2018 Review of AccountantsWorld Accounting Power -Invoicing Functions

Accounting Power is part of AccountantsWorld’s Power CAS (Client Accounting Services) Suite of applications designed exclusively for accounting professionals and offers complete bookkeeping and accounting functionality to their clients. Accounting Power, like all AccountantsWorld applications, is 100% cloud-based, with both users and their clients able to access the application from anywhere.   Along with accounting capability, AccountantsWorld also offers complete practice management, payroll, and document management capability.

The latest version of Accounting Power offers numerous product enhancements, including an option for customer success email alerts, where users can be notified if a particular balance drops below or reaches a certain amount compared to that entered in the Preferences option. Reporting options have also been added.

Accounting Power users can access all customers from the user dashboard, which displays a list of all current customers along with related information such as current AR and AP balances, current bank balance, and current accounting period. Choosing a customer will refresh the screen, providing users with access to a series of functions including Company, Banking, Sales, Job Costing, Expenses, and others.

Accounting Power offers users the ability to easily customize invoices for each client, adding custom logos and messages as desired, selecting colors and choosing from standard, professional, contemporary and modern formats. Users can also opt to use the default invoice template which is included in Accounting Power, and allows users to add details as desired. Templates are also available for frequently ordered items, reducing the amount of data entry necessary.  

Invoices can be emailed to customers, who can then pay using the secure, fully integrated and easy to use Digital Checks utility – a smart feature in which the payer does not have to share bank account and routing details with the accountant or the payee. If customers pay using Digital Checks, the necessary accounting entries are automatically posted. Using these comprehensive features that include integrated workflows, accountants can launch efficient and profitable “Receivable Management” services.

Accountants’ clients can collaboratively work in the software by sending pictures of cash receipts from their smartphones for the accountant to enter. When a client does that, the accountant can view the unprocessed receipt/s, click on the name of the image to view, and enter the information in the software. This built-in workflow makes receivables processing very efficient. (For Editor’s reference, see screenshots at the end of this document)

Accounting Power also allows users to create customer estimates or create a credit memo. Estimates can be easily converted to an invoice once approved. There is also an option to create recurring invoices by simply clicking the “Make This Invoice Recurring” option, which is available in the invoice entry screen. All invoices entered in Accounting Power can be edited or voided as needed, and the product will also automatically calculate sales tax information based on the information entered during the customer setup process, with options to track tax by customer, product, or invoice. Users can also implement the option to create a finance charge for any late payments, with the specific percentage defined during customer setup.

Accounting Power allows accountants to offer their clients as much or as little access to the system as desired. Clients can be provided with access to a variety of system options, including the ability to make payments using credit cards. Users can easily create customer statements, with additional statement filters now available.

Accounting Power offers good reporting options, with a variety of invoicing and AR reports available, including the new Past-Due Invoice Report. Other reports available include an AR Aging Report and an Invoice Register. All reports can be viewed on screen, printed, exported to Microsoft Word or Excel, or saved as a PDF.

Though not automated, users can choose to include service time on any invoice created in Accounting Power.

Accounting Power is a completely integrated system, with all features and functionality working together. In addition, Accounting Power is part of the AccountantsWorld Power CAS (Client Accounting Services) suite of applications, and integrates seamlessly with other AccountantsWorld applications including Cloud Cabinet, Website Relief, Practice Relief, and After-The-Fact Payroll. In addition, Accounting Power also integrates with both QuickBooks Desktop and QuickBooks Online, as well as Bill.com.  

An excellent option for accounting professionals that currently or wish to offer bookkeeping and accounting services to clients, Accounting Power currently runs $1,195 per year, or users can purchase the complete Power CAS System, which includes all of the aforementioned modules and runs $2,195 per year or $220 per month. Implementation training and unlimited support via in-system messages, email, and phone are included at no extra cost.  

 

2018 Overall Rating – 4.5 Stars