is not a bad concept – subsidizing a low priced washer may get you’re an order for a special, very profitable bolt that you wouldn’t have gotten otherwise.
Topics: oates and co, Sage, consultant, accounting software, john shepperson, oates co, manufacturing, bill of materials, cost accounting, subsidizing, contractor, manufacturer
Do you need new accounting software for your business? Now is the time to invest in the Sage ERP X3 system. Businesses with complex accounting needs can truly benefit from the way that enterprise resource planning systems automate many of the processes that were being done manually in the past. Tech Republic, which is an online resource for information technology professionals, says that using a system like Sage ERP X3
Topics: ERP, oates and co, Sage, automation, sage erp x3, accounting, implementation, accounting software, tax
Multi-site medical practices have unique challenges when it comes to accounting. Because services are spread out over several sites as well as several physicians, it is necessary to capture the costs and revenues in a timely manner. Capturing this information is only the first step, however. What comes next – allocating it to the correct accounts and departments – can often be the real challenge.
Revenue allocation for multi-site, multi-physician practices can be done in a number of different ways. When collecting the revenue, it is very important to have it assigned to the site as well as to the physician that was responsible for generating the income. The accounting software must be able to assign the revenue no matter where the doctor is working when he charges the fee. In many practices with more than one site, doctors may, for example, work two days a week at one location and three days a week at another. Each site will need to be capable of correctly accounting for that doctor's work and revenue generated regardless of where the work was performed.
Cost centers help when dealing with multi-site practices. A cost center will track expenses for each location and each physician that is part of the medical practice. Overhead costs for each location can vary greatly and cost centers will clearly let the partners of a multi-site practice know where the costs are being generated and if they are in line with expectations. For example, if one site's costs are considerably higher than another site’s for any reason, the administrator will have the information to check into the problem.
Some expenses affect single locations – for example, a facility that handles x-rays would need to purchase x-ray equipment and hire an x-ray technician, whereas another facility would not – and some expenses affect all the locations of a medical practice – such as software or tax preparation. Determining what these costs are and allocating them to the correct site is important.
When a medical practice has the correct data from its multiple sites, it becomes easy to create a realistic budget based on the costs of the previous year. An accounting system should be used to collect all the information from each site and integrate it into a useable financial statement. This involves having a chart of accounts that will, when correctly set up, allow the reporting of profit and loss for each location and each physician as well as an overall income statement. Without an accounting system that covers all the sites, there is way to be positive that all bases are being covered.
Topics: medical accounting, accounting, multiple physicians, multi-physician practice, accounting software, multi-site, allocation, expenses, cost center, budget, budgeting, john shepperson
Topics: ERP, MAS 500, comprehensive tracking, Sage Software, multiple processes, software accounting, enterprise resource planning, accounting software, john shepperson
Accounting Software –What exactly is it? Accounting software can mean dfferent things to different people and companies. Even though we call it accounting software, it can have implications to the warehouse, manufacturing, sales, ecommerce and many other areas in your company.
Topics: Blog Posting, Oates & Company, accounting software, john shepperson
