IMAGINETIME EXPANDS E-INVOICINGTime and billing software developer ImagineTime has beefed up its paperless invoicing capabilities through alliances with Wells Fargo, ComData and GoToBilling to process payments from credit cards and automated clearing houses.
ImagineTime users can send invoices by e-mail directly to clients, who in turn can pay the invoice directly by e-mail instead of mailing a check. Users can also schedule recurring payments automatically.
All transactions are sent directly to the user’s bank account within 24 to 48 hours. There’s a $149 set-up fee, but it will be waived for users who sign up by May 31.
For more information, visit www.imaginetime.com.
SAGE UPDATES FIXED ASSET APPS FOR ECONOMIC STIMULUS
Sage Software has updated its Sage FAS fixed asset software with a service update to reflect the economic stimulus package recently enacted by Congress.
Sage FAS Fixed Asset Economic Stimulus Service Update 2008.1.1 takes advantage of the tax benefits and depreciation provisions of the new law to encourage purchases of assets such as new equipment. For qualified assets placed in service beginning in 2008, the law allows a business to expense up to $250,000 of Section 179 property. It also provides 50 percent bonus depreciation on qualified property placed in service in 2008 with a recovery period of 20 years or less. The software update works with FAS Fixed Assets, Sage MAS Fixed Assets and FAS for Peachtree.
In other Sage news, the company said that it has added Sage Master Builder, a software suite for construction firms, to the range of titles available to its Accountants’ Network members. Members of the network receive product discounts, support services, automatically delivered upgrades and updates, and a listing in a member locator service.
For more information, visit www.sageaccountantsnetwork.com.
XBRL TRIAL SITE OPENS
R.R. Donnelley & Sons and Edgar Online have launched TryXBRL.com, a Web site that allows users to view and analyze financial statements tagged in Extensible Business Reporting Language from over 12,000 public companies.
The Securities and Exchange Commission has been pushing companies to begin filing their financial statements in XBRL, which makes the statements easier to analyze and compare. The SEC is expected to mandate XBRL as the filing standard for public companies in the near future.
The SEC and the American Institute of CPAs have also recently collaborated on translating the full set of U.S. generally accepted accounting principles into XBRL to spur adoption of the technology.
The TryXBRL.com site is intended to educate corporate finance professionals about the XBRL tagging process and how to file financial statements in XBRL with the SEC. They can view their own historical financial information in XBRL format. Investors and analysts can also experience how XBRL allows them to analyze financial statements more easily.
XBRL TAPS PRYDE
XBRL US has named Campbell Pryde vice president, domain and chief standards officer of the nonprofit consortium, which is setting standards for the use of the Extensible Business Reporting Language in the United States.
XBRL US is currently under contract with the Securities and Exchange Commission to build taxonomies for U.S. GAAP, and to develop guidance on creating XBRL-enabled statements for preparers. In his new role, Pryde will lead the development and maintenance of taxonomies for the XML-based business reporting applications in the U.S.
Pryde comes to XBRL US from Morgan Stanley. As executive director of the firm’s Institutional Securities Group, he managed its XBRL-based equity research valuation framework.
He has been involved with XBRL since 2001. Most recently he served as chairman of the XBRL US Domain Steering Committee, which is responsible for setting the strategic direction for development of the XBRL US GAAP taxonomies. Prior to joining Morgan Stanley, Pryde was a partner in the risk and advisory practice of KPMG LLP.
CROWE APPOINTS NEW CIO
Oak Brook, Ill. — CPA and business advisory firm Crowe Chizek and Co. has named Yvonne Scott as the firm’s chief information officer, effective immediately.
In her new role, Scott will be charged with directing Crowe’s information services group. Prior to coming aboard at Crowe, Scott served as senior vice president and chief information officer for GATX Corp., a provider of lease financing and related services to customers operating rail, marine and other targeted assets, where her responsibilities included the management of all information systems-related activities, and she also served as a member of the executive management team.
She will be based out of the firm’s Oak Brook, Ill., office.
