InterAcct Accounting Software

Accounting Software Highlights:

It is often said that most Accounting systems are much the same.  How wrong is that!

Sure, it all gets down to double entry bookkeeping, and a series of debit and credit entries.  And most systems end up with a Balance Sheet, Profit & Loss Report, and Trial Balance.

But look below to surface and systems like InterAcct Software really get down to the practical side of running a business, financial management, cash flow planning, and reducing the effort/errors often associated with processing accounting transactions.

InterAcct immediately highlights the exceptions that may require management intervention.  Unhealthy trends in a Debtor’s overdue account, or follow up reminders on payment commitments made, are the cornerstone of a strong Credit Control system. 

Also, being able to prepare reports as at any prior date means that month end processing delays are virtually eliminated.  InterAcct is a modern date based accounting software system.

InterAcct also tries to automate so many processes so that clerical effort is greatly reduced (eg. automatic suggested purchasing), plus reduces the chance that important tasks are not overlooked (eg. adjusting selling prices after a unit cost change).

Monitoring performance from every angle allows management to focus on where the gross profit is being generated on a real-time basis.  Profit margin control allows you to zoom in on any anomalies.  

Sales analysis is based around the concept of “database mining” where the lowest level of detail is stored to enable limitless analysis and summary reporting anytime in the future.

You can see Executive Summaries throughout the day or week, with the ability to ‘Drill Down’ into the detail to explain any unfavourable variances.   There are full audit trails and transaction histories maintained in the database.  You can trace transactions from their source to the GST summaries and the General Ledger, and then backwards from the General Ledger to the source transaction.

All transactions are fully integrated, so that all subsidiary ledgers (like Debtors, Creditors, Stock, Work in Progress, Payroll) are immediately updated to reflect the correct position.

Security from unauthorised access to sensitive financial information is an essential part of the InterAcct accounting software system.

Also, proper controls to ensure that accounting transactions are processed through to the correct accounts means that errors are substantially reduced, so information can be relied upon.

Like the duck moving effortlessly across a lake, the InterAcct accounting system has been fine tuned for over twenty five years so that the hard work associated with normal accounting has been virtually eliminated as it is being handled by the InterAcct system automatically.
 

• In most cases, entering an accounting transaction into InterAcct does not require the Operator to be aware of the double entry bookkeeping significance of the entry. InterAcct handles that aspect automatically.

• The first step with InterAcct accounting software, before entering accounting transactions, is the “Getting Started” set up menu.

• This is where you add your masterfile records, such as – Employees, Debtors, Creditors, General Ledger, and if applicable – Stock, Jobs, and Bill of Materials.

• Getting Started is also where you can define your ‘classifications’ which can later be used in your Management Analysis of sales, profit, and performance.

• Classifications might include such things as Industry, Region, Client Status, Supplier Category, Origin of Sales Lead, etc.

• Before you start entering your “Live” transactions, it is normal to complete your testing & training in a copy of InterAcct accounting software.

• Opening Balance entries are normally the starting point – for Debtors, Creditors, plus Stock and Work in Progress (if applicable). The opening journal entry for the General Ledger balances can be input after the Cut-Off date (once they are known and reconciled).

• Receipt Banking produces a Bank Deposit Slip report. Receipts can be allocated automatically against the outstanding Debtor invoices.

• Payments can be made to Creditors, Debtor Refunds, Employee Payroll, and Salesperson Commissions.

• Executive Summaries show Cash Flow projections for Debtors & Creditors, Daily Aged Analysis, and multiple Sales/Profit reports.

• Payment methods available in the accounting software include manual cheques, petty cash, credit cards, and EFT Payments.

• There is an automatic process for selecting multiple payments of creditors to be made in a batch.

• Purchasing is linked to Delivery Dockets, and Supplier Invoices for the automatic receipt of goods and the updating of Stock. Click here to read about tracking stock levels with the InterAcct inventory tracking software.

• Sub Contractor’s claims against Works Orders allow for retentions, and show % complete.

• Fixed Asset purchases are linked to Payments and Creditor Invoices. Depreciation is calculated automatically and posted to the General Ledger.

• The Payroll system has no reliance on the (incomplete) entry of job related timesheets. Tax rates can be determined by employee on an annualised income basis.

• Bank reconciliations are virtually automatic, and allow for multiple bank accounts per Legal Entity.

• The General Ledger allows for sub account analysis, and has option for Divisional P&L reporting, plus consolidation.

• In the InterAcct accounting software, the General Ledger Chart of Accounts is normally based around a 15 character alpha code, but can also be entirely numeric. You can also have the MYOB General Ledger Account numbers as a cross reference and search basis.