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App Watch on Xero, Bloomberg BNA and Qvinci

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Dec 21st 2015
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This week we find Xero back in the news with a B2B commerce partnership, revenue recognition analysis from Bloomberg BNA, and new features from Qvinci.

Just to review, this is a weekly column whereby we're not out to break news in the technology world – as it relates to you – but rather keep you informed and, where applicable, offer our take. Without further ado…

News: Handshake Now Integrated with Xero

Xero announced that it is now officially integrated with Handshake, a B2B commerce technology for manufacturers and distributors. As a certified add-on partner, Handshake now allows Xero's small business customers to keep their books in real time as orders come in from the field. Businesses can now directly connect B2B orders to their back office, syncing product catalogs, customer details, and orders between Handshake and Xero. There's also instant user access to log files to continuously monitor activity.

Views: First off, this is a bit of a no-brainer because the value of a cloud-offering world is fast becoming all about what add-ons you integrate with, and how well that integration performs. Now, while it's not clear what Xero means by “small business” in this scenario, one can bet it's on the larger side because we're talking about manufacturing and distribution, order tracking, and the like. This brings the issue buzzing around Xero's market focus of late, which is about them angling more upmarket. It stands to reason looking at Xero's competition they would indeed want to be able to scale up as needed, not to mention keep up with evolving business needs as the businesses they serve continue to grow. I won't get into how loosely the SMB acronym gets tossed around; everyone seems to have an interpretation of what revenue size determines the “S” and the “M” in that scenario. Regardless, if you're an accountant with small but growing clients who need to keep track of catalogs and orders, this is the type of news you want to see so you can explore options.

News: Bloomberg BNA to Analyze Revenue Recognition Standard

Bloomberg BNA announced the release of two new Accounting Policy & Practice Portfolios that provide practitioners guidance on the new revenue recognition standard – one that is principles-based rather than rules-based. The Portfolios provide a detailed description of the five steps corporations will need to employ in recognizing revenue and offer practical insight to professionals within corporations responsible for implementing and complying with the new standard. These Portfolios give numerous examples outlining various accounting scenarios and highlighting industry-specific issues. There's also advice with respect to assessment and implementation, based on the experiences of companies that began tackling the standard over a year ago. The Portfolios are available to subscribers of the Bloomberg BNA Financial Accounting Resource Center and Bloomberg Law. Bloomberg BNA's Financial Accounting Resource Center is a service that provides the full text of standards, practitioner-written analysis, and daily news on critical financial accounting topics.

Views: If you and your clients need to deal with revenue recognition in any way, shape, or form, you know you need all the guidance you can get, so gaining access to these Portfolios is not going to put you at a disadvantage. Mind you, this particular bit of news may not directly qualify as an “app” in the “this can be used on your tablets, phones, and computers to perform X, Y, Z task” sense; however, we're open to uses of tools and guides as well. These Portfolios from Bloomberg BNA can be easily accessed from the aforementioned Resource Center.

News: Qvinci Adds Custom Reports and PDF Export

Financial reporting product maker Qvinci Software has just released a custom report builder and a PDF exporter as part of its overall product offerings. The report builder allows users to build KPIs and customized reports based on P&L or balance sheet data synced from multiple files. The new export-to-PDF function was designed to allow users to export all reports to a PDF document and present Qvinci reports in an easy-to-read format. It also lets users add custom headers and footers that are useful for adding legal disclaimers and other important static information. Qvinci has been a reporting partner of the Intuit Franchise Program since 2011.

Views: The world of accounting and being an accountant or CPA is clearly evolving from a compliance-based, backward-looking role to one that can and needs to, on occasion, look into advise on the future. In short, really anything that is going to show extended value as a service provider is going to be a win. Having tools at your disposal to be able to look at your client's financials and advise them on further action is, quite simply, going to place you at an advantage over your competition. It is also something that tools like Qvinci will allow you to provide a value-added service to your offerings.

As ever, we hope these news and views were useful to you. This will be the last App Watch of 2015. See you in the New Year!

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