Udexx Outsourced Accounting2021-10-12T17:28:56-05:00

beancounter365.com

Outsourced Accounting and Tax Solution @ FIXED MONTHLY FEE

for

Small Medium Businesses

[ 1 <  > 50 Employees ]

and / or

Medium to Large Businesses with LOW transaction volumes

beancounter365.com

AUTOMATION starts at -

$11000 pm *
  • $ 1250 Annual Platform Services Subscription Required *
  • Machine Learning Activated
  • FREE – Data migration curr + prior yr*
  • Configuration + $ 950.00 * (Optional)
  • Training + $ 550.00 * (Optional)
  • FREE – Real time dashboards
  • Udexx Teamwork Support Desk *
  • Udexx Support Chat Line *
  • [ BUILD YOUR OWN SOLUTION ]
  • OR
  • [ DO IT YOURSELF ]

MONTHLY PLAN starts at -

$58000pm *
  • $1250 Annual Platform Services Subscription Required *
  • Machine Learning Activated
  • FREE – Data migration curr + prior yr*
  • FREE – Configuration & setup
  • FREE – User training
  • FREE – Real time dashboards
  • Daily Sales & Accounts Receivable
  • Daily purchase order processing
  • Daily Automated Bank feeds *
  • MONTHLY accounting updates
  • Integrated payment services *
  • Month-end close, Status of records
  • Monthly Management Reporting
  • Budget & Performance Management
  • MONTHLY accounting journals
  • MONTHLY Bank reconciliation ( all accounts)
  • MONTHLY Fixed asset register
  • Udexx Teamwork Support Desk *
  • FREE – Udexx Support Chat Line
  • FREE – UNLIMITED SUPPORT

WEEKLY PLAN starts at -

$77000pm *
  • $1250 Annual Platform Services Subscription Required *
  • Machine Learning Activated
  • FREE – Data migration curr + prior yr*
  • FREE – Configuration & setup
  • FREE – User training
  • FREE – Real time dashboards
  • Daily Sales & Accounts Receivable
  • Daily purchase order processing
  • Daily Automated Bank feeds *
  • WEEKLY accounting updates
  • Integrated payment services *
  • Month-end close, Status of records
  • Monthly Management Reporting
  • Budget & Performance Management
  • WEEKLY accounting journals
  • WEEKLY Bank reconciliation (all accounts)
  • WEEKLY Fixed asset register
  • Accounts payable automation (Premium)
  • 1099 Reporting
  • Udexx Teamwork Support Desk *
  • FREE – Udexx Support Chat Line
  • FREE – UNLIMITED SUPPORT

DAILY PLAN starts at -

$107000pm
  • $1250 Annual Platform Services Subscription Required *
  • Machine Learning Activated
  • FREE – Data migration curr + prior yr*
  • FREE – Configuration & setup
  • FREE – User training
  • FREE – Real time dashboards
  • Daily Sales & Accounts Receivable
  • Daily purchase order processing
  • Daily Automated Bank feeds *
  • REAL TIME accounting updates
  • Integrated payment services *
  • Month-end close, Status of records
  • Monthly Management Reporting
  • Budget & Performance Management
  • REAL TIME accounting journals
  • DAILY Bank reconciliation (all accounts)
  • WEEKLY Fixed asset register
  • Accounts payable automation (Premium)
  • 1099 Reporting
  • Specialty Reporting
  • Audit and Tax Readiness
  • Working papers
  • Udexx Teamwork Support Desk *
  • FREE – UNLIMITED SUPPORT
  • FREE – Udexx Support Chat Line

Terms and conditions

  • Udexx Outsourced Solution Pricing excludes:

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    • Integration of any applications
    • Data migration if not “Standard” and /or if more than two financial years (current and prior)
    • Costs related to “additional” Marketplace Apps deployed – other than the Apps included in the solution above
  • FREE data migration from QuickBooks to Xero available in the following regions: (Regions not included – a free quote will be provided

    • United States
    • United Kingdom and Ireland
  • Pricing for excess data migration and app integration will be provided upon completion of client discovery sessions

  • Data Migration approach:

    • Open items transfer beginning of prior financial year – Sales, Bills, Stock, Quotes, Purchase orders, Bank and cash
    • Opening GL balances transfer at beginning of prior financial year
    • Migrate all data – beginning of prior financial year to conversion date
  • Annual Platform Service Subscription a requirement:

    • Subscription to Udexx Platform Services is required to activate Udexx Outsourced Accounting Services
    • Subscripiton to Udexx Platform Services is payable annual in advance, and is additional to the monthly “Outsourced Service Fees”
    • Outsourced Service Fees is payable monthly in advance
  • Transaction volumes:

    • Automated and Managed Plans: Max < 550 Transactions “combined” per month
    • Optimal and Ultimate Plans: Max > 550 Transactions “combined” per month
    • “Combined transactions” volumes include:
      • Sales Invoices +
      • Vendor Bills +
      • Bank and General Ledger Transactions

Udexx Xero App Technical Specifications

  • Udexx Xero App is designed specifically for SME Businesses

  • Final pricing may vary from pricing in the table

  • The data in the table was obtained from public and internet records

  • Before you buy, please review the Udexx Xero “Standard” App Technical specifications

  • The Udexx Xero “Standard” App can be extended with integrations from Marketplace Apps

    • Number of users per organization? Unlimited
    • GL Tracking Categories? Max = 2
    • GL Tracking Category Options? Max = 100 per Tracking category
    • Vendor Bills per month? Max < 1 150 pm
    • Sales Invoices per month? Max < 1 150 pm
    • Bank and GL transactions per month? Max < 2 300 pm
    • Contacts *? Max < 10 000 over the lifetime of the organization
    • Fixed assets? Max < 500 registered fixed assets over the lifetime of the organization
    • Tracked inventory items? Max < 4 500 Tracked inventory items over the lifetime of the organization
    • Non-stock service items? Max < 100 000 Non-stock service items over the lifetime of the organization
    • Concurrent API calls? Max < 3 x Concurrent API calls
    • API calls possible per day? Max < every hour per day

Udexx Xero “Standard” App Technical Specifications

  • Udexx Xero App is designed specifically for SME Businesses

  • Final pricing may vary from pricing in the table

  • The data in the table was obtained from public and internet records

  • Before you buy, please review the Udexx Xero “Standard” App Technical specifications

  • The Udexx Xero “Standard” App can be extended with integrations from Marketplace Apps

    • Number of users per organization? Unlimited
    • GL Tracking Categories? Max 2
    • GL Tracking Category Options? Max 100 per Tracking category
    • Vendor Bills per month? 1 150 pm
    • Sales Invoices per month? 1 150 pm
    • Bank and GL transactions per month? 2 300 pm
    • Contacts *? Max < 10 000 over the lifetime of the organization
    • Fixed assets? Max < 500 registered fixed assets over the lifetime of the organization
    • Tracked inventory items? Max < 4 500 Tracked inventory items over the lifetime of the organization
    • Non-stock service items? Max < 100 000 Non-stock service items over the lifetime of the organization
    • Concurrent API calls? Max < 3 x concurrent API calls
    • API calls possible per day? Max < every hour per day
FAQ: beancounter365.com – The Solution “Components” Explained2021-10-07T13:49:35-05:00
To activate the automation components, an Annual Platform Services Subscription Fee of $ 1 250.00 (excluding sales tax or VAT) is required.
The components selected as part of the Pre-Defined Plans and/or included in the Automated Do-it-youself Plan are activated and integrated, and available for immediate use.
Data migration services for 2 years are included in the Annual Platform Services Fee and Plan Price for ALL “Automated” Plans – Current year and prior year.
Services required for additional data migration if more than 2 x years, are dependent on transaction volumes and complexity. Udexx will be able to supply a quote after an in-depth customer discovery work session.
Configuration and setup of the Organization and the accounting processes for use after data migration is included in the Plan Price where indicated – this could include e.g. changing the Chart of Accounts or Designing better reporting structures.
User training is included in the Price Plan where indicated (no additional costs for user training)
Real time dashboards are activated for all automated plans.
Since Sales or NFP Fund income accounting and account receivable management is critical – with Udexx pre-defined plans – processing of sales and accounts receivable payments are processed daily.
In case a Udexx Pre-defined plan is selected – The customer will be responsible for processing Sales invoices and Credit notes – Udexx will be responsible to monitor and execute processing of payments received on a daily basis. An age analysis will be available for review on a daily basis.
Customers can activate the procurement processes by processing Purchase Orders daily – with Udexx pre-defined plans, accounts payable processing using the relevant purchase order numbers created by the client – is automated.
Udexx and Xero bank feeds are designed to deliver bank statements on a daily basis automated. Processing of said bank statement transactions do not have to be executed daily – it can be delayed to weekly or monthly processing.
With the automation activated – after the first 2 or 3 months of machine learning, general ledger transactions are proposed for automation.
Weekly accounting updates – weekly management accounts to customers with weekly bank reconciliations and status of records procedures.
The accounting framework can be integrated with the customer PayPal account and Stripe, for card payment processing as part of the Sales invoicing and accounts receivable business processes. This ensure quicker payment cycles by customers and better cash flows.
Best practise Month-end reconciliation and Status record procedures are performed before month-end close. Official month-end close once the client has signed off on the management accounts circulated.
A structured set of management accounts – as defined by the client and/or auditors – are published and reported on monthly.
Two Budget versions received from clients are imported into the accounting records and reported against on a monthly basis.
The Business performance dashboard is activated to measure all KPI’s of the business, and to highlight and initiate corrective actions where required in the business.
Daily accounting & journals – Daily accounting and update of the accounting records – Daily bank reconciliations.

Daily Bank reconciliation (all accounts)

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The premium version automation of the accounts payable function is activated. Documents supplied by suppliers providing invoices and statements are routed through a document hub and are processed in an automated manner using OCR technology. The process is designed with various entry points and check points –  final verification and approval by the client is required.
All supplier documents are filed electronically in a central location off-site. This function includes a monthly supplier contacts database cleanup and re-organization with the client assistance.
1099 Reporting – Activating the automation of all 1099 payments and receipts for reporting to the IRS.
Activating Spend Management and Purchase Approval workflows functionality for electronic approval of all spend and purchases. The work flow rules are implemented using the business approved delegation of authorities. In case an approved delegation and authorities document is not in place, Udexx will assist the client to create and approve said document.
Custom Reports required by the Customer – no additional costs to deploy.
Included in the month-end processes – Udexx include a formal review for the business audit and tax readiness. Reports and advice are provided to clients to initiate any corrective actions.
Additional software functionality is activated to extract data from the accounting solution in formats required by the IRS and the Auditors for purposes of audit and tax readiness, and to also assist with time savings in the preparation of Annual Financial Statements and Tax return submission.
Clients gain access to a CFO Advisory chat line about their specific industry and business, and related business processes.
The Udexx Customer Success Support desk is available for all “automated platform” clients. The accounting solution has a 24/7 support desk. This 24/7 support desk is augmented with a Hot Desk support – Monday to Friday from 07:00 am to 6:00 pm CDT – using a Teamwork Support Ticket system.
Apart from the 24/7 support desk, the Hot Desk ticketing system during business hours Monday to Friday – clients also have access to a support chat line (mainly for “How to questions”) during the same Hot Desk business hours.
FAQ: beancounter365.com – The “Solution” Explained2021-10-07T13:49:41-05:00
The Udexx SMB Outsourced Accounting Solution is built on the Xero cloud platform, and includes certain “built-in” and “optional” automation components.
The solution has as an objective the deployment of automation technology to save customers time and money, having full visibility of fixed fee costs into the future, creating a short time to value and predictability.
Three (3) plans are available for traditional do-it-yourself manual accounting processes.
One (1) plan is available as a combination of traditional and automated accounting processes.
Three (3) plans are available for outsourced automated accounting processes.
A customer can effectively choose from 7 x Plans: Early, Growth, Established, Automated, Managed, Optimum, Ultimate. Each plan includes progressively more automation components. A summary explanation of each plan is provided below.
DO IT YOURSELF MANUAL ACCOUNTING PLANS:  Subscribe to the software and “do it yourself”
  • EARLY PLAN – Limited transactions – No automation – No Udexx services included – No Annual Platform Services fee payable [ $ 9.00 p m
  • GROWTH PLAN – No transaction limits (within product specifications), extensive Accounting and Reporting functionality – No automation – no Udexx services – No Annual Platform Services fee payable [ $ 30.00 p m ]
  • ESTABLISHED PLAN – Same as “Growth Plan” + Projects and Multi-currency accounting – No automation – No Udexx services – No Annual Platform Services fee payable [ $ 60.00 p m ]
DO IT YOURSELF ACCOUNTING AUTOMATION PLAN: Subscribe to the automation platform and choose the components required
  • AUTOMATED PLAN – Full product functionality available (within product specifications) – Automation activated – No Udexx services included – the customer has a choice of solution components and Udexx service levels required – Payment of the annual platform services subscription is a requirement
UDEXX OUTSOURCED ACCOUNTING AUTOMATION PLANS: Automated Outsourced Accounting Solution
  • MANAGED PLAN – “Pre-defined WEEKLY accounting plan” – include basis solution components, includes Udexx Outsourced Accounting Services to a maximum of 550 transactions a month combined – weekly transaction updates and reconciliations. Payment of the annual platform services fee is a requirement
  • OPTIMAL PLAN – “Pre-defined DAILY accounting plan” – include additional solution components, includes Udexx Outsourced Accounting Services for the maximum transactions possible – daily transaction and reconciliation updates and reconciliations. Includes Accounts payable automation. Payment of the annual platform services fee is a requirement
  • ULTIMATE PLAN – “Pre-defined DAILY accounting plan + CFO ADVISORY” – include more additional solution components, includes Udexx Outsourced Accounting Services for the maximum transactions possible – daily transaction and reconciliation updates and reconciliations. Includes Accounts payable automation. Payment of the annual platform services fee is a requirement
It is a FIXED FEE solution. No time and material service costs.
An Annual Platform Services Subscription of $ 1 250 is required to activate the automated components.
Outsourced Services and/or Consulting Fees are payable monthly in advance.
Solution Objective (1) – Use automation technology to save customers material overhead costs
Solution Objective (2) – Customer business growth, without an increase in employee numbers
DO IT YOURSELF MANUAL ACCOUNTING PLANS:
  • EARLY PLAN – Limited transactions, no automation, no services, annual fee not payable [ $ 9.00 p m ]
  • GROWTH PLAN – No transaction limits (within product specifications), full Accounting and Reporting functionality – no automation – no Udexx services – annual platform services fee not payable [ $ 30.00 p m ]
  • ESTABLISHED PLAN – Same as “Growth Plan” + Projects and Multi-currency accounting functionality – no automation – no Udexx services – annual platform services fee not payable [ $ 60.00 p m ]
DO IT YOURSELF “ACCOUNTING AUTOMATION” PLAN:
  • AUTOMATED PLAN – Full product functionality available (within product specifications) – automation activated – no services included – the customer has a choice of solution components and Udexx service levels required – payment of the annual platform services fee is a requirement
  • Price will be determined by the components the customer select – Quote will be provided
UDEXX OUTSOURCED ACCOUNTING AUTOMATION PLANS:
  • MANAGED PLAN – “Pre-defined WEEKLY accounting plan” – include basis solution components, includes Udexx Outsourced Accounting Services to a maximum of 550 transactions a month combined – weekly transaction updates and reconciliations. Payment of the annual platform services fee is a requirement [ $ 770.00 per month fixed fee ]
  • OPTIMAL PLAN – “Pre-defined DAILY accounting plan” – include additional solution components, includes Udexx Outsourced Accounting Services for the maximum transactions possible – daily transaction and reconciliation updates and reconciliations. Includes Accounts payable automation. Payment of the annual platform services fee is a requirement [ $ 970.00 per month fixed fee ]
  • ULTIMATE PLAN – “Pre-defined DAILY accounting plan + CFO ADVISORY” – include more additional solution components, includes Udexx Outsourced Accounting Services for the maximum transactions possible – daily transaction and reconciliation updates and reconciliations. Includes Accounts payable automation. Payment of the annual platform services fee is a requirement [ $ 1 470.00 per month fixed fee ]

FAQ: Udexx Outsourced Accounting Solution “Components”

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FAQ: beancounter365.com – How to convert from QuickBooks to Xero – It’s FREE2021-10-07T13:49:47-05:00
  • The Udexx free conversion service (in the automated platform only) moves your data from QuickBooks to Xero and sets up a Xero organization for you.

    Warning

    You can’t add your Quickbooks data to an existing Xero organization. You’ll need to create a new organization before you can upload your file to Xero.
There are a couple of ways to convert from QuickBooks to Xero. The method you use will depend on the QuickBooks version you’re converting, and where the business is based.
  • If you’re ready to start using Xero for your US business, use Xero’s free conversion and organization setup.
  • If your business is outside the US, or are converting from another QuickBooks version, Udexx will be able to assist you with a quote after a required client discovery work session.
To convert from QuickBooks to Xero yourself, add the name of your US business to Xero, then upload your QuickBooks file. We’ll convert the file’s data into Xero and set up your organization for you.
Conversion and organization setup typically happens in 3 hours, but may take up to a few business days (depending on how much data you’re converting).
We can convert your QuickBooks file if it meets these criteria:
  • US editions of QuickBooks, version 2007 or newer.
  • QuickBooks files with one currency. Check that multi-currency in QuickBooks (Intuit website) has never been turned on.
  • Data for the current fiscal year, and the previous fiscal year if QuickBooks holds this data.
You can convert data from earlier fiscal years, Udexx will provide you with a quote.
Now that you have checked we can convert your QuickBooks file, prepare your QuickBooks accounts.

Necessary preparation

  • Tidy up QuickBooks data – If you need to do accounting work to tidy up the file, do it before you convert to Xero. For example, make sure you have fully reconciled all bank accounts and applied open credits to the correct invoices or bills.
  • Ensure maximum of 699 accounts in the chart of accounts (including inactive accounts) – If the chart of accounts has more that 699 accounts, you’ll need to remove some. Do this by merging duplicate accounts and deleting inactive accounts. (Make sure you select the Include inactive checkbox in your chart of accounts to list active and inactive accounts.)
  • Turn on account numbers – Account numbers in QuickBooks convert to account codes in Xero. Xero requires account codes.

Consider these tasks also

  • Add account numbers to unnumbered accounts in your chart of accounts – If you leave any accounts unnumbered, we’ll assign them a number (based on the US GAAP numbering system).
  • Renumber sub-accounts – For example, if the master account is numbered 6000, renumber sub-accounts to 6000.10, 6000.20 and so on.
Save your file as QBB, QBW or QBXML format. Your file size must be less than 1GB.
If you’re using QuickBooks Online, convert the file to a QBXML format:
  1. Log in to QB Online Edition as the administrator using Windows IE 10 (or newer).
  2. Click the Settings icon, select Export Data, then click Learn More.
  3. Click Download company data, then click Get Started.
  4. On the Prepare to export screen, complete steps 1 and 2, then click Continue.
  5. Select All financial data, then click Continue.
  6. When the download is ready, enter the name and email address for the notification, then click Close.
  7. When you receive a notification in Tasks on your dashboard, in the Tasks panel, click Take Action.
  8. Select I’m creating a local copy to keep on my computer and download your file to an external hard drive or flash drive.
If the file type isn’t showing as a QBXML file type, you need to rename the file and add .qbxml as the file extension.
If you’re using QuickBooks for Mac, convert the file to Windows. In QuickBooks, choose File, then Back up to QuickBooks for Windows.

Warning

You can’t add your Quickbooks data to an existing Xero organization. You’ll need to create a new organization before you can upload your file to Xero.

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  1. Sign up for a Xero account.
  2. Add a new organization.
  3. Enter the name of your organization, then select the country where the organization pays taxes. Click Want to convert your QuickBooks data for free?.
  4.  Tick Yes, convert my QuickBooks data.
  5. Click Continue.
  6. Click Choose File, then navigate to and select the QuickBooks file saved to your computer.
    The QuickBooks file conversion screen and Choose file button.
  7. If the file has a password, enter the:
    • QuickBooks Administrator Username
    • QuickBooks Administrator Password
    We won’t be able to convert the file if you enter the username and password of someone who doesn’t hold the QuickBooks Administrator role.
    Intuit QuickBooks Learn & Support (Intuit website)
  8. Read the Terms of Use and select the checkbox to confirm this.
  9. Click Continue. Your QuickBooks file will now start uploading.
If an error displays during conversion or if you just want to keep an eye on progress, you can view progress and fix errors in a QuickBooks to Xero conversion.
Keep an eye on progress as you convert files for your company from QuickBooks to Xero while using Xero’s electronic conversion process. If there are any issues during conversion an error may display immediately, or while we convert the file and set up the organization.
  1. Click on the organization name, then select My Xero.
  2. Under Conversions, view the progress of your conversion.
  3. If a conversion error displays, click Fix errors for information about the error and which steps you need to take to fix it.
    A QuickBooks file to Xero conversion error.
After you have become the subscriber, review the converted data.
When you have completed your QuickBooks to Xero conversion, it’s important that you don’t change the Conversion Balances and Conversion Date.
Also avoid removing any converted transactions from your organization unless the Xero CX team asks you to do this. Changes to this data can cause discrepancies in future reporting and account balances.
Check bank, credit card and PayPal accounts are reconciled as they were in QuickBooks
Any transactions that you manually reconciled in QuickBooks will convert as unreconciled in Xero. Transactions missing information, such as the contact name, will also convert as unreconciled.
You will need to reconcile transactions in Xero that were reconciled in QuickBooks.

Check account balances in Xero match account balances in QuickBooks

We suggest you run a full trial balance in both Xero and QuickBooks for the end of the current month, and then compare the balances.

Find and fix unidentified invoices and bills

Sometimes converted invoices and bills lose details during conversion. When this happens, the invoices and bills display under the contact name ‘No Contact’ in Xero.
  1. In Xero, run the aged payables and aged receivables detail reports as at the end of the current month.
  2. If there are aged payables or aged receivables for ‘No Contact’, run the same aged report in QuickBooks to compare the data.
  3. Enter bills and invoices in Xero (so your aged payables and aged receivables reports in Xero match your QuickBooks reports).
    • Use the correct contact details.
    • Date your invoices and bills using the date before the conversion date.
    • Code your invoices and bills to a clearing account.
  4. Create matching credit notes for ‘No Contact’. Code the credit notes to your clearing account to reverse the ‘No Contact’ balance.
    Add a credit note from a bill
    Add a credit note from an invoice
  5. Run the Balance Sheet to check the clearing account balance is zero.
You may also see invoices and bills that were paid in Quickbooks, but now show as awaiting payment in Xero. In this case, payments will need to be applied again, and reconciled.

Find unallocated credit notes in Xero that were cleared in QuickBooks

Cleared credit notes in QuickBooks may convert into awaiting payment credit notes in Xero.
If you do see this, find any awaiting payment credit notes and apply them to the matching invoice or bill, or apply a cash refund.
Find and apply unallocated credit notes to invoices
Find and apply unallocated credit notes to bills
Record a cash refund for customers or suppliers
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