Curator’s Choice:

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Cloud Finance Systems

Zoho Books – online accounting and bookkeeping

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[tabtext]General Ledger[/tabtext]

[tabtext]Invoicing[/tabtext]

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[tabtext]Reporting[/tabtext]

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[dropcap style=”font-size: 60px; color: #9b9b9b;”] Z [/dropcap]oho Books is a small business accounting package, which is available online, without the need to install any software. With this accounting software you can maintain your invoices or quotes and track time for projects as well.

For the accountants amongst us, Zoho provides the following functionality
  • double entry accounting system
    (automatically creating corresponding journals including moving money from one account to another and applying debits and credits to appropriate accounts)
  • manual journals
    can be posted to record transactions like fixed asset depreciation, to make accounting adjustments and to rectify errors

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[dropcap style=”font-size: 60px; color: #9b9b9b;”] Z [/dropcap]oho Books is not only your general ledger, it also integrates an invoicing solution, and even links payments against these invoices to the ledger – updating it as soon as payments are captured. Invoicing work for products as well as for Time-Tracking & Projects.

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[dropcap style=”font-size: 60px; color: #9b9b9b;”] Z [/dropcap]oho Books integrates with online payment service providers enabling you to accept credit cards and get paid online. Not only does this allow you to get paid faster but through online payment gateways (ie Paypal – see below), but the system is thus able to reflect cash in and outflow of the business as soon as a payment has been captured. [/tab]

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[dropcap style=”font-size: 60px; color: #9b9b9b;”] I [/dropcap]t includes reporting capability ie to view periodical financial statements, accounting reports. This is often a boon for small business owners as it means that should the need arise and one requires a loan for business expansion etc, management accounts for your company and maybe the last quarter’s performance are only a click away. These are often requested by financial institutions to justify the granting of a loan.

Typical reports include:

  • Tax Reports
  • Trial Balance
  • Cash Flow statement
  • Balance Sheet
  • P & L Statement

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[learn_more caption=”Online Payment Management”]

Online Payment System

PayPal: Future of Shopping

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[tabtext]Online[/tabtext]

[tabtext]Offline[/tabtext]

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Paypal is an easy, quick way to start accepting credit cards online. A simple integration into your shopping cart allows your customers to pay securely and easily. Your clients shop on your website and pay cia Paypal.

 

Fast & Secure:

The beauty of Paypal is that it allows your and your clients’ financial information to stay private. Many shoppers prefer PayPal as a secure and convenient way to pay, as a result. With PayPal you can easily sell to 190 countries and regions in 24 currencies all without any additional hassles (other than local pricing options possible).

Additionally, PayPal has industry-leading fraud and chargeback protection systems in place, protecting against these practices.

 

Send, Receive, Withdraw: online payments in 21 global currencies

  • Send funds without sharing your financial information.
  • Receive funds quickly from anyone with an email address in the 190 countries and regions that accept PayPal.

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You can link PayPal to your existing bank account. That way you can withdraw funds from your PayPal account to your bank account.

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Note to South African businesses:

Due to exchange control restrictions in South Africa, South African bank accounts cannot be directly linked into your PayPal profile.

PayPal has established a partnership with FNB to facilitate this process. This does NOT mean, that you can only use PayPal if your business is an FNB customer. Rather, it means that you need to set up an Online Profile with FNB to which you link your PayPal account. Then you link your FNB or non-FNB bank account to the same profile. Voila, you can now withdraw funds from PayPal into your company bank account.

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[learn_more caption=”Expense Claims”]

Expense Claims Management

 

[button link=”http://www.kemaru.co.za/category/expensify” type=”big” color=”teal”] All things Expensify[/button]

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[tabtext]Policy[/tabtext]

[tabtext]Expenses[/tabtext]

[tabtext]Receipts[/tabtext]

[tabtext]Analytics & Reporting[/tabtext]

[tabtext]Mobile[/tabtext]

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Every company needs an expense policy. Your expense policy is the umbrella of rules and guidelines under which your company works with claiming back expenses.

An expense policy defines the expense reporting rules and permissions for your company. These rules can include the

  • maximum time between incurring an expense and the claim date (helpful ito cashflow management),
  • standard mileage rate
  • categories of expenses eligible for reimbursement (expense accounts)
  • tags for expenses (ie specific client, project, trip, department etc) > one tag per expense

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In the order of doing business, there will be times when either you yourself, or your employees incur expenses on the company’s behalf. Usually you collect and collate the receipts and populate an expense report in order to claim these back from your business. Sometimes this is done via a spreadsheet or word document with the physical receipts attached.

Get rid of the paper!

Expenses incurred can be claimed via Expensify without the need for physical copies of receipts. Simply take a picture of the receipt and upload it to Expensify. Electronic invoices etc can be uploaded directly too. From there you attach the respective receipts and invoices to an electronic expense report which you can email to the person in charge of reimbursement of company expenses.

The report can be reviewed and accepted or rejected. This goes even on an item level of the expense report. The pictures of receipts & electronic invoices can be attached to the report automatically.

Driving

Mileage can quickly accumulate when you are doing business using your own car. Unless you have a company car, it is important that this is captured and claimed regularly. In Expensify you can set the reimbursement rate for mileage for your company and everybody will automatically claim using this rate as and when reimbursable trips are captured. These trips only require the mapping out of the route taken (start & end point, possibly intermediate stops to ensure the correct route reflects) and the system automatically calculates the distance travelled and the amount eligible to be claimed.

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Automatic scanning allows you to turn scanned receipts into expenses (directly extracted from the image of the receipt). Where applicable, this scan can also directly match an expense to imported credit card transactions.

You can either upload your receipt directly in Expensify (from your computer, smartphone or tablet), or forward your receipt emails to [email protected]. Via email, any receipt images or documents that you might have on your computer can also be emailed in bulk as attachments.

For clients in the USA:

You can link your credit card directly to Expensify.  This will allow you to immediately take advantage of Expensify Guaranteed eReceipts. Expenses imported directly from a bank or credit card are instantly converted into full digital replacements of their paper equivalents for purchases under $75 – except for lodging, such as hotels and motels.

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To make smart decisions, in business you constantly analyse your data. The same can be done for your expenses. If you would like to determine where you money is going, what it is being spent on and if these expenses are leading to the expected results, there are a number of reports Expensify offers. These can inform your operational and strategic decision making in meaningful and relevant ways.

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You can

  • analyse the types of expenses,
  • filter spending by
    • card or bank account,
    • categories, or
    • even people who claim.

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You can even see if there were policy violations that occurred when people claim (maybe due to lack of training? inappropriate / stringent policy?).

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There are mobile apps for iOS (iPad & iPhone), Android, BB and more. You can download them here:

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[button link=”http://www.kemaru.co.za/category/finance” type=”big” color=”teal”] All things Finance[/button]

 

 

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