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accounting

How to Manage Accounts Receivable with Spire

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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!

Grow your Business with Integrated Business Management Software

The rapid pace of growth at many small and mid-sized businesses often leaves no time to consider how various software packages are supposed to work together. New software is added as needed, most of the time from entirely different vendors. Unfortunately, this siloed approach to software setup can lead to a lot of headaches down the road, including higher costs, lost productivity, and less insight into how well a business is actually performing.

The challenges of a siloed software system

The problem is that many small and mid-sized companies naturally revert to a collection of different software packages. They typically start out with basic accounting software, and then decide to add advanced software, such as inventory management or sales management software, on an as-needed approach.

This approach might work in the short-term, but over the longer term, this very inefficient silo architecture (in which the different software packages have a hard time integrating with each other) leads to a number of challenges, including wasted employee productivity, lack of real-time visibility into operating results, and extra costs (both in terms of time and financial resources) due to the need for integration.

Advantages of using an integrated business management software system

Now contrast this approach to that of an integrated business management software system, such as Spire. With an integrated system, you are able to streamline operations because all the various functionality is designed to work together. Instead of buying software on an a-la-carte basis, you are buying one integrated system that works great from the very start. As small and mid-sized firms are finding out, there are two big advantages of using an integrated business management software system.

First and most importantly, an integrated system enables much greater automation of routine business processes, everything from order management and fulfillment, to invoicing and expense approval. Data and information from one business function (such as sales management) can be very easily combined with data and information from another business function (such as inventory control). This makes things much easier for the team in accounting, which doesn’t have to worry about tracking down data across multiple software databases.

Secondly, an integrated software system improves visibility into the real-time operation of your business. In today’s real-time business environment, customers expect to know the current status of an order immediately, and members of the management team often want to put together reports on the fly. If you are using a siloed approach, this is almost impossible. But with an integrated system, you can quickly gain access to any key numbers or data that you need.

Grow your business with TriTech

At the end of the day, opting for an integrated business management software system like Spire is all about preparing your business for the next cycle of growth. Being able to manage business processes more efficiently can lead to lower costs, higher revenue and greater overall profitability.

Contact us today and ask how we can help you grow your business.

Protecting your small business from fraud

For many small business owners, fraud has become an increasingly important issue, from both a risk management and legal perspective. By failing to take the right steps to secure your business from both internal and external threats, small business owners could be exposing themselves to both financial and legal risk.

Internal Threats

Although it can be hard to imagine, there are plenty of ways that your own employees can commit fraud without you even realizing it. One of the most popular ways is by padding employee expense reports. A lack of receipts accompanying an expense report could be a red flag that costs have been artificially inflated, with employees pocketing the difference between the real costs and the reported costs. As a result, be sure to put into place a way to monitor employee expense reports.

The same logic applies to vendor invoices. Business fraud experts warn that some employees may collude with vendors to submit falsified invoices in the hopes of splitting any profits from paid invoices. And some employees might take this type of fraud a step further by completely making up a “false vendor” and making sure that any vendor payments go to bank accounts that they control.

It is important to set apart your employee’s duties.  As an example, the person responsible for collecting cash, should not also be responsible for reconciling the receipts.  As a business owner, your accounting software should make it easy for you to spot check your accounting processes.  Spire allows you to do this by running a quick report, or by instantly viewing your entire GL at a glance.

External Threats

With the fastest-growing type of external threat being ransomware, it is important to secure your IT infrastructure. In the classic ransomware attack, an email sent to employees at your business will encourage them to open up an attachment or click on a malicious link. Once the link is opened, malware will get installed on the computer and spread to the network and the company will receive a ransom letter demanding that a payment be made or the data will be deleted forever.

Many of the most common fraud threats can be avoided with these steps:

  1. To prevent phishing attacks, employees should be told to check the source of incoming emails to make sure they are legitimate. That’s because many hackers try to “spoof” the name or identity of a legitimate business in order to get people to open their emails.
  2. Make sure all of your computers are up to date with the latest version of the operating software.
  3. Use reliable antivirus products
  4. Make sure all passwords are at least 15 characters using numbers, upper and lower case letters and symbols.
  5. Clear internet temp files on a regular basis.
  6. If you are connecting through an RDP connection, make sure it is through a gateway.

Despite all precautions, nothing is guaranteed.  It is best to be prepared by having automated backup in place so that you can essentially “reboot” your system from data stored in a third-party location.

If you have been an unfortunate victim of fraud, it needs to be reported.  To find out how, please visit the Canadian Office of Consumer Affairs.  For help in recovering your data, the Tri Tech service department can do their best to assist you.