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(Reproduced with permission from the October 2004 issue of the CPA Technology Advisor)
Accounting For Practitioners (AFP) is a working paper, trial balance and financial statement analysis program based on Microsoft Excel. The system also includes full write-up capabilities and advanced spreadsheet functions, along with customization options that provide a strong feature set and the ability to prepare forms 1120, 1120S, 1065 and 1040-C from within the system. The program is available in three versions: the single-user AFP Light costs $399; AFP Standard costs $599 with support for up to five users; and the $899 AFP Gold supports up to 10 users and includes additional features, such as an integrated document management system, the ability to create *.PDF files, and more advanced consolidation and accounting features. All of the versions support Excel 97-2003, include toll free telephone-based support and support an unlimited number of accounts.
1. PROGRAM USE/NAVIGATION - 4.5 Stars AFP is essentially a set of workbooks for trial balance, financial statements, client letters, leadsheets and grouping schedules, completely based on Excel. The system opens through the spreadsheet program instead of through a separate program interface, with the addition of specialized program functions located in the AFP pull-down menu to the traditional Excel interface. Through this interface, workbooks are accessible via the File menu or the Open file icon, and users can save client workbooks to specific folders, if desired.
General operation of AFP requires only limited knowledge of spreadsheets and familiarity with Excel. However, users with more advanced knowledge will be more adept at moving between workbook sections that are available on a series of tabs at the bottom of the screen. These include detailed worksheets for Client Setup, Trial Balance Import, Trial Balance & Journals, Leadsheets, Grouping Schedules, Generation of Cash Flow Statements, Term Loans, Ratio Analysis, Client Letters, the Notes Library, Financial Statements, Monthlies, Scanned Images, Budgets and federal and state Tax information. In all, this is a fairly thorough selection that is easily accessed, with individual worksheets that are organized logically, utilizing an easy-to-learn order.
After entry of basic client data, including name, address period and type of engagement, users can begin work on the trial balance, starting with opening balances, and including journals for deposits, checks, sales, adjustments and taxes. Information entered on any form throughout the workbook automatically flows to wherever it is needed, with the system updating trial balance, financial statements and leadsheets. The system identifies fields that are automatically calculated, user-entered or transferred. AFP’s Term Loans worksheet can accommodate amortization schedules for up to 26 long-term payables and summarizes commitments for the following five years, distinguishing between principal and interest. The system also includes a bank reconciliation feature that can handle any number of bank accounts. Only items pertaining to the current bank account are displayed. Previously cleared items are suppressed.
AFP automatically uses client contact and financial data to create and maintain up-to-date engagement letters, accountant’s reports and representation letters so the user can easily click over to the Letters section and print whatever document is needed. Likewise, the program automatically prepares fully integrated financial statements that feature indexing and supplementary schedules, as well as automatic preparation of comparative leadsheets and grouping schedules.
IMPORT/EXPORT CAPABILITIES - 4 StarsTrial balance and client data, including general ledger and journals, can be imported into AFP from any text or Excel file using a simple and guided process. The program can also integrate with Pendock Mallorn’s ProForma and Small Business accounting programs.
REPORTING - 5 Stars AFP includes several options for printing, which are generally available via the AFP Menu and uses Excel’s printing function. Financial statement printing includes options for comparative and non-comparative statements, current year bold facing, draft watermarks and a print preview. The program also includes analysis functions that offer several options for automatically analyzing data, including full or partial period analysis, and searching for amounts equal to, greater than or less than a specific amount. Forms 1120, 1120S, 1065 and 1040-C can also be prepared using AFP.
PAPERLESS MANAGEMENT CAPABILITIES - 4 Stars Although the Standard and Light versions of AFP do not offer paperless management options, the Gold version does, allowing users to scan documents with the ability to keep these images in the same workbook with the client files, as well as *.PDF printing options and the ability to consolidate up to 81 dissimilar companies.
RELATIVE VALUE - 4.5 StarsWhether a practitioner is involved in a compilation, review, tax or audit engagement, AFP provides several features that help with efficiency, including easy client setup, rapid data entry, automatic presentation-quality financial statements, complete working papers and context-sensitive help. Its Excel-based structure aids in familiarity, helping users get up and running quickly with limited training. With its moderate price and good system functions, AFP is best suited to smaller accounting firms and those serving primarily smaller businesses.
2004 OVERALL RATING: 4.5 stars
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