Our ongoing enhancement programme has made various improvements to the add-on modules;

Stock module in now integrated with Project Accounting
Import your departments with your COA
API optimization

Learn more about our April Improvements here.

We’re rather delighted to mention that Ithuzet, a Danish IT company is now advocating and selling E-conomic to customers in a seismic move away from their current use of Microsoft’s C5 application.

Such a change in Ithuzet’s business model is of course an accolade and show of confidence in what E-conomic has to offer and originally came about in response to client demand. Ithuzet’s Steffen Nielsen says “We are now moving our customers from C5 to E-conomic. The substantial and increasing demand for the E-conomic application has definitely exceeded all our expectations, as have the savings which are enormous.”

Nielsen went on to comment that whilst their decision was initially based on the increased service/product advantages of E-conomic, the clincher came with costing comparisons, because E-conomic was coming in at a fraction of the previous prices.

As Nielsen says with a shrug, ‘Factoring that in made it a no-brainer, the only problem being customer concern that the huge drop in cost would mean lower product/service standards. Once shown this was very far from the fact, they couldn’t wait to sign up.’

Ithuzet Changing Business Model because of  E-Conomic

The ease of transferring clients from C5 to E-conomic has led Ithuzet to radically change increase their own service offering so they’re now no longer just selling licences for use.

In fact, so complete has this conversion been that not only are they now offering services to their customers transitioning from C5, covering all aspects, including accounting data, bookkeeping and outsourcing but a whole new department, Regnskabshuzet has been set  up to meet accounting needs.

Are you someone who sometimes finds themselves wandering around in a fog of confusion when it comes to some of the more obscure accounting terminology? Well, despair not, we’ve created our Accounting Words Dictionary to cast some light into dark corners into which you’ve heretofore been cautious about venturing!

As with all dictionaries, this is an ongoing/always unfinished work so we’ll keep adding to it on a regular basis. Have a look and see what you think. Currently, there are just about 30 terms in the dictionary but we will keep updating it with new words on a regular basis. So if there’s anything that’s furrowing your brow, just email and we’ll clarify for you.

Naturally there are similar dictionaries available for those currently confused in other languages. See links below.

Ordbog (Danish)

Ordlista (Swedish)

Ordliste (Norwegian)

Słownik (Polish)

Media Resources

The following was sent to us by Richard Messik of Vantis and we thought it might have relevance and resonance to similar projects others of you might be undertaking and therefore helpful to get some idea of time-scales needed.

Project Summary

A new client wanted us to act for them in connection with the monthly processing of management accounts and preparation of annual statutory accounts. As a large (and growing) group of companies, the brief required us to not only deal with the current situation but look down the road and plan for projected future expansion and development.

Pitch

When making the original pitch we’d suggested using E-conomic our online accounting system and on demonstration, the clients felt all their requirements would be well-met.

As this particular project ably demonstrates – one of the principal advantages of an   online system is that teams working together ie the client and us – have mutual and instant access to real-time live data. Even the initial factor of the data not having to be re-keyed, cuts down on the human error factor as well as on staff time and costs. The mutual access enables straightforward communication with both parties seeing the same thing at the same time and able to discuss issues and agree changes, again, eliminating the bugbear of misunderstanding or misinterpretation.

Process

• As well as processing current material, the client wanted 3 years worth of historical data brought in, giving a full transactional record on the one accounting system.
• The client had been using Sage and the chart of accounts was approx 600 lines – where they had been using individual nominal accounts for each P&L analysis detail.
• A priority therefore, we felt, was to come up with a COA of more manageable proportions. Our team met with the client finance personnel and over a number of planning sessions, a new and improved COA was developed cutting the number of individual codes down to about 120 lines.
• Any further required analysis was to be provided by tag descriptions to act as a suffix to the text field in an entry. A nominal ledger drill-down and extract could then be further analysed by use of the tag descriptor.
• The setup teams also looked at the other features E-conomic offered, including departmental analysis and fixed asset register, and collaborated as to the planning and implementation of these features.

Historical Data Transfer

• The import of the historical data involved the transfer of some 20,000 transactions from Sage into E-conomic. However E-conomic’s efficient and relatively simple to use import facility (a main consideration when making them our online system of choice) enables files of data in csv format to be mapped and imported.
• To optimise efficiency, the Sage data was sorted by transaction type and the Sage codes were mapped to the new E-conomic ones by use of vlookup functionality.
• At each stage the original Sage TB’s were compared with the E-conomic TB’s and any variances resolved.The data import process was completed in approx 4 hours. So what potentially could have been a bit of a nightmare in fact ran like a dream.
• Once the data was imported, the two systems were run in parallel to iron out any further variances or differences that might have occurred.

Summary

The key to the success of the whole process was the preliminary planning and close liaison between the client setup teams and ourselves – facilitated by the ability to review data simultaneously. The new system is now setup and ready to go live. Most importantly, we have a client whose expectations have been met and exceeded. ~end~

Being  as I am, a fully accredited hypochondriac (with access to the web of course, we’ve all been able to upgrade to being cyberchondriacs too) when I heard, at a recent marketing talk, the term viral coefficient, I had my face mask on faster than you could say bird, swine or summer.

However, turns out no cause for alarm, just another marketing term coined to confuse (impress?). Actually it’s all rather simple, low-tech, common sense and not confusing at all. So, should you in your perambulations trip over this rather lumpy term, here it is in plain English:

If you’re playing your cards right and running a good business, in time and with no added external marketing, each of your clients should bring you in another client. That’s a viral co-efficient of one.

The aim of course is to set ever higher goals by maintaining and increasing client service and appeal. An ever rising viral coefficient simply equals a growing business.  So no face masks needed.

. . . France, in May when all should be in place for our customers there – we’ll announce the exact date shortly.

With E-conomic now in much of Europe, life’s becoming a whole lot easier for all our international operation customers, their teams and their accountants. You have access to a variety of invoice templates and as your company grows, the same accounting software can be utilized in whichever language suits you best. You can also manage all records from one point.

As with every aspect of E-conomic, development continues apace and each and every upgrade, as soon as it’s been put through its paces and found to perform successfully, is passed directly on to you.

Are you a doctor or a practice manager? Are you aware Med+Dbase,  the highly commended online medical practice management system, can be integrated with E-conomic? Might it be worth  investigating whether that can make your daily life a little smoother and a lot more efficient?

Med+Dbase allows healthcare professionals to easily manage all aspects of their practice from medical records, information, supply purchase and diaries to SMS reminders and integrated online pathology.  See model below.

Aligning this with all E-conomic has to offer, means every aspect of your practice can be managed simply and reliably via one system.  Medical billing information based on patient, practitioner and administrative activity is automatically generated. Matching account code and invoice numbers are created and – to use a well known medical term – Bob’s your uncle!

The integration’s ideal for any medical organisation at all from single/sole practitioners to large hospitals, multi-disciplinary clinics, shared consulting rooms and even embassies or occupational health groups.

Getting started?

Simply subscribe to both Med+DBase and E-conomic and the integration can then be activated free of charge from within the Med+DBase portal.

http://www.e-conomic.co.uk/integration/solutions/meddbase

Med-DBase’s website

E-conomic reports 2009 turnover of 42 million against DKK 30 million kroner in 2008 – a healthy growth. Additionally, in the SME sector there are currently around 24,000 enthusiastic E-conomic users and it seems our sustained product development is resulting in us taking market share from several longer-established competitors in the market.

With subsidiaries and offices in Denmark, Sweden, Norway, England, more recent launches in Germany, Poland, Spain and Finland and France on the drawing board, we at E-conomic have put our money where our mouth is. We certainly haven’t held back from confident investment in international strategy and expansion which we view as the way forward and are now seeing this confidence repaid with the maturation of these markets.
Torben Frigaard Rasmussen. CEO, DK comments ‘With our current online offering we’re establishing a secure and strong foothold across an increasingly ‘Cloud Conscious’ Europe and expect to achieve our growth target of approx. 40 percent for 2010,’

Torben adds that it was the unusually open and innovative attitude of Danish accountants who immediately saw the advantages of E-conomic to themselves and their clients, which was key to the rapid spread of the system within Denmark where the system was originally developed. Other markets have typically taken a little longer to adjust to the online changes which will inevitably change the face of the accountancy profession, but conversion from on site software to Cloud is gaining ever more momentum.  Onward and upward!

The scheduled service maintenance has been successfully completed, and E-conomic is available again.

For more information on this scheduled service disruption, please visit the TechTalk blog.

We apologise for any inconvenience related to this downtime.