2012 Review of Micronetics Accounting Xpert Enterprise Edition

Strengths:

• Supports consolidated and multi-division entities
• Reporting across any time period/years
• Good reporting and financials customization, export options
• Strong support for multi-location entities

Potential Limitations:

• No web-based integrations

Micronetics Accounting Xpert Enterprise Edition is specifically designed for accounting firms managing write-up, reconciliation and other accounting services for client bases that can range from smaller entities to mid-sized and larger businesses. The company has been developing software for more than 30 years, and recently released a major update to their flagship write-up system, which includes enhanced navigation, reporting, data entry and journal posting options. The vendor also added secure client portals and remote access via web and mobile devices.

Basic System Functions: 4.5 Stars
Accounting Xpert Enterprise is an all-in-one system that includes full GL, AR and AP, bank reconciliation, financials reporting, inventory, purchase orders and sales modules, plus built-in live and after-the-fact payroll and wage reporting. The only add-on program is the optional checkbook system.

The program opens into a main interface home screen that offers a left-hand menu like the one in Outlook, showing the core modules and program areas. The screen only shows the clients, modules and functions that a particular user has been given access to, with very specific security settings. The system also has drop-down navigation menus at the top of the screen. Users can customize personal reminders, or set general system scheduling alerts.

Setup of client charts of accounts and information takes place on easy to understand entry forms, and Xpert offers industry-based templates for charts, as well as the ability to either create custom account structures from scratch or to copy setting of existing clients. The program can also import client data files from QuickBooks, with automatic creation of an identical chart of accounts.

The program includes dashboard views of key client business information, with the ability to drill down from either the dashboard or reports into transaction-level information. The system can be used by any number of staff (with appropriate licensing), and can handle any number business clients, including those with consolidated reporting, multiple locations and multi-state employees.

In addition to the traditional installed version, Micronetics now also offers the Accounting Xpert system as a hosted solution. This allows firm users to have anywhere/anytime access to the system, while all of the program installation, updates and other IT issues are managed b the vendor. This also can ensure that data is always backed up and retrievable.

Core Write-Up Features 4.75 Stars
The primary write-up functions in Accounting Xpert include a broad set of GL and journal management tools, including creation of up to 9,999 schedules per company, such as traditional financials, or fund statements, unit financials and custom balance sheets. Users can also create up to 999 custom journals, with the ability to create recurring and reversing entries. Users can also unpost journals, make corrections and repost, with full audit tracking. Data entry screens show a list of all transactions on the same window, helping find errors.

The system allows splitting of expenses to multiple GL accounts, and maintains totals of account numbers. Users can easily post transactions by selecting a payee from a list or from the account, while new accounts can be added on-the-fly. The program doesn’t require monthly closings, which allows users to re-run reports at any time and across any date range, even multiple years. Sales analyses and benchmarking tools are included in the program’s reporting section.

Reconciliation functions offer a checklist approach through which users can quickly verify accounts and make adjusting entries, if required. Each client can have multiple bank accounts, which can be reconciled individually. Accounting Xpert does not offer direct import of bank statement data. The live and after-the-fact payroll functions in the system generate payroll histories from journal entries automatically, from which users can generate forms W-2, 1099, 940 and 941. Tax tables and forms are included for federal and all states, and are updated quarterly via download or CD.

Reporting & Financial Statements: 4.5 Stars
Function specific (AR, AP, payroll, etc) reporting functions can be accessed from each of these modules, while broader reporting options are available via the GL. These include full financial sets, as well as detail and summary transaction reports, period comparisons, listings, journals, account balances, and a working trial balance and adjusted trial balance. The system also can print fileable versions of forms W-2, 1099, 940, 941 and state unemployment.

All reports can be run across any time periods, including multiple years, and financials and other reports offer customization options that include addition of charts and graphs. When viewed on-screen, reports offer full drill-down to transactional data. Reports can also be saved to PDF, Word and Excel, and can be emailed from within the program.

The system’s AR module supports balance forward and open item customers, service and normal inventory items, finance charge support, dunning messages, defined aging, and the ability to set user-defined statement cycles, terms, classifications customer levels and other details. Firms can also use the AR module’s invoicing and client management features.

Import/Export/Integration: 4.5 Stars
Accounting Xpert can import data directly from QuickBooks and Peachtree, and since it can also import from CSV and Excel, it can pull in data from most other bookkeeping and accounting systems. This data includes not just transactions, but also company, employee and inventory information.

The program can also export to Excel and CSV, which allows users to transfer data to most trial balance, tax and payroll systems. The optional Checkbook Xpert can be synched to the write-up system. As noted previously, reports can be saved to PDF, Excel and Word. Accounting Xpert’s new client portal option provides secure file sharing options.

Help/Support: 4.25 Stars
Accounting Xpert includes field-specific help and instructions that appear on-screen without clicking, as well as a comprehensive print user manual that is also in PDF format in the program. The company’s support website offers video tutorials, FAQs, installation and support resources and linking to online support meetings. Live, phone-based technical support is included in program pricing.

The system is intended for use on PCs, but has been successfully implemented on alternative platforms. Firms using the hosted version can access data from any computer with connectivity and mobile devices.

Summary & Pricing
The recent major upgrade to the program, as well as the addition of a hosted option, mobile device support and client portals, has given Accounting Xpert Enterprise Edition added functionality, which further heightens the strong write-up features. The system’s key highlights remain strong control over journals and GL, as well as financial statement generation and reporting over any time frame.

The networkable version of the system costs $995 for the first user and $245 for each additional user. New firms receive free support for data import and conversion. Annual program renewals, which include support and the payroll tax update, cost $495, which covers up to 10 users. The optional Checkbook Xpert module costs $195.

2012 Overall Rating: 4.5 Stars