2015 Innovation Award Nominee: Pendock Mallorn – Accounting for Practitioners

Four versions of Accounting For Practitioners (AFP) are available: Premium, Link, Express and Light; each is tailored to meet each CPA’s specific needs. If the practice is tax only with a few compilations, then the Light version would be the choice at $199. If it’s primarily compilations with a few tax only clients, then Express at $399 is recommended. If the practice includes all levels of assurance as well as tax only clients, then the Premium version at $799 is recommended.

Finally, for the practitioner who prefers to produce their financial statements in Word, our Link version at $599 is recommended. The features of each version are shown on our website at www.pendock.com. Dung the last six months improvements have been made to the journal entry form, new online training videos can be accessed directly from AFP, and consolidation and foreign exchange restatement worksheets have been added. We’ve also added automatic statement rounding and more statement formatting options. Additional training videos will be added within the next six weeks.

Features: AFP is Excel-based and runs in Excel versions 2007 and higher. Practitioners can use as little or as many of the features in AFP as required. Each version of AFP includes unlimited toll-free support as well as complimentary training videos that can be accessed directly from AFP’s menu or at www.PendockTraining.com. AFP can import a trial balance from any accounting software that can export to Excel. Journal entry types include: Adjusting/normal, tax, recurring, reversing, rounding, reclassifying, potential and other basis. Rounding and reclassifying entries are automatic – after prompting for permission. When in write-up mode, check, deposit and sales journals are displayed. Lead sheets are automatically created and as much commentary and analysis as required can be entered on each.

Scanned images can be linked to their related lead sheet. Pre-built financial statements are automatically prepared; accounts can be added where needed and automatically suppressed when both years have zero balances. There are numerous formatting options including font selection, headings alignment and under lining. Printing involves nothing more than selecting “Print” from the AFP menu. Statements can be printed to a pdf file or hard copy. As many notes as required can be added to the notes library. Notes are selected for transfer to the financial statements by assigning a note number. Foreign exchange restatement involves nothing more than entering the exchange rate. An unlimited number of companies can be consolidated (up to 4,000). Enter eliminating entries and you’re done.

Up to six client journals can be imported and analyzed. Ratios analysis is automatic; the trend analysis feature will create a trend based on the four years prior to the current year. It will also create a trend for the coming year based on up to five prior years of data. Both can be useful in assurance engagements as well as value-added reports. Rolling the file forward to the next year is a fully automatic process. The Light and Express versions are licensed for up to five users in the same firm and same office; Link and Premium are licensed for up to 15 users in the same firm and office.

Click here to see all of the other nominees for the 2015 Innovation Awards.