Trying to stay abreast of all of the various updates and enhancements in the accounting tech sector is almost impossible. That’s why Insightful Accountant is committed to bringing you snippets about new vendors, accounting news, ideas, software and hardware you might miss without our coverage.
These are not in-depth stories, analyses or reviews. Instead, they are intended to make you aware of, or otherwise inform you about news we find interesting and think you might, too.
Accruer by FinOptimal
FinOptimal describes itself as a company made up of “Accountants who can code,” and also lets it be known it is a tight-knit group of tech-savvy CPAs, developers and finance experts.
Well, this tight-knit group has released a product it calls Accruer. The cloud-based app synchronizes with QuickBooks Online to automate accruals related to revenue recognition, prepaid expenses and fixed assets. The app is designed to simplify the work required to keep QuickBooks books compliant with GAAP accrual requirements.
By virtue of some simple text placed in the description field of QuickBooks transactions, Accruer reportedly will accrue your deferred revenue and prepaid expenses correctly in QBO. It also will post the depreciation of each of your fixed assets into QuickBooks simply by setting the useful life of your assets.
Best of all, it will provide you with reporting schedules of all the various accrual entries Accruer computes and adjusts within your QuickBooks data so you can easily verify and reconcile the posts it makes to your source data.
Barracuda Networks Warns About Reliance on VPNs
Barracuda has published various studies indicating that legacy VPN products no longer meet today’s cyber-security requirements. A recent white paper cited
- VPNs can’t enforce corporate device security and compliance requirements
- VPNs leave networks vulnerable
- VPNs don’t support attribute-based access
- VPNs are not fast enough to enable continuous connectivity in today’s high-speed demand
- Multiple VPN switching is complicated
- VPNs can’t adequately protect your devices
As an alternative to VPNs, Barracuda recommends and, of course, offers Zero Trust Access, which delivers continuous verification of user and device identity and trust to reduce cyber-attack vulnerability.
Construction Online by UDA
Recently, Construction Online enhanced project tracking for its users. One such enhancement was the addition of a default text block to the Punch List and Checklist Reports available as part of Construction Online’s Project Tracking.
Using ConstructionOnline’s Punch Lists and Checklists, construction personnel can use predetermined lists to define and standardize common construction management processes.
The flexibility of ConstructionOnline’s cloud-based Punch Lists and Checklists allows contractors to access task management tools from anywhere, which helps facilitate project completion with clarity, accuracy and efficiency.
Construction Online Punch List and Checklist Reports support the various needs of each contractor using the software.
CrowdStrike Conference Keynotes Announced
CrowdStrike cybersecurity experts are hosting Fal.Con, Sept. 18-21, in Las Vegas. The conference promises to unleash the next wave of cybersecurity innovation presented by industry leaders and CrowdStrike executives.
Keynotes include “The Future of Cybersecurity and Generative AI,” “Building the Future Together,” and “Solving Cybersecurity’s Biggest Problems.”
If cybersecurity concerns are your passion or nightmare, you can learn more about Fal.Con or register HERE.
Fathom offers new Divisional Budgeting
Fathom is constantly cranking out reporting enhancements and newly customized report capabilities. Recently, it released a new divisional budget feature to ensure your divisions track their finances appropriately.
Divisional budgets in Fathom allow you to track budgets for your classes, location and categories using QuickBooks Online or Xero data. With this feature, users can compare divisional budgets side-by-side, KPIs and budgetary breakdowns.
For more information about Divisional Budgeting, see this official website.
IRS Interest Rate Hike
You might have expected this with all the Federal Reserve interest rate hikes. Yes, the IRS has announced it is raising its interest rates on Oct. 1, 2023.
The rate for overpayments and underpayments regarding individual taxpayers is going up to 8% per year, compounded daily.
Rates also are going up for corporations. For more information on these rate hikes, see this official IRS News Release.
PC Mag Guidance on AI-Images
In an Aug. 30 story, PC magazine has set out to guide you on “How to Detect AI-Created Images.” The story begins with, “It’s getting harder and harder to believe your eyes.”
You are probably aware that Hollywood actors are on strike, partly out of their attempts to control the unauthorized use of their likenesses made possible by current and future artificial intelligence (AI).
Various AI tools can create or manipulate images, and many are free or cheap. The article cites four of these: OpenAI’s Dall-E2, Stable Diffusion, Midjourney and Craiyon. PC Magazine concludes that applications can create credible-looking images that can easily fool you into thinking you’re seeing the original.
If AI concerns you, this article is definitely worth the read time, unless you want to have your AI app or personal robot read it to you.
Xero Announces Price Hikes
For US subscribers, Xero has announced changes to its Business plan pricing, effective Oct. 11, 2023.
- The Xero Early Plan will increase to $15 per month (from $13 per month)
- The Xero Growing Plan will increase to $42 per month (from $37 per month)
- The Xero Established Plan will increase to $78 per month (from $70 per month)
Add-ons and Xero promotional code pricing will continue at the specified rates for the specified periods (until expiration).
For additional information about the Xero Price changes, check out the official webpage.
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