Here’s our Cloud Accounting News for October.
Wave Gets Customer Statements
Wave now has customer statements, which goes hand-in-hand with Wave’s online invoices.
Wave’s statements have the basic type of things you’d expect, like a list of invoices (you can choose whether to include all invoices or only unpaid invoices), the amounts paid, and the amounts owing. There’s also an account summary that lets you see what is overdue and what is not.
I like that the statements include links to pay now, as well as links to see the invoices in more detail. However, what I’d really have loved to see is a pay now button to pay the entire statement. Paying for an entire statement in one go must be a hard thing, because not many seem to be able to do it (only Zoho Books and FreshBooks can).
FreshBooks Gets Its Own Payment Service
FreshBooks now lets you accept credit card payments via their own payment service. The intriguing part of this news, is that this is not a service that you even need to apply for. It’s automatically enabled by default for all FreshBooks accounts.
FreshBooks has partnered with WePay to add this service, so after you accept your first online payment, you need to verify your banking credentials with WePay to access your funds.
Besides the ease of setup, the advantage of using FreshBooks’ payment system is that transactions fees are automatically imported as expenses. Also built in is a panel in the dashboard that lets you know your pending bank deposits.
The rates are 2.9% + $0.30 per transaction (3.5% + $0.30 for Amex and it’s only available for U.S. customers). Deposits will take 2-5 days to reach your bank account.
Kashoo Gets Project Accounting
Kashoo now has a Projects page. The functionality is very basic. It allows you to associated projects with income and expenses and then go the Projects page and see the profitability and transactions associated with the project. There’s also an option to filter the Profit & Loss report based on projects.
Kashoo Updates its iOS8 app
Kashoo’s iOS apps (iPad and iPhone) have undergone a refresh on the looks.
Adding expenses and income outside of the app is also now possible, as the updated app is taking advantage of iOS8’s new Action Extension feature. For example, say you captured a receipt with your camera and you’re in the Photos app. From there, you can use the share option to add the receipt to an income or expense transaction.
Another improvement due to iOS8 is the ability to use Touch ID to access the web app instead of typing in a pin.
The iPhone app now has all the reports found in the iPad app (Profit & Loss, Balance Sheet , Aged Payables, Aged Receivables, Trial Balance, Chart of Accounts, Journal Report, and General Ledger).
Sage One gets an iPhone app
Now Sage One has an iPhone app. It provides basic functionality:
- Create invoice and expenses.
- Receive payments for invoices.
- Create, edit, and delete contacts.
- Create products and services.
Xero Shutters Xero Personal
Back in August 2013, Xero decided to stop offering Xero Personal 14 months later. Well, 13 months have passed and Xero is a month away from closing it down. If you are using Xero Personal, you can transfer your data out to pocketsmith.
Xero Payroll Update
Xero has made some minor improvements to U.S. payroll which include:
- The payroll admin is now assigned by default to the person who add the business in Partner Edition.
- The workflow for scheduling employee time off has been cut down from five clicks to one.
- A wysiwyg custom check layout preview.
- General design changes.
Xero October 13, 2014 Update
Xero has a bunch of little updates, which include:
- A new Contact Bank Account Admin role has been added. That role will allow the user to add and edit bank account details held for customers and suppliers. What this means, is that access to the bank accounts used for batch payments can be restricted.
- The ability to track bank transfers. This is the same tracking found on the income and expense transactions.
- Now when you send out invoices in batches, it’s easy to deselect customers to not include them.
- The bank reconciliation fields have been modified slightly so they’re more user friendly to read.
- Files can now be attached to inventory items.
- Support for Internet Explorer 9 and older Safari versions is ending.
QuickBooks Updates its Android app to 3.7
With version 3.7, you can now:
- Access the Profit & Loss and Balance Sheet reports.
- Add a customer message on a transaction.
- Email invoices as PDF attachments.
Zoho Books is now integrated with Avalara for automatic sales tax calculations
Zoho Books now integrates with Avalara’s AvaTax to help you calculate sales taxes and includes the following:
- Origin-based and destination-based tax calculation. This means that whether a state calculates taxes based on the location of the business or the location of the customer, the integration can calculate the necessary sales tax to charge.
- Creation of rates based on a contact’s address details. When you enter a contact’s address information into Zoho Books, it can then use the address to figure out the customer’s tax jurisdiction and rate.
- Avatax will figure out whether your items are taxable or not and give them a unique tax code.
What this all means, is that when you create an invoice and select a customer and item, the integration will figure out what taxes need to be charged. Since AvaTax’s tax rates are updated on a continuing basis, this should ease the pain of figuring out what taxes to charge. It’s important to remember though, that you need a paid subscription to Avalara’s AvaTax service to use the integration.
Zoho Books now has an iPad app
Zoho Books now has an app for every major mobile platform: iOS (both iPad and iPhone native apps), Android, and Windows Surface. The great thing about Zoho’s apps, is that the majority of functionality of the web app is included. Instead of listing all the things the mobile app can do, I’ll instead list some of the pages it doesn’t:
- Sales orders, recurring invoices, credit notes.
- Purchase orders, recurring bills, vendor credits.
- Not all reports are available.
- Items (creating new inventory items, price lists, and making adjustments).
- Accountant (which means manual journals, base currency adjustments, and the chart of accounts).
All in all though, it’s more fully featured than the apps offered by QuickBooks Online and Xero and on par with the feature set of Kashoo.
Zoho gets Inventory
With the inventory feature, you’re able to:
- Create items and use them in purchase orders & bills and sales orders & invoices.
- Adjust inventory due to stock recounts, damages, or theft.
- Set reorder levels and receive restocking notifications.
- Use FIFO for valuation of inventory.
- Run an inventory reports for inventory valuation, FIFO cost lot tracking, and a summary of inventory.