The IT Zone guide to accounts production software
Accounts production software is hardly the most glamorous tool within an accountancy practice, but it lies at the heart of what the firm does. The concept is simple - you enter the data you need to produce a trial balance, and then make the end result look nice.
As Mark Palmer, product manager for Sage's Accountants Division puts it: "Accounts production applications are all doing same thing: writing data from A to B."
The software needs to get the job done fast, accurately and easily. What else is there to worry about?
For starters, the output - a set of accounts - is often the main product the client sees. Every firm has its own approach and house style. Some larger firms may want complete central control with full audit trails, while sole practitioners may prioritise speed and flexibility.
Although accounts production software is a very mature market, dominated by two main players (Sage and IRIS), the diversity of user needs is reflected in the variety of products available on the market.
Around 12% of AccountingWEB members have created their own systems with Excel, and in several cases the developers have offered their programs for sale. There are niches occupied by upmarket suppliers such as MYOB's Viztopia and CCH PROcap, as well as specialists such as CaseWare and VT.
Based on AccountingWEB user comments, IT Zone survey results and the vendors' own comments and descriptions, this article provides an introductory guide to currently available products. Thanks are due to Nigel Harris of Burton-Sweet and Alastair Harris (no relation) for their helpful comments. Responsibility for the published article remains with the editor, so please comment below or email the editor with your comments or additions.
The guide highlights several technical and technology issues that will affect the industry in the next few years, and software integration comes near the top of the list.
Continued...
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A further major product not yet in the AP Guide
Relate Software's Relate Accounts Production (RAP) has not yet been included in this Guide, because it was written 3 years ago. I am informed that it will be updated soon, probably in 2009. In the meantime readers will be interested to know some facts about this product.
RAP has been in full use now for over 2 years, has fully matured and has a good user base. Both large and small firms have been used as mentors to help define and verify that the product is more than fit for purpose. The software was specified and designed by the same team that produced the highly successful Apex Accounts Production (now Sage Accounts Production). The compliance is centrally controlled, so that users benefit from each other’s feedback. Support is fully focussed with a highly experienced back-up team. The application uses the DRIVE database, so that the product is fully integrated into the practice management of the firm (although it can also operate in stand-alone mode). The product links other products (Tax, Company Secretary, Bookkeeping etc.)
The accounts styles (alignment, font, case) can be set to match house styles. Accounts are produced in RTF (rich text format). There is also an export to Word® option.
A full set of working papers enables audit and non-audit work to be evidenced. These working papers can be linked to documents (generated or scanned) in the Windows filing system, thus enabling a paperless approach to accounts production, scheduling and auditing.
RAP uses the same database of Client information as DRIVE. If a Client is added or edited in Relate Accounts Production, it is will show in DRIVE and vice versa. There is no need for any transfer of data between the applications - true integration. It is useful, but it is not essential, to have DRIVE as the central application, because it gives overall control of the status of each Client and you can scan in documents and access and process accounting information.
Other features include:
View and drill-down of previous year’s entries
Comprehensive sets of templates
Structured workflow control
Check-Out from network
Consolidations
Integrated Fixed Asset and Loan Registers
Client Analysis benchmarking
Drill-down facility from preview screens
Conversion from competing products
Graphical views
Integration with 3rd party tax software products
Integrated bookkeeping