Wise-Sync delivered a session at IT Nation on the opportunities presented for companies that move to cloud accounting. - The cloud accounting revolution - Cloud Accounting Technology advancements - How Xero changed the game for Bank Reconciliations - Wise-Sync and the Fundamentals for moving to the cloud for greater levels of integration.

1. Upside Down
Accounting
Move to Cloud Accounting

2. Early adopters eat the late
Innovators Early adopters Late majority LaggardsEarly majority

3. 1986 1999 2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Desktop
95%
Online
5% Desktop
20%
Online
80%

4. Mind Numbing
Accounting
• Manual Data Entry
• Limited Financial
Visibility
Time to look to the
Cloud, but don’t
know where to start?

5. Online storage
Training
Implementation
Conversions/setup
Sales Tax compliance
Online Banking/Payments
Insurance
Payroll Compliance
Financial planning
Client engagement
Reporting/benchmarking
Productivity/office
Connected
Business

7. Average Month At Virage Group:
• 13 Bank Account, 9 Credit Cards
• 70+ Statement Pages (~2200+ Transaction Lines)
• 5 Entities, 2 Countries, US$ & AU$
• All Billing through ConnectWise & Wise-Pay

10. Who is Xero?
• Global leader in online accounting
• 500,000+ paying businesses!
• 16,000+ Xero accounting partners
• 1000+ staff (US HQ in San Francisco)
• A new release every 3 weeks
• Unlimited users with different roles
• Bank feeds from 7000+ institutions
2007 2008 2009 2010 2011 2012 2013 2014

11. Knowledge is power
The Xero Advantage

12. 400+Integrations = Flexibility

13. Simplified Financial Reporting
Simple
Reporting
Advanced
Reporting

18. Invoices, Procurement, Inventory
Sync all of the key entities to Invoices in Xero, removing the double
handling and data-entry.
Single Record Batching
Simplifies the batch management process, by each record being
batched with the Record ID
I.e. Invoice ID: Inv-0121
BatchID: Inv-0121
Sync Payments applied in Xero to Invoices in ConnectWise
Enhanced payment sync methods ensure that payment sync applies
payments as and when they are applied, including reallocations.
More Data on your Invoices and PO’s.
Missing data is back filled from alternative API sources including:
• Customer Contact Records
• Products
• Purchase Orders
Wise-Sync Features

19. Option for Vendor Invoice Date Source
Provides partners with the ability to select the preferred date
source for Purchase Orders.
Support for Days after EOM Terms
Allows partners that require days EOM terms to be applied to
invoice due dates in Xero.
Some More Wise-Sync Features

20. Wise-Sync – Supporting Multi Owner Level Organizations

21. Mapping Slip ID | Purchase Order ID:
Mapping of the slipID to the reference in Xero provides
ConnectWise users with a way of sending the reference information
to the Xero invoice from ConnectWise. As the VendorInvoice in
ConnectWise is limited to a single value (text) this cannot be used
for multiple vendor invoices, such is the case when part shipments
are received.
Wise-Sync – Supporting Part Shipment Purchase Orders
1: SlipID
2: Purchase Order #
Note: When the condition
SlipID = Purchase Order #
such is the case for default
SlipIDs, the Vendor Invoice
from the purchase order will
be referenced when
supplied.

22. Account Segments:
• Account
• Can be used to define a “Sub Account Structure”.
The defined structure of your Chart of Account
• Class
• Can be used to define revenue by a class. Useful where
you have multiple billing (revenue/cost centers).
Note: Segments are separated by ‘:’ i.e. “xxxx:xxxx”
Wise-Sync - Supporting Multiple – Account Segments
Office
MEL
SYD
BNE
PER
ADL
HOB
Division
INFRA
PROJ
APP.DEV
DESKTOP
MSA
SAAS

23. Revenue Structure:
• Structure (Office)
• Group (Division)
• Project Type
Key Elements of Accounting Setup – GL Structures
Office
MEL
SYD
BNE
PER
ADL
HOB
Division
INFRA
PROJ
APP.DEV
DESKTOP
MSA
SAAS

26. Anonymous macro data for the first
time uncovering the shape of small
business
Unlock insights to
Business Owners
Industry benchmarking
Geocode
Industry Code
Report Codes
Business Performance
Dashboard

30. So What has XERO & Wise Sync done for Virage IT
Moving from MYOB - One of the key drivers of
moving to Xero was the portability. Tired of the
performance of MYOB, Xero provided a simple to
use interface, with more focus on keeping data
up-to-date, by reducing the wait for key
information such as bank statements to allow for
reconciliation.
•Statements rarely (actually never) sent, only delinquent debtors (120+
days)
•Average Aged Debtor Days 60 days before questions asked.
•Bank Statements Reconciled Monthly
•Limited understanding of ‘where things were’ from a bookkeeping
perspective.
Pre Xero (06/30/2012)
•Aged debtors < 45 days
•Invoices sent on 1st, Payments Received on 7th , Statements Sent on 15th
with up to the minute payment information.
•Ability to have intelligent discussions around overall business performance,
rather than just on sales.
Post Xero (07/01/2012)

31. Move to Cloud Accounting > Self Lead

32. Move to Cloud Accounting > Fixed Price
•Migration of Chart of Accounts
•Review of COA Effectiveness
•Recommendations / Consolidation to maximise financial reporting
•Setup Xero on your 90 day plan
•Setup Bank Feeds to partner banks (guided process)
•Review and Training Session on how to use key features.
•Get you ready for Go Live
Stage 1: Planning for your Xero Migration
•Setup ConnectWise Prerequisite Tasks
•Setup GL Mapping to Basic COA Structure
•Get you to your first invoice run, ready for EOM / SOM billing.
Stage 2: Go Live – Start Syncing
•Your VMAG team completes the account conversion, bringing your
closing balances, accounts receivable and accounts payable, from your
old accounting package into Xero.
•Options available for detailed import from MYOB.
Stage 3: Complete Conversion

33. Move to Cloud Accounting > Fixed Price
Includes 10 Hours Conversion Services additional consulting services billed at $220 per hour - Price is Excluding Tax
90 Days Xero
90 Days Wise-Sync
90 Days Wise-Pay
Xero Setup and Conversions
ConnectWise / Wise-Sync Setup
Getting Started – Training & Support