Topics started by Judah

9 Topics

Judah
Advisory Board
JudahAdvisory Board

Quality Control ReportNew

It would be really nice to have a summary report of key items for each entity that can be quickly scanned to look for red flags.  Some items off the top of my head:Oldest Unreconciled Transactions (215 days ago) Number of Unreconciled Transactions (15) Value of unreconciled items ($13,257) Receivables older than X months (5%) Payables older than X months (7%) Duplicate Contacts (7) Duplicate Transactions (9) 

2
Michael
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Anti-Fraud ReportNew

I found another reporting software that has an anti-fraud report.  It essentially flags transactions that happens outside of usual business hours.  For example, if someone made a purchase at 8PM, it would show up as a flag to ignore or not.  

3
Michael
1 year ago
Judah
Advisory Board
JudahAdvisory Board

One Credit Card Account, Multiple Credit Cards consolidationNew

Something both Xero and QBO doesn’t do well.  When a business has a credit card account and multiple credit card users.  They don’t have an easy way to consolidate and/or bring in ALL transactions from the account into either a single bank account or a simple way to reconcile.  Example 1:  Company A has 2 credit card holders for the company.  In QBO, we can only sync 1 credit card holders account and have to manually bring in the other transactions in order to reconcile easily.  Example 2: Company B has 4 credit card holders  for the company.  In Xero, we can sync all 4 credit card accounts, but then reconciling the accounts become a pain and many of the credit card balances show an increasing negative balance every month.  To mitigate the increasing negative balance, we do a manual transfer each month to zero out those accounts to the primary account where they receive payments to it. 

3
Judah
Advisory Board
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Digits Reports: Hover to Discover auto-pop toggleNew

Sometimes it is overwhelming to have the popups automatically be popping up over every hover over categories.  It would be nice to be able to turn that off and have a click to open the popup. 

1
Michael
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Digits Reports Builder: Consolidated Reports Across Multiple EntitiesNew

On a basic level being able to manage clients that have multiple entities and being able to merge them into 1 company to view reports in one place

2
Michael
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Platform: Mutliple Entities/Companies Interactions with each otherNew

Being able to help transactions that happen among multiple entities.  The pain points that come to mind right now would be:Being able to track what each company owes the other(s). When one company spends money for a different company.

1
Michael
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Platform: Cryptocurrency TrackingNew

I know this is down the road a bit, but I figured I should post this here anyway. A large pain point is dealing with all the apps out there that “help” with cryptocurrency accounting.  This is actually a very large “time suck” for the bookkeepers dealing with cryptocurrency items.  Some pain points:Cost Basis of the different digital assets Recording Liquidity pool entries and draws and the gains from it NFT purchases and selling Taxable events vs non-taxable events FIFO, LIFO, or HIFO options “Address book” of the different wallet address Visibly see the movement.

4
Wayne Chang
1 year ago
Judah
Advisory Board
JudahAdvisory Board

Digits Reports: Accrual Entries and TrackingNew

As you may know, Cash accounting is very simple… money comes in and money goes out.  Simple.  Accrual is much more complex and is a better method of accounting. But what that means is being able to recognize expenses and revenues when they are earned and not necessarily when they are paid.  I don’t expect the software to know how to do this, but it can definitely assist.  Some items to help with this:Tracking and scheduling prepaid expenses Tracking and scheduling unearned revenue Change the date of single transaction to reflect the date when it is earned. (e.g. bought a plane ticket in February, but the flight doesn’t take place till September… recognizing the expense to take place in September and the prepayment sits in the balance sheet until then)And track all of these items in an easy to read report.

0
Judah
Advisory Board
1 year ago
Judah
Advisory Board
JudahAdvisory Board

New Tool Idea: Fixed Asset RegisterNew

Xero has a Fixed Asset Register that is really great and customizable.  QBO doesn’t have one… yet. What would be fantastic is to have a fixed asset register inside of Digits that tracks the fixed assets being registered, records the depreciation of them, and helps with the disposal or selling of the assets. Some additional items that this would help with:This could also be an add-on report Tracking your fixed assets values vs cash values communication between accountants and business owners to help accountants ask when/if assets have been disposed/sold. 

1
Michael
1 year ago

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