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Category: Empower My Data

  • Take Your Business to the Next Level with 5 New Features from QuickBooks Online

    Take Your Business to the Next Level with 5 New Features from QuickBooks Online

    In the fast-paced business world, efficiency and productivity are key to success. As a small business leader, you understand the importance of leveraging technology to streamline operations and maximize resources. 

    Five New Features in QuickBooks Online for Growing Businesses

    QuickBooks Online Advanced is one such tool that has proven to be a game-changer for many businesses. 

    Here are five new features in QuickBooks Online Advanced that can help take your business to the next level:

    1. Multi-company and multi-currency
    2. Customizable roles
    3. Fixed assets management
    4. Approvals/automation/workflow
    5. Custom dashboard

    Multi-Company or Multi-Currency

    Whether through acquisition or global reach, growing just got a lot easier.

    With QBO Advanced, you can easily switch back and forth between companies using the settings gear. Even better, you can combine data from multiple companies in one report.

    For businesses that operate internationally, QBO now supports multiple currencies. You can easily manage transactions in different currencies without worrying about conversion rates or exchange fees.

    Customizable Roles

    QBO now offers more built-in roles and allows for custom roles when the existing ones don’t meet your needs. Some new built-in roles include HR Manager for running payroll and Assistant Bookkeeper for handling AR and AP transaction entry. 

    You can also limit which reports someone can view, ensuring that sensitive information is only accessible to those who need it.

    Fixed Assets Management

    QBO has introduced several features that now allow you to track fixed assets and their depreciation schedule within the app, eliminating the need for a separate spreadsheet.

    Key capabilities include adding fixed assets to the register directly from transactions, support for non-depreciable and fully depreciated assets, asset disposal support, CSV import, and report export. 

    You no longer have to waste time with manual entry. QBO Advanced creates automatic monthly depreciation and comprehensive reports. When you look at the asset online, you can see the depreciation schedule for that asset.

    Approvals/Automation/Workflow

    QBO now supports multi-user sequencing approvals, from clerk to financial lead to CFO to owner. Posting to the General Ledger happens on approval, not while waiting for approval. Printing and emailing are blocked until the approver approves the transaction. 

    There’s also a detailed audit log, run history, and the ability to comment on rejections. Approval workflows enforce compliance with organizational policy, systemize internal stakeholder sign-offs, prevent user error, reduce the time spent back and forth to gain approval, and mitigate fraud risks.

    Custom Dashboard

    With QBO, you can create your custom dashboard with up to 25 charts. 

    Custom dashboards allow you to visualize your data in a way that makes sense for your business and helps you make informed decisions.

    In Conclusion

    QuickBooks Online Advanced is more than just an accounting tool. 

    It’s a comprehensive business solution to streamline operations, improve financial management, and drive growth. With features like multi-company reporting, multi-currency support, customizable roles, fixed assets management, approvals automation, and custom dashboards, it’s equipped to handle the complexities of a growing business.

    As a small business leader, leveraging these features can help you focus on what you do best: growing your business. Business efficiency is not just about doing things right; it’s about doing the right things. And QuickBooks Online Advanced helps do just that.

  • MSP Contracts to Avoid in 2024: The Importance of Cybersecurity and Workflow Optimization

    MSP Contracts to Avoid in 2024: The Importance of Cybersecurity and Workflow Optimization

    In the ever-evolving landscape of technology, Small and Midsize Businesses (SMBs) are witnessing a significant shift in IT needs. 

    With the need for support and maintenance rapidly declining, SMBs positioned for the future are investing far fewer dollars in MSP-provided infrastructure services and reallocating that investment to workflow optimization and cyber security – both of which rely heavily on AI. 

    This article aims to guide SMB leaders in allocating their IT investment for the most value in 2024.

    The Original Need for Managed Services

    The traditional managed services model emerged in the early 2000s when operating systems were prone to unexpectedly shutting down or “blue screening.” At the time, businesses with as few as five employees like had an exchange server for email and file servers in their offices with substantial resources allocated to keep systems up and running. 

    Managed Service Providers (MSPs) automated and standardized the maintenance of these environments, creating a win-win for the small business to have stability for the technical infrastructure and for the MSP to have a profitable business providing that much-needed service.

    Decline in the Need for Managed Services

    Several factors have significantly reduced the need for Infrastructure Managed Services, including:

    • Cloud Software as a Service – Complex Servers like Exchange for Email and SharePoint for File Sharing and Collaboration are now hosted and managed by Microsoft in the Cloud. No more patching these servers on “Patch-Tuesday” and hoping they run Wednesday morning.
    • Windows 11 Stabilization – Microsoft has been working on significant stability improvements for Windows 11, which could lead to fewer system issues and lessen the need for IT support.
    • Helpdesk Automation and Self-Service – Numerous factors have empowered end users to quickly resolve far more problems independently. Just some of these are vendor-curated knowledgebases, advances in search engines, ready-access to media libraries that are content reach with how-to’s such as YouTube, and now AI’s reasoning engine and large language model are readily accessible via tools like ChatGPT and Bing.com/Chat.

    IT Spend is Still Critical

    While these factors may reduce the need for traditional managed services, they don’t eliminate the need for IT Services. Cybersecurity, workflow optimization, and other IT needs remain critical.

    Rise in Cyberthreats and Protections

    In “Harry Potter and the Half-Blood Prince,” the British Prime Minister converses with the Minister for Magic. The British Prime Minister, overwhelmed by the gravity of the situation and the threat Voldemort poses, exclaims, “But you’re wizards! You can do magic! Surely you can sort out — well — anything!” In response, the Minister for Magic, Cornelius Fudge, says, “The trouble is, the other side can do magic too, Prime Minister.”

    This is like our challenge with Artificial Intelligence (AI). It can be a great way to protect, but the hackers also have access to AI to attack. Threats are rapidly changing, and organizations must continue up their defenses.

    In response to this escalating struggle, SMB IT investment in cybersecurity is increasing. About a fifth of the IT budget is dedicated to security. 47% of SMBs planned to invest in cyber security risk mitigation in 2023.

    A primary driver for Cybersecurity capabilities is Cybersecurity Insurance. Rates and coverage are often affected by ongoing security policies in the software, MFA, anti-phishing testing and training, business-grade cloud VPN, third-party backups, and EDR.

    Workflow Optimization and AI

    Workflow optimization involves streamlining processes within your organization to increase efficiency and productivity. This can involve everything from automating repetitive tasks to implementing new software that helps manage workflows more effectively. In 2021, two-thirds of SMBs said automation allowed them to compete with larger companies.

    Some of the more common workflow optimizations we have designed and built for our customers are:

    • Task Creation – This keeps the team on the same page regarding which tasks have been completed and which still need to be done. Examples include the referral qualification process and invoice collection processes.
    • Template Creation – This standardizes document management. Examples include creating folders and subfolders to reflect process lifecycle steps along with standard Excel and Word templates for each step. Templates are implemented in all areas of the organization, including sales, operations, and back office.
    • Alerts – These are triggered when tasks are late or neglected. Examples include opportunities without defined next steps, support cases without activity in the past 24 hours, and accounts without account management activity in the past 90 days.

    Rethinking Long-Term Contracts

    Long-term contracts are not in the best interest of SMBs. 

    MSPS and software publishers often strive for high-margin profitability in the later years of their contracts. 

    However, as technology continues to change, it is critical to have the flexibility to shift that IT spend from maintenance of older stabilized technologies to critical newer strategic innovation, such as workflow optimization. These require short-term annual or even month-to-month agreements.

    In Conclusion

    The landscape of IT for SMBs is changing rapidly. 

    While annual or even 3-year managed services and help desk support were once the primary focus of IT spending, the trend has shifted away from these as they are not needed as much, and they are not flexible enough to face the rapidly changing world we are in today.

    Instead, invest in a strong SAAS foundation managed by the software publisher (e.g., Microsoft 365 Business Premium, QuickBooksOnline). Take those savings and invest them in critical areas today – cybersecurity and workflow optimization. 

    By understanding these trends and adapting accordingly, you can ensure that your organization is in a good position for the future.

  • Preparing for Your Power Virtual Agent Chatbot – A Comprehensive Guide

    Preparing for Your Power Virtual Agent Chatbot –  A Comprehensive Guide

    As a small business leader in professional services, you’re likely looking for ways to streamline operations and improve customer service. One solution that has gained significant attention recently is the Power Virtual Agent (PVA) chatbot. 

    This article will guide you through critical preparatory steps for creating a PVA chatbot, provide awareness of its limitations, and discuss scenarios where the PVA solution would include other Microsoft technologies.

    Preparatory Steps for Creating a PVA Chatbot

    Before you start creating your first PVA Chatbot, you will need to consider its primary use and intended function, determine the best tool for developing your chatbot, and collect all the information it will require to fulfill its purpose.

    To prepare to create a PVA Chatbot, you should – 

    1. Identify the purpose – The first step is to identify the purpose of your chatbot. What tasks will it perform? How will it benefit your business and customers? For example, a chatbot can provide customer support, answer frequently asked questions, or help customers navigate your website.
    2. Define the user experience – Consider how users interact with your chatbot. What questions will they ask? How will the chatbot respond? Will the public interact with the tool, and therefore, the bot has to respond to many possible scenarios, or will it be used by a specific team that understands the constraints of the bot and, therefore, the scope of required responses is tighter? What tone should the bot respond in? Are multiple languages required?
    3. Choose the right technology – Microsoft’s PVA is a powerful tool for creating chatbots, but ensuring it fits your needs is essential. Will the conversations require more advanced customizations and experiences that require configuration via the Bot Framework Composer or direct calls to Azure Open AI or other Azure Cognitive Services?
    4. Prepare your data – Your chatbot will need data to function effectively. This could be customer data, product information, or other relevant data. Ensure the data your bot will reference are accurate and applicable. Leverage metadata to help the engine identify the right information. It may be time for spring cleaning your SharePoint document libraries and website content.
    5. Plan for integration – Consider how your chatbot will integrate with other systems. Will it need to access your CRM? Will it need to pull data from an external database?

    Limitations of a PVA Chatbot

    While PVA chatbots offer many benefits, it’s essential to be aware of their limitations – 

    1. Limited to text-based interactions – PVA chatbots primarily interact through text. They typically don’t handle tasks that require visual or auditory input. However, these features are evolving and are available with more complex development projects than most small businesses would benefit from.
    2. Dependent on data quality – A PVA chatbot’s effectiveness largely depends on its access to data. Incomplete or inaccurate data may lead to incorrect or misleading answers.
    3. Require regular maintenance – Like any technology, PVA chatbots require regular maintenance to ensure they continue to function effectively.

    Integrating PVA with Other Microsoft Technologies

    A PVA chatbot can be even more powerful when integrated with other Microsoft technologies. 

    Here are a few scenarios – 

    • OpenAI in Azure – If your chatbot needs to perform complex tasks or make predictions, you can integrate it with OpenAI in Azure. This lets your chatbot leverage machine learning models to provide more accurate responses.
    • Power Automate – If your chatbot needs to automate tasks, you can use Power Automate. This could be anything from scheduling appointments to sending follow-up emails.
    • Dataverse – If your chatbot needs to access and manipulate data, you can use Dataverse. This lets your chatbot pull data from various sources, ensuring it has the most up-to-date information.
    • Azure SQL & SharePoint – If your chatbot needs to store or retrieve data, you can use Azure SQL or SharePoint. This ensures your chatbot can access the data to provide accurate responses.

    In Conclusion

    While creating a PVA chatbot requires careful planning and consideration, the benefits can be significant. 

    By understanding the preparatory steps, being aware of the limitations, and knowing how to integrate with other technologies, you can create a powerful tool that enhances your business operations and improves customer service.

  • Understanding Power Virtual Agent Chatbots: A Guide for Small Business Leaders

    Understanding Power Virtual Agent Chatbots: A Guide for Small Business Leaders

    In the rapidly evolving world of technology, businesses are constantly looking for ways to streamline operations, improve customer service, and stay competitive. One such technology that has gained significant attention is the Power Virtual Agent (PVA) chatbot. 

    This article aims to demystify critical terms related to PVA chatbots and provide a basic understanding of their role in the broader bot/AI landscape.

    Bots vs. Virtual Agents

    Before we delve into the specifics of PVA chatbots, let’s clarify the difference between bots and virtual agents.

    Bots are software applications that run automated tasks over the internet. These tasks are typically simple and structurally repetitive, operating at a much higher rate than would be possible for a human alone.

    On the other hand, virtual agents are more sophisticated. They are AI-driven programs that interact with users in a natural, human-like way. Virtual agents can understand and respond to user queries using Natural Language Processing (NLP), a branch of AI that allows machines to read, understand, and derive meaning from human language.

    What is a Power Virtual Agent?

    Microsoft’s Power Virtual Agent is a platform that allows you to create powerful chatbots without needing extensive coding knowledge. It’s part of Microsoft’s Power Platform, including Power BI, Power Apps, and Power Automate.

    PVA chatbots can understand and respond to user queries in a natural, conversational manner. They can be integrated with various data sources and services, making them a versatile tool for businesses of all sizes.

    Use Case Scenarios

    Let’s look at some use case scenarios to understand how PVA chatbots can benefit small businesses, particularly those in professional services.

    Healthcare

    In a healthcare setting, a PVA chatbot can handle routine inquiries such as appointment scheduling, medication reminders, or providing information about clinic hours and services. 

    This improves patient experience and frees staff to focus on more critical tasks.

    Education/Training

    For educational institutions or training providers, a PVA chatbot can assist with course enrollment, provide information about courses, handle FAQs, and even offer personalized learning recommendations based on a student’s interests and progress.

    Consulting/Legal

    In a consulting or legal firm, a PVA chatbot can help with client onboarding, provide quick answers to common legal questions, and direct clients to the appropriate resources or personnel. This can improve client satisfaction and allow consultants or lawyers to focus on more complex tasks.

    In Conclusion

    Power Virtual Agent chatbots represent a powerful tool for small businesses looking to improve efficiency, customer service, and overall competitiveness. As AI technology evolves, the potential applications for PVA chatbots will only grow.

  • Six New Features in QuickBooks Online for Growing Businesses ( Cloned )

    Six New Features in QuickBooks Online for Growing Businesses

    In the fast-paced business world, efficiency and productivity are key to success. As a small business leader, you understand the importance of leveraging technology to streamline operations and maximize resources. QuickBooks Online Advanced is one such tool that has proven to be a game-changer for many businesses. In this blog post, we’ll explore six new features in QuickBooks Online Advanced that can help take your business to the next level.

    1. Multi-Company and Multi-Currency

    Whether through acquisition or global reach, growing just got a lot easier.

    With QBO Advanced, you can easily switch back and forth between companies using the settings gear. Even better, you can combine data from multiple companies in one report.

    For businesses that operate internationally, QBO now supports multiple currencies. You can easily manage transactions in different currencies without worrying about conversion rates or exchange fees.

    1. Customizable Roles

    QBO now offers more built-in roles and allows for custom roles when the existing ones don’t meet your needs. Some new built-in roles include HR Manager for running payroll and Assistant Bookkeeper for handling AR and AP transaction entry. You can also limit which reports someone can view, ensuring that sensitive information is only accessible to those who need it.

    1. Fixed Assets Management

    QBO has introduced several features to eliminate the need to track fixed assets and their depreciation schedule in a separate Excel spreadsheet. Key capabilities include adding fixed assets to the register directly from transactions, support for non-depreciable and fully depreciated assets, asset disposal support, CSV import, and report export. No longer waste time with manual entry. QBO Advanced creates automatic monthly depreciation and comprehensive reports. When you look at the asset online, you can see the depreciation schedule for that asset.

    1. Approvals/Automation/Workflow

    QBO now supports multi-user sequencing approvals, from clerk to financial lead to CFO to owner. Posting to the GL happens on approval, not while waiting for approval. Printing and emailing are blocked until the approver approves the transaction. There’s also a detailed audit log, run history, and the ability to comment on rejections. Approval workflows enforces compliance with organizational policy, systemize internal stakeholder sign-offs, prevent user error, reduce the time spent back and forth to gain approval, and mitigate fraud risks.

    1. Custom Dashboard

    With QBO, you can create your custom dashboard with up to 25 charts. Custom dashboards allow you to visualize your data in a way that makes sense for your business and helps you make informed decisions.

    In conclusion, QuickBooks Online Advanced is more than just an accounting tool. It’s a comprehensive business solution to streamline operations, improve financial management, and drive growth. With features like multi-company reporting, multi-currency support, customizable roles, fixed assets management, approvals automation, and custom dashboards, it’s equipped to handle the complexities of a growing business. As a small business leader, leveraging these features can help you focus on what you do best: growing your business. In business, efficiency is not just about doing things right; it’s about doing the right things. And QuickBooks Online Advanced helps do just that.