Introduction UFASS USC Foresight Accounting Standards Systems

UFASS USC Foresight Account Standards Systems

For most SMEs, it is much better to have an accounting system, to meet their financial management and

(HK Version) the SME-FRS (SME Financial Report Standard) by HKICPA (Hong Kong Institute of Public Accountants).

(Macau Version) the GFRS (General Financial Report Standards) by Macau Government.

Among various guides, the ITC Guidelines by IFAC (International Federation of Accountants) are much better because they are prepared by professional accountants. However, we believe that only those big corporations would have the manpower and the need to set up huge networks and integrated systems. Without internal computer specialists, all SMEs will need a simple and effective set up instead.

Simple does not mean to sacrifice security. Huge investment does not mean without risk. Those big cases of missing data are involved with big banks and big corporations, not SMEs.

Effective does not limited to huge plan, especially about accounting that no system can replace the expertise of practical accountants. All systems are just tools only. If accounting is simple work, then we just need barcode for all documents and with automatic process instead of hiring any accountant. Our concept of effective is to build a system that will be an accounting-friendly tool.

Individual requirement may range from stand-alone computer to a small size network. So our systems are based on the right type of physical set up that suitable for most SMEs.

What "Systems" mean?

During the development of the UFASS, we decided to provide CUSTOM production for clients. That is, each client can have choices to meet individual needs.

Some may need encryption and some may have different a/c coding etc.

Some may need a small network so that the CEO, the accounting manager and the bookkeeper can have each own operation.

There is language problem too. Some may need English only. Some may need English and Chinese Traditional Characters. Some may need English and Chinese Simplified Characters.

The Choices

The first choice for our clients is ENCRYPTION.

For some SMEs, the accounts are important data and not to be accessed by outsiders as well as internal staff. That is the major part of SECURITY suggested by guidelines.

It depends on individual choice whether to have all sensitive data encrypted or not. We have developed an encryption method that will protect all the data and controlled by users with their chosen Numkeys (two sets of numkey). Data will be decrypted before exporting, including those for auditors and Inland Revenue Dept.

There are several sets of functions and we group them among the sub-systems, viz. Manager Sub-System, Accounting Sub-System and Bookkeeper Sub-System.

Manager Sub-System can check, list and print all types of reports. This is important nowadays because CEO will be responbile for any accounting problem. Also, there are functions to recover and change Numkeys in case of need.

The Accounting Sub-System has all controls of the account database and all operations including reports etc. Also, it is provided with additional security functions including the terms to shut down the system and the alerting of unauthorized user during the chosen period, e.g. business trip or vacation.

The Bookkeeper Sub-System has the journal operation functions only.

Clients can choose their own way of arrangement for the custom products, providing the conept of control remains in force.

Financial Reporting Standards

There are two types of standards, regional and international.

The regional standard, i.e. SME-FRS for Hong Kong and GFRS for Macau, will be the basic for these versions.

The international standard will be finalized at the end of 2007. We have to be sure that our clients need no additional work when the regional standard would be replaced by international standard.

For the time being, we cannot add the Financial Reports basing on the International Standards because there may be change later. That is our commitment to upgrade without cost for our clients for the final format of International Standards later.

In fact, all future upgrading basing on the existing structure of our systems will be free for our clients.

The Price & Ordering (Nov. 2007)

The special price is HK$ 15,000 now and the special offer will be ended basing on the promotional period and the total number of orders.

All other choices including encrypted or not, English, English and Chinese etc. have no price change or additional cost.

There are other services subjected to additional charge, e.g. on site consultation, on site training, data migration etc.

First thing to remind is that all systems are 'custom' produced, no only for the different choices by clients, also we shall have unique encryption that guarantee the security of account data.

The schedule of production will be arranged individually upon ordering. Clients will be advised ahead of order confirmation.

Another particular thing is all systems have database management functions so that clients can manage easily to extend the use of the system for many years, over 100 at least. In fact, with the RESET ALL function, the system can be used forever if all requirements remain unchanged.

For the benefit and security of our clients, all clients are requested to sign an agreement not to let anyone, internal or external, to perform reverse engineering. If that happens, that client must take full responsibilities for the loss of our company as well as all other clients. This should be based on regional law for the judgment.

Intellectual property and data security are issues that everyone has to respect.

The last thing to know is the custom production will be licensed for the client's name and the company name will be embedded in the system. Clients can ask for changing the company's name and no charge (except accomodation if applied) for such request within a year from the delivery date. To protect our copyright, change of company name will be performed on site by our representative.

All customers will enjoy online UFASS application information, email Q&A and all our coming SME related information services.

Since there are some clients who are in need of the financial reporting etc., we have two modules, viz. accounting module, which is the original system and reporting module, which is designed so that users will transfer accounting data to our system for reporting. Please refer to these modules by clicking the names here or on the right side column.

Enquiry welcome: uscimage@netvigator.com