The Internal Accounting Review is a tool that allows you to run an internal audit on your Sage Peachtree company data. It looks for common transaction mistakes and potentially fraudulent activity by running a series of up to 15 checks against your company data. If transactions are found, they are listed under the appropriate Internal Accounting Review check name for your review. You then have the opportunity to take the appropriate action on each transaction.
These checks represent common transaction mistakes and/or conditions that might be revealed in an external audit. While this review is not exhaustive, it is intended to help you identify, investigate, and if necessary, correct issues that may be problems. Here’s what we look for:
1. Purchases or bills that don’t credit an accounts payable account
2. Sales or invoices that don’t debit an accounts receivable account
3. Payments or checks that don’t credit a cash account
4. Receipts or money received that doesn’t debit a cash account
5. Transactions that debit and credit the same general ledger account
6. Possible duplicate transactions of the same type
7. Vendor invoices or bills from prior periods that have not been received
8. Transactions entered in the future
9. Transactions posted to inactive records
10. Un-reconciled cash accounts
11. Inventory items that default to duplicate general ledger accounts
12. Out of sequence checks
13. Accounts receivable accounts that are out of balance with the aged receivables report
14. Accounts payable accounts that are out of balance with the aged payables report
15. Possible duplicate paychecks for an employee within a pay period
Stay on track with the key performance indicators that can mean success or failure for your restaurant. Use this tool to inform, motivate, challenge and incentivize restaurant managers to build more profit into your bottom line.
Most accounting software solutions can’t provide this level of performance scorecard reporting. Other solutions provide a part, but require a lot of manual Excel work to provide a complete report. Sage 50 (Peachtree), with the new Sage Intelligence reporting tool, can be setup to output this report directly from Sage 50 into Excel with ZERO extra Excel work.
Use this report to monitor where you are today, pinpoint problem areas and take action to increase profit.
–Important Restaurant Key Performance Indicators –Works with Your Existing Chart of Accounts –Works with Versions 2012 and Beyond –No More Excel Editing, Copying, Pasting to Get What You Need –Modifications to Standard Layout are Available
I can’t tell you how many times I’ve been asked to discuss the differences between Sage Peachtree and Quickbooks or other small business entry-level accounting solution. It’s also a topic I see discussed over and over in various forums. Needs vary business to business, industry to industry. What you pick should be determined by your needs. Here are a few reasons why I picked Sage Peachtree:
Sage Peachtree has a more sophisticated inventory system than most other entry level solutions. It provides true and accurate FIFO costing and also provides serialized inventory features at the Premium and Quantum levels. Set-up of assemblies is easy and revisions are allowed. When set-up correctly, the automatic costing is flawless.
Built-in Financial Statement Designer
A lot of users don’t use or even know about one of my favorite features–the Financial Statement Designer. This designer is built right into the core product and can deliver practically any format desired. We’ve been able to emulate some very high-end financial reporting systems, even adding some key performance indicator stats to customized formats.
You can setup Sage Peachtree to allow changes in prior periods or you can set it up to block any change to a prior period transaction by user. I work with all kinds of users. There are some users who definitely need and want this level of control. But, there are others who don’t. If you are the owner, the accountant and the only user, sometimes too much control can cause more problems than it solves. With Sage Peachtree, I can deliver either.
Incredible Cash Flow Analysis Tool
This feature was significantly enhanced several versions ago and now it is awesome. You can forecast cash flow from actual due dates or historical average days to pay on outstanding AR, AP. But, what you may not know is that you can optionally add or remove anticipated cash flows from recorded sales orders and purchase orders. At last look at the competition, Sage Peachtree’s Cash Flow Analysis was head and shoulders ahead of competing solutions.
All companies have to void checks from time to time. Voiding a check should not change a prior period’s financials and with Sage Peachtree, it doesn’t. Sage Peachtree does not touch the original check transaction, but instead prompts for a “void date” and creates a new reversing transaction on the date specified. Why would you want it to work any other way? At last check, voiding a check in Quickbooks changed the prior period financials. While you may think check voiding is a minor feature, you should avoid use of any feature that changes prior period financials.
These are some of the reasons I picked Sage Peachtree several years ago and stay with it today. In the coming months I will share more.