Top 10 Financial Accounting Mandates

Today's guidelines for financial reporting call for the highest possible level of accuracy, speed, and competency. Here are the top ways to meet the demands of a new reporting era, and how Microsoft and i.t.works can help:

1. Guarantee corporate integrity by ensuring consistency with numbers and transparency across the organization. This includes finding ways to facilitate the gathering and reporting of accurate information.

2. Promote greater collaboration and communication among different departments, putting an end to the "silo" mentality that keeps data in separate places and prevents applications - and people - from sharing up-to-date information.

3. Increase business insight inside the company, so virtually any employee can identify a mistake or questionable activity before it becomes a major issue.

4. Provide better information management by enusuring that everyone involved in the company's governance processes is knowledgeable and informed. This includes enhancing the board's understanding of how the company reports financials (that is, what the numbers mean and what metrics are supported by the numbers).

5. Empower your employees with a heightenend responsibility for detecting and correcting financial reporting anomalies, inaccuracies, and omissions.

6. Improve relationships with investors by providing a better picture of non-financial performance in areas such as productivity levels, operational quality, overhead, customer satisfaction and loyalty, work-force loyalty, the level of innovation within the company, the value of its brand names, and more. Ideally, CFO's will gain greater business insight into what interested parties really want to know and then articulate that information to them, helping to build credibility while maintaining control over strategic information.

7. Install a tighter system of checks and balances to reduce the chance of errors. Maintain accuracy and integrity in an environment where shared responsibilty requires additional controls.

8. Empower budget-makers with technological tools that help increase their budgeting/forecasting accuracy.

9. Implement financial software to help strengthen controls within business units.

10. Improve collaboration with investors by communicating consistently and frequently.

visit us at http://www.thinkitworks.com

i.t.works would like to introduce you to Anthony Gingrich

We would like to welcome Anthony Gingrich to the staff of i.t.works. Anthony comes to us from Service Management Group where he served as a development team leader. While at SMG he was involved in a long-term business system solution catered towards restaurant equipment service industries, such as Midwest Food Equipment Service and CFESA (Commercial Food Equipment Service Association). Anthony specializes in C#, Visual Basic.Net, and MS SQL Server 05 and 08. He is also experienced in PHP (5.0+), ASP.Net, and web development using JavaScript and CSS.

Anthony majored in Computer Information Systems Technology at JCJC, and his emphasis was on software development in the .Net Framework. He is currently working towards earning his MSCPD (Microsoft Certified Professional Developer) certification.

Anthony is a very proud husband and father of one (soon to be two), and enjoys his weekends fishing with his son.

You may reach Anthony at anthony@thinkitworks.com. Please feel free to reach out and introduce yourself and welcome him to our staff.

iPhone and BlackBerry Engage in App-to-App Combat

iPhone maker Apple and BlackBerry vendor Research in Motion are exchanging high-caliber bursts in the form of tantalizing new mobile applications in their desperate efforts to woo new users. Recent figures show that underdog BlackBerry is not just making it a close fight, but could emerge victorious.

When Apple launched the iPhone, most observers saw it as a purely consumer device that would never get traction in the enterprise because it lacked adequate security features, didn’t have native integration with business email servers and didn’t host applications needed by executives and so-called knowledge workers to perform their functions on the go.

It seemed likewise unlikely that business users would carry two devices, so it seemed a forgone conclusion that the iPhone would be the province of stay-at-home professionals, college students and tweens lucky enough to have parents willing to spend upwards of $500 for what amounted to little more than a toy.

Fast-forward two years, and the iPhone supports Microsoft Exchange and IBM Domino, the two most dominant enterprise email servers, and business applications galore. Moreover, IT professionals underestimated the pressure they would be under from gadget-addicted c-level executives to connect their iPhones to the corporate firewall. Think Obama was obstinate about keeping his BlackBerry? That was nothing compared to the passion of business executives for the iPhone, which turns out to have appeal far beyond expectations. You have to wonder whether the same observers — Gartner in particular — who in 2007 dismissed the iPhone as an enterprise tool changed their tune in 2008 because they were truly convinced, or if they saw themselves being overtaken by the tide of history.

BlackBerry was slow to respond, but respond it has, first with an app store much like iTunes, with music to boot, and then with an increasing variety of new handsets that mimicked the iPhone pretty closely, down to the touchscreen. In fact, BlackBerry was criticized for the Storm because it ditched the familiar trackball navigation in favor of a clumsy version of the touchscreen, but promises the next version will be better. In the meantime, it is continuing to roll out the red carpet for developers to create yet more applications, including one that supports the mother of all consumer applications, Twitter.

The iPhone also has become more hospitable territory for business, as illustrated by recent support for the iPhone from database vendor FileMaker and enterprise software vendor Citrix, which makes software that allows customers to use desktop applications remotely.

In the final analysis, though, BlackBerry has an advantage that iPhone will find difficult to overcome: it doesn’t have an albatross named AT&T. Yes, you can get a BlackBerry on the AT&T network, but you can also get one on just about any network you choose in the U.S., including Verizon, which is reputed to have the most reach. BlackBerry also has a head start over iPhone in terms of integrated business applications like expense approval technology from IBM and SAP, but that advantage may be short-lived.

This is why Apple is surely planning to roll out a larger, more robust version of the iPhone that can replace many laptops. Apple COO Tim Cook may have recently disparaged netbooks as inelegant and feature-poor, but he may have simply been doing that so he could introduce a new device in the near future while saying, “see, this is how it’s done.”

The Coming Regulation Revelation: Why Microsoft Dynamics GP and SL Users Should Be Well Prepared

Use the words "Madoff," "economic meltdown," and "new Administration" in one sentence, then try to convince somebody that increased accounting regulation isn't coming.

Of course there will be abundant new initiatives to keep tabs on, and control of, company finances. What we don't know is precisely how increased regulation will impact our corporate books-or how soon.

Such entities as the Securities and Exchange Commission and Public Company Accounting Oversight Board will be front and center in the effort to ramp up regulation. Expected outcomes tied to the incoming Obama Administration include increased scrutiny of financial institutions coupled with more strict accounting procedures.

Recently-heard political rhetoric offers more than hints at what's coming. Such comments as "outdated and weak regulatory system," and "failure of regulators to adequately police the markets" no doubt will set the tone of efforts that ultimately will ramp up reporting and tracking requirements of companies throughout the country.

This scenario makes an extremely strong case for preventive medicine-in the form of accounting software with the power and resources to stay on top of expected regulations. In turn, this will help prevent SMBs nationwide from being crushed beneath the weight of new measures as they are enacted.

Users of Microsoft Dynamics® products--in particular, Dynamics GP and SL--should be prepared to meet challenges posed by increasing accounting regulation. Among the ways this robust accounting software will help in the coming days are:

1. Putting into place stronger processes and procedures that will make compliance with new regulations more of a natural outgrowth of existing systems, versus having to rework and refine accounting systems to place them into compliance.

Think of this in terms of the taxpayer informed of a pending audit. A company that has kept its books up to date and accurate can, in essence, hand over complete records. Otherwise, work hours-and costs-pile up trying to put together the necessary after-the-fact information for the audit. Besides the direct cost of these hours, there's the consequent disruption of normal work routines, which also can prove very costly. By using such Microsoft Dynamics components as SmartView in Audit Trails, a company can keep compliance reviews efficient and cost-effective.

2. Instilling confidence by virtue of its reputation for accuracy and reliability. Who do you think an auditor or regulator will have the most confidence in: a company providing hand-scrawled financials, an enterprise using entry-level software, or a company that has made a serious, substantial commitment to accounting excellence? Obviously, this confidence translates into less confrontation when facing an audit or regulatory review.

3. Providing comprehensive documentation and security. Microsoft Dynamics enables companies to implement highly-complex security protection, develop complete audit trails, track changes and approvals, and safeguard against errors with sophisticated control processes.

4. Ensuring seamless connection with other Microsoft applications to create consistent, smooth communication of information and data. This heightens ability to share information with those possessing adequate security clearance, and lessens chances of data losses that sometimes occur in transit from one application to another.

5. Providing automated compliance processes and procedures. Such programs as Analytical Accounting for Microsoft Dynamics help keep companies in the know about compliance issues.

6. Offering a regular stream of information and alert updates. Role-tailored alerts, SmartList, and Key Performance Indicators all help propagate up-to-date information to everyone authorized to see it, and dependent upon it for compliance excellence.

Re-regulation is coming big time. Get your ducks in a row now, so you don't have to duck when regulators and auditors take aim down the road.

Free CustomerSource Webcast

Would you like to see what CustomerSource can do you for you? Microsoft Dynamics CustomerSource is a password-protected site for customers using Microsoft Dynamics products, provided as a benefit of a service plan. Use it to search the Knowledge Base, download updates, view online training, and find other information resources virtually 24 hours a day. To learn more about how CustomerSource can help you save your business money view the online webcast recording presented by Arlin Fisher, Senior Product Manager –Microsoft Corporation. (Duration: 60 min)

Webcast Agenda:

• Self-help tools
• Product updates and downloads
• Training and support services
• Business news
• Community information

If you are a looking for a quick tour of CustomerSource, you can view our online demo.

CustomerSource is one of the many benefits of a service plan. Click here to send me a request for more information on CusomerSource.

Thanks

Russell Yearwood

i.t.works

www.thinkitworks.com

601-264-0969 ext 112

CONSUMERS IMPACT ON BRANDING

PepsiCo, producer of Tropicana Pure Premium orange juice, recently replaced their iconic packaging (the orange with the straw) with a glass of orange juice. While a seemingly small change in the company’s brand, loyal Tropicana orange juice drinkers immediately responded and expressed their disdain for the new packaging. They emailed, tweeted, blogged etc, their complaints with the new logo. In effort to appease their angered consumer base, PepsiCo quickly reverted to the old logo.

The Tropicana orange juice debacle clearly illustrates how important it is for companies to involve their existing consumer base in brand -related decisions. Rather than being retroactive by changing the product after the backlash, Tropicana should have taken into account the opinion of the buyer. In doing so, Tropicana would have not only avoided the backlash but also established a stronger relationship with customers.

While, Tropicana solicited professional logo design advice, in the end it was the customer who had the last say. By hearing and responding, Tropicana did ease upset customers. However; had they involved their loyal customers in the process in the first place, the whole situation could have been avoided.

The reason I wanted to send this to our clients is simply this: We are not our brand-our customers are. Without you, we’re nothing. So, if there is something that you would like to see changed, or just something that you would simply like to voice, please let us know. We are hear to listen, and to help.

Now's the Time To Improve Productivity

There’s little you can do to solve our world’s financial woes. So why not focus your effort on something you can control – making your organization more efficient and productive in a tough economic environment. Our Q1 2008 newsletter introduced the Dynamics SL Business Portal and how it could be used to organize and access information from anywhere at any time. In this issue, we’d like to expand on this topic a bit and explore ways to reduce IT costs and improve efficiency.

Your Portal to Efficiency
The Dynamics SL Business Portal is a collection of predefined, Web‐based pages that interact directly with Dynamics SL data. Samples of preconfigured pages include time and expense entry, purchase requests, and employee self‐service. The Business Portal is built on Microsoft Office SharePoint Server (“SharePoint”) technology. As such, its utility extends beyond your Dynamics SL system. SharePoint can act as a central repository that manages all of your organization’s documents, allow you to collaborate with others inside and outside your organization, and automate many common business processes. SharePoint also reduces IT administration expense as it provides web‐based access to Dynamics SL, eliminating the need to load software (and subsequent updates) on every user’s workstation.

One View, One Set of Project Documents
SharePoint is a great tool for managing project documents. Think of the productivity gains you’ll experience by merely clicking on a Dynamics SL project and accessing a centralized library containing related consulting contracts, statements of work, change orders, project plans, status reports, and project meeting minutes. No more wasted time digging through file cabinets or searching the network for misplaced documents. Project data from Dynamics SL can be combined with other important sources of information including spreadsheets, graphs, and notes. Perhaps best of all, everyone is working from the same SharePoint portal so your project team is always working with the most recent documents.

Improving Communication
With project calendars, team member information, announcements, and meeting notes all centrally located and available over the Web, SharePoint significantly improves communication within your team. What’s more, you can extend SharePoint technology to your customers. With appropriate security, they can access important project information online and reduce the time your staff spends responding to project status inquiries. You can even include a process for your customers to view and approve your invoices online which will speed‐up payment and improve cash flow.

Who’s Managing This Project?
With a multitude of graphs, tables and even “green/yellow/red” conditional alerts, Project Managers can use Dynamics SL Business Portal and SharePoint technology to track key performance indicators (KPI’s) such as staff utilization, project milestones, and actual vs. budgeted project expenses. Share‐Point can also be used to automate time consuming, manual processes like approving change orders.