FREQUENTLY ASKED QUESTIONS
Does Cloud MBM have multiple currencies?
Yes, “Set Currency” is now at Business level so an Accountant can have Clients using different currencies. There is no Consolidation between different currencies If you require this feature, please contact us. We can either add a fixed foreign currency parameter or use the current conversion rate from the web.
How does MBM handle Opening and Closing stock?
The opening and closing stock are accounted for in inventory. COGS is effectively the net of Closing stock minus Opening stock plus purchases.
What does MBM do?
MBM is the only financial and performance dashboard and performance manager tool you’ll ever need. It helps to keep your business on track while saving you countless hours compiling all the data from your accounting software and collected data from staff, into a simple KPI report and financial dashboard for your business.
How do I use MBM?
You choose the way that suits you best. MBM is suitable for all management styles and phases of the business. We provide many wizards to help you set up and personalize MBM to your needs. Plus there is MBM consulting available if you want us to set it up for you. Just call the office for more detail.
What is a Business?
A Business is an entity, relating to a single file from Quicksbooks, Xero or MYOB.
What is a User?
Users are staff members who can log into MBM and perform any function and create reports. The prices above are inclusive of an unlimited number of users.
What are “Groups”?
“Groups” are like sub-totals. In some accounting systems, they have “Headers” which divide accounts into logical “Groups”.
Rather than seeing “Total Revenue” and then going directly to individual accounts, it may split revenue into “Major Product Groups” so you can see at a higher level, where problems are or how performance is. In Expenses, it is normal to split Total Expenses into “Salaries and Wages”, “Occupancy Costs”, “Sales and Marketing Costs” etc.
We have added the functionality to add these Groups even if they weren’t in the Accounting system so, when reporting, you can report at Summary (Totals only) / Group (Groups within Totals) / Account (Accounts < Groups).
What is a Client?
A “Client” is the owner of one or more Businesses.
We had to keep this concept as many Clients now have multiple businesses so rather than entering multiple versions of the Client details, we stayed with the Client > Business structure.
An Accounting Firm will always deal at Client level but the Client may own multiple business entities plus Consolidations.
How do I keep the software up to date?
This is a Cloud application so it is always up to date.
How does MBM handle Bad Debts?
This is a personal choice for the Accounting Practice. Some people net this off against sales whilst others will put this against other expenses.
What does the license subscription entitle me to?
Financial Management software is usually quite expensive to develop and to purchase. To make the price more easily affordable to potential customers and ensure that every business can afford it, we introduced a monthly subscription license fee. While-ever your license is current, you can access automatic downloads, updated documentation, business plans, business forms, submit new ideas and access our web-based customer resources.
Is there a minimum subscription term?
You can cancel at any time for any reason just by sending us a quick email. Your credit card will not charge again at the end of your agreed billing cycle.
What are the naming conventions for Clients and Businesses?
Each Client must have a unique Client name and each Business must have a unique Business name.
A Client and Business may have the same name.
If a Client has 2 businesses, they usually have different names but if they are branches or divisions they differentiate by adding location or a functional suffix. AMI Leeds, AMI Engineering etc.
How does MBM handle Shareholders Salaries?
There are no rules in relation to this issue. Each accountant handles this differently. We therefore leave it up to each accountant or accounting practice to determine where they wish to see this entry.
How does MBM handle Interest Income?
Again this is a personal choice for the Accounting Practice. Some people will net this off against interest expense.
I already own Accounting Software, why should I use MBM?
Your accounting software is for records and taxation compliance purposes. MBM helps you to highlight results and can show you where the performance is not on track, so that you can focus on the areas that will grow your business and increase cashflow.
Does Cloud MBM provide for “Customised Columns”?
No. We haven’t provided for “customised columns” as they are “customised” so we don’t know what they are.
If they don’t show in the Mapping function, they didn’t get imported. If this is a required feature, please contact us and send examples.
How does MBM handle GST and PAYG?
The GST and PAYG has no net effect on the business cash flow. In circumstances where the taxes are collected in a different month to which they are paid, you will see an increase in “Bank”. This will continue until the month of payment when you will see the “Bank” balance reduce and the category that you use for these taxes (usually “Other taxes”) increase.