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Team Welter

Dec 23
0

There’s an App for That! The Top Apps for Accountants

By | Accounting, Accounting Software, Nonprofit | No Comments

“There’s an app for that!”

It often feels like every company under the sun has an app. There are apps for banks, grocery stores, and you name it, there’s an app for that. Accounting has its share of apps too. In fact, there are so many apps on the market that it can feel overwhelming. Which ones add to productivity, and which ones detract from it? Which apps truly help, and which just clutter up your phone?

Which apps are must-haves? Let’s take a look at the following categories and see if you agree on The Best Time-Saving Apps that accountants should have in today’s increasingly technology-driven profession.

Accounting Software

No matter what accounting software you’re using, chances are good that the manufacturer has an app to accompany it. Apps can be invaluable time-savers, especially if you travel a lot on business. With a dedicated app that syncs to your organization’s accounting software, you can check virtually anything from your phone. For example, if you are using Sage Intacct, it has an accompanying app that enables you to work from your phone as needed.

AI Platforms

If you’re using AI platforms to streamline work, look for the apps that accompany them. These apps can help you draft emails and notes, scan documents, and more quickly and easily. The choice of which one to use is entirely up to you. There’s no one better AI platform than another. Please keep in mind that you should never upload or enter confidential or proprietary information with public-facing AI platforms.

Office Productivity

Office productivity software includes word processing, calendar scheduling, spreadsheets, and similar applications. Companies using Microsoft-based products can download Microsoft Teams and other apps to ensure access to and use of the full suite of Microsoft products; Google’s productivity suite, which encompasses Google Docs, Sheets, Presentations, and more, also has a similar app. Calendar-scheduling apps that integrate with your email and website, such as Calendly, can help you tame the meeting monster and schedule your time more efficiently. Communication apps such as Slack or WhatsApp can also make it easy to send and receive quick text messages.

Meeting Apps

Meeting apps, such as Zoom Workspace, GoToMeeting, and other conferencing applications, come in handy when you need to meet with coworkers, vendors, customers, or others but can’t go in person. The apps that accompany these platforms enable fast video conferencing, recording, and may include AI notetaking and transcription. Both are great features that can save you a lot of time.

Cybersecurity

With all this talk of apps, we’d be remiss if we didn’t recommend perhaps the most important app of all: A cybersecurity app. Such apps scan incoming emails, texts, and yes, other apps downloaded to your phone or computer to help prevent viruses, trojans, and worms from wreaking havoc with your files and systems. McAfee, Norton, and other security programs also offer apps for phones and computers that help keep your data and devices safe.

Clean Up Unused Apps

Quick tip: Before downloading new apps, make sure your security app is installed first so it can scan other apps before you add them to your device. Remove unused apps, too, to make room for new ones.

Apps have made our lives so much easier, offering quick shortcuts to essential programs and information. For accountants, apps can be a great time-saver.

Welter Consulting

Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.

Dec 18
0

Smart Hiring: Use AI Safely to Hire Great Accounting Talent and Avoid Costly Mistakes

By | HR, Nonprofit | No Comments

Artificial intelligence (AI) can perform tasks quickly and efficiently. What once took people many hours to do can take seconds with the right AI prompt. However, with that speed and efficiency comes the risk of replicating not just good processes, but bad ones. AI doesn’t distinguish good from bad, so if you feed it a poorly worded prompt or ask it to use outdated data, it will do so without flinching. And that’s where many companies run into problems, especially when using AI to assist in the hiring process.

Many companies now use AI-enabled human resources platforms to review resumes during the hiring process. The AI tools scan resumes, looking for keyword phrases and other information that matches the job description. And, while you’d think that an AI platform eliminates bias, it can actually reinforce bias. Here are some of the pros and cons of using AI as part of your candidate screening process to get the most from its time-saving efficiency.

Pros and Cons of Using AI in the Accounting Hiring Process

There are certainly many positive aspects of using artificial intelligence in the hiring process, especially for accounting team members. AI systems can immediately scan resumes for vital credentials and criteria, such as specific educational credentials, certifications, and years of experience. It can flag inconsistencies, even subtle ones that human screeners might miss. It can even detect so-called “ghost” candidates or fraudulent applicants. All of these are good reasons to use AI as part of the recruiting process to screen resumes.


However, there are also drawbacks to using AI. Remember that artificial intelligence learns from historical data. Whatever data your HR team feeds into the AI system, it learns from and leverages it for future hiring recommendations. If past hiring decisions were biased, guess what? The AI will learn that bias too. And, if your previous hiring practices weren’t the best, and you had high turnover, the AI will learn the ‘wrong’ way to view candidates. It’s going to mirror what happened in the past, learn from your company’s track record, and use that information moving forward.

AI Makes Mistakes

One thing everyone is learning the hard way: AI can, and does, make mistakes. If you’ve ever used ChatGPT or another AI platform, you may notice in small print a warning that AI can and does make mistakes. The same holds for AI used in the hiring process for accounting firms.

AI models can incorrectly flag fraudulent resumes or mismatched resume and job description criteria. It can also miss great candidates because a resume doesn’t have the keywords or phrases it’s been programmed to look for in its algorithm.

Humans Should Review All AI Recommendations

The overall consensus is that people should always be part of the process when using AI in the workflow for hiring new accounting team members. Balancing automation with human insight and judgment is critical to achieving maximum efficiency with minimum bias or mistakes from AI.

Some best practices accounting teams can use when tapping into the power of AI as part of their hiring processes include:

  • Review and audit the algorithm: Did you hire a company to build your AI model? Meet with them to learn more about how they build their model. Understand how the AI is making judgment calls and specifically, how the programmers are accounting for bias in the process.
  • Clean your data: If the AI model is trained in past hiring practices, work with your HR team and the AI programmers to ensure the data being used to train the AI isn’t flawed.
  • Don’t rely solely on AI as a gatekeeper: Think of AI like the college intern working for your HR department. Just as you would review the internet’s candidate recommendations to make sure they are recommending the right people, you should review the AI’s recommendations too.

AI has its place in many workflows throughout an accounting department, including helping with candidate screening. But hidden biases, poor data inputs, programming nuances, and mistakes can lead to missing great candidates among the applicants. To find great candidates, partner with your AI model, and use it as a starting point, not the end-all and be-all of the hiring process.

Welter Consulting

Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.

Dec 17
0

AI: The Strategic Opportunity for CFOs

By | Accounting, Nonprofit | No Comments

Artificial intelligence (AI) is changing nearly every aspect of the workplace, including the role of the CFO. As the CFO, you’re entrusted with ensuring compliance and accuracy in all financial matters. Can AI offer support for the CFO role, and if so, how?

Generative vs. Traditional AI in Finance

Before continuing our discussion of the role of AI in finance, it’s important to identify and clarify which AI model we’re talking about. For most CFOs, that means traditional AI and generative AI.

CEO using AI program on laptop and mobile device

What’s the difference between generative (GenAI) and traditional AI?

  • Generative AI: Creates new content such as forecasts, reports, and personalized customer interactions. It enables CFOs to model scenarios, innovate business strategies, and deliver tailored insights.
  • Traditional AI: Analyzes existing data to detect fraud, assesses risk, and automates processes. It provides the reliability and precision needed for compliance and operational excellence.

Both AI models provide good support for finance teams, depending on their needs. Generative AI fuels innovation, while traditional AI ensures accuracy and stability. You can use them independently or together as needed to reap the most benefit from AI applications.

New to AI? Brief Steps to Successful AI Adoption in Finance

If you’re new to AI and wondering how your finance team can begin using it, the following list can act as a starting point.

  1. Choose a project for an AI pilot. A single project is best to start with; doing too much, too soon, can feel unmanageable. Good pilot projects for AI applications should have clear goals and measurable outcomes so that you can assess the ROI of the AI application.
  2. Clean your data. Data used to train AI models should be error-free. Remember that AI learns from large datasets; if the data it’s fed contains errors, the output will contain errors too.
  3. Manage expectations. Your team may be excited that AI will enhance the finance department but also help them understand that it won’t replace their knowledge and skills.
  4. Review all outputs. Whatever the AI produces, be sure that a skilled finance team member reviews it for biases and errors. AI outputs should never be used ‘as is’ but always reviewed by an expert.
  5. Work closely with your IT department. Make sure that the AI model you are using is compliant, integrates with existing systems, and has plenty of security guardrails in place.

Fast Track to AI Success: Sage AI Solutions

One way you can fast-track to AI success is by leveraging AI solutions built into the finance and accounting platforms you’re already using. Sage, one of the most popular cloud-based nonprofit accounting platforms, has introduced AI tools designed specifically for finance professionals. These include:

  • Sage Copilot: A generative AI assistant that automates workflows, recommends savings opportunities, and supports faster decision-making.
  • AP Automation: Streamlines accounts payable, reduces manual errors, and improves vendor relationships.
  • Outlier Detection: Identifies anomalies in financial data, helping safeguard against fraud and ensures reporting accuracy.

CFOs: Leverage the Power of AI Today

AI is redefining the finance function. While it won’t replace existing finance professionals, it can augment their services, freeing up valuable time for other tasks.

For CFOs, AI offers the chance to move beyond transactional oversight and become strategic partners in growth. By embracing specialized AI tools, finance leaders can unlock efficiency, accuracy, and innovation, transforming their role and their organizations. The easiest way to get started using AI is to tap into AI within existing accounting and finance programs you may already have access to, including AI features in Sage and other accounting platforms.

Welter Consulting

Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.

Nov 25
0

Seven Reasons to Choose Cloud-Based Social Services Accounting Software for Your Nonprofit Organization

By | Accounting, Accounting Software, Nonprofit | No Comments

Nonprofit organizations need flexible software that helps them do more with less. Cloud-based accounting software designed specifically for social services organizations offers capabilities that traditional systems simply can’t match. Here are seven great reasons why your nonprofit should consider making a switch to a cloud-based accounting system.

1. Customized Dashboards and Reporting Put Critical Information at Your Fingertips

Modern cloud-based accounting platforms allow you to build dashboards that reflect how your organization actually operates. You can create customized graphs and key performance indicators that track the metrics most important to your mission. Need quick access to approve invoices? You can add shortcuts directly to your dashboard. Want to communicate important updates to your team? You can post announcements right where everyone logs in to work.

These systems also support customized checklists for recurring processes like month-end close procedures, ensuring your team follows consistent workflows and nothing falls through the cracks. The ability to tailor your workspace means every user sees exactly what they need to see, when they need to see it.

2. Artificial Intelligence Streamlines Time-Consuming Tasks

Cloud-based platforms increasingly leverage artificial intelligence to eliminate manual data entry and reduce errors. Advanced AP automation can automatically capture invoice data, routing approvals to the right people without human intervention. Machine learning capabilities can identify unusual entries and outliers that might indicate errors or require additional scrutiny.

Bank reconciliation becomes faster and more accurate as the system learns your transaction patterns and automatically suggests matches. Search functionality powered by AI-enabled tools helps you find the information you need using natural language queries rather than memorizing report names or navigation paths. These intelligent features free your staff to focus on analysis and strategic decision-making rather than routine data processing.

3. Seamless Integrations Create a Unified Technology Ecosystem

One of the most powerful advantages of cloud-based accounting software is the ability to integrate with other specialized applications your nonprofit uses. Rather than forcing you to compromise on functionality, leading platforms like Sage Intacct maintain extensive integration marketplaces where you can find connections to fundraising systems, grant management tools, budgeting software, payroll providers, procurement platforms, and more.

These integrations are not simple import/export routines that require manual intervention. Instead, data flows automatically among systems, ensuring information stays synchronized across your entire technology stack. This approach allows you to select best-in-class software for each function your organization performs while maintaining a single source of truth for your financial data. Your fundraising team can work in their preferred CRM (Customer Relationship Management) while finance automatically receives the donation data needed for accurate accounting.

4. Dimensions Enable Multi-Faceted Financial Analysis

Social services organizations need to track financial information across multiple perspectives simultaneously. Cloud-based systems use dimensions, sometimes called segment reporting, to slice and dice your data without creating an unwieldy chart of accounts.

You can run table-driven reports that analyze key metrics by vendor, customer, employee, department, program, funding source, fund, or any other dimension relevant to your organization. Need to see all expenses related to a specific grant across multiple departments? Or track program outcomes against multiple funding sources? Dimensional reporting makes these complex analyses simple, giving program managers and board members the insights they need to make informed decisions about resource allocation and program effectiveness.

5. Sage Collaborate Brings Financial Conversations into Your Accounting System

Traditional accounting software forces you to use separate communication tools, such as email or messaging platforms, to discuss financial data. This approach disperses your institutional knowledge across multiple systems, making it difficult to maintain an audit trail of key financial discussions.

Sage Collaborate within Sage Intacct changes this paradigm by building collaboration directly into the accounting platform. Users can ask questions, share insights, and discuss financial information right where the data lives. You can attach notes to specific reports, creating context that travels with the financial information. Every conversation is tracked with a full audit trail embedded in the software.

This feature proves particularly valuable during audit season. When your auditors ask for proof that department managers reviewed their financial statements, you can point to documented conversations within the system itself. The entire review process becomes transparent and verifiable without requiring your team to save email chains or meeting notes separately.

6. Complete Drill-Down Capability Provides Transparency from Summary to Source

Cloud-based accounting platforms built for social services offer complete drill-down functionality in every report. When you see a number that raises questions, you can click through progressive layers of detail until you reach the original source transaction.

This transparency accelerates research, simplifies audit preparation, and builds confidence in your financial data. Program directors can investigate variances themselves without waiting for the finance team to pull transaction details. Board members can satisfy their curiosity about specific line items during meetings. Auditors can efficiently trace any amount back to supporting documentation.

The ability to drill down into any report eliminates the “opaque feeling” that sometimes accompanies financial data, fostering a culture of transparency and financial literacy throughout your organization.

7. True Cloud Architecture Delivers Accessibility and Reliability

Software labeled “cloud-based” does not always share the same underlying architecture. True cloud-based accounting platforms are built from the ground up to run entirely through web browsers, requiring no special software installations or remote desktop connections.

This architecture means your team can access the system from any device with an internet connection using just a web browser. Remote work becomes seamless. Mobile access is native rather than awkward. System updates happen automatically without disrupting your team’s workflow or requiring IT intervention.

True cloud platforms also benefit from the infrastructure investments of major cloud providers, delivering reliability, security, and disaster recovery capabilities that would be prohibitively expensive for individual organizations to implement. Your data is continuously backed up, and you can access your accounting system even if your physical office becomes unavailable.

Making the Transition

Moving to cloud-based accounting software represents a significant decision for any nonprofit, but the benefits extend far beyond simple automation. These platforms transform how your organization manages, analyzes, and communicates about financial information. They break down silos between departments, accelerate reporting cycles, and provide the transparency that stakeholders increasingly expect.

As your nonprofit grows and evolves, cloud-based accounting software grows with you, adapting to new programs, funding sources, and reporting requirements without requiring expensive customization or system replacements. The investment in modern, purpose-built accounting systems pays dividends in staff productivity, decision-making quality, and organizational effectiveness for years to come.

Welter Consulting

Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.