MoneyWorks

1. Preparation and Planning: This initial phase involves setting clear goals for what the organization hopes to achieve with the new accounting system. It includes understanding the software's functionalities and how it will be integrated into the current workflow. This phase is crucial for capturing the organization's requirements and planning how the software will function both at launch and in the future.

2. Configuration: During this phase, the software is tailored to the specific needs of the business. This may involve setting up general ledger accounts, tax tracking, contact management, item pricing, accounts receivable and payable, sales analysis, and custom form designing. For more advanced needs, MoneyWorks Gold adds features like multi-currency support, advanced inventory management, and job costing.

3. Testing and Go-Live: After configuration, the system undergoes thorough testing to ensure all features work as expected and that the data from the old system has been accurately migrated. Once testing is complete and any issues are resolved, the system goes live.

4. Training: Users need to be trained on how to use the new system effectively. This includes understanding the interface, features, and how to perform daily tasks within the software.

5. Ongoing Support and Optimization: After implementation, ongoing support may be required to address any issues that arise and to optimize the system for better performance.

Duration of Implementation

The time it takes to implement MoneyWorks software can vary:

- For a straightforward implementation with basic features, it could take as little as 60 days.

- A typical fund accounting system implementation is around 90 days, divided into preparation and planning, configuration, and testing and go-live phases.

- More complex implementations with multiple modules and users can take three to six months.

- Cloud-based solutions like MoneyWorks can be implemented more quickly than on-premises solutions, with cloud implementations generally taking 6-12 weeks compared to 3-6 months for on-premises or hosted solutions.

1. Custom Forms and Reports: MoneyWorks allows for the creation of custom business forms such as invoices, purchase orders, and statements. It also has a report writer that enables users to create custom reports to analyze their accounting and business operational information.

2. Scripting and Automation: The software supports mwScript, a powerful scripting language in MoneyWorks Gold, which can be used to automate tasks and format data into virtually any format. This includes automating data transfer using AppleScript (Mac) or Visual Basic (Windows), and creating scripts in the VBA layer of Excel to exchange data with MoneyWorks.

3. REST APIs: MoneyWorks Datacentre provides REST APIs that allow for integration with other systems, even across the internet. This enables the software to be accessed from mobile devices and to be customized using JavaScript for specific needs.

4. Custom Fields and Validation: Users can add custom fields to various forms and records within MoneyWorks. Additionally, custom validations can be assigned to fields to ensure data integrity.

5. Customizing the Navigator: The Navigator in MoneyWorks can be customized to better suit the workflow and access requirements of the business.

6. Customizing Lists: Users can customize list views to display the information they need, adding fields from the database or their own calculations and lookups.

7. Integration with Other Systems: MoneyWorks can be integrated with other key systems for a streamlined workflow. This includes importing and exporting data as tab-delimited text or XML, and live-linking databases such as Access or FileMaker to MoneyWorks.

8. Multi-Company Support: The desktop version of MoneyWorks allows users to manage accounts for multiple entities on one computer without additional fees or licenses. This feature can be particularly useful for businesses that operate several divisions or subsidiaries.

9. Custom Edit Field Special Properties: MoneyWorks Gold 8 allows the creation of new windows that can be used with scripts, providing further customization options for the user interface.

10. Modifying Existing Forms: Users have the ability to modify existing forms within MoneyWorks to better fit their business needs.

11. Renaming Fields: Certain fields, such as the Transaction User field, can be renamed to better reflect their use within the business.

1. Setup Fees:

-The purchase or subscription of the software itself can be considered as part of the initial setup cost. MoneyWorks offers various pricing models starting from $249 for a perpetual license of MoneyWorks Express.

2. Maintenance Fees:

- For MoneyWorks Gold and Express, software maintenance is charged at 1% per month after the first twelve months, payable annually.

- The yearly maintenance fee for MoneyWorks Datacenter includes all updates to the software and client licenses owned.

3. Support Charges:

- Support charges vary by region and method. In Australia, telephone support costs $AU2.99 (+ GST) per minute. In New Zealand, the cost is $NZ2.99 + GST per minute. There is a minimum charge of $12.00 if payment details like a Visa/Mastercard are used instead of a Support-ID and PIN.

- In Nepal, pre-paid support incidents can be purchased for USD35 each, which entitles the user to up to one hour of help.

MoneyWorks software offers a range of training and support options to new users to ensure they can effectively use the software for their accounting needs. Here are the details of the training and support provided:

Training for New Users

1. Tutorial: MoneyWorks provides a tutorial that is designed to give new users a good grounding in how to use the software. This tutorial is supplied as separate documentation and can be accessed from the Help menu in MoneyWorks.

2. Manual: A comprehensive and easy-to-read manual is available to help users get started and as a reference tool. The manual can be accessed from the Help panel in the MoneyWorks Navigator or from the MoneyWorks Help menu. It is also available as a PDF.

3. Courses: MoneyWorks offers courses that are suitable for both new and experienced users. New users are advised to have worked through the MoneyWorks tutorial before attending these courses.

Support for New Users

1. Online Help: The complete manual is available as searchable online help, which can be accessed by right-clicking on an object and choosing "Help," or by choosing "Help on This" from the Help menu. Windows users can also press F1 for more online help.

2. Telephone and Email Support: Users can get support via email or phone, with details available under Help>Get Support. MoneyWorks does not offer an annual support contract but charges for support as needed. Users can expedite support by lodging a credit card and receiving a Support ID and PIN number.

3. Consultants: There are MoneyWorks consultants available to help with problems. The cost varies from consultant to consultant, and a list of consultants is available on the MoneyWorks website.

4. Support-ID and PIN: To manage support options and get a Support-ID, users can choose File>Manage Services within the MoneyWorks software.

5. TeamViewer QuickSupport: For more direct assistance, users can start TeamViewer QuickSupport before calling for support, which allows the support team to see the user's computer screen and address the issue more effectively.

6. Tool Tips and Descriptions: For immediate assistance, MoneyWorks provides brief descriptions and tool tips when hovering over buttons, commands, or fields within the software.

1. Password Protection: Users can password protect their files, ensuring that only individuals with the correct credentials can access the accounting data. This is the first step in securing the data, and MoneyWorks has a default 'Admin' user with full privileges that should be secured with a password.

2. User Privileges and Security Levels: MoneyWorks Gold and Datacentre offer enhanced user-level security over the simpler single-password level of Cashbook and Express. Users can create login profiles for each user based on their role and restrict access to operations using extensive per-user privilege controls. Access to sensitive general ledger accounts can also be restricted using account and user security levels.

3. Audit Trails: The software keeps audit trails that record who entered which transaction, adding an additional layer of accountability and traceability.

4. SSL Protocols: For secure network connections, especially over the internet, MoneyWorks Datacentre uses SSL protocols to encrypt data connections and secure REST services.

5. Automatic Backups and Archives: MoneyWorks Datacentre provides automatic daily backups and monthly archiving of data files for added peace of mind. These backups and archives can be directed to cloud storage services like Dropbox or OneDrive for offsite backups.

6. Server Security: The Datacentre version has additional security features such as optional per-folder user and password control to access the server, and the server itself can be always available, making remote access possible over the internet.

7. Signed Reports and Forms: Users can sign reports and forms to restrict access to nominated users, further protecting sensitive information.

8. Integration Security: When integrating MoneyWorks with other systems, users can use mwScript in MoneyWorks Gold/Datacentre to automate tasks and retrieve data from other sources securely. The REST APIs in MoneyWorks Datacentre also allow for secure access to accounts from other systems across the internet.

9. Data Storage: Personal data collected by MoneyWorks is stored electronically on secure cloud platforms like Google Drive and Solve 360 CRM, using generally accepted standards of security.

1. Regular Updates:MoneyWorks has introduced a system of continuous delivery for its updates. This means that instead of waiting for major version releases, MoneyWorks now aims to provide more frequent, smaller updates. These updates are accessible through the normal Help>Software Updates facility in MoneyWorks.

2. Major Version Upgrades: Historically, MoneyWorks has released major upgrades less frequently. For instance, in the nearly thirty years since MoneyWorks was introduced, there have only been eight product upgrades, averaging about three and a half years between each major upgrade.

Management of Updates

1. Automatic Prompts: Users can set MoneyWorks to automatically prompt them to check for updates. This can be set to occur daily or weekly, ensuring that users are regularly informed about new updates.

2. Software Maintenance: The introduction of an annual software maintenance fee supports the continuous delivery of improvements. This maintenance fee is calculated at 1% per month of the retail price of the MoneyWorks product, payable in advance after twelve months. By keeping current with maintenance, users have access to continuous updates and improvements. If a user chooses not to adopt this maintenance fee, they can remain on the version of MoneyWorks current at the time their maintenance expires but will not have access to subsequent updates until they catch up on their maintenance.

3. Version Compatibility: MoneyWorks ensures backward compatibility with its updates. For example, MoneyWorks 9 automatically converts files from MoneyWorks 8, as well as versions 6 and 7, into the new file format, facilitating a smooth transition for users upgrading to the latest version.

4. Update Inclusion: For Datacentre users with current maintenance, updates are included as part of their subscription, ensuring they always have the latest features and security enhancements.

MoneyWorks clearly states that while the MoneyWorks software itself is owned by Cognito, the data files created by users belong to the users themselves. This means that users retain ownership of their data and are responsible for its management and backup. This policy is consistent across various MoneyWorks services, including MoneyWorks Datacentre and MoneyWorks Now.

Data Portability

1. Portability Features: MoneyWorks supports data portability, which allows users to move their data freely. For instance, with MoneyWorks Now, users can download and store their data independently, and if they choose to stop using the cloud service, they can continue to run their MoneyWorks file with a desktop copy of MoneyWorks Gold. This ensures that users are not locked into the service and can manage their data as they see fit.

2. Legal Compliance: MoneyWorks' approach to data portability also considers legal requirements. For example, in jurisdictions where tax authorities require records to be kept for up to seven years, MoneyWorks allows users to maintain their own data archives without ongoing fees.

3. Technical Support for Portability: MoneyWorks Datacentre provides technical features that support data portability, such as REST APIs and command-line access. These features enable programmatic access to databases from HTTP clients and local command-line clients, facilitating the integration and movement of data between systems.

1. Concurrent Licensing: MoneyWorks Datacentre supports multiple, concurrent users, allowing organizations to scale up by adding more users as needed. The licensing model is concurrent, meaning you can install the MoneyWorks Gold client on as many workstations as required, but only a set number of users can access the system at the same time. This model is particularly cost-effective for businesses that need to scale up temporarily or permanently.

2. Multi-Company Support: The desktop version of MoneyWorks allows users to manage accounts for multiple entities on one computer without additional fees or licenses. This feature supports scaling up as businesses expand and need to manage multiple sets of accounts, whether these are for different divisions, subsidiaries, or even companies in different countries.

3. Customization and Integration: MoneyWorks provides extensive customization options through scripting and API access, allowing businesses to tailor the software to their growing needs. Scripts can automate tasks, integrate with other systems, and enhance user interface interactions. Additionally, REST APIs and command-line access facilitate integration with external databases and online systems, supporting organizational growth and complexity.

4. Adding and Managing New Services: MoneyWorks 9 introduces services that can be opted into as needed. This allows organizations to add features like e-invoicing, asset management, and automatic bank transaction coding as their business requirements evolve. This modular approach to features means that businesses can scale up their capabilities without switching to a different software system.

5. Performance and Networking: MoneyWorks Datacentre is designed for high performance and optimized networking, making it suitable for remote access and fast connections. This is crucial for businesses scaling up their operations to multiple locations or requiring more robust access for an increasing number of users.

1. Subscription Renewal: MoneyWorks subscriptions enable users to pay a monthly fee for continued use of the software. The subscription covers any updates and upgrades released while the subscription is current. If the subscription is suspended or not paid, MoneyWorks will stop working. Users can renew the subscription for continued access.

2. Automatic Checking: With subscriptions, MoneyWorks will occasionally check back to their server to verify the subscription status. Users need to have internet access every ten days or so to maintain their subscription status.

3. Subscription Cancellation: If a user decides to cancel their subscription, they must log into their MoneyWorks account to modify or suspend the subscription. The exact terms for how far in advance a user must cancel their subscription are not provided.

4. License Expiration: Upon the expiration of the subscription period, the user must either renew or cease using the subscription. Continued use without renewing the subscription is not allowed.

5. Data Ownership: Data files created by users with MoneyWorks belong to the users, and they are responsible for their care and backup.

6. Changes to Terms and Conditions: Cognito, the company behind MoneyWorks, reserves the right to change the Terms and Conditions at any time and will notify users of such changes by email or other appropriate means. Continued use of the services indicates acceptance of any changes.

7. Governing Law: The terms of use and the provision of goods and services by Cognito are governed by and construed in accordance with the laws of New Zealand, and users submit to the jurisdiction of the Courts of New Zealand.

8. Payment Terms: The subscription fee is automatically charged to the user's credit card or other payment mechanisms on a monthly basis. Users agree to pay the listed price for the subscription.

9. Cancellation Notice: it is common practice for software services to require a cancellation notice before the renewal date. For example, AnyDesk requires a 90-day cancellation notice before renewal.

10. No Refund Policy: In general, if a service is canceled mid-subscription, there is often no refund for the unused period of the subscription. This is a common practice but is not specifically stated for MoneyWorks.

11. License Options: MoneyWorks offers different licensing options, including the ability to subscribe to additional users for a short period. This suggests some level of flexibility in scaling the service to meet changing needs.

MoneyWorks software meets several compliance standards to ensure that it operates securely and efficiently while adhering to legal and regulatory requirements

1. Security Protocols: MoneyWorks uses current security protocols, such as TLS 1.2, to ensure secure connections to its servers. This is crucial for protecting data during transmission and ensuring that the software can safely communicate with external servers for updates and subscription validations.

2. Data Privacy: The MoneyWorks Privacy Policy outlines its commitment to keeping user data private and not disclosing it to third parties unless required by law. This policy is in line with general data protection regulations, ensuring that user information is handled securely and responsibly.

3. Software Updates Compliance: MoneyWorks periodically checks for software updates and subscription details to ensure that users are operating the most current and compliant version of the software. This feature helps maintain compliance with new regulations and standards that may affect accounting practices.

4. Regulatory Compliance for Specific Markets: In the UK, MoneyWorks HMRC Connect is required to collect data about the user's computer and network to assist with fraud prevention as mandated by UK law. This compliance feature ensures that MoneyWorks meets specific regulatory requirements for tax reporting in the UK.

5. Compliance with Financial Standards: MoneyWorks is designed to keep track of GST and/or Sales Tax commitments automatically every time a transaction is entered. This feature ensures that the software complies with tax regulations and provides accurate tax reporting, which is essential for financial compliance.