The big developers have been busy in October, adding new features to keep up the momentum behind their systems.
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Xero automates billing account codes
11 Oct - Xero has taken another next step in its journey towards code-free accounting by automating account codes for bills entered into the online accounting system.
Xero has taken advantage of machine learning tools in its new Amazon web services platform to suggest the most likely code for transactions as they are typed into a bill. As well as saving time entering transaction data, automation will improve accuracy, the developer said.
“We set out to further develop our machine learning programme to reduce the number of mistakes being made when creating bills. In doing so, we’ve created a system that not only learns from the individual needs of our customers, but can also make objective decisions about which account their transactions should be coded to,” said Andy Neale, head of data science and automation at Xero.
Click on the image to see the software in action
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Sage One introduces stock management module
6 Oct – Sage has updated its Sage One cloud accounting software with a new stock management tool.
A global update to Sage One brings integrated stock to the online accounting platform. The new inventory tool associates stock with costs, monitors stock levels, manages inflows and outflows of stock based on sales and can also help customers plan for seasonal changes and integrate sales processes with accounting.
“Sage One Simple Inventory is another step towards moving our customers closer to a professional environment for entrepreneurs where admin is invisible by 2020,” said Nick Goode, executive vice president of product at Sage.
According to a recent statement by Sage, the stock module was developed in response to customer demand. Further customer wishlist projects are in hand to add purchase and sales order processing to the system in the coming months.
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Accounting for Shopify
3 Oct - Colorado ecommerce consultancy Catching Cloud has opened an online academy for accountants and ecommerce business owners.
The Catching Clouds Academy is offering an online course for accountants and ecommerce professionals using the Shopify ecommerce solution. The course tackles the challenges associated with using add-on tools alongside Xero or QuickBooks Online to capture and record data from Shopify.
The course covers how to handle multiple payment processors, how to configure a shopping cart to collect (US) sales tax, and what to do about refunds and partial refunds.
Alongside their formal paid courses, Catching Clouds founders Patti and Scott Scharf created Facebook communities around the subject, including a Facebook Community for Accountants, where they can learn more about ecommerce accounting and connect with peers.
Contributions from the AccountingWEB.co.uk editorial team.