Apps Apps Apps - Q2 2022

Adding the right applications to your business can streamline operations, create efficient processes and save you time and money.  But where to start?  There are 1,000’s of applications out there, many solving the same or similar issues.  Each month, we research, trial, and review dozens of applications; constantly searching for the ideal solutions for our clients.  We have an internal rule that any application we recommend must solve at least three problems.

Each quarter, members of the MATAX team pick their favorite.  Here are the selections for the quarter.

Dan’s Pick:

Stripe Revenue Recognition

Stripe has introduced a powerful module into their platform that can greatly improve the granularity & automation of your accrual revenue recognition processes. The Stripe Revenue Recognition module is perfect for anyone issuing their invoices through Stripe's invoicing platform already (though you can import external sales data as well).

Stripe allows you to set your revenue recognition rules in custom formats (such as invoice service dates, straight line over a designated period of time, balloon, etc) & even lets you separate rules by the invoice line item level. Once rules are set, the platform excels immensely at automating the calculation of earned revenue and creating your revenue schedule through an array of intuitive & interactive reports.

This will save you hours of time when compared to manually managing a schedule & eliminate the error-prone nature of manual spreadsheets. The end result is more time to focus on your big picture rather than stressing over data entry.

Pricing: 0.25% of volume of revenue recognized or 0.2% if volume is more than $100,000 per month recognized

Cheng’s Pick:

Bill.com

Cloud-based financial solution that helps manage your payables and receivables.

• Bill.com supports multiple payment types: check, ACH, international payments, network payments, and the most recent, pay by credit card*.

  • *Allows you to make a payment with your credit or debit card whether the vendor accepts credit card payments or not

  • Once you authorize a payment, Bill.com will charge your card for the payment (plus a 2.9% transaction fee) and then pay your vendor via ACH or check based on how they are set up in Bill.com.

• A/P and A/R dashboards allow you to see the status of invoices and bills quickly and easily.

• Uses OCR functions to easily create and enter bills.

• Ability to quickly add documentation to bills/invoices.

• Customizable roles allow you to restrict who gets access to what data and contain time-stamped audit trails for enhanced security.

• Allows you to create approval policies that fit your business with the ability to route by vendor, location, department, general ledger account, and more.

• Integrates with Xero & QuickBooks and more robust applications.

Pricing:  Based on a plan that's right for you.

For demos of these apps or additional info about discounts and extended trials, please reach out admin@mataxhq.com.