Last week, Sage Software announced that Net at Work received the 2011 Top Five Award designated for Sage Software’s five elite and most successful partners.
In addition to the top 5 level of distinction, Net at Work was also awarded Sage Chairman’s Club and President’s Circle status, two annual Sage Software programs recognizing the top-producing business partners.
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Blog
09 Aug 2010
A Review of the New Credit Card Processing Requirements
Credit card fraud has been a serious issue for some time now, fueled in part by the high volume of Web-based credit card transactions. According to the Privacy Rights Clearinghouse, more than 100 million records containing sensitive information have been exposed to theft since 2005. To safeguard sensitive information, effective July 2010, all organizations processing credit card data must comply with the new Payment Card Industry Data Security Standard (PCI- DSS) or risk being fined by their credit card processor. Here we provide a brief overview of the PCI-DSS requirements.
12 PCI-DSS Requirements
All businesses processing credit cards are required to comply to the 12 components of PCI-DSS requirements below: Install and maintain a firewall configuration to protect cardholder data. Do not use vendor-supplied defaults for system passwords and other security parameters. Use strong system passwords. Protect stored cardholder data using programming methods such as encryption, truncation, masking, and hashing. Encrypt transmission of cardholder data across open, public networks. Use and regularly update anti-virus software. Develop and maintain secure systems and applications. When a software vendor, such as Microsoft, issues a security patch, it must be installed promptly. Restrict access to cardholder data to those who need it to complete their job responsibilities. Assign a unique ID to each person with access to your computer or network. Secure hard copies of credit card information in a restricted access location. Track and monitor all access to network resources and cardholder data. Test your security systems and processes on a regular basis. Maintain a written company policy that addresses information security. Sage ERP Accpac Credit Card Data Scrub Utility
To assist customers in complying with PCI-DSS by removing credit card data from Sage ERP Accpac, a Credit Card Data Scrub Utility has been developed. The utility is compatible with all supported versions of Sage ERP Accpac, including Versions 5.4, 5.5, and 5.6, and addresses all Order Entry, Accounts Receivable, Accounts Payable, and Bank Services records that contain credit card information. An option is provided to export the credit card information. In this case a password will be required to protect/encrypt the exported data file. The password will not be stored by Sage ERP Accpac and Sage will not have the ability to extract it at a later date. You must run the utility separately for each company that contains credit card information. Make certain to backup all company databases before running the utility. Once you have completed running the Scrub Utility you will be able to complete the required Self-Assessment Questionnaire, stating that you do not store credit card information in your payment application. For more information on PCI Compliance, please visit: http://www.sageaccpacinfo.com/PCI/
All businesses processing credit cards are required to comply to the 12 components of PCI-DSS requirements below: Install and maintain a firewall configuration to protect cardholder data. Do not use vendor-supplied defaults for system passwords and other security parameters. Use strong system passwords. Protect stored cardholder data using programming methods such as encryption, truncation, masking, and hashing. Encrypt transmission of cardholder data across open, public networks. Use and regularly update anti-virus software. Develop and maintain secure systems and applications. When a software vendor, such as Microsoft, issues a security patch, it must be installed promptly. Restrict access to cardholder data to those who need it to complete their job responsibilities. Assign a unique ID to each person with access to your computer or network. Secure hard copies of credit card information in a restricted access location. Track and monitor all access to network resources and cardholder data. Test your security systems and processes on a regular basis. Maintain a written company policy that addresses information security. Sage ERP Accpac Credit Card Data Scrub Utility
To assist customers in complying with PCI-DSS by removing credit card data from Sage ERP Accpac, a Credit Card Data Scrub Utility has been developed. The utility is compatible with all supported versions of Sage ERP Accpac, including Versions 5.4, 5.5, and 5.6, and addresses all Order Entry, Accounts Receivable, Accounts Payable, and Bank Services records that contain credit card information. An option is provided to export the credit card information. In this case a password will be required to protect/encrypt the exported data file. The password will not be stored by Sage ERP Accpac and Sage will not have the ability to extract it at a later date. You must run the utility separately for each company that contains credit card information. Make certain to backup all company databases before running the utility. Once you have completed running the Scrub Utility you will be able to complete the required Self-Assessment Questionnaire, stating that you do not store credit card information in your payment application. For more information on PCI Compliance, please visit: http://www.sageaccpacinfo.com/PCI/
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ERP
08 Oct 2020
Acumatica Bank Reconciliation Training
In this video we go over how to reconcile cash accounts inside Acumatica Cloud ERP. We’ll also go over what you can do if you make a mistake while reconciling.
Contact Us if you have any questions or would like more information about Acumatica features and enhancements.
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Compliance
ERP
30 Jun 2014
Cover Your Assets – Fixed Asset Tracking
How does your organization track its fixed assets? If your answer is,” I’m using Excel and it’s working just fine,” think again. Research has shown that as much as 64 percent of financial spreadsheet data contains errors, and that between 10 and 30 percent of the assets on the books were no longer owned. This can cost your organization money. Here we take a look at the reasons why a purpose-built fixed asset software solution is a good idea, and review Sage Fixed Assets.
Data Integrity
We’ve mentioned that the data integrity of spreadsheet asset management is typically not good. Inaccurate assets data can cause you to overpay taxes and property insurance. Perhaps an asset is needed for a critical process, and the item you thought you had does not exist.
Preventing Fraud
Did you know that asset misappropriation schemes are the most common type of fraud affecting small businesses? The best way to prevent fraud is to have accurate asset tracking and regular physical counts.
Audit Preparation
Electronic documentation is most effective way to prepare for an audit. Behind documentation is good data in which all transfers, disposals, and new purchases are recorded and saved. Data should be backed up often and multiple copies kept at different locations.
Ghost and Zombie Assets
Ghost assets are assets still on books that don’t exist. These assets can cause you to overpay on taxes and insurance, and experience lost productivity when needed items are missing or unusable. And since you didn’t know the asset was missing, you would not have budgeted for a replacement.
At the opposite end from Ghost assets are Zombie assets – those that are physically in use but not represented on the financial books. Negative impacts of Zombie assets include IT licensing issues, lack of insurance coverage, and a high potential for theft.
Disaster Recovery
Did you know that eventually, 10 percent of companies will be affected by man-made disasters, and almost 30 percent will be affected by natural disasters. Without accurate fixed asset data, the organization will not be able to rebuild via insurance claims or governmental subsidies.
The Bottom Line
How does inaccurate asset data impact your bottom line? Here’s an example assuming a federal tax rate of 30 percent, a state tax rate of 6 percent, a property tax rate of 3.4 percent, and an average insurance rate of .01 per $1. Assuming the organization has 1.5M in assets with 15 percent ghost assets. an organization could be overpaying over $37,000 annually. You can plug in your own numbers at www.sagefixedassets.com/ROI
Sage Fixed Assets (Sage FAS) Benefits
Sage Fixes Assets software covers four major areas of asset management: planning, depreciation, tracking, and reporting.
The Planning solution provides the ability to budget for new assets and place them in service. This is particularly useful for project-based organizations.
Accurate depreciation is provided by the Depreciation solution to manage the financial aspects of assets through their useful life. More than 300,000 tax laws are accounted for in the software, with the ability to choose from over 50 different depreciation methods. An “Audit Advisor” checks data integrity and lets you know of potential conflicts.
You can attach images to assets to provide documentation for insurance purposes
The Tracking solution is designed to accurately manage the physical aspects of assets. It uses the same database as the depreciation solution, but adds a barcode scanner and labeling system to support fast and regular inventory of assets. 50 built-in reports for depreciation and tracking include ready to submit tax forms. Built in group and user security permissions ensure data integrity.
The Reporting module is a full version of Crystal Reports® that allows you to customize any of the existing reports and to create new reports from scratch.
Integration with Sage ERP
Sage Fixed Assets can be recorded during your normal purchasing process in Sage ERP (Sage 100, Sage 300, Sage 500, Sage ERP X3) and the depreciation system can make automated GL postings.
Watch our on-demand recorded webcasts (listed below) for a first-hand look, Or call us to discuss this solution in greater detail.
Sage Fixed Assets Accounting for Sage 100 ERP
Sage Fixed Assets Accounting for Sage 300 ERP
Sage Fixed Assets Accounting for Sage 500 ERP
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