Business Accounting Overview

Modified on Wed, 18 Jan 2023 at 05:32 PM

Actionstep includes a fully-integrated and comprehensive accounting system.  This is a core part of the Actionstep architecture and integrates fully with workflow and trust accounting.  If you use Actionstep for accounting then you will have no need for a third-party accounting system.  However we realize that businesses may want to start using the other features of Actionstep without requiring them to change their existing accounting system and so Actionstep can run alongside other accounting systems if necessary.  For QuickBooks and Xero users we have a direct integration that posts transactions through to them in real-time.

The Actionstep Accounting feature set includes (but is not limited to):

  • Bank Reconciliation 
  • Batching of payments for export to your bank (not all jurisdiction supported at this stage)
  • Creditor (Supplier) expense capability with ageing (includes prompt to on-charge your client)
  • Debtor (Client) sales capability with ageing
  • Document uploading - every transaction has a document tab supporting a paperless office
  • Financial Reporting
  • Foreign Exchange (Multi-currency Trust accounts are not supported)
  • General Ledger
  • General Ledger Journals
  • Inventory - limited functionality
  • Job (action) costing - all accounting transactions can be linked back to (or generated from) an Action
  • Permissions - not all your staff need access to every part of Accounting
  • Pre-printed checks - configure our output to create check batches using your pre-printed checks
  • Sales Tax reporting (on both Invoice and payment basis)
  • Template ability (template your frequent transactions for ease of entry)
  • Time Billing
  • Trust Accounting

We support both Cash (where Income is only recognised on payment) and Accrual (Income recognised on invoice) based Income. Where Cash based accounting in used, we also support the "natural allocation" of payment on a part paid invoice (defining which portion of the invoice is paid if full payment has not been received/made).

Actionstep also has a very comprehensive ability to go from Client Quote through to Invoice while also auto creating Supplier transactions without entering the data again.


QuickBooks and Xero

Actionstep does have an integration with both QuickBooks and Xero. If your firm is using one of these accounting software packages, the transactions can be sent to them using a one way feed. 


Thinking about moving - FAQ's

Q. Do I need Accounting to use the other Actionstep Modules?

A. It is possible to use other Applications without Accounting. It may be that you would need to set up the Chart of Accounts for other functions to run. If you decide to move later, it will be possible to clear out the Accounting data you may have created using other Applications. Some companies do take the option of moving the Accounting some time after adopting Actionstep, this means that they can move some of the job roles into Actionstep without bringing the entire team at the start.


Q. Migrating Accounting at a later date
A. The Accounting History is created when a transaction goes to invoice. In order to simplify a later migration to Accounting, we would advise that you use the process to "Order" stage only. These "Orders" can be re-named as "Invoices" in your Accounting Configuration Set Up. This would give your Customers the feeling that they are receiving an invoice and you can enter the actual Accounting side into your Accounting System.

Will it be difficult for my accounts staff to change to Actionstep?

Often in a business, the accounting staff are the most resistant to change. The good news is that Actionstep accounting is intuitive. 

Our experience is that the people who do struggle with Actionstep accounting, are the same people who struggle with any accounting system. Those who are experienced accounting staff and understand systems do migrate happily to Actionstep. Often their workload is reduced as they may be coming from a system without integrated accounting.


Q. When is the best time to move my Accounting to Actionstep?

A. The best time to start is the beginning of the financial year which in many cases is 1 April. This doesn't mean you have to wait until then to actually start using the software but it does mean that if you want to start in October you should probably go back and enter accounts from the beginning of the financial year (this can be done using a GL Journal). This ensures a clean and simple cutover from your old accounting system to your new one because all your accounts will have been finalised at end of year. You can then use the closing balances from the old system as the opening balances in ActionStep Accounting.

The date from which you enter information into the new software is called your conversion date. So if you install Actionstep Accounting in July but you record transactions dating back to 1 April, your conversion date is still 1 April.

If you are really keen to convert over to Actionstep Accounting part way through the financial year and you have chosen not to enter historical transactions dating back to the beginning of the financial year then the next best time to convert is at the beginning of a Sales Tax return period.


Q. What do I need to "Get Going" on Actionstep Accounting?

A. In order to run Actionstep Accounting you will need the following:

  • A computer and an internet connection from which the software will run.
  • Tax returns/final accounts for the most recent financial year. These will help you decide how to set up your Chart of Accounts.
  • Cheque books, deposit books, bank statements and credit card statements.
  • A list of who owes you money as at your conversion date. This list will be made up of all your open invoices, i.e. those that haven't been paid at the time you convert to ActionStep Accounting, and should show the date of the original invoice and the invoice number.
  • If you intend to record supplier invoices then you will also need a list of everyone to whom you owe money. Include dates, amounts and invoice numbers on the list.

Q. Opening balances for go-live

A. It is not realistic to expect that any company will have Accounting balances at "Go-live" day. This should not prevent your users adopting Actionstep at go-live, it just means that the Accounting data can be entered as your accounts person is ready (this is usually 5-10 days after go-live).


Q. What is the End of Year process?

A. Actionstep calculates the company earning based on the financial year start date. This means you do not need to perform an "End of Year" process. It also means that the historical data is available to view at any time.

We do encourage the use of "Lock Out " to prevent changes once your year is finalised.

Your external accountant is able to access Actionstep to pull reports and find backing documents.


Q. Can I use Actionstep with another accounting system?

A. We recommend that you use either Actionstep's built-in accounting system or an accounting system that integrates directly with Actionstep. 

It is possible to use a non-integrated accounting system with Actionstep. It just means that you will need to double-enter contacts and billing information.

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