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September 2013
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September 2013
Inside This Issue Product Dear Valued Customers Making adjustments or postings earlier than last fiscal year in Sage 50
Training Opportunities Complimentary Microsoft® Excel® e-book: 15 PivotTables and PivotCharts Tips and Tricks Installing the October Sage 50 Accounting Release Tell us which small biz events you’ll be attending this year and you will be entered to Win $300!
Newsworthy Sage in the Community Tips for starting a business plan Debunking myths about credit card processing Make sure customer service Is your central focus Construction-specific software gives contractors the visibility needed to increase profitability Take a Break Quote of the month Sudoku Fun facts about accountants
Dear Valued Customers
Making adjustments or postings earlier than last fiscal year in Sage 50
What an amazing week. I had the chance to be a part of the events leading up to, and including, the opening ceremonies of the Canada Games in Sherbrooke, Quebec.
Sage 50 allows users to make entries in the current and last fiscal year. You may be interested in knowing what to do if a posting needs to be entered earlier than last fiscal year.
As some of you may be aware, Sage is a National Partner of the Canada Games—both the 2013 Summer Games in Sherbrooke and the 2015 Winter Games in Prince George, B.C. In fact, the Games will run on Sage products—Sage 300 ERP and Sage CRM.
Sage 50 does not currently perform this function for you. If you find yourself stuck in this situation, what can you do? Here are some suggestions that you may find useful.
Being a part of the pre-Games events was an experience I will never forget. On our first day in Sherbrooke, we had the opportunity to attend the induction ceremony for the Canada Games Hall of Honour. The testimonies from the athletes about the life-changing experience that the Canada Games provided them were heart-warming. They spoke of being physically tested to their very core and of the life lessons they treasured as a result—leadership development, confidence, and personal strength. As I thought about their testimonies and the National Partnership that Sage has with the Canada Games, it reinforced the fact that our partnership is an outstanding match of two brands and organizations. Sage is committed to helping our customers. Our goal is to provide you with solutions that not only meet your needs but that give you the confidence and peace of mind that we will help handle the financial management and compliance for your business, giving you greater freedom to succeed. The National Partnership Sage has with the Canada Games is evidence of our continued commitment to the Canadian market and the national events that are important to Canadians and the Canadian economy. Thanks to you, our valued customers, Sage has a leadership presence in Canada, and we are committed to provide you with the support you need to help Canada flourish. Enjoy the rest of your summer, and good luck to all of our young athletes competing in the Canada Games! – Nancy Harris
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Your first option is to restore a backup, which was made before you advanced to a new fiscal year. For example, if your current fiscal year is 1/1/2013 to 12/31/2013 and you need to make an entry between 1/1/2011 to 12/31/2011, restoring that backup will enable you to make entries in 2011. After you make the adjustments, you will advance the data to 2013 again. The downside of this method is that you will have to reenter all the postings you have already made in the current fiscal year. If you have a lot of them, it can be very time consuming. Also, if you need to make entries before 2011, this method may not be an effective option. The second option is to post the entry to the beginning of the last fiscal year in the file. By chance, if the posting involves a revenue account or expense account in the income statement, make an adjustment to zero out that entry and use the Retained Earnings account on the other side. This will correct the start of the previous fiscal year. Make sure there are no other entries other than the adjustment, which gets posted on the first day of the last fiscal year. If there are, adjust and post them on the second day. You will have a day to balance the previous year’s closing entries by doing that. These workarounds are alternative options, but may come in handy when you have to deal with this tricky situation.
September 2013
Complimentary Microsoft® Excel® e-book: 15 PivotTables and PivotCharts Tips and Tricks
Tell us which small biz events you’ll be attending this year and you will be entered to Win $300!
Did you know that a PivotTable can help you extract more meaningful information from your data? We’ve created a useful e-book that provides you with 15 tips and tricks to help you make the most of PivotTables and PivotCharts. Download Now
We want to hear which small business events, tradeshows and gatherings you have attended or plan to attend this year, and what effect they will have on your business activities.
Installing the October Sage 50 Accounting release
In 300 words or less, tell us about these events and the positive effect they have on your business and your submission will be entered to win $300 in Visa® gift cards. Please send your submission to Sage50Newsletter@sage.com. You just might be the lucky winner! View Official Rules
For all current Sage Business Care customers, the Sage 50 Accounting Product Upgrade installation in October will be easier than ever! As you are aware, you are eligible for all product upgrades and updates while you are on a current plan. This year, it is important for you to know that we will be changing our annual upgrade process to be similar with the product update process that you are already familiar with. This change will make it easier for you to get and install product updates to your software going forward. In order to take advantage of this new functionality, you must have installed the Product Update 2013.3 released June 2013. To view which version of Sage 50 you are running, choose the Help menu option and select the “About Sage 50” option. If you are not on the 2013.3 release, please select “Check for Product Updates” and follow the instructions. In early October, if you are running the Sage 50 Accounting 2013.3 release and connected to the Internet, you will experience product updates that are quick, convenient, and effortless. We’ve eliminated work interruptions by making the updates download in the background. We’ve also simplified installation by not requiring you to enter your key code or serial number. You will be prompted to install new updates when you shut down your computer. We recommend you do this as soon as possible in order to always be working on current software.
Sage in the Community The Sage Employee Activity Committee (EAC) was assembled for the planning and organizing of fun, community-building events and campus wide activities that also celebrate the passions of Sage employees. One such event which was planned recently is “Sage in the Community.” Through Sage Cares, the North American community corporate program, the EAC has organized a volunteer day to give back to the communities we are so enthusiastic about. Sage encourages its employees to engage in charitable activities that have a positive impact and give back to the communities where they live and work. The event runs from August 12-23 and includes: organizing and distributing food hampers at the Richmond Food Bank, Surrey Food Bank, and Greater Vancouver Food Bank; preparing lunches and other duties at the Ronald McDonald House; painting and cleaning at Semiahmoo House and Orphaned Wildlife Rehabilitation (OWL); and harvesting and cleaning plant beds at Sharing Farms. It’s important to take time out of our busy schedules to be part of a larger community where we can make a difference, not only in our communities, but in the many lives we cross each day. To encourage a large-scale campus activity such as this not only requires the support of Sage as a company, but also the generosity and kindness of individuals who work at Sage and their commitment to making a difference in their community.
Tips for starting a business plan
Debunking myths about credit card processing
Advanced planning in day-to-day life isn’t everyone’s strong point. Getting to the stores in early December, booking flights months ahead, and keeping an eye out for upcoming birthdays can all be difficult tasks to stay on top of.
Myth #1 To use credit card processing services from Sage, I need to switch my bank.
But where businesses or important corporate projects are concerned, most of us will buckle down, because we recognize the undeniable value that planning things out can have on the entire company. All Canadian startup owners, no matter their size or industry, should definitely consider coming up with a business plan far ahead of time. The benefits are numerous: They can keep everyone at the company in line, show workers that the tasks they complete are meaningful, and offer up a goal everyone should be striving toward. Having trouble starting these plans off the right way? Here’s some advice that can help:
Hesitancy from day 1 Some company leaders are hesitant to think about drafting a plan because they just don’t think they need one. But they couldn’t be more wrong. The Globe and Mail reported that many of these leaders want to avoid this process, especially if they aren’t seeking out investors or other loans. The news source said that looking ahead is still supremely valuable, because it can act as the skeleton for the entire company. Plus, a formal business plan sets progress checkpoints, so workers can use the document to check up and see where they are and what metrics they should be hitting at any time.
Do your research When starting a new plan, a good amount of studying needs to be done. According to Canada Business Network, researching the target market, competitors, various overhead costs, and other factors needs to be done before coming up with a final draft. To find this data, take a look at case studies, government market research, economic statistics and information published by the Small Business Association, and other outlets. Just make sure to only consult with reputable sources.
Go through the motions Though this might make you feel like you’re back in school, brainstorming, researching, making an outline, writing a first draft, and opting for peer review are all important parts of the process of creating a plan. Canada Business Network explained that taking the time to sit down and complete each part as if it were a research paper—which, essentially, it is, just for the future of your own company—will make it much easier to write and allow the final copy to be detailed, which can only help the business.
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No, you don’t have to switch banks. Sage Payment Solutions is completely bank independent, so we can deposit funds into any U.S. or Canadian bank you currently use. Myth #2 Only my bank will be able to provide competitive credit card processing rates and services. Sage Payment Solutions is a direct merchant processing company. Most banks resell services from direct merchant processing companies. We process credit card transactions over one of the most commonly used platforms in North America and provide some of the most competitive rates in the industry. Because we are both a software and payments company, we can offer our customers the ability to process and record payments within their core Sage software, which is functionality that banks cannot provide. Sage customers get extra value while still benefiting from extremely competitive rates. Myth #3 As a merchant, I don’t need to be concerned about security; that’s something my bank will manage. Businesses or service providers that store, process, or transmit cardholder data must comply with the Payment Card Industry Data Security Standard (PCI DSS). As a merchant that accepts credit cards, you need to know that your merchant processing company is supporting your efforts to ensure your company is PCI compliant. At Sage, security is of paramount importance. Myth #4 It’s too difficult or expensive to have a payment system integrated with my core software. Sage has an out-of-the-box solution for payment integration at preferred rates when you sign up for a merchant account with Sage Payment Solutions. For more information visit NA.Sage.com/Sage-Payment-Solutions or contact us at 1-800-652-2370.
Who is your preferred payment provider? Click here.
September 2013
Make sure customer service is your central focus
Construction-specific software gives contractors the visibility needed to increase profitability
How many times have you vowed never to have dealings with a business again? We’ve all felt that way at least once—and usually it’s for a particular reason. Errors happen, employees don’t always understand our needs, and sometimes we can’t pay the way we want—maybe they don’t offer direct deposit.
With thin profit margins in construction, cost management on each project is absolutely critical for contractors. When a business is smaller, costs can be easier to track. But when a business grows, the complexity of tracking all the estimated, budgeted, and actual costs across multiple projects will definitely increase.
But you know what the killer usually is? Poor customer service. If you’re treated badly by an employee or don’t feel like you matter to the company at all, chances are you’re not going to go back, and you might even launch a complaint.
If you are a contractor and you use Sage 50 Accounting (formerly Sage Simply Accounting), it could be time to consider the benefits of a construction-specific solution. Did you know that Sage offers solutions to contractors needing more capabilities geared to the challenges found within construction? So how do you know if you are ready for construction-specific software?
Providing a great customer experience should be one of the most important things a company offers. All employees should know this, and everyone should be aware of the benefits that can emerge or the detriments if it falls to the wayside.
Treat them like people Consumers are people, not dollar signs, so make sure they never feel that way. Sure, at the end of the day, you’re in business for financial gain, and customers are technically a source of revenue, but they should never be treated as such. According to The Globe and Mail, it’s pretty easy to build personal relationships with customers—just talk to them, take an interest. This can be done anywhere—sales calls, social media, email and so on. In fact, the source said it’s usually easiest for small businesses to do this.
Nip bad employee behaviours in the bud But what if employees have already exhibited some questionable choices when dealing with customers? Retraining and holding regular seminars might be a good idea, as opposed to letting staff go. Financial Post reported that when changes have to occur, it’s best for leaders to make it clear why these behaviours have to shift immediately, as well as how the employees can take a leading role in implementing change. This can easily get people on board and yield excellent results for stores.
• Increased need for better information. You need timely information to run the business, but it can take too long to assemble the data located across different spreadsheets and systems. You can’t easily get to the full picture. • Available information is often outdated. Getting information sooner could help your team make better decisions and course-correct project issues and costs. • Mistakes are occurring. You transfer information from your accounting software to Microsoft Excel and vice versa, spending time and sometimes making mistakes. • Too much time spent looking for information. Your project information is located in many different places. Your team can spend too much time looking for information versus just analyzing and acting on it. • Project management is becoming increasingly challenging. There’s so much to track and manage: lien waivers, change orders, complex job costs, labor costs, subcontractor insurance, or other project documents. As your projects increase, so does your risk. • You need better service management. You need a more systematic approach for managing your service technicians, or tracking inventory or equipment. Sage 100 Contractor (formerly Sage Master Builder), integrates estimating, scheduling, job cost, project management, service management, and accounting into one centralized solution that the entire team can use. Designed for construction companies, it gives contractors the tools and visibility needed to move into stronger job performance and profitability. And now, new capabilities added this last June specifically support Canadian construction businesses.
Construction-specific software gives contractors the visibility needed to increase profitability (cont.) With deep industry experience, Sage has helped thousands of contractors implement new technology into their businesses. Here are some of the benefits that contractors have received from a construction-specific solution:
Take a break Sudoku Fill in the grid so that every row, column and 3X3 box contains the numbers 1 through 9.
• Stronger and earlier visibility. You can see the actual status of a job and its costs as the project progresses. • Increased confidence in their numbers. Construction processes are connected, financial and operational data is centralized, audit trails are stronger, and construction-specific reports are available to each team member. • Reduced errors and redundancy. With every aspect of the business tied together, you no longer need to use multiple, disconnected systems, like Microsoft Excel and Word, and can more effectively manage a business. • Stronger compliance. It handles governmental, union and other construction reporting requirements and other project complexities associated with owner, general contractor, and subcontractor relationships. • Better management of services, equipment, and materials. Service operations are handled with ease, whether you’re creating a work order, dispatching field technicians, managing a contract, tracking a warranty, or generating an invoice. • More effective communication. Communication between the office and the field is strengthened through Sage Construction Anywhere, a cloud-based solution. Job cost and payroll processes are also jump-started, as field employees can more quickly and easily provide time reporting using mobile phones and tablets.
Fun facts about accounting How to learn more
Fun Fact 1:
Interested in seeing if Sage 100 Contractor might be a good next step for your company? Visit www.Sage100Contractor.com, view a product demo, or contact us at 1-800-628-6583. We’d be happy to provide you with more information and pair you with a local, construction-focused business partner to discuss further.
Chicago crime boss Al Capone was finally brought down in 1931 by FBI accountants. Although believed responsible for crimes ranging from bootlegging to murder, Capone was ultimately arrested and convicted for income tax evasion.
Quote of the month “Today is your day, your mountain is waiting. So get on your way.” —Dr. Seuss
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Fun Fact 2: Celebrities who were among the ranks of accounting scholars before hitting the big time include: author John Grisham, Rolling Stones lead singer Mick Jagger, and singer Janet Jackson.
September 2013
Key contacts Customer sales: 1-888-261-9610 Inquire, purchase, or renew Sage 50 Accounting Product or Version upgrades Sage Business Care Add-on products and third-party services Training courses: 1-866-867-0674 Customer support: 1-888-522-2722 • One free support case within 60 days of product registration. • Technical support for customers currently on a Sage Business Care plan. • Pay-as-you-go (offered as required). Customer service: 1-888-222-8985 • Product updates (includes payroll updates) • Returns • Customer inquiries and complaints • Order follow-up • Credits and disputes • Student version registration • Issue payroll IDs to verified students • Remove customers from mail and call lists Key web resources: www.Sage50Accounting.ca http://Partners.SageNorthAmerica.com www.SageU.com
The material is for general information purposes only. As market conditions are always subject to change, the information contained herein shall not be interpreted as any commitment from Sage or as legal or financial advice. Please consult with a qualified legal or financial professional if you have questions about your specific circumstances. Sage makes no warranties, expressed or implied, in this material. ©2013 Sage Software Canada, Ltd. All rights reserved. Sage, the Sage logo, and Sage Simply Accounting are trademarks or registered trademarks of Sage Software, Inc. or its affiliated entities. All other trademarks are the property of their respective owners. SPK 13-03157 08/13 Sage Software Canada, Ltd. |13888 Wireless Way, Suite 120 Richmond, BC V6V 0A3