Micronetics, Inc. - Accounting Xpert
Best Fit: Firms managing small to mid-sized enterprises, and those with multiple locations.
From the Sept. 2011 Review of Client Write-Up Systems
Micronetics started offering accounting software in the late 1970s and has since followed technological advances to continue developing systems designed for accounting firms and small to mid-sized businesses. The company’s flagship product, Accounting Xpert was redesigned about two years ago and re-launched as Accounting Xpert Enterprise Edition (AXE). AXE is available as an accountant’s version, which
includes full GL along with after-the-fact payroll, bank reconciliation, W-2 and 1099 preparation, and full financial reporting. The business version includes all of the accountant’s version modules plus AP, AR, inventory, invoice/order processing, purchase orders and sales modules. The application also offers an optional check writing module that can be used in-firm or by businesses, with data syncing back into the main program. Accountants may add any of these modules for in-house use or as a service bureau option.
Basic System Functions:
Company setup in Accounting Xpert is generally simple and guided, with the ability to easily copy existing charts of accounts, use templates or create them manually. Client data files can also be imported from QuickBooks, with the system creating charts of accounts based on that information. Accounting Xpert can be used to manage any number of business entities, including those with multiple subsidiary units and locations, as well as multiple warehouse locations and dispersed employee work sites. The program supports any number of concurrent users in the firm.
Accounting Xpert offers extensive user rights and security features, with administrators able to pinpoint very specific tasks and functions that users can perform. The primary interface then displays only those modules to which the firm has granted the user access. An Outlook-style left-hand menu provides access to each module. Additional drop-down menus are available across the top of the screen, including customization options for creating personalized reminders and system setup.
Core Write-Up Features:
Accounting Xpert offers advanced write-up capabilities, with full audit control and the ability to re-run reports at any time and across any date range, including multiple years. This ability is because the system doesn’t require monthly closings. The system outputs reports to Microsoft Word and Microsoft Excel for creation of compilation letters and use of charts and graphs in client deliverables. The program’s GL allows for creation of up to 9.999 supporting schedules per company, with the ability to use schedules for virtually any purpose, including creating funds statements, unit financials or customizing financial reports to meet specific needs.
Users can set up as many as 999 custom journal entry templates, including automatically recurring and reversing entries. The entry screen displays multiple transactions simultaneously across a spreadsheet view screen that helps to quickly identify errors. Authorized users can also unpost journals, make corrections and repost, with full audit tracking. Expenses can be posted to multiple GL accounts, and the system maintains totals of account numbers. Transaction entry is simplified by the ability to post by selecting a payee from a list, instead of only by account, and new accounts can be added during journal entry.
The reconciliation utility offers only an ASCII import option for bank transactions, but does have a well-designed check-off approach to verifying accounts and producing adjusting entries if necessary. It supports any number of bank accounts, with the ability to perform separate reconciliations for each. Accounting Xpert includes after-the-fact payroll capabilities that automatically generate payroll histories from corresponding journal entries. The payroll module produces forms W-2, 1099, 940 and 941, which can be printed to plain paper. It prepares federal and all states tax withholding calculations, with both federal and state income tax withholding tables included for actively licensed users.
Standard check writing options enable the use of company logos, MICR printing, and the ability to print to plain paper or check stock. The optional Checkbook Xpert module can be used by the firm or by clients, integrating the payables data into the system and updating the GL and register. Checks can be processed individually or in batch mode per company. The custom reporting utility includes sales analysis features and benchmarking tools.
Reporting & Financial Statements :
Accounting Xpert’s reporting options are available from each of the module menus, and allow users to run reports across any timeframe. The application also provides options for period analysis, summary and detail transaction output, listings, journals, account balances and working trial balance, and trial balance with adjustments. Balance sheets, income statements, cashflow statements and other financial reports offer good customization options, including the ability to easily break out reporting for divisions or locations.
Compilation letters can also be created within the program, and all reports can be viewed on screen, saved to PDF, Word or Excel format, or emailed from within the program. As previously noted, the system also produces forms W-2, 1099, 940, 941 and state unemployment reporting. The optional AR module includes invoicing features and advanced management of client terms, finance charges, collection letters and aging analysis.
Accounting Xpert includes a built-in utility for importing data from QuickBooks and Sage Peachtree, as well as from most other accounting applications. It pulls in transactions, company information, employee and inventory data from supported applications. It can export to Excel and CSV, allowing data sharing with third-party trial balance, tax and payroll systems. Reports can be saved to PDF, Microsoft Word and Microsoft Excel. The system offers integration with email systems, including Outlook, for direct emailing of documents. Accounting Xpert does not offer client portal functions, although data from the optional client-side Checkbook Xpert can be synched into the firm write-up system. 4
Throughout the program, data-entry tasks are aided by field-specific instructions and information that appears on screen, although the application lacks a traditional Windows Help function. A comprehensive printed version of the user guide is included with the program and is available in PDF format on the company’s website. The online support site also includes additional installation and support documentation, a video tutorial and a FAQ section. Another useful tool is the built-in link to an online support meeting, which uses remote access capabilities for tech support to assist users. Live phone support is also included.
Accounting Xpert is most commonly used on the Pervasive database (currently version 11, which is included with system pricing), but the program can be used with all major database engines and has been successfully implemented on non-Windows computing environments, as well as virtual servers. The company noted that it will be offering a remotely hosted ASP model soon.
Summary & Pricing
Accounting Xpert Enterprise Edition is a high-volume write-up tool designed by accounting professionals, and provides excellent control over journals and the GL. Its work screens simplify many often tedious tasks, and it provides solid financial statement generation and customization options. The fully networked version of the system costs $995 for the first user ($245 for each additional user), and includes data import/conversion support. System renewals, including unlimited support and updates, are $495 per year. The optional Checkbook Xpert module (for client data entry and synchronization) costs $195. The system is best-suited to firms managing small to mid-sized enterprises with flexibility to handle any type of business.
2011 Overall Rating: