March Madness: Tallie’s 9.15 Release Notes

Greetings! The Tallie Team is happy to announce our newest release including feature updates that will make your heart sing and your accounting workflow easier than ever. Let’s jump in:

1. Credit Card Upload Feature

For those of you whose credit cards are not yet supported by our direct sync, we now offer Manual Credit Card Setup. Once a user sets up a credit card manually, he or she can regularly upload credit card transaction files found on the bank website. Tallie will retain credit card settings and preferences and apply these each time a transaction file is uploaded.

To do this, navigate to your “Credit Cards” page and click “Manually Add Account,” complete the setup process, and upload your first file. From then on, you can select to import transactions from that credit card profile by clicking “Upload New Transaction File.”

Tallie-Credit-Card-Upload-Expense-Software

For more information, visit the Tallie Support Portal – Credit Card Uploads.

2. Event Listening between QuickBooks and TallieConnect

TallieConnect’s focus has always been to keep your QuickBooks in lockstep with your Tallie account. Now, if TallieConnect is running when you create, update, merge or delete list items, it will recognize and sync those changes into your Tallie account immediately, without need for manual sync. So long as you keep TallieConnect open, we’ll handle the rest.

Example scenario: Kathy is cleaning up her customer list and needs to delete some subjobs or rename them. TallieConnect will immediately send this information to Tallie to keep both in sync in real-time.

Need help setting up TallieConnect? Find all the information here.

3. Updated People and Projects Areas

Keep up to date on your People and Projects with Tallie’s filter tools.

Example scenario: Dave wants to filter the clients who haven’t yet logged into Tallie. By opening up the filter and clicking “Send Invite,” he can now only see the people who haven’t logged in. This makes it easier to invite new team members to use Tallie!

In the “People” section, we’ve reorganized the “Email” and “Expenses” areas to improve viewing capabilities and team management. In “Projects,” you no longer need to create a Company before creating a new project. Now you can simply go to “Projects” and create a new one.

4. Updated Custom File Export

We’ve updated and expanded our custom file export from Tallie. Previously, the focus was on giving you the ability to create a file for your payroll provider, but as we’ve added additional selectable fields and improved it’s capabilities, renaming this functionality as “Custom File Export” better represents the current functionality.

Tallie-custom-export-payroll-expense-software

We hope these updates provide an even greater Tallie experience for you and your business. If you have any additional questions, please contact our Product Expert Team directly at 800-592-5144 or support@usetallie.com

Sincerely,

Tallie Team

Top 5 Tips for IRS Record Keeping & Expense Management

Have questions about best practices relating to expense management? Tallie serves as a powerful receipt repository, so our Product Expert Team is well-versed in the do’s and don’ts of record keeping. Essential to any business, record keeping and proper documentation is critical to an optimized expense report workflow.

Fortunately, IRS regulations have evolved technologically, and electronic records can now directly replace hard copies. Gone are the days of filing cabinets stuffed with paper receipts! If an electronic system can efficiently and reliably house a complete reproduction of hard copy records, the IRS approves of businesses ditching paper copies. Here are some of the most common questions that the Tallie Product Expert Team receives regarding keeping records:

1. How long do I have to keep my records?

As a rule of thumb, CPAs tend to follow a 7-year rule (CPA.Net), although the IRS only requires that records be kept for as long as the tax return can be amended. There are regulations surrounding what changes can be made to a tax return post-deadline, including how long companies must retain records. For example, if you filed and paid your taxes on time, you have 2 years to file a claim for a refund. You would have to keep your records for that 2 years.

IRS-publication-583-period-limitations

2. Do you know of any instances where a receipt would not be required?

There are two examples in IRS Publication 463: If your expense, excluding lodging, is less than $75 OR if you have a “transportation expense for which a receipt is not readily available.”

3. Are there different documentation requirements for different types of expenses?

Yes. For example, for entertainment expenses a record must include the specifics (cost, date, location, description of type of entertainment) in addition to a description of the business purpose for the entertainment, the people that were in attendance, their business relationship, and whether or not your employee was present at the entertainment.

Conversely, gifts only require a record of the cost, the date it was purchased, and a description of the business gift. Here are additional details on what is required to prove specific types of expenses:

Tallie-IRS-expense-record-keeping-prove-expenses

Generally, as long as the record has the date, amount, merchant and any additional pertinent details, that should suffice (IRS table 5-1, pg 26). Most receipts have all of that information; however, Tallie transaction tiles  also have text field “Reasons” where additional information can be added. Companies that use Tallie can easily pull the address from the receipt image or look up attendee names in their CRM system.

4. Are there any types of expenses that I can combine to reduce the amount of records I have to keep?

Yes, there are a few types of expenses that can be combined. If you are traveling and take multiple taxis throughout the day, they can be combined into one taxi expense. Also, if you take a client out for drinks, even if you pay for each round separately, you can combine them into one expense.

5. Are my cancelled checks sufficient records for expenses?

No, not as the sole piece of evidence. Cancelled checks do have to be accompanied by a bill from the party the check was written to or some other form of documentation.

In the spirit of tax season, the Tallie Product Expert Team would like to know what questions you may have regarding proper record keeping and expenses best practices. Leave your questions in the comments below and we will reply immediately!

Tallie Talk: Demid Potemkin, VP Product Strategy

Demid Tallie Talk Product Strategy

Today we sat down with Tallie team member Demid Potemkin and asked him to share a little bit of his Tallie story with us. In our office, Demid is known for lots of things – VP of Product Strategy, coffee aficionado, blue sky thinker, renaissance man, deep talker (usually over a delicious cup of Sightglass Coffee), the spark. We are big Demid fans and are proud to introduce him to you today.

A Day in the Life of Tallie’s Product Guru:

My role is to guarantee Tallie is the finest answer to our industry’s expense management problems. The world of Product Strategy touches many aspects of the product, from data research all the way down to evaluation and design.

To accurately define the problem and determine the ultimate solution, I’m immersed in the market every day. I strive to understand what the users are looking for, including people creating expense reports, approving expense reports, and processing expense reports. I listen to business owners and accountants and learn about their expense management practices and identify the most time-consuming tasks. I harvest feedback from accountants and accounting departments and grasp the role of an accounting software within the accounting process.

Connecting, listening and learning are the necessary steps to our ultimate goal – to automate the most time-consuming components of the expense management process and provide our customers more time to focus on their customers.

My Favorite Parts of the Tallie Product Design:

The workflow. One of the biggest complaints we receive from accountants is that people never submit expense reports on time and they have to chase people to do so. The old model prevented people from capturing their expenses easily and accurately in real time, requiring significant time for manual entry on the back end.

So we pushed a brand new workflow of expense management where expenses come first, and reports come after. Because you gather expenses as you go along, we switched the workflow around to allow you to capture receipts first, and then creating reports becomes like a “packing” exercise.

Another one would be the tile page (Purchases). The graphical tile view is easy to read – it allows users to quickly glance through a transaction and see what information is missing.

My Proud Tallie Moment:

The name Tallie was my baby. The initial idea was SpringAhead Go, however it was easily mixed up with the original SpringAhead. So I sought out a name that felt friendly and approachable. But for the details of how this name came to be, that’s  a story for another day.

My Pre-Tallie Life:

I’ve had my fair share of career adventures with lots of twists and turns.

I went to school for electrical engineering which established my strong math and science background. After graduation, I dove head first implementing large mainframes and computer solutions in Europe for Fortune 500 companies like HSBC and Barclays, allowing me to get a firm grasp of the financial industry.

My second career was in design, which I fell into by chance when an advertising agency hired me to set up a network between multiple office locations. Thanks to the Internet boom and my tech-savvy reputation in the company, my job evolved into the Director of Interactive. I worked as the liaison between the designers and the engineers on website projects. A few years later, I decided to start my own design company focused on startups and their website design.

SpringAhead, Tallie‘s parent company, was initially a client of mine. As I collaborated with CEO Chris Farrell, we quickly realized that we had very similar passions and he invited me to join the company. I joined, grew the team, evolved my role into product design…and here I am today.

How to Gain Trust in the Industry:

Listen. Really listen. I’ve spent a lot of time with accountants. And I’ve come to realize that the industry has been around for a long time but hasn’t gravitated to one solution because no one has ever asked the accountants what they truly need. Engaging with our channels, including Chris’ network, accountants, and the Product Expert Team, who interact with the customers on a daily basis, allows us to determine the key components of an expense management product.

I’ve learned that these people just want to be heard and that’s indeed a wonderful thing about this industry, otherwise we’d be making decisions in the dark.

Why I Love Working on Team Tallie.

I learn from every member of our team. Because we’re a very small and close knit group, we collaborate cross functionally, freely share our opinions and participate in the decision-making process for every big and small project in our brand. Until Tallie, I never had this type of team dynamic and it’s what I look forward to every day.

If I Had to Eat One Cuisine For the Rest of My Life:

Mediterranean cuisine for the traditional category and California cuisine as the modern spin-off. I know, that was two!

My All Time Favorite Food:

Avocados. I grew up in New Zealand where avocados are everywhere!

Words To Work By:

The philosophy of Tallie focuses on building an engaging team, encourages openly sharing ideas and continuous learning from each other. That’s really why I came onboard to help the team.

I think as we evolve in our careers, we must keep in mind that everything we do is temporary, and we should enjoy and embrace everything we do at any point of time and learn from it.

“Embrace what you have, because you’ll never have it again.”

 

Demid would love to hear from anyone who has great ideas to share. To get in touch with Demid, send an email to info@springahead.com

Completing the Automated Expense Workflow: Tallie & Bill.com Now Integrate Non-Reimbursable Credit Cards

Non-reimbursable credit card charges have been the Achilles’ heel of the automated expense management workflow. Seamless data integration exists for reimbursable expenses, but manual steps or workarounds were common answers for non-reimbursables. An integrated solution for non-reimbursable credit card charges was one of the biggest requests from our Bill.com clients.

This month, Tallie and Bill.com implemented their first non-reimbursable credit card import integration. From expenses paid out of pocket to charges incurred on the company card, Tallie now has the capability to manage and export non-reimbursable corporate credit card charges into Bill.com, covering every scenario.

Consider this scenario:

Conor, an up and coming sales rep, takes a taxi to a business lunch at Bix and uses his company credit card to pay for his cab ride. After a deal-closing lunch meeting with his biggest lead’s CEO, Conor accidentally uses a second, different corporate card to pay for lunch and snaps a picture of the receipt. During his cab ride home, he realizes he left his wallet at Bix. Fortunately, Conor was carrying enough cash on hand to pay for the taxi out of pocket, and he uses the Tallie app to snap a picture of that cab receipt.

3 days later, Conor sees Tallie has processed all the receipts (displaying merchant, date, amount and expense categories). He also notices Tallie has connected the Bix lunch receipt to the other company credit card charge, automatically. At once, Conor can submit one expense report and he’s done. That expense report, with charges from two separate company cards and a reimbursable expense on it, can be exported in one swoop directly into Bill.com.

Here’s a guide to how non-reimbursable corporate credit card charges can be imported into Bill.com and how the additional features ensure you and your team are successful – even in the situation described above.

First, Tallie can now import non-reimbursable Corporate Credit Card charges into Bill.com and gives you two options.

Importing Corporate Credit Card Charges as One Bill

non-reimbursable expense

With this setting, Tallie will create a bill to your Credit Card vendor with each charge listed on the bill as a line item.

Importing Corporate Credit Card Charges as Separate Bills

non-reimbursable expense

Alternatively, you can have Tallie create separate bills for each credit card charge imported. This feature is especially useful if you want to match each imported bill with line items on a credit card statement.

For more information on how to set these up, see this guide.

Several additional features also included in this release:

  • Marking Imported Bills as Paid 

If this option is selected, each imported bill will be marked as paid to your selected account. If you don’t want to send a payment to your Credit Card company through Bill.com, simply mark this as your preference and Tallie will import these bills as paid.

  • Separating Reimbursable Expenses and Charges from Multiple Cards

If an expense report has reimbursable charges and non-reimbursable charges on it, Tallie will separate those into two bills in Bill.com. Additionally, if one expense report has charges from multiple company cards, Tallie will create separate bills for each, mapped to the correct vendor and account in Bill.com.

  • Importing Negative Amounts as Vendor Credits

If the total of the Corporate Credit Card expenses on a given report is negative, we’ll create a vendor credit. If the total of the report is >$0, the negative line items will import as regular line items.

For further information on how these items look in Tallie, see this guide.

Expense Reports: Uncovering the True Cost to a Business

With software automation revolutionizing business accounting workflows, many accountants believe that automating the expense report process will be cumbersome and expensive. Tallie is here to set the record straight. Let’s break down the facts and falsities revolving around expense report automation in the accounting world:

tallie-expense-report-software-truth

Belief: Automated expense report solutions will not save me enough time to make it worth my while.

tallie-expense-report-truthFalse.
Tallie CEO Chris Farrell applied his 15 years of accounting experience to calculate the average time to complete one end-to-end expense report using traditional methods. The result was a whopping 91 minutes. By using an automated expense reporting tool, Chris found that the average time it takes to complete the same expense report is 32 minutes. That translates to a 67% time savings. Broadened to a high level perspective, an average of 40% of transactional accounting time is spent on accounts payable, with almost half dedicated solely to expense reports. That means you can free up over 10% of this time for other tasks.

Tallie-expense-report-time-cost-saving

Belief: Automated expense report solutions will cost an arm and a leg.

tallie-expense-report-truthFalse.
While a number of expense report options are available on the market, companies will reap the highest value through a product’s ability to integrate seamlessly with their accounting ecosystem. The value of expense report software becomes compromised if it cannot deeply integrate across multiple accounting systems. Tallie has very competitive pricing at $9/user/month. Broken down, that is less than $0.36 per day.

Belief: Things are fine the way they are. I do not have to spend the money to use a tool like this.

Tallie-expense-report-trueTrue.
You do not have to use an automated expense report solution. However, according to a recent report by the Aberdeen Group, the average cost of an expense report by traditional methods is $31. Alternatively, the average for an automated expense report was just $15. Again, cost savings exceed 50%. Combine cost savings with a suite of compliance tools (policies, groups, multi-level approval routing), internal control (duplicate identification, project accounting, general ledger mapping), and analytics tools, the decision quickly becomes easy.

To many, the move towards an automated system can seem daunting and expensive. But upon further exploration, it becomes clear that the truth is quite the opposite. Automation has revolutionized productivity for many industries over the years; now it is the accounting industry’s turn. By automating the accounting workflow, companies experience immediate savings in both time and finances. So don’t ignore the facts of a quickly changing industry. Become a part of the change, and explore the powerful benefits of adopting cloud-based software for your business’s accounting workflow.

REFERENCES:

Dwyer, C.J. (February 2010). The State of Travel and Entertainment Expense Management. Retrieved from http://www.aberdeen.com/aberdeen-library/6039/RA-travel-entertainment-expense.aspx

Top 5 Tallie Expense Report Support Questions and Answers

Tallie Top 5 Support Questions-expense-report

At Tallie, our Product Expert Team spends their days listening, advising and guiding our clients. And with a 99.9% Apdex score under their belt, they successfully field numerous support questions every day. From exporting issues to implementations, the team tackles a wide variety of topics. Today, our Product Experts are here to share the most frequently asked support questions and the answers that guide our clients toward an ideal resolution.

“What’s the best way to guarantee that submitted expense reports are authorized for reimbursement?”

Create a detailed approval flow by assigning a personal supervisor, project manager or global approver. This detailed flow ensures that expenses incurred are correct and allowed. Additionally, empowering approvers to certify expense reports expeditiously through their email, will help guarantee their cooperation.

“I’ve misplaced two corporate credit card receipts from last month’s business trip. What are my options for keeping track of these charges?”

Automatically download corporate credit card transactions to account for these charges. Use a receipt match feature, which reconciles incoming receipts to downloaded transactions and keeps everything in sync. A central repository for receipts also keeps the necessary documentation on hand for billing or audit purposes.

“The IRS requires receipts for expenses above $75. What is the best way to encourage employee compliance?”

Create custom, specific policies surrounding expense report submission to raise awareness of these requirements. These policies provide alerts to expense submitters and helps them consistently adhere to these regulations.

“What is the advantage of requesting my expense submitters to add a project to their expenses?”

Project classification in expense reports increases the visibility of specific expenses, allowing your team to bill your clients accurately. For employees who frequently travel, racking up both business travel and client related expenses, adding projects to specific transactions directs these expenses to the appropriate client for billing and reimbursement of the employee.

“Why should Reimbursable and Non-Reimbursable transactions be combined on a single report?”

Tallie’s goal is to make expense reports simple, accurate and efficient. A single expense report with both reimbursable and non-reimbursable transactions achieves this goal.

Here’s how it works:

– Add reimbursable and non-reimbursable purchases into the system, organize transactions to align with company policies, and submit for approval.

– Reimbursable entries are classified in the accounting system as a check or bill. Corporate expenses are sent over as credit card charges against the appropriate registers.

Tallie’s expense software solution easily addresses these 2 transaction types when exporting and provides greater efficiency and accuracy throughout the entire expense management process.

 

Do you have a question, comment or concern for our Tallie Product Expert Team? Ask it here and they’ll be happy to help.

Tallie’s 9.14 Expense Management Release News!

Tallie’s 9.14 release features exciting updates that will make the expense management process that much easier. Read up on the greatest highlights in this round of Tallie’s business software updates.

1. A Redesigned Lightbox 

Our Development Team built a flurry of new features to enhance the Purchases page in Tallie. One of the most notable updates includes a redesigned lightbox (see below) for added context and control when navigating the Purchases page.

Tallie-purchases-business-software

In this redesigned lightbox, Tallie users can perform the following functions at the click of an icon:

  • Detach receipts into separate expenses (existing feature)

  • Add receipts onto an expense by clicking the paperclip icon (existing feature)

  • Add multiple receipts by dragging the additions onto an existing receipt image. (new 9.14 feature)

These three updates provide increased ease of control over expense reimbursement, resulting in maximized flexibility for your company’s accounting workflow.

2. Tack on Multiple Receipts

Tallie users can now add multiple receipts – such as those mile long hotel receipts – to the same expense, including the lengthy ones. Simply add additional pictures to the same expense and you’re done.

Developer note: Merging two duplicate purchases with different receipt images will result in both being kept. This ensures that all data is kept and Tallie is not deleting or hiding any receipts that the user may want to keep. Users can manually remove or delete extra receipts if desired.

3. View Multiple Pages of PDFs

Great news – prior to the 9.14 release, users could only view the first page of a PDF receipt. Now, Tallie shows all pages of an uploaded multi-page PDF, adding further control and visibility to your accounting workflow.

4. Added Bill.com Support for Corporate Credit Card Charges

One of the most requested enhancements in Tallie’s 9.14 release is the new settings and functionality for Tallie’s Bill.com integration. Users will now be able to import Non-Reimbursable Credit Card charges into Bill.com. A number of new features were introduced to accomplish this task:

  • “Combine Multiple Charges into one Bill.” If selected, Credit Card charges will export into Bill.com as one bill. When you export an expense report with ten Credit Card charges, you’ll get one bill with each charge as a line item.

  • “Export Each Charge as a Separate Bill”  With this set, each Credit Card charge will appear as a separate bill. In other words, if you export an expense report with ten Credit Card charges, you’ll see ten new bills in Bill.com.

  • “Mark Bills as Paid” Unless otherwise preferred, each bill that’s imported into Bill.com will be imported as “Paid” via the credit card account you assign in Tallie. This will save clients tremendous amounts of time prepping the imported charges for export out to the accounting system.

Tallie-bill.com-corporate-credit-cards-business-software

These exciting new features uphold Tallie’s commitment to carving the path of what defines a premier expense management product. Pair this commitment with deep integration with QuickBooks, Bill.com, and SmartVault, and the solution is clear. Along with our other industry partners, — RootWorks, Right Networks, and BMRG — Tallie’s business software completes a powerful paperless and highly efficient client accounting ecosystem. We hope you find these updates to be helpful. Enjoy!

Join Tallie for a Free Expense Report Webinar on Building Your Accounting Ecosystem: Thursday 2/6

Join Tallie and its partners, RootWorks, Bill.com, Right Networks, and SmartVault, for a guided tour on integrating the right technologies to achieve ultimate expense report workflow efficiency.

This new educational webinar was designed by RootWorks CEO and CPA, Darren Root, and the profession’s leading cloud application vendors to step you and your bookkeeping staff through implementing a completely paperless, highly efficient client accounting system—the foundation for a true collaborative environment for your business clients. During this 90-minute session, we will identify the core technologies that comprise the ideal system and show you how they work together:

  • Hosted QuickBooks with Right Networks— the heart of the collaborative client  accounting workflow.

  • Tallie— our powerful cloud-based expense report software offers deep integration with QuickBooks, Bill.com, and SmartVault.

  • Bill.com— a leading web-based A/R and A/P application that offers tight integration with the QuickBooks ecosystem.

  • SmartVault— a secure online file sharing and storage solution that supports a highly efficient workflow and seamless integration with QuickBooks and the ecosystem of third party productivity apps.

This event was designed exclusively for firm decision makers (partners) and bookkeepers, and serves as a crucial first step towards building your collaborative client accounting ecosystem.

Building Your Collaborative Client Accounting Ecosystem

February 6, 2014, 2-3:30 pm (EST)

Register Now

[Direct link for you use: https://www2.gotomeeting.com/register/115420578]

Top 10 Big Ideas from AICPA CPA2Biz Roundtable 2014

At last week’s 5th Annual AICPA CPA2Biz Executive Roundtable in New York City, the accounting industry’s top thought leaders – including Tallie CEO Chris Farrell – addressed the challenges accountants face with today’s technologies. Inspiring presentations and panel discussions sparked a lively exchange of ideas over the 2-day summit that were shared in a live tweet stream (#roundtable14).

Today, we’ve rounded up the 10 biggest ideas from the 5th Annual AICPA CPA2Biz Executive Roundtable. From technology trends to company culture, exciting changes are on the horizon for all areas of the accounting industry.

Tallie-AICPA-CPA2Biz-Roundtable-2014

 

Which of these ideas has the biggest impact for you?

Download the Top 10 Big Ideas from AICPA CPA2Biz Roundtable 2014 pdf.

Top 5 Reasons to Ditch the Expense Report Template

Say goodbye to the days of manual expense reports. Automated expense management products have arrived in the market with advanced processes that are saving companies tremendous amounts of time and money. In fact, a recent study concluded that companies using this type of software spend 27% less than those using paper-based methods, and over 40% less for travel expenses (Runzheimer International, 2013). Here are 5 reasons why an automated expense product could revolutionize the financial apps industry and improve your accounting workflow:

1 – Data Entry Automation

Input expense data in a snap – literally. OCR (Optical Character Recognition) technology now allows users to simply snap a photo of the receipt and let the pertinent information populate automatically. Merchant, date, dollar amount, and expense category can all be automatically extracted and populated for you. This means no more manual expense data entry or creation of new columns for every expense category your company uses.

expense-report-template-excel

The manual Excel expense report template seen above is revolutionized by expense management software products.

2 – Human Error Elimination

You’ll never have to stress about accidentally double counting your receipts. With an intelligent automated expense solution, duplicate receipts are accurately identified and flagged for the submitter’s review. Algorithms analyze the merchant name and total dollar amount to determine whether or not this expense has been previously entered.

3 – Increased Administrator Control

It’s no secret that any company can benefit from greater visibility into the spending habits of its employees. Expense management software provides multiple approver level options to assure the correct manager has control over their respective departments. Many companies have specific policies on reimbursable spend that are tedious to enforce in an Excel expense report template. Relieve that burden by automating your policies to enforce policy before it’s broken.

4 – Corporate Credit Card “Reconciliation”

One of the more valuable aspects of using a premier expense management solution is the ability to plainly track both reimbursable and non-reimbursable expenses. Corporate credit cards can be automatically imported into the expense report and designated as non-reimbursable. This smooth process allows for quick reconciliation of corporate expenses. This level of control is simply unheard of in a traditional Excel expense report template.

5 – Tight Integrations with Core Systems

Integrating with QuickBooks is a key technical feature that requires a deep understanding of accounting and accounting systems. Deep integration allows for confidently accurate books, faster reimbursement to employees, and the reassuring notion that no errors have been made. Your expense management solution should do this seamlessly. If done correctly, you will eliminate any need for manual entry and ensure both systems stay synced. This level of confidence and accuracy in the expense report process is made possible only when the next generation of automated expense report tools seamlessly integrates with the systems you already use to run your business.

The age of efficiency and powerful automation is upon us. It’s time to ditch the expense report template and join the next generation of expense management. Learn more about how Tallie has incorporated all of these features and more by visiting our website.

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