In this post we have uncovered some ‘hidden gems’, features within CenterPoint Accounting that you may not currently be using, but that can help you and your business. These are features that our customers and the Red Wing Software support team have described as valuable, yet you may not be aware they are available. They are actually not at all hidden, but readily available within the program for you to use!

1. Split Expenses

   CenterPoint allows you the option of splitting expenses by profit center, location, project and more. You can set up expenses to be split by a percentage to the office, a percentage to the sales department, etc. This is a huge time saver and helps you distribute expenses accurately.

2. Reminders

   Set up reminders in CenterPoint Accounting to help keep you organized and on time! Reminders can be set up as “Conditional Balance Reminders” that tell you when you checking balance goes below a certain number, ”Payable Reminders” that remind you to pay your accounts payable invoices, “Scheduled Reminders” that let you setup any kind of a reminder for a certain day to pay rent, maintain your equipment, and more.

3. Amortization Schedule

   Use the CenterPoint Amortization Schedule to calculate interest and principal amounts when planning for loans.

4. Audit Trail Worksheet

   Use CenterPoint Accounting’s audit trail worksheet within transaction entry to easily determine who entered a transaction, creation date and time, modified date and time, how many times edited, who voided, and much more.

5. Drill Down from Reports

   Wondering where a number on a report came from? Simply click on that number and you can drill down the source entry.

6. Customizable Transaction Entry

   Make transaction entry much easier by only stopping on fields where you enter data often. CenterPoint also allows you to add, remove and sort columns on the transaction entry screen for quicker and easier entry.

7. Customizable reports

   You have the ability to pull out the information you need, whether requested by auditors, management, or others. CenterPoint makes it easy with the ability to modify reports, or even create a custom report from scratch. No need to be a programmer; the custom report tools are built for all users!

Wondering how to get started using these hidden gems? Call today and we will be happy to help you! 800-732-9464.

Did you know that September is “International Strategic Thinking Month”? There are a few things you can do with your accounting software to promote strategic thinking in your business.

Create a budget.

Creating a budget can result in increased confidence in decision making! A budget also helps you stay on track and create a profitable plan for the future.

Run an ABC Analysis.

ABC analysis within an inventory management software system is a practical report that can show you which items are most profitable. And, knowing which of your items are most profitable can help you make better decisions.

Run a Suggested Purchases report.

The Suggested Purchases process looks at the inventory information and determines which items need to be ordered based on current on-hand quantities and/or past sales demand (history). Purchase quantities are created from the sales item purchase information such as preferred vendor, minimum quantity, maximum quantity, normal order quantity, and vendor's minimum order quantity. This is a time-saving process that can automate purchase order creation.

Red Wing Software customer Carol Peck from EL-VI Farms LLC in Newark, New Jersey had some great things to say! Thanks so much Carol!

“We upgraded from Red Wing Payroll and AgCHEK Accounting software to CenterPoint Accounting and integrated Payroll in January 2012. At first, it seemed difficult to adapt to the different types of menus, and new terminology.

But now it is July, and I am so glad that we made the switch. It now takes only about 1 to 1.5 hours to process the payroll from start to finish, not counting downloading the hours from the time clocks. The post and print procedure in the payroll program works so smoothly in transitioning from employee paper checks to direct deposit pay advices. No longer do I have to process two complete pay runs like I did before purchasing the Direct Deposit module, and the pay run report has all the net pay amounts broken down by the amount and the bank account in which they are deposited. After a few glitches at first, it runs without any problems.

Also, being able to have multiple screens open at the same time allows me to retrieve information when needed, or to look up an account setup if I need clarification. I am constantly being interrupted at work with questions or requests, and it is so easy to switch to another screen to retrieve the information requested, and then return to the work in progress.

My heartfelt thanks to all the support staff at Red Wing Software. They are a very knowledgeable group of people, willing to help you through most any problem. I know that I can count on them to help when time is of the essence.”

Matt Hilton is a software sales consultant here at Red Wing Software. If you purchased a product from us, you have probably spoken with him! He is extremely well-versed in Red Wing Software products, and has been working here for 12 years! But did you know that Matt is also a huge fan of all types of music? I checked in with Matt this month to learn more about his musical interest.

1. Music is your passion – how did your appreciation for music start?

   My music passion began at a very young age and was mostly influenced by my parents. My father was a musician and played in several bands when he was younger, and both of my parents always encouraged my sister and me to explore many different musical genres.

2. What kind of music do you enjoy, and which instrument do you play?

   I listen to and enjoy about every genre of music that exists. My musical tastes range anywhere from country to classical. I do not limit my musical preference to any specific genre. I primarily listen to rockabilly and jazz at the moment, but it does vary quite a bit from day to day. I grew up playing trumpet but don’t play as much anymore, but still enjoy the instrument.

3. How have you been able to keep music in your life over the years?

   Although, I do not play much anymore, I do enjoy teaching. I have spent many summers over the last few years teaching drum and bugle corps, as well as private lessons. I very much enjoy watching young musicians develop into very talented adults. I believe that teaching helps me personally and professionally by giving me the opportunity to evaluate situations from different angles to come to a solid solution.

Let’s get real about processing payroll. If you search around a bit on the internet, you will see a huge variety of payroll software vendors and payroll service providers. Each one of them is different, with their own set of features, services, and pricing. Some of the companies you read about or speak to will make claims about how you should be processing your payroll. The truth is that nobody knows what is best for your company and its specific payroll need, unless they get to know you first. There is no ‘one size fits all’ alternative to payroll processing. Payroll has many facets, and no two companies handle it in the same way. Here are some of the commonly found myths about payroll processing, and why they are not true.

1. You will save money by switching to a payroll service or to payroll software.

   Sure, one of them might be true. But be skeptical if somebody tells you that you can save money with their system, before they understand your specific needs. Many factors impact the money you spend on payroll processing, just a few of which are your number of employees, method of entering and calculating time, and tax filing method. Making sure your company’s payroll needs are met is more important than saving a few bucks, so make your needs the first priority, and then you can start looking at pricing.

2. When it comes to payroll tax filing, you should (insert method here).

   Growing technology has brought us a variety of choices where payroll tax filing is concerned. You can still purchase the forms and mail them (unless your state requires you to file online), but you can now file online or even have the whole process outsourced. How you choose to do this will depend on your state requirements because states are continually lowering the employee threshold where you must e-file or do online forms. Minnesota, for example, requires all employers to e-file or do online reporting when filing quarterly unemployment wages.

3. You should be paying your employees via (insert method here).

   I once heard a story about a company who decided to pay their employees via direct deposit, eliminating the printing of payroll checks. Most employees were excited about the change, but one man stated he was extremely angry about it and really wanted to keep getting his printed check. Then the switch was made and, well, it turned out he loved skipping the trips to the bank. (Hey, change can be hard!) You can still print checks, or you can use direct deposit or even pay employees with a debit card. Only you and your employees know which method is best. For instance, you may want to use debit cards for those without bank accounts, and direct deposit for the others. Analyze what works best for your company and your employees, and make the decision based on that analysis.

There are lots of vendors out there providing payroll software and payroll services. Just be sure that before jumping ship on your current method, you look out for your own company’s needs first. Don’t fall prey to the sales rep who uses one of the above blanket generalizations without first understanding your business.