We expect that 2023 will bring many more changes to the company and improvements to the Forest platform. We are just getting started with all the changes we want to make! Here are some of the areas where we expect to focus:
Product Enhancements – We will continue to improve the product and have received many excellent suggestions from our experienced users. Areas where we are focused and will have upgrades to release during this new year include:
- Transactions to adjust only tax and cost basis, without affecting market values.
- Better handling of money market fund transactions retrieved electronically from custodians.
- More descriptive Group and Category names in the equity section of the balance sheet, so they follow professional accounting standards for all types of entities.
- Improve the importing of transactions from credit cards and banks (OFX and QFX files).
- Streamline intercompany transactions to decrease redundancy of data entry between entities.
Strategic Partnerships – Forest clients benefit greatly when we forge strategic partnerships with other financial industry providers of services and data. We are working on new or expanded relationships with:
- Data aggregation services for retrieving transaction and pricing information from the custodians our clients use.
- Credit card companies for retrieving transaction data and bringing it into Forest for account assignment and posting.
- Firms like Bill.com for coordinating with their accounts payable services of bill approval and payment.
In summary, we are working hard to provide our clients with the most efficient, comprehensive, and user-friendly financial accounting system possible.