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Business Accounting Software Can Help Boost Your Profit Margin Like Never Before. Learn How!

According to Statista reports, nearly 64.4% of the business owners use accounting software to boost their profit margins. With an ever-increasing number of businesses harnessing the power of accounting software for various purposes, the global business accounting software industry has been predicted to grow rapidly by $1.64 billion between 2020 and 2024.

Dozens of factors, both internal and external, can impact a business’s net profit margin, out of which some of them may be completely out of your control. But that doesn’t imply that business owners should sit back and do nothing about it. There are many ways to make a difference; one of the most effective ways to increase net profit margin is by implementing a business accounting software like Spire. This will help you automate the accounting processes, optimize inventory levels, reduce shortages, improve operational efficiency and do so much more.

Some of the most common challenges that businesses who don’t use an accounting software face, are outdated management accounts, unused business reports, lack of real-time information on the profit margin, unrealistic decision-making, uncertainty on business financial conditions, and record-tracking problems.

In this article, we will be taking a look at how implementing a business accounting software, like Spire, can help you boost your profit margins.

6 Ways Business Accounting Software Can
Help Businesses Boost Your Profit Margins

Here’s a quick overview of what’s to come:

  • Understanding the Costs
  • Analyzing the Profit Margins
  • Controlling User Access and Capabilities
  • Monitoring Business’ Financial Health
  • Real-Time Reporting
  • Automating Special Offers & Promotions

Understanding the Costs

Businesses spend hundreds of thousands of dollars on inventory, marketing, equipment and other day to day expenses. Everything they spend their money on is counted as a cost. The biggest problem businesses face is not being familiar with managing these costs in their accounting software. Do they use weighted cost, average cost, FIFO, LIFO, or something else entirely?

It is essential for your business to have a system in place for calculating costs in real-time. By using a business management software like Spire, where your inventory and costing is real-time, you can see where your costing is at with a touch of a button.

Analyzing the Profit Margin

How can business owners expect to boost their profit margins without being familiar with their actual gross profit margin?

This is where business accounting software comes into play. By implementing accounting software, businesses can determine the gross profit margin on each and every one of their products and services at any given time. They can also analyze their gross margins over various product categories, business divisions, customer categories, etc.

This helps businesses identify which inventory items are bringing in a loss in profit, and which products bring in the highest profit for their business.

Controlling User Access and Capabilities

Businesses with multiple sales personnel face a hard time monitoring every single sale they make for a given time period. Different people in the sales department play different roles with different levels of responsibilities. Hence, it is important to control what products or services they are selling and the discounts they are handing out. Most businesses can’t afford a new joinee handing out a 50% discount on a specific product or service. Hence, it is essential to control the percentage or amount of discount different people in your sales department can hand out depending on their responsibilities. 

For instance, businesses can allow senior sales operatives to hand out higher discount rates than the ones that can be offered by the junior ones. This can be done by controlling user access and capabilities by setting up user-based permissions giving authorization on pricing in a business accounting software like Spire.   

Monitor Business Financial Health

Monitoring the health of your business should always be at the top of your priority list. What if too much money is being spent on various expenses without having a good cash influx? Lack of monitoring is the biggest reason why business owners struggle to increase their profit margins.

With business accounting software running efficiently, you will be subject to detailed accounting at the touch of a button, helping you monitor your business’ financial health and learn whether your company is failing or succeeding.

Real-Time Reporting

Most business owners are forced to analyse outdated financial reports, because they received it either late or when they were burdened and struggled with their other business activities. That’s not how it should be. Instead, you should have access to all the reports they need at all times. By implementing Spire, you don’t have to wait until the end of a month to run your financial reports. These can be run at any time of any day, and you will have the real-time information available to you.

Not having access to these reports on time ultimately leads to you not being able to make accurate business decisions due to lack of information.

Highlighting Remarkable Offers & Promotions

People love discounts and remarkable offers and promotions. That’s the reason people end up buying most of their stuff during promotions and sales. For businesses who love running offers and promotions, they should note that even a little administration delay can have a major impact.

Your systems need to reflect your offers and pricing accurately and automatically. With the help of business accounting software like Spire, you can automatically control pricing and offers by adding in the offer start and end date, helping them make sure that there is no room for errors.

Conclusion

Business accounting software has been driving the way forward, helping businesses, especially the small and medium-scale ones, control their costs, increase their profits, and carry out various accounting-related activities with ease and accuracy.

Spire has been one of the most remarkable business accounting software programs of it’s time. Right from automating accounting processes to efficient sales management, Spire can turn out to be a game-changer for businesses just like yours.

So, what are you waiting for?

Upgrade your business TODAY!

Why Are BusinessVision Users Switching to Spire?

TriTech has supported Sage BusinessVision users for years, and back in its day, it was the most robust and reliable business management software. But, times have changed and so has TriTech. One of our core values at TriTech is to be progressive and to constantly enhance our knowledge to create or source better products and services. As an advocate for our clients, our goal is to provide the best options for their business needs. After many years of standing behind Sage BusinessVision, TriTech made the decision to become an authorized reseller of Spire accounting software. Keeping in mind that not everyone is ready to switch over at the same time, we still hold strong in supporting our clients who choose to keep on running Sage BusinessVision and BVEssentials.

Is Your Sage BusinessVision Going to Stop Working This Year?

If you are still using Sage BusinessVision and haven’t updated for a few years, you may be out of luck come December 31, 2020. Unless you are paying the annual software assurance to Sage, you will not be able to input data beyond December 31, 2020. Yes, you heard it alright. Sage BusinessVision will actually stop working! The only way to bypass this bug, is to pay Sage for the bug patch. Be sure to consider the consequences of investing into a software that hasn’t had new features added in years, or if it is better to invest in a platform that is moving forward with technology and customer demands.

Why Should You Choose Spire Software?

Easily Migrate to Spire Accounting Software

The majority of our clients are switching from Sage BusinessVision over to Spire software for a number of reasons, with one being a straight forward process of bringing your data over from Sage BusinessVision with the built-in migration tool. BusinessVision software users can convert virtually all of their BusinessVision data right into Spire, allowing you to keep your sales history, user setups, customer database etc.

Spire Has a User-Friendly Interface

The data in Spire is presented with a grid format. Not sure what we mean? Here is a screenshot of what the Sales Manager module looks like in Spire:

With the ability to see each column header at once, you can use filters to be selective on the data you see on your screen. For instance, if you are a bookkeeper and only want to see all of your orders that are ready to be invoiced, then you would select: Filter > Status > Shipped. This view shows you all shipped orders that are ready to be invoiced and can be sent by email directly from within Spire. Or, if you are the type of person who likes to study the data a bit more, you can click export, and analyze the data in Excel at your convenience. (Note: This is permission controlled, and can be done in any module, not just sales.)

The amount of information available is abundant, and may look like information overload to some.  However, you also have the ability to be selective on what columns you’d like to see, and it will remember that for you the next time you log in.

Email Directly From Spire

Emailing from your business management software seems like something that is so simple, but is also so powerful. Tired of printing invoices, and pasting them into an email to each individual customer? With Spire’s built in email function, you can highlight the list of invoices in the sales order list that you wish to send or run your monthly statements (or both together), and then email them directly from the accounts receivable module using a saved template with your message added automatically. It will send each customer their own statement with one click, so there is no need to send multiple emails out to each customer.

Multiple Windows

Each module can open a new window in Spire. This allows you to view multiple modules at the same time. You can have your customer on the phone, with their open sales order on one screen and the built in Spire calendar on the other screen to consult your calendar and book their order in the Spire calendar. This is an effective way to manage your sales and service department allowing you to supply your customers with reliable customer service at the touch of a button.

Integrated Modules

All of the modules in Spire accounting software are totally integrated. For example, if you are in Accounts Receivable and your client tells you that they are missing a copy of an invoice, you can access that invoice, and email it all from within the Accounts Receivable module without having to close it down and open sales history. Or, if you add a part number to a sales order and see that it is almost out of stock you can simply add it to a requisition within the sales order, and it will automatically add it to a purchase order the next time a requisition is posted.

How Does Spire Compare to Other Business Management Software?

While TriTech recommends Spire accounting software as a top contender to implement in your business, we understand and encourage our clients to always research what would be the best fit for their business needs. Here’s how Spire compares to Sage BusinessVision and Sage 300 (also known as ACCPAC).

Features Sage BusinessVision Sage 300 (ACCPAC) Spire
Core Account Modules
Inventory Management
Requisitions    
Lot Control  
Point of Sale (POS)  
Surcharge Calculations    
Payroll (Canadian)
Payroll Tax Updates
Advanced Searches and Filters    
Excel Import and Export  
Calendar      
Multi-Currency Optional add-on Optional add-on Included
Production Manager (Add-on)    

Service Manager (Add-on)    
Customizable Templates  
Data Conversion from BusinessVision Not applicable Master Files Only
Familiar Workflow to BV Not applicable  
No Additional Fees for extra companies on the same server Extra Fee per company
Monthly Subscription Plan
Developed with Modern Technology  

Is it time for you to upgrade your accounting software? Contact TriTech to download your free trial of Spire accounting software today.

Close more Sales with Spire.

One of the most effective tools found in Spire is the power of filters. If you aren’t using these yet, now is the time to start. Using Filters and User Defined Fields, you can create your own modified Sales Pipeline, giving you the opportunity to stay on top of your upcoming sales opportunities.

How to create a Sales Pipeline using Filters:

  • Open Sales Orders
  • Add a new User Defined tab to the Sales Orders with the following:
  • (see instructions here)
  • Once you are back into the Sales Module, click <Filters>
  • Choose “Type” =  Quote
  • Next, select columns you wish to see: (right click on a column header to choose)
    • Order No
    • Customer No
    • Customer Name
    • Customer Phone number
    • Order Date
    • Required Date (this can act as your projected closing date)
    • Total Ordered
    • User Defined file – Notes
    • User Defined File – Last Contacted
  • Click the down arrow beside <Filters> and then <Save Preset as…> and whether you want it to be just for yourself or for everyone in the company. Call it “Sales Pipeline” and check <Show in module list> and <Save column state>

Sort your column by required date, and see what sales are coming close to your projected sales date. By highlighting these customers and clicking Mail Merge you can remind them about your upcoming promotion that is about to end.

Export your filtered list to Excel and calculate how much you are expecting and when (remember we used the required date as a projection closing date).

There are endless ways of using the filters in Spire; this is just one!
Here are few more ideas to get you started:

  • Inventory requires ordering – Filter = ‘Suggested Qty” is not equal to 0
  • Inventory not sold in 2 years – _Filter = _“This Years Units” is 0 + “Last Years Units” is 0. Then set the “Match if” to All
  • AR over 120 days – Filter = “Over 120” is not 0
  • Sales Order with margin less than X – Filter = “GP %(Average) is less than X
  • Purchase orders received in full – _Filter – _ “Remaining Amount” is 0

For more information on Filters, contact us at support@tri-tech.com and we’ll be happy to help!

How to create email templates in Spire.

One of my favourite features of Spire is the ability to create email templates for various modules within Spire. The ease of creating something as simple as an email signature, or by creating a template that automatically adds the invoice number and contact name, is something that we definitely need during this time of contactless delivery and social distancing.

Watch this video, on how to create email templates in Spire and see how you can make your job more efficient by taking this simple step today.

If you still need some help, send us an email to support@tri-tech.com and we can help you get this setup right away!

Spire: Year End

What does a Year End look like in Spire?

Spire carries three open years at any given time:

  1. Last Year
  2. This Year
  3. Next Year

It is recommended to work within the “This Year” period, so that you have the ability to back date and post date transactions one year back or one year forward.  Once you have completed all of your transactions within a given year, you can close that year.  

TIP: If you wait until close to the end of “Next Year” to close “Last Year”, it will give the easiest access to past years transactions.  Once the end of “Next Year” comes, you will not be able to post until you perform the year end procedure on “Last Year” period.

When a year end is performed, it will move all GL transactions to the historical GL tables and will move the year forward; it will also reset the sales and purchase history year-to-date amounts in customers, vendors and inventory.

How to do a Year End in Spire:

  1. Backup database
  2. Make sure all journal entries necessary to close the year are completed.
    1. Examples: amortizations, dividends etc.
  3. Verify that the retained earnings account in company setup is configured correctly.
  4. Run year end reports including trial balances, income statements and balance sheets.
  5. User must have permission to run a year end.
  6. Log into the last day of “Last Year”. If you use the wrong date, you will get an error message.
  7. A pop-up will come up asking you to verify that you have completed steps 1-5.
  8. Then click “Proceed”. 
    1. TIP: if this button is grayed out, it means you have not ticked all boxes in step 7.
  9. All done!

Still need some help? No problem! Just email support@tri-tech.com and we would be happy to help!

User Defined: A hidden gem within Spire.

Struggling with communication within your business?

Spire has a few ways to improve communication, but today we will focus on a hidden gem within Spire, called User Defined Fields (UDF).

Ever since Spire added the UDF into the program, here at TriTech we have utilized it in many ways; one of which is creating a shared space where our Accounts Receivable (AR) team can communicate information that might be important and useful for each other to know.  For us, this could be the date we contacted a customer, or it could be a note to say that the customer missed an invoice in their recent payment and we have now emailed the missing invoice to them.   Another example of course, is everyone’s favourite “Cheque is in the mail”.  Each member of our team who has permission to see the UDF module can see and add information. 

Some of the main features of UDF in Spire are:

  • Custom fields can be added to different modules
  • Set as text fields, dropdown lists or checkboxes
  • Define mandatory fields
  • Print custom fields on forms and reports
  • Custom fields are indexed and searchable
  • Multiple word search of all custom records

How do you set up a User Defined field?

Continuing with our example of communicating within the aged AR, let’s learn how to setup your first user defined fields.

  • Open one of the customer’s in your AR list, and then click on the User Defined tab.
  • Once you have selected the tab above, next you will need to click the UDF Properties button.
  • First click the NEW PAGE and this will give your TAB a name. Name it AR NOTES.  
  • Next, click NEW FIELD and create a UDF text field that says NOTES and date field called CONTACT DATE and save & close.
  • Let’s test our new fields: Open up one of your customers in the AR module.  Then click on the User Defined tab, and add some notes into your new fields; then Save & Close. 
  • Go into your AR list again, right click on the column headers at the top of the list, and scroll all the way to the bottom where the newly created UDF fields will be listed. (Note: if they aren’t showing up right away, go into another module within Spire, and then go back into AR) 
  • Put a checkmark in your fields, and then go back to your AR list. 
  • Now whenever you update your fields with information such as “Cheque is in the mail”, anyone who has permission can see all the communication you have been doing and when you are expecting payment on the aged AR.  It is a great way to have automated communication between all departments within your business.

In one screen, you can see all of your notes and the last date they were contacted, on every customer who is showing up in your AR.

A few extra notes:

When creating new UDF Fields, there are eight different types of fields that are available:

  • Numeric
  • Text
  • Multi-line Text
  • Drop Down Lists
  • Check Boxes
  • Dates
  • Integer
  • Boolean

All of these fields can have a validation added. And can also be set to be a ‘required’ field, or not. If it is set to ‘required’, then the user will not be able to save & close if the field(s) are blank.

Have fun, be creative and think outside of the box!

Are you having trouble finding the UDF within your Spire? Or would you like some extra help to set it up? Just email the helpdesk at TriTech, and we can help you out!

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