Why Wise.NET and Xero?
Why Wise.NET and Xero?
The last 2 weeks have been extraordinarily busy, with quite a few requests to demonstrate cloud computing (www.xero.com) to a couple of registered training organizations (RTO’s). Case Study: 2 different RTO companies – the first being a Start-up RTO and the second an established RTO looking to change their accounting system
The start-up RTO company had done their homework and knew what they wanted, they had been looking at traditional software accounting solutions and came to the conclusion that by using Wise.NET which is a cloud platform designed specifically for their industry, they needed to be in the same space with their accounting solutions.
The RTO company, already established and using Wise.NET, decided to abandon their existing desktop accounting software and migrate to Xero for Q3.
The reasoning for this change of direction was a mixture of needs and must haves, which was mainly due to their current accounting system‘s lack of API / Network functionality. I was advised that a few other cloud accounting solutions had been visited, price was not the deciding factor, it was more the feel and look of Xero.com being their preferred choice and largely due to the unique integration between the two systems Xero.com and Wise.NET .
What is Wise.NET?
- Wise.NET is a complete student and trainee information management system, developed specifically for Registered Training Organisations.
- Wise.NET replaces an assortment of databases, spreadsheets, word documents and paper based systems.
- All the data about courses, participants, timetables, workplaces, claims and trainers is consolidated into a single location. E.g. letters, certificates, RPL evidence and assessment tasks.
RTO’s have recognized the way they have handled this in the past and want to reduce their workflow, and save time by leveraging an integrated platform.
With integration between Wise.NET and Xero, flow of information is increased with data updates from Student Administration (Wise.NET) and Finance (Xero) happening only minutes after they have been entered into either system.
So How Does Wise.NET work?
- RTO Admissions Dept enters a new student into Wise.NET
- The Student Card is created in Wise.NET which at this point, a unique ID number is created
- Student Card information is then sent to Xero with a unique ID number, student personal details, such as telephone numbers and email address.
- A request is sent to their Finance Dept to raise an invoice
- Invoice is raised in Xero using the Student Card – no need to re-key data
- Details of invoice together with PDF file copy automatically appear against student’s record in Wise.NET
- Repeating invoices with student course details and payment plans are entered into Xero
- Current and or future payments and adjustments to the invoice will automatically be updated and appear in Wise.NET when processed in Xero
Other Related Cool Stuff when setting up a Registered Training Organisation in Xero
- Chart of Accounts – for ease of migration – an existing Chart of Accounts can be imported into Xero and or customized to suit the client’s requirements
- Supplier Card information – can be imported into Xero with two mouse clicks
- Conversion opening balances entered into Xero – client chooses cutoff date
- Bank feeds setup to automatically flow into Xero from client’s nominated bank account or these can be imported manually while waiting for bank to automate feeds
- Network key setup – Wise.Net and Xero enablement
- Setting up Repeating Invoice Templates
- Customer Prepayments – this new feature will be the administrator’s best friend – Xero released this in their recent update Nov 23 2011 http://help.xero.com/#BankAccounts_Prepayments.
Enter details for an invoice that you receive or send on a regular basis and Xero will automatically create, save and even email invoices to customers for you, according to the template you set up.
Xero will have integrated Payroll in 2012
With the rollout of a fully integrated payroll system within Xero for early next year, the RTO companies who engaged in the Xero demo, based their decision on this factor.
Click on the link above, sit back and listen to some cool sounds while watching the demo