AccountKit Update - May 2019

By: Paul Murray, Posted on: May 23, 2019

With the official end to our 2018 tax lodgement program and tax planning well underway, it’s a great time to start thinking about the new year. How do we evolve our practice to become more efficient while adding more value to our team and clients? Well, we’ve got some exciting updates to AccountKit that I’m super pumped to be sharing with you, so strap yourself in and prepare to be amazed.

The Client Map

It was time for the client map to undergo its second significant facelift to take it to the next level of awesomeness. The first release was functionally good, but it was still in need of some serious love and attention to bring it up to a level that we were truly proud of. The new features and improvements take the tool to a whole new level of flexibility and beauty, as you’ll see from the details below.

Key updates:

  • First up, we’ve optimised things massively, making the saving and load process faster and more reliable.
  • You are now able to round off those harsh edges of client entities and add a border to make them look extra gorgeous to the eye.
  • We’ve separated the visual elements of the map into the top menu away from the client details for quick and easy access.
  • You can now drop icons onto the canvas to help you flesh out diagrams with more visual cues to make your diagrams more dynamic and interesting for your clients.
  • The new “copy format” paintbrush option enables you to copy the format of one object like a line or shape and apply it direct to other objects. No more manual editing of every single object = speedy customisation.
  • Similarly, we’ve introduced some keyboard shortcuts to copy/paste objects and copy formatting.
  • You are now able to set the practice defaults for all the visuals associated with your practice to truly make the diagrams your own and ensure you have consistency across your practice.
  • We now have a new grouping tool that enables you to logically put objects and clients into a group to be moved and manipulated in bulk.
  • We found that the left and right menu bars took up too much space when trying to be creative, so you now have an option to toggle these off, as well to get access to the whole canvas.

To see it in action, check out this short video, or if you would like a detailed look at the changes and opportunities, register to watch the recent update webinar. Otherwise all the detail can be found within the help centre.

 

The Amortisation Scheduler (Open Beta)

On the back of the equipment finance tool and the requirement to amortise the borrowing expenses, we’ve built a new tool to amortise anything that you like over any timeframe you like! Think of the manual schedules and journals you would normally carry out for borrowing expenses, prepaid income and prepaid expenses.

Features include:

  • Catering for income or expense related transactions
  • Auto-adjustment at the start or conversion date
  • Ability to apportion the first and last entries of the schedule
  • Catering for current and non-current splits
  • Option to auto-post and check that the associated accounts reconcile with Xero
  • One-off events to enable the quick write-off of a remaining balance

 

Client History & Notes

Over the past few years, we’ve had feedback that people want to understand who is making changes to client data. From our point of view, we also wanted to understand where changes were coming from, since two-way integrations can create all sorts of havoc. We want to be clear as to whether a change is AccountKit-sourced (either a user- or tool-based change) or from an external source via an integration such as from XPM.

Now you have a history and notes section at the bottom of the client detail page, which includes:

  • The date and time of any change
  • Who made the change – a user, a tool or an integration
  • Details about what was changed.
  • The ability to add a custom note for referencing in the future

We will slowly roll out this functionality across all the tools over the coming year, so you can keep a close eye on who’s changing what within your system.

 

The Small Stuff

Aside from the myriad of big things happening, there’s always a lot of tweaking and polishing going on in the background, usually based around bugs discovered or features requested. Here’s a short list of what’s been happening:

  • Menu Restructure – We’ve consolidated and reorganised the main menu from 4 distinct areas down to a more refined 3-column structure split between Admin, Compliance and Consulting tools.
  • ATO Reports – If you utilise the importing of the ATO Lodgement Report for the Dashboard, when you click through to the underlying reports, you now have total control on slicing and dicing that information before exporting it for your teams. No more messing around with pivot tables and the like.
  • Xero Integration – We’ve polished the integration to give more descriptive errors around broken connections with a direct click through to the Xero Org from the client list and detail pages, as well as  improvements to the reliability of the sync process.
  • XPM Integration – We’ve developed an internal tool for pushing client data into a blank XPM instance.
  • BGL Integration – We’ve tightened up the BGL exception report enabling us to compare your BGL client list with AccountKit. You’re now also able to click through to the underlying client and documents from each client and from the BGL dashboard.
  • NowInfinity Integration – Similarly, we’ve brought in the BGL improvements to the Now Infinity Exceptions report to make it more robust and useful for comparing client lists between systems.

 

The Road Ahead

We have lofty goals for the coming months with the email integration (version 1.0) going through certification with Microsoft, so we should see that and the Gmail integration available soon. Heading towards Xerocon, our focus will be on a new Division 7a calculator and a much more flexible user permissions system for locking down access to sensitive data, plus a bunch of extra polish and reports across the inter-entity loan and equipment finance tools.

Exciting days ahead!

 

If you’d like a deeper look at the AccountKit platform, sign up for our weekly webinar or try AccountKit FREE for 30 days.

For more technical detail around the various updates, keep an eye on the Latest Releases area within the Help Centre.

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