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Don’t spend any more time on manual invoice entry.

Written by Philippe Robert on . Posted in Exact Online

Exact Online can now offer you a real gain in productivity in keeping your accounting up to date. To give you an alternative to entering your invoices manually, one of the main projects for the new release of Exact Online (available from April 2011) was the integration of a scanning solution. This was already mentioned in a previous post last year: What a wonderful world…

The wonderful world is no longer a dream, the scanning functionality now very real within Exact Online. If you still receive ‘paper’ invoices from your suppliers – either in hard copy or as PDF, you can upload them to our scanning service directly within the product. The day after, you will get the electronic invoice in your mailbox. And with just 2 clicks, the invoices will be entered and archived in your accounting record.

Over the last 2 months, we have started offering this service in controlled release with a few customers and accountant’s offices. In that period more than 9.000 invoices have been converted from a PDF or TIFF to an electronic invoice by our scanning service!

Can the scanning service convert only purchase invoices to an electronic form?

Not at all! We are now also testing the conversion of bank statements that you have on paper or as PDF into an MT940 file that you can import into the bank module. This is an extra service complementary to the automatic bank links that already exist with some banks (ABN-AMRO, Bizner and Rabobank) and the manual import of bank files that you have exported from your online banking.

If you are interested in using this extra service, don’t hesitate to contact our sales department for Exact Online.
Imagine the gain in productivity – the time that you can win with this service. Time that you can then invest in concentrating on your real activities.

How do you enter your Payroll in Belgium?

Written by Philippe Robert on . Posted in Exact Globe, Exact Online

In Exact Online we have a module for the payroll calculation of your employees for different activity sectors. However, this module is currently only available for The Netherlands legislation. What about Payroll in Belgium?


In Belgium there are around 50 certified Payroll companies (like Partena, Securex, SDworx,  …) that will calculate your payroll for you. They also provide a lot of extra services regarding employee legislation. In Belgium this can be so complex, and change so many times during the year, that almost all companies let a specialized company handle the payroll related activities.


For this reason, we are not going to create a payroll module specific to Belgium. None the less, you need to book the payroll entries in your financial administration in order to pay your employees and calculate the correct figures for your employee’s costs.


You probably book these entries manually in Exact Online or Exact Globe. Retype this information by hand takes time and is prone to errors. That’s why we are looking into a way to import them automatically from your social secretariat (Payroll Company). Before we start with this project, I would like to get your feedback on this topic – particularly regarding the following questions:
  • What is the name of your social secretariat (payroll company)?
  • What kind of entry process would you like to have?
  • Do you execute the payment of your employees yourself or does the social secretariat this for you?
    • 1 summary entry with 1 line per GL account
    • Details per cost center (department)
    • Details per employee
Please let me know your thoughts as a comment to this post or send me a mail.
Thank you in advance.

What a wonderful world…

Written by Philippe Robert on . Posted in Exact Globe, Exact Online

 

Doing the accounting for a business demands that you’re continually diving into information across the administration, particularly when you have to analyze results before taking appropriate action. Before you can analyze a complete data set, you need to enter the purchase invoices you receive from your suppliers. More often than not, this isn’t the most fun you’ll have at work. Copying across information from the paper in front of you can be frustrating and time consuming.

Still on paper?

Why, in 2010, are you still receiving your invoices on paper? Why not let your accounting solution book them automatically for you? We’re not talking about rocket science here, just a system that reads an electronic document (in UBL or fInvoice format) and proposes the appropriate entry on the screen. This has been a standard functionality in our Exact Online and Exact Globe solutions for more than a year. However, over the last few months we’ve been focusing more on user experiences in this area, interviewing customers about the entry of electronic invoice documents.

Having talked to our users, we have made a lot of effort to make this process more user-friendly and faster than ever before. In the new interface, we present the purchase invoice on the left side of the screen and a light version of the entry page on the right. The supplier of the invoice is automatically recognized from the data. If the supplier is not recognized, you can select the correct one or create a new one without having to leave the screen. The selected G/L cost account will also be automatically linked to the customer – automatically proposed again the next time an invoice from them is processed.

Thanks to these changes, the time the user takes to enter purchase invoices is significantly reduced. This in turn increases user performance, especially for accountancy offices who book the entries for their customers.

We need electronic invoices!!!

We have a dream. It’s a dream where all your purchase invoices are received electronically in your digital inbox. As such, you’re able to book all of them in less than 3 minutes per month! Let’s imagine that you go to do some shopping at IKEA. At the checkout, you pay the amount due and ask to receive the bill electronically in your Exact digital mailbox. Or you could even just take a picture of the bill with your IPhone and upload it. When you then connect to Exact Online or Exact Globe, they can be booked with just 2 clicks!

Unfortunately not all your suppliers will have an invoice system capable of this tomorrow. You are likely to be receiving them on paper for a few years yet. That’s why one of our partners has the idea to convert a paper invoice into an electronic invoice that can then be uploaded into your Exact digital mailbox. You just need to scan your invoice and upload it through www.Kirean.com. It will then be visible in your favorite accounting solution the day after!

Our customers want to receive more electronic invoices from their suppliers. They don’t want to have to spend hours entering information manually. They want to spend their precious time doing real work. That’s why we’re here to help!

I think of us, working together with our customers to help fix their problems. I think of our invoicing dream slowly becoming a reality. I think of our solutions helping make life better for the entrepreneurs who use them. And I think to myself, what a wonderful world.

Want to get to know your customers better?

Written by Philippe Robert on . Posted in Exact Online

Exact Online users in Belgium can now benefit from a new integrated service. Through collaboration with the Belgian organization GRAYDON, they can now learn much more about who they do business with.

Graydon Belgium NV manages a huge volume of information on all Belgian companies, gleaned from a variety of sources including official publications, phone books, internet sites and legal documentation. As a service company, they create and sell customized reports, give ratings and offer further advice tailored to their clients’ specific needs.

These reports can be extremely valuable in understanding other businesses better, particularly when planning a significant interaction with another company. 

What is the payment experience?
Graydon’s “Payment experience” report allows you to view a company’s payment activities on a quarterly basis, seeing how well they meet their invoices on time. Every month, Graydon’s members supply the aging balances associated with all their Belgian customers, allowing Graydon to generate a clear overview of how well Belgian companies service their debts to their suppliers.
As a Graydon customer (member of the Graydon community) this report is available for free. All that’s required in return is collaboration with Graydon, agreeing to also send them the aging balances of all your customers every month. 
Excitingly for Exact Online’s customers, we’ve made this valuable process easy and accessible, integrating the process directly into EOL’s functionality.

Activating collaboration with Graydon.
Despite the power we believe this service to offer, Exact Online’s customers are not automatically entered into the collaboration. A link to start the process is in the account card. Clicking on the link starts a wizard, outlining the benefits of taking part in the Graydon community.
Once the conditions are agreed to, an e-mail is sent to Graydon automatically. On receiving the e-mail, Graydon activate the company in their back office and send through a customer code, login and password. It couldn’t be much easier.

Sending the aging balances to Graydon.
Every first day of the month, Exact Online customers who have activated the Graydon collaboration will get a task in their cockpit. Clicking on it opens a wizard that sends Graydon an e-mail. A CSV file detailing the outstanding items for Belgian customers will be attached. It’s that simple. Graydon has everything they need from you with one click of the mouse. Once the file has been sent, this task disappears from the cockpit until the same time next month.

Review your customers’ payment behavior quickly and easily.
Rather than doing a manual search in the Graydon site, Exact Online users can directly access the reports they need within their administrations. A hyperlink in the customer’s account card will send the user straight to the information they are looking for.

This new built-in service helps strengthen the community aspect of our Exact Online users. We are linking individual companies together through the easy sharing of important information, making it easier for our customers to make the right choices and develop valuable relationships. Graydon’s ecosystem offers powerful business intelligence, joining it a move that can genuinely exert a positive influence on cash flow.

And there’s more to come!
This functionality is just the beginning of the extra services we have planned for Exact Online’s customers. Check back here soon for more articles on what the future will offer our users!

Purchasing extra services through Exact Online is cheaper!

Written by Philippe Robert on . Posted in Exact Online

When you want to purchase a product or a service from a company, it will usually cost you more to buy in small quantities than it does to buy in bulk. These kinds of discounts are commonplace and exist across all types of businesses.

Customers of Exact Online in Belgium will soon also be able to benefit from this kind of advantage, when the new release is installed on our server this Tuesday 22 March.

In this new release, you will be able to purchase analysis of a Belgian company carried out by Graydon (www.graydon.be ). In each of your customer and supplier account cards, you will see a link ‘Graydon Report’. When you will click on it, you will have the choice of 3 reports:

  • Credit analysis for 15
  • Compact report for 30
  • Full report for 50

In less than 20 seconds, the purchased report will be shown on your screen and saved as a document in your Exact Online administration. As such, you will always be able to find the reports you’ve purchased on a company quickly using the document links in their account card.

The advantage for both Graydon and Exact Online is very clear. We provide our users with an easy and integrated way to purchase a report. Graydon finds a new distribution channel for their publications. It you go to the Graydon website, you can also purchase these reports yourself for the standard price. The complete report, consisting of more than 25 pages of information on a company, can be purchased there for 70€.

However, thanks to the volume this new channel offers Graydon, we’ve been able to negotiate a significant discount for our users. The full report, when purchased via Exact Online, will only cost you 50€ (excluding VAT).

Thanks to this exciting co-operation, you’ll be able to enjoy wholesale pricing however many you buy!

Knowledge is a key factor for a success story

Written by Philippe Robert on . Posted in Exact Online

If you don’t have knowledge on a specific topic, the best thing to do is try and acquire it from someone else – an expert who can share his knowledge or trainer who can guide you, getting you to the point where you can walk alone.

This is particularly true for accounting. If you are the owner of a small company and want to manage it correctly and make the right decisions, you will need to learn about the financial processes involved. You’ll also probably need advice from an accounting expert regarding your official documents and fiscal requirements. With this mind, Exact Online can be an incredibly valuable tool in the learning process.

After discussion with some training organizations who give classical training on Exact Online for their students, we found that 2 extra functionalities could really help them in their work.

1) VAT overview
When you book invoices in Exact Online, you do it based on VAT codes. When you’re learning VAT topics, it’s helpful to understand how the various VAT boxes are calculated in the process of producing the VAT return.

In Exact Online we already had the VAT overview, allowing you to zoom in to the specific entries associated with each VAT box. However, we saw that it would also be helpful to know the different VAT boxes that are adjusted for each entry. This was not possible in this overview.

That’s why we added the possibility to start this report not only from the VAT boxes, but from the entries themselves. You can now see per entry the VAT boxes that will be updated and the G/L accounts that are used.

2) Template with transactions
When you give training for your students, it is important that you start it based on well-organized, clear materials. You would ideally like to use real cases with real customers and real entries – your own data set as oppose to the set-up demo administration Exact can provide. This dataset would not only include master data, but also some basic transactions – making it easy to get into the bookkeeping right from the start.

In Exact Online we had already the possibility for accountants to define their own administration templates. However, they were only for the master data (GL accounts, VAT codes etc.) and no transactions were included.

To assist in the learning process, we have also added the possibility for accountants to add 2 extra topics in their template companies – The definition of Financial Years and Transactions.

This means that the teacher’s template company can now start with transactions in it, the student able to begin a new administration with the same information included. With more data available to outline how the bookkeeping system works, it’s easier and quicker for the student to begin learning what’s going on.

If you have more suggestions for how we can help you to give training on accountancy using on Exact Online, don’t hesitate to contact us.

Conversion from Winbooks and Twinfield has been added in our catalogue.

Written by Philippe Robert on . Posted in Exact Globe, Exact Online

When a prospect is interested in our solutions of Exact Online or Exact Globe, one of the first questions he has is “What can I migrate as data from my current software to Exact?”

Most of the time, we will say only master data if your product can export them into Excel. But he will not be very happy because he wants to have also his transactions for at least the current financial year.

That’s why we have developed the Exact Transformation Tool (ETT as abbreviation). This tool will do 3 things:

  • Extract data from your current software.
  • Check and repair the data following the rules of the product you want to go (Exact Online or Exact Globe).
  • Generate XML files that can be imported in Exact Online or in Exact Globe.

After that, you can import these XML files into Exact Online or Exact Globe.

From which software that we can extract data into the ETT?

The Exact Transformation Tool supports 2 legislations (Belgium and The Netherlands). The ETT can actually read data from Cubic DOS, ProAcc and Windows in Belgium and from Twinfield in The Netherlands.

This tool extends our standard conversions from Exact voor DOS, Exact for Windows, Exact Globe and Cubic PRO.

If you are interested to have a conversion from these products to Exact Online or Exact Globe, you can contact our sales departments in Belgium or in The Netherlands.

New VAT rules in the EU per 1 January 2010.

Written by Philippe Robert on . Posted in Exact Globe, Exact Online

In February 2008, the EU Ministers of Finance adopted a package of changes regarding the VAT system in Europe. One of the objectives of this package is to modernize and simplify existing rules regarding the cross-border delivery of services within the EU. Another objective is to reduce fraud. This new VAT package will be introduced in all EU countries on the 1st of January 2010.

This means that before the end of 2009, all 27 EU countries will have to include these changes in their local VAT legislation. I will not go in full detail of the new package in this post, but I will give you 3 major changes that might also impact your business (if it’s located in the EU, of course). It is a complicated manner, so I tried to write it down as clearly as possible.

  • If you are a VAT-registered business and you sell or move goods to other VAT-registered businesses within the European Union (EU), you must record and report data on your activities. There are two systems: Intrastat and the European Community (EC) Sales List. This EC Sales List, the listing of delivery of goods, will be replaced by the listing of delivery of goods and services. This listing will thus not only be for the delivery of goods, but now also for the services that you provide to customers that are liable to VAT (B2B) located in another EU country. The periodicity of the ESL (EC Sales List) will be quarterly or monthly depending of the size of the company.
  • In case of (cross-border) delivery of services, you will have to list these services on the EC Sales List if the location of your customer is in another European country than your own. In other words, the location where the service is actually executed is not relevant anymore. Only the country of your customer is relevant.
  • The VAT return can also be changed, but this will differ per country. For example in the Netherlands, goods and services have to be reported in the existing ‘box 3’ while in Belgium two new VAT boxes will be added to the VAT return. Whatever solution a country will choose, the objective is always to have a full coherence between the EC Sales List and the VAT return.  

For some countries the modifications that have to be implemented in the EC Sales List and the VAT return are already known, while in other countries these modifications will not be totally clear before November or December of this year. 

Even though not all the changes are known yet, Exact Software will not and cannot wait until the last minute to implement these changes in Exact Globe and Exact Online. With customers in almost every EU country we have to take timely measures. Therefore we are currently, for each individual EU country, in contact with the local VAT administration and accountancy firms to investigate the impact for the local VAT return and EC Sales List.

Around Europe, you have probably received invitations to follow a seminar regarding this subject, often organized by the VAT authority, accountants offices or business organizations. We advise you to follow one of these seminars. This because the new VAT package will not only have impact on the VAT return or the EC Sales List, but it will also have an impact on the way that you will register your financial data.

As soon as we have new information about the VAT package of 2010 and/or the impact on our software, we will keep you informed via this blog.

Photo credit: Phillip