AccountEdge 2011 for Windows
From the April/May 2011 Review of On-Premise Accounting Systems for Small Business
With hundreds of business templates, AccountEdge is suitable for a variety of small businesses.
While many readers may not be familiar with Acclivity or AccountEdge, this recently updated product has undergone a major transformation and was re-introduced in February 2010. And the latest release (2011) contains numerous new features. Formerly known as MYOB, AccountEdge has a fresh interface, easy navigational capability and a lot of features not commonly found in small business accounting products. With hundreds of business templates, AccountEdge is suitable for a variety of small businesses.
Basic System Functions:
Installing AccountEdge took minutes, without any problems. The main navigation screen has a drop-down menu at the top that provides access to command centers, where all modules are available. Navigational icons are found below the menu bar. Clicking on an icon will access that particular command center, where a series of workflow options are displayed.
At the bottom of the screen, various action tabs lead to options such as a to-do list, find transactions, reports and analysis. Journal entry screens are clearly defined, with users entering the corresponding account numbers. Like all data-entry screens, lookup options are available for quicker data entry. The preferences option allows users to set up customizable menus, with options in each of the command centers. The analysis function, found in each of the command centers, serves as a dashboard of sorts, providing much of the same information found in dashboards. Users can also choose different functions from within the analysis screen, including printing or saving a report.
When setting up a new company, a variety of service classifications are available, including agriculture, manufacturing, retail, service, and other. Once a classification is chosen, users can choose a business variety within that classification. The chart of accounts will reflect the type of business selected.
Several of AccountEdge’s new features are specific to certain industries such as service businesses, construction and contractors, and retail stores. These new features include the addition of Progress Billing for contractors, Retainers for attorneys, and time tracker capability, a necessity for employees or anyone else who needs to track time. The job tracking capability makes it easy to track company projects and track expenses while keeping track of profits and losses incurred.
AccountEdge supports both PC and MAC OS, and can be purchased in either edition, as well as a network version. AccountEdge Mobile (Apple iOS only) lets users access data from anywhere, with automatic syncing of data with desktop computers.
Core Accounting Capabilities:
AccountEdge easily handles all core accounting functions such as regular and recurring journal entries. Users can also create a budget for up to two years. The Sales (AR) module contains a host of advanced features such as quotes, work orders and invoices.
The Purchases (AP) module tracks any purchases and returns, applies credits when necessary and can calculate volume discounts. The Contacts module tracks customers and allows users to create personalized letters. Multiple tax codes can be set up, as well as multiple rates per customer.
The Payroll function allows for easy in-house payroll processing and supports electronic payments and emailing of paystubs. Payroll tables are available annually for $249, or can be bundled with a support option for $299 per year. Also available is the Full Service Payroll, which allows businesses to completely outsource payroll calculation and tax filing online.
AccountEdge contains an optional audit trail function that can be turned off. Also available is the Company Auditor function, which checks transactions for accuracy and performs maintenance tasks. AccountEdge handles multiple currencies, but exchange rates must be entered and updated manually. AccountEdge offers a stand-alone and network environment, with the ability to support multiple users with a maximum of 15 simultaneous users.
AccountEdge allows for multiple shipping options, but does not offer true integration with common carriers like UPS and FedEx. Sales tax rates can be easily calculated utilizing multiple rates, and the Enstore web store add-on provides true shopping cart integration. Sales can be processed using an interface with the Company’s Mac-based POS system, Checkout, but AccountEdge does not provide direct POS functionality at this time.
AccountEdge also offers the excellent Card File module for tracking and management of vendors, customers, employees and any personal contacts that need to be entered. The card type can be designated when entering information, with options for selling details, payment details, a reminder log, pending jobs and history. AccountEdge also supports email billing and electronic invoicing.
The AccountEdge inventory module supports average cost, last cost and standard cost valuation. Users can build assemblies, and an auto-build feature is also available. The inventory module integrates with the sales module as well as the Enstore web store add on. All inventory transactions are stored in the historical data.
AcountEdge supports electronic bill payment, and offers two types of merchant services: one for credit cards present, and one for cards not present. Companies can also purchase a combination account if they process both transaction classes.
The Analysis reports found on each command center screen allow for quick creation of financial reports. Reporting options are available in each of the command centers, as well, with customization options for advanced filtering and adding or removing report fields. All reports can be viewed on screen, emailed to recipients, or exported to Excel, PDF, HTML or as simple text. More than 100 built-in reports are available, all of which can be customized and saved. User accounts can be set up to control access to Command Centers, windows and transactions.
Integration & Import/Export:
AccountEdge integrates with a variety of add-on modules and third-party applications. All data import and exports must be to or from a tab-delimited or comma-separated text file. Data import and export options are available in the File menu, with a variety of items from which to choose. AccountEdge also offers a mail-merge feature within its Cards module. The Accountant Link allows users to import and export files directly to their accountant and, as a bonus, offers a free copy of the product to new users’ accountants.
AccountEdge offers an excellent built-in Help system along with user manuals designed to assist new users in getting started. The Check for Product Updates option provides a display of any available product downloads. The vendor’s website offers product documentation, a support library and access to the support center, which houses a knowledgebase and other self-help tools. U.S.-based support starts at $129 per year for email support, with telephone/email support plans beginning at $199.
Executive Summary & Pricing
Formerly sold as MYOB in the U.S. and Canada, Acclivity provides a good multi-user small business application for Mac, with support for single and multi users on Windows, as well. The product offers a larger number of features not commonly found in other small business accounting products, but does not currently offer industry-specific versions. With the combination of the features and a starting price of $299 for a single-user license (additional licenses are $149 each), this software investment pays for itself upon purchase.
2011 Overall Rating: