05/09/2007
New Software Accreditation: TWD Online
Visit Website
Preface
This evaluation report was carried out on the Premium Trial package online which allows VAT transactions and full invoicing facilities, using a general business type, sole trader and on an accruals basis cash and credit terms.
The evaluation was based on the following criteria:
Contents
-
-
-
-
-
-
-
-
-
-
-
Conclusion
-
Features and Benefits
-
End product
-
The market comparability
-
Value for money
Home Page
Once company details are entered; the main part of the programme is then enabled.
Tick boxes show completed, when the details have been entered, you are able to come back to this screen at a later date to amend or update.
There is a very comprehensive list of business types to choose from.
There is an invaluable help bar on the right hand side of each screen for continual guidance, which can be hidden if you wish.
Menus are easy to navigate and the following pages have their own sub sections within.
My Details
Headings
There are a large number of headings already preset into the programme, relating to Income and Expenses.
The headings for both income and expenses can be easily added to, to customise to a particular business. This facility was particularly straight forward to comprehend and use.
Invoice Details
There is a facility to enter the companies Terms and Conditions and personalise Footer details on the invoices.
It would have been useful to be able to import your Company Logo to personalise stationery here, but you can do this at later stage through the Word format when producing your reports, but could not see a way of customising invoices.
VAT Info
Straight forward information required for this, but I had problems with entering the VAT number until I realised that I did not need to enter GB before the VAT number and then it saved the information.
Year End
The year end facility prompts you to run the year end if you have passed the end of the accounting period, however you need to use this facility with caution as all accounting entries are frozen once you run the year end.
The information is then submitted to a TWD accountant if you are a client of theirs.
Add Opening Balances
Posting opening balances was very easy to complete, choosing from a list of accounts, clearly showing Profit and Loss items and Balance sheet items. Altogether, a lot easier than choosing from a long list of nominal codes. Again new accounts can be added and named to suit your business needs.
It was good to see Construction Industry Subcontractors was also included in the list.
List opening Balances
You can produce a report that shows your initial opening balances for that year. A useful report.
Import and Export
The facility for both import and export are coming soon and it would be useful to be able to import from Sage or QuickBooks into this program, which I understand will be possible.
Income
The income section allows you to record income create invoices, credit notes and receive payments. See at glance your customers’ balances, for credit control.
No facility here for running off statements for customers.
I could not find facility for setting customer credit limits, only provision for terms and conditions to be inserted on invoices.
You can also add other income headings within this section if you need to.
Expenses
This section allows you to record expenses, create supplier invoices and credit notes and make payments. See at a glance your supplier balances.
You can also add other expense headings within this section if you need to.
Banking
The banking facility allows you to achieve the entire bookkeeping tasks such as withdraw, deposit, transfer, add accounts, such as Petty Cash, Loan Accounts, and Credit Card Account and reconcile. Comprehensive and easy to use.
Accountant
This facility allows you to list adjustments, make adjustments and produce an extended Trial Balance of all your transactions, adjustments are made through a normal journal procedure.
Cars and Equipment
This section is used to record the purchase of fixed assets; it has preset options for cars, equipment and computers. Other assets can be posted by using the other button.
Depreciation can be posted in the usual way; you are able to add headings to accommodate other assets added.
Personal
This section allows you to keep track of all of your personal transactions such as personal bank accounts, personal drawings, etc. Quite a useful facility.
VAT
This sections allows you to reconcile the VAT, produce the Vat return to transcribe to your paper VAT return, also pay and receive VAT
Reports
There is a comprehensive list of reports available and these can be produced in several different formats, PDF, Word document, Spreadsheet, Text and Webpage. This is very useful.
Messages
There is a message facility that links with TWD for support etc.
Conclusion
Features and Benefits
Online system, no software needed, easily downloadable, easy straight forward methods for data entry, can be accessed via password on any computer with internet access. Having evaluated this product, it is certainly a good system, affordable, and easy to access.
End product
Ideal for small businesses, and bookkeepers, can be linked to a TWD Accountant.
Market comparability
Not sure that the system is comparable with the leading software programs available at present like Sage and QuickBooks, but this is a different method of computerised bookkeeping. Would like to know more about security of data held on the system.
-Since the report has been written TWD Online have given a response to the security question:
"The system is run on a Microsoft SQL Server and the whole application sits behind a SSL certificate that encrypts the all data being passed backwards and forwards from the server to the users web browser. Data is backed up at 30 minute intervals." Mike Parkes TWD Online.
Value for Money
Yes, the system offers value for money, especially considering the high cost of licences on bookkeeping software.
To visit the TWD Online website for more information, click here
