Monday, January 7, 2013

WorkingPoint

WorkingPoint is an online accounting software for small businesses that don't deal with VAT or GST. Unlike the SaaS applications we have reviewed so far, WorkingPoint offers built-in inventory management, which is still immature and has too many drawbacks.

Getting Started
WorkingPoing has a nice getting started process and well designed dashboard that captures vital performance and statuses, such as expenses breakdown, quarterly P&L, overdue invoices, bills to pay, and bank account summaries.
Apart from it, there are quick links to basic accounting functions such as creating invoices, quotes and recording company expenses.


Contacts
In WorkingPoint, users can add customer/contacts one by one or do bulk upload from CSV file. That sounded a good deal to us. But honestly, when we started adding contacts, it was a bit cumbersome to walk a two-step process just to add a customer and then think where to add billing and shipping addresses. There are really bizarre projections WorkingPoint team had in mind when prototyping Customer management section. So we decided to import our CSV contacts, and which did not happen. as it kept prompting us "Sorry, we were not able to import any of your contacts". So we gave up our quest to adding contacts and finding billing and shipping addresses.

Inventory Management
When we learned that WorkingPoint offered inventory management and stock valuation reports, we took it quite seriously. Well maybe too seriously that we were upset by its implementation.

WorkingPoint offers a disastrous inventory management, which does a screwed up calculation just fine. It took us only four transactions to to "achieve" it. Cost of sales of 5,000 suddenly turned 5,500 after we made a purchase of that very item at a higher cost. (see the screenshot to the right)

Besides, in a simple inventory management enabled accounting system, a user at least provides income account, expense account and asset account for very obvious reasons. However WorkingPoint envisions it differently, or maybe totally wrong.

Invoicing

While previous paragraph is still fresh in mind, we finally found a way to add billing address. Guess what?! We could add billing and shipping addresses only when issuing an invoice. Should I say dough...?))

Thankfully, WorkingPoint understands what Customer Credit is, and any overpayment received from them could at least be allocated per invoice, that is, allocating customer credit across multiple invoices is still not possible.

Another inconvenience we came across with partially paid invoices, where you actually can't see the due amount, just a list of payments and an invoice amount in the invoice view.

Expenses
In WorkingPoint all expenses go through bills and there is no where we could just write an expense against a bank account. It would be a good idea to add "It is paid" option somewhere in the bill register form, that would make the whole world a lot easier.





Reports
WorkingPoint has a comprehensive reports library which, in the background of the software shortcomings would be less useful, at least P&L, Balance Sheet, Stock Report if you are dealing with inventory items.

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