Digitalisation is speedily transforming numerous businesses more fundamentally than the business world has ever seen. Automating accounting processes gives businesses a competitive and effective edge in today’s fast-paced business landscape. Digitalisation not only boosts efficiency, but it also fastens decision-making resulting in customer satisfaction.
The accounting industry is undergoing a significant digital transformation, and businesses need to adapt and adopt cutting-edge technology to stay ahead. Palladium’s hosted suite of solutions are designed to help you navigate this shift and remain competitive.
The digital shift in accounting
The rise of cloud software, artificial intelligence, and automation is revolutionising the accounting industry. Eliminating mundane traditional accounting processes which are being replaced by digital automation solutions that offer greater efficiency, accuracy, and scalability.
Hosted solutions and its perks:
Palladium’s hosted solutions offer a wealth of benefits, including:
Team collaboration with real-time dashboard visibility
Improved data security and compliance
Scalability and cost-effectiveness
Real-time insights and analytics
How Palladium’s accounting offerings can scale performance
Palladium’s hosted solutions are designed to help businesses stay ahead in the digital shift. Our solutions include:
Hosted accounting software
Automated accounts receivable management
Real-time analytics and reporting
Collaboration tools for accountants and clients
Embracing technology and participating in digital transformation is no longer optional but necessary for real time insights, efficiency, improved data accuracy and reporting. The digital shift in accounting is inevitable, and businesses need to adapt to remain competitive and agile. Palladium’s hosted solutions offer the tools and expertise needed to stay ahead. Join the digital transformation and discover the benefits of hosted accounting with Palladium.
In the ever-evolving world of business, staying ahead of the curve is not just an aspiration—it’s a requirement for success. Navigating the business landscape demands not only strategic foresight but also the ability to respond swiftly to critical information. That’s where the Palladium Alerts comes in— an indispensable tool in ensuring efficient operations and informed decision-making.
Palladium Alerts: Your Guide to Informed Decisions
At its core, Palladium Alerts is more than just an add-on— it’s a powerful solution that empowers businesses to gain insights and take action across a spectrum of business domains. From sales and accounts receivable to procurement and inventory management, this comprehensive package is designed to ensure proactive and timely decision-making.
The Management Alerts bundle, a cornerstone of Palladium Alerts, offers a dynamic report of daily and month-to-date performance, helping businesses to identify trends, successes, and areas of improvement. This bundle includes a Sales Summary report that presents an in-depth overview of sales performance, enabling businesses to optimize their strategies for maximum impact.
Additionally, the alert notifications for credit notes generated and out-of-stock items on open sales orders ensure that businesses never miss a beat. Palladium Alerts can provide a weekly summary of income versus budget, which equips decision-makers with the tools they need to keep their financial targets on track. Furthermore, the system’s ability to provide notifications for customers nearing their credit limit aids in proactive credit management, avoiding potential business disruptions.
Sales and Accounts Receivable Alerts: Seamless Transactions, Satisfied Customers
Palladium Alerts’ value extends seamlessly to sales and accounts receivable. Timely communication is a crucial aspect of customer relations, and Palladium Alerts excels in this regard. Weekly notifications to customers about overdue accounts not only facilitates healthy cash flow but also fosters transparent communication. Automated sales reports, complete with year-on-year and target comparisons, empowers businesses to assess their performance against key metrics. Businesses can manage sales orders, quotes past their due dates, and outstanding proof of delivery documents, ensuring smooth transactions and efficient customer service.
Procurement is the backbone of operational success, and Palladium recognizes its importance. The Procurement Alerts bundle offers alerts for price discrepancies between Purchase Orders and supplier invoices, guaranteeing financial accuracy and accountability. An automated backorder report, based on due dates, aids in efficient inventory management.
Palladium Alerts goes even further by ensuring that businesses are always prepared. Automatic notifications are triggered when stock reaches minimum order levels, preventing supply disruptions. Furthermore, businesses can stay on top of procurement dynamics by receiving alerts on changes to last received costs and purchase requisitions that require approval.
Effective inventory management is pivotal for minimizing costs and optimizing efficiency. Palladium Alerts provides a summary of overdue internal requisitions, allowing businesses to prevent bottlenecks and delays. Businesses can prevent unnecessary expenses with alerts that notify staff when inventory is purchased despite sufficient quantities on hand.
At Palladium, we take profitability seriously… Our Alerts solution can send notifications to staff when inventory items are sold below a defined minimum margin, safeguarding profit margins. Additionally, notifications for pick ticket creation and impending inventory expiry dates empower warehouses to stay on top of their responsibilities.
Conclusion: Tailored Excellence with Custom Alerts
Not only does Palladium Alerts provide a predefined set of alerts; it recognizes that each business is unique. To cater to these distinctive needs, the package allows you to create custom alerts. This means that businesses can tailor the package to their bespoke requirements, ensuring that they receive the most relevant and impactful notifications.
In the dynamic landscape of business, success doesn’t just happen— it is achieved by having the correct processes, people and tools in place. Think of it as a music orchestra, if you will… Palladium Alerts serves as the conductor of this symphony, harmonizing real-time insights, strategic actions, and tailored solutions. By embracing Palladium Alerts, businesses are empowered to navigate challenges, seize opportunities, and realize their full potential. Start your journey towards success with Palladium Alerts—where customization meets efficiency, and where informed decisions shape the future.
Enhance Your Accounting System with Microsoft Azure Hosting
Dear Valued Clients and Business Partners,
We hope this message finds you in good health and high spirits. Today, we are delighted to present an exciting opportunity that has the potential to transform the way your organization handles accounting tasks. We invite you to explore the numerous benefits of migrating your accounting system database to Microsoft Azure Hosting. This move promises to significantly enhance your system’s performance, reliability, and security while empowering your team with seamless access to critical financial data. What’s more, pricing per user starts from an affordable R180, making it a cost-effective solution for businesses of all sizes.
Improved Performance: Swift and Efficient Data Processing
One of the most compelling reasons to consider migrating your accounting system database to Microsoft Azure Hosting is the improved performance it offers. Azure’s powerful infrastructure ensures faster data processing, allowing for swift and efficient access to critical financial information. No more dealing with frustratingly slow response times that hinder productivity and delay decision-making. Embrace a seamless accounting experience with Azure’s lightning-fast performance.
Enhanced Security: Safeguarding Your Sensitive Financial Data
Security is of paramount importance when it comes to financial data. Microsoft Azure is renowned for its top-notch security protocols, and migrating your accounting system to this platform ensures that your sensitive financial data is in safe hands. Azure provides industry-leading encryption, robust access controls, and continuous threat monitoring, giving you peace of mind and helping your organization comply with data protection regulations.
High Availability: Uninterrupted Access to Your Financial Data
Downtime can be costly and disruptive, especially when it comes to managing financial operations. With Azure’s global network of data centers, you can count on high availability and minimal downtime for your accounting system. This means you and your team can access your financial data 24/7, enabling seamless collaboration and uninterrupted work.
Scalability: Growing with Your Business
As your business expands, your data needs grow too. The flexibility and scalability of Microsoft Azure allow you to easily scale your database resources on-demand. Whether it’s a busy accounting period or significant growth in your organization, Azure ensures that you have the necessary capacity to accommodate increased workloads without compromising on performance.
Automated Backups: Protecting Against Data Loss
Data loss or system failure can be catastrophic for any organization, especially when it comes to financial data. With Azure, you can rest assured that your critical financial information is safe, thanks to automated and regular backups of your accounting database. In the event of any mishap, you can quickly restore your data and minimize downtime, preventing any potential financial losses.
Expert Guidance for a Smooth Transition
We understand that migrating your accounting system to a new platform might seem daunting, but our team of experienced professionals is here to guide you through the entire process. We are committed to ensuring a smooth and successful transition without interrupting your daily operations. From planning and data migration to implementation and support, we’ve got you covered every step of the way.
Conclusion
In conclusion, the opportunity to migrate your accounting system database to Microsoft Azure Hosting holds the promise of transforming your organization’s financial operations. With improved performance, enhanced security, high availability, scalability, and automated backups, Azure provides a comprehensive solution tailored to optimize your accounting system. Plus, with pricing per user starting from just R180 per month, it’s a cost-effective investment that suits businesses of all sizes.
Don’t miss out on this chance to revolutionize your accounting experience. Contact our team today to explore the potential of Microsoft Azure Hosting for your organization and take your accounting to new heights. Embrace the future of accounting technology with confidence and empower your team to achieve greater efficiency and success.
Customer Reference
“Migrating to Microsoft Azure Hosting has been a game-changer for us. The benefits we’ve experienced have transformed the way we handle our data. With faster data processing, we can now access critical information swiftly and efficiently, leading to better decision-making and improved productivity.” HJ Schoeman – Operations Manager
A need may exist for you to post a 100% tax adjustment. This would arise when the tax charged on a document is not a standard % of the line or document total. An example of where this would be used in South Africa is to cater for the VAT on the total value of the Imported Value of all the goods on the document. With this feature you can simply override the TAX value on the line item.
How Does This Feature Help Your Business?
This feature allows you to amend the tax and not have to post different transactions to cater for the additional Tax. This option is available on the Supplier Documents, Receipts and Payments Journal as well as the Standard General Ledger Journal function.
Feature Options:
Below is an example of a Supplier’s Invoice reflecting a line for Customs Tax. In the example, the Invoice total excluding Vat is R56,154.28 and the total Customs Vat for the Invoice is R38,857.00, totalling R95,011.28.
An example of how the transaction can be processed is shown below, where the total invoice amount excluding vat is processed on the first line. The next entry, the Price column is left at zero, the tax type selected then you would have to double click on the Tax column and manually enter the tax amount. The transaction is now in balance and the entire tax amount will go to the selected vat account.
The Journal Entry behind this transaction is shown below:
This document will assist you in understanding and setting up the Palladium Fixed Assets Module in the Palladium Enterprise Edition.
Overview
The Palladium Fixed Assets module allows you to manage 2 very distinct features. Firstly it allows you to manage and control your assets as required by legislation with the ability to process up to 5 depreciation calculations (commonly known as Asset Registers) per asset. Secondly, you can record all costs against your Assets, record the Usage per asset for a period, then run Efficiency reports per asset.
Setting Up the Assets Module
Before you start processing you need to first Setup the Assets Module. To do this you go to the Assets Module, in the maintenance section.
Creating Locations
The create location function allows you to assign locations to assets and transfer items across locations. This also facilitates the Asset count function.
Disposal Reasons
These reason codes could be Sold or Scrapped and assist in analysing your reasons for disposal.
Expense Types
These expense types relate to the recording of costs against an asset in order to assess the efficiency levels of an asset. This could be fuel costs in Litre or Service Fees etc.
Depreciation Methods
The depreciation methods are the different methods you use to depreciate your asset. These methods include:
Straight line method
Equal Allowance Method
Reducing Balance Method
Immediate Write off Method
No Depreciation Method
Variable % Method – this method will allow you to define the number of years over which to write down the asset with custom-defined percentages set per year (as seen in the screen below)
Asset Types
The Asset Types, or Groups is the way in which the respective assets are maintained in the Ledger Accounts as well as their common methods of depreciation.
We also cater for up to 5 different Depreciation Methods per asset each with the facility to report per Method, or Asset Register. Note that the Asset Registers (Depreciation Methods) can have their own custom name settings that can be found in the Control Panel >> Options >> Naming Conventions.
The Other Ledger Accounts such as, Asset Cost and Repairs & Maintenance are used during the Vendor Invoice Process function when Purchasing and allocating costs to assets.
Asset Master
This section contains all the information related to the individual Assets, split into the various tabs below.
General Tab
This tab contains all the General Information relating to the asset itself.
Purchase Information
This section allows you to set information such as the Purchase information as well as residual values that get used during the depreciation calculation. You can also revalue the assets at any time that will adjust the Depreciable Value dynamically.
Depreciation History
This section allows you to set the opening depreciation per Asset Register, as well as list and allow you to edit the various depreciation runs as seen below. Note that you can process a depreciation run 365 times a year if required.
Understanding the Depreciation Calculation and Take-On
When taking on an asset it is important not to get confused when using the Depreciate From date. This date is the date from which the asset needs to be depreciated from and is NOT to be confused with a Take-On date in Palladium. The only reason the Depreciate From Date would generally Differ from the Purchase Date would be when you Purchase Machinery that only gets commissioned and is put into Operation months later.
In terms of take-on – the ONLY value that needs to be updated is the Opening Depreciation as seen below.
From a Depreciation calculation point of view, The Depreciation calculated at the Date of the Depreciation Run will first calculate the Total Depreciation from the Depreciate FROM Date (and not the date of Purchase) to the Depreciation RUN date, then less the Accumulated Depreciation to date, Less the Take-On Depreciation. What this does is offer you the flexibility to run your Depreciation, Monthly, Annually or even Daily if you so wish.
Repairs and Maintenance
This feature allows you to capture Costs as well as records usage against the various Assets. This allows you to not only control costs, but you can also generate Asset Efficiency reports such as Km/L or Cost per Unit produced for machinery used in production.
Palladium also facilitates the ability to post these costs directly to the Assets from the Vendor processing screens below with the system Displaying all Assets linked to that specific Repairs and Maintenance Account that is used in the Asset Category setup.
Disposals
You can dispose of assets using Disposal reason codes for ease of reporting and analysis.
When taking on an asset it is important not to get confused when using the ‘Depreciate From’ date. This date is the date from which the asset needs to be depreciated from and is NOT to be confused with a ‘Take-On’ date in Palladium. The only reason the Depreciate From Date would generally differ from the Purchase Date would be when you purchase machinery that only gets commissioned and is put into operation months later.
In terms of take-on – the ONLY value that needs to be updated is the Opening Depreciation as seen below.
From a depreciation calculation point of view, The Depreciation calculated at the Date of the Depreciation Run will first calculate the Total Depreciation from the Depreciate FROM Date (and not the date of Purchase) to the Depreciation RUN date, then less the Accumulated Depreciation to date, Less the Take-On Depreciation. What this does is offer you the flexibility to run your depreciation, monthly, annually or even daily if you so wish.
To read the full article on Fixed Assets, click here.
