Thursday, December 27, 2012

No Difficult Issue In Implementing Online Payday Loans

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Tuesday, September 25, 2012

Outsourcing Accounting Services - Some Duties You Could Delegate

Outsourcing accounting services is a common habit today among individuals and businesses. To outsource means to assign office work to an independent outworker. This could be an individual or a company. It is always sensible to delegate work to a properly registered company not only to get speedy and accurate results. You also want to hold someone responsible for a breach of contract. It is easy to sue a company than an online freelance professional you have never met. Ensure that the company you intend to assign work to has physical premises in the U.S.
If you think outsourcing accounting services will boost your business, the following are some of the duties you could delegate. You can begin with accounts receivable. The external accountant will do some of the following duties.
• Make client invoices, receipts and credit memos. 
• Do client credit checks and decide a sensible credit authorization procedure 
• Send invoices and collect on your behalf and 
• Record customer payments

Outsourcing accounting services can include accounts payable too. A third party accountant will track your progress with your suppliers and lenders. Doing this constantly can protect you from defaulting and receiving poor credit scores. Duties that will be done on your behalf include:
• Creation of a reasonable purchasing process 
• Recording of purchase orders where applicable 
• Processing of invoices for unpaid bills and 
• Preparation of 1099 forms

If you are like many novice business owners, you do not understand payroll issues. This is why outsourcing accounting services with regard to payroll is very important. Now there are software programs used to process payroll reports. Some of the duties that an independent accountancy firm will do for you are enumerated below.
• Developing and maintaining employee accounts on the payroll software 
• Time sheet execution, including monthly, quarterly or yearly attendance and tax statements 
• Preparation of W-2 tax forms 
• Choosing the most appropriate payroll system for your company

Many entrepreneurs find outsourcing accounting services with respect to the end of accounting period important. Through this they are able to get the things that are shown below.
• Bank reconciliation and credit card reports 
• Accurate and thoroughly adjusted journal entries 
• Profit and loss and cash flow statements 
• Balance sheets and trial balance reports 
• Tax returns statements

Some people find it difficult to prepare budget plans. There are computations that are too difficult to understand when one has no accounting or bookkeeping knowledge. Even if you have an internal accountant, he may also fail because of lacking specific skills or software. Since outsourcing accounting services is possible now, you can get this difficult job done within a few hours or days.
If you already have QuickBooks, you can have an independent contractor install it for you. They can also provide training and monthly evaluations if necessary. In case inventory accounts are too difficult for your in-house accountant you can assign them to a third party company. Outsourcing accounting services will ensure accurate, quick and reliable results. It is also possible to outsource personal finance accounting work to a self-employed contractor. They will do budgeting, pay bills, project cash flows, create tax returns and produce income and expenditure reports for you.

Saturday, September 15, 2012

Bookkeeping Systems For Start-Up And Small Businesses

Running your own business is brilliant. No other career path offers the flexibility, control and excitement of building something of your own from scratch. But, of course, complete control also means absolute responsibility.
As a result, being your own boss brings with it routine administration that you'd usually delegate to somebody else. During the start-up phase, it can be difficult to find effective, easy ways to take care of the boring stuff, leaving you more time to do the work that interests you.
Why Do You Need To Maintain Accounts?
In the excited rush to get started with your new business, it's easy to forget about accounting. However, there are a number of reasons why good record keeping is vital to your success.
First, it is your obligation to keep ordered accounts for the sake of tax and reporting. Even if you work as a sole trader and are not required to publish your accounts, you are required to report your revenue, costs and profits for the purposes of income tax.
It's also useful to keep organised accounts so that you can make the most of your business and maximise your growth. Start-ups never develop into larger companies without a clear strategy and, in my experience, the best strategies are based on insight into finances.
Keeping my own accounts up to date means that I can quickly check my current profit, discover which copywriting clients are most valuable to my business, and identify those clients that I should work hard to grow.
Finally, up-to-date accounts help you to get paid for your work. Using accounting software or implementing a clear procedure makes issuing invoices and chasing late payments hassle-free.
Quite simply, there's no getting away from the fact that your business needs to keep good records.
Do You Need An Accountant?
Although you can't avoid the necessity of keeping accounts, you can offload the responsibility for these accounts to an external supplier. Any accountant is able to help you make sense of your records, and many specialist accountants offer services tailored to the needs of freelancers.
But that is not to say that you need to pay for an accountant right now.
Good accountants do not come cheap and there is a wealth of great accounting advice available online. But, more importantly, the sole trader has no obligation to present accounts in a specific way.
If you are a freelancer without a limited company, and your budget does not allow for an accountant, choose some software that can help you to put together the relevant information.
Of course, if you are required to show your accounts publicly, submit them to HMRC, or plan to apply for investment, you may want an accountant to help you put together the best, most detailed records possible.
And, don't forget - most accountants will be able to help you spot potential savings in your business, particularly when it comes to tax. That could mean that the cost of your accountant is recouped in savings.
Cloud-Based And Online Accounting Software
If you decide to keep your own accounts, my advice would be to find some software that can help you.
Designed to suit smaller businesses but perfectly scalable for larger organisations, the current trend is online, cloud-based software. These solutions allow you to login securely and work with your financial records, directly from your browser. Some examples are
The common features included in these services enable you to:
  • Maintain a database of your customers
  • Issue quotes, invoices and receipts
  • Process expenses
  • Link with your online banking to reconcile accounts
  • Generate reports including profit and loss, balance sheets and forecasts
  • Link with HMRC to submit returns
The best thing about these online accounting services is flexibility. Wherever you are, you can quickly access your accounts. Some solutions even offer mobile applications to manage your accounts on the move.
But this flexibility does come at a cost. Some business owners are uncomfortable with the fact that their confidential financial data exists on a remote server, prone to theft, malicious attack and loss. Although online accounting service providers take every care to protect their servers and mitigate risks, there is no doubt that this approach is less secure than one that remains confined to your desktop.
Desktop Accounting Software
Traditionally, the only option for accounting software was an application to be installed on your home or business computer. These solutions, such as QuickBooks and Sage, keep all of your financial data where it is safest, and eliminate the risk of not being able to access your accounts.
In some cases, these desktop alternatives also offer a wider range of features and more advanced customization. Unfortunately, desktop systems are often also more expensive than their online counterparts.
Keep Good Records While Keeping Hold Of Your Time
As you explore the wide variety of options available to you for managing your accounts, it's not unusual to feel a little overwhelmed. As soon as somebody mentions the taxman, most freelancers tense up and start to wonder if their accounts are as clear and ordered as they should be.
But the reality is that financial records are as much for your benefit as anybody else's. I have found a way of working with my own preferred online accounts system that suits me, fits in with my routine, and ultimately reduces the time that I spend doing administration. The only necessity is that, if the occasion arises, I can explain this method clearly and logically. Check out other tools and resources that can be useful for your home based business.
The single most important thing is that any freelancer or small business owner needs to keep records. Whether you opt for a detailed, expertly formatted breakdown or a folder stuffed with receipts and invoices, keeping hold of information from your very first day will help your business to thrive in the future.

Wednesday, September 5, 2012

Plan and Start to Outsource Bookkeeping Today

It is difficult to achieve your business vision alone. Assistance from like-minded and skilled people will certainly bring you closer to your long-term goals. Among those professionals is a bookkeeper who will keep your books regularly. In the past it was difficult to employ a worker who was completely independent. Today you can outsource bookkeeping to a few of the top US-based accounting firms. Outsourcing allows you to assign difficult, boring or urgent work to an independent expert.
People love to outsource bookkeeping work to avoid employing full-time employees. It is easier to delegate work to a self-governing company than to an individual bookkeeper who must use your office space and equipment. If you choose a reliable company, you will get more gains than losses. A decision to outsource bookkeeping is not easy for starters like you.
It is possible to fear sharing confidential financial data of your company with strangers. In addition, because your small business has limited finances, you might feel tempted to continue working alone.
With a great outsourcing strategy you will succeed, and without it you will fail. So, the first step is to plan how you will begin to outsource bookkeeping. If you have a bookkeeper, and want to farm out work, chances are that you are not happy with their work. Perhaps they are overloaded and this is why their work is not very good. A bookkeeper's work is difficult and tiring. If you ask them to multi-task, they are much more likely to make serious mistakes. It is wiser and cheaper to outsource bookkeeping to a reputable accounting firm instead of keeping your internal bookkeeper.
The attention you are required to give your employees by the law will not be required by the outside firm. Therefore, your mental alertness and concentration might improve after delegating duties and dismissing unnecessary workers. Imagine how good it will feel to have a team of professionals produce excellent work within a few hours. A task that normally takes your in-house bookkeeper a full-day to finish will be done within an hour or two by an outsourced accountancy firm. If your business is new now, you should outsource bookkeeping tasks to save money and time. A young business can benefit a lot from aggressive marketing. To afford massive marketing, you have to stop overseeing and doing difficult tasks like accounting.
There are many outside contractors who can work for you. Normally, these contractors work from remote offices. If you form a contract with them, they will not make you incur further expenses apart from the fee you will agree upon. It therefore makes sense to have these independent contractors contribute to the growth of your business. Besides, as a new enterprise, you may not have current tools used by self-employed bookkeepers to update books. A move to buy these tools and then learn how to use them may require a lot of money and time. If you try it, your competitors will be quick to grab opportunities that would have been yours. Do you want to grow your company quickly? If so, start to outsource bookkeeping today.

Tuesday, August 28, 2012

How to Do Credit Control

Credit control gives the impression that it is a dark art surrounded in mystery. People think it's a hard task to undertake, they feel that the person on the other end of the telephone is going to be rude to them or they could ask questions that they simply don't have the answers to. However; the biggest fear appears to be the fact that; we can become very uncomfortable asking people for money. If a business has provided a product or service they are entitled to receive full recompense for that product or service.
Credit Control doesn't have to become an arduous endeavour, once you have momentum you will become an exceptional at credit control. Below are some suggestions on how to tackle credit control.
  1. Make sure you are clear of all distractions. This means that you are going to have to concentrate on one task at a time. That task has to be credit control.

  2. Have a copy of the document/invoice(s) in front of you for reference. You could have the invoice printed as a hard copy or you could view it as a document on the screen. Either way, you will need a copy.

  3. Ensure you are familiar with the lay of the invoice. You may be asked a number of questions that could range from the invoice number, the quantity of goods purchased, the unit price of the goods, total price of the goods. There could be other questions that can easily be answered with a copy of the invoice in front of you.

  4. In a calm manner, pick up the telephone and ask to speak to the accounts payable or ask to be put through to the person who deals with accounts queries (especially for a small business).

  5. Introduce your self and ask for the name of the person you are talking to. Explain in a friendly voice that you are calling on behalf of your employer (or yourself). You need to engage them in friendly conversation and explain that you are chasing payment for an outstanding invoice(s). There is no need to be aggressive or abrupt and will appreciate your calm approach. They may ask you a few questions about the invoice. Be helpful and reply to all the questions asked. The object of the call is to make sure they become receptive to your request of payment of your invoice.

  6. Ask when can you expect remit of the invoice. They may ask you to resend the invoice. If they do, send a copy via email and put a copy in the post. Then ask them again when can you expect to receive full payment of the invoice. Ascertain any problems with the invoice. What is preventing them paying the invoice as payment is overdue in accordance with your terms and conditions.

  7. They may inform you that the cheque needs to be signed by their manager or that the invoice still needs to be authorised, in these instances ask thel when can you expect this to happen.

  8. Thank them for their time.

  9. Write on the invoice, on your accounts package or on an excel spreadsheet the outcome of your conversation. Write clearly the date that they said you can expect payment. If you have sent a copy invoice, write the day you emailed the copy invoice and sent one in the post.

  10. Enter a note in your diary to make an additional call to the person to make sure they have received a copy of the invoice. If the payment was expected on a particular date, and has not been received, call again on that date. Tell the person that the payment has not been received and find out if there are any issues
There could be occasions when your client, simply isn't going to pay your invoice. On occasions like this, you are going to have to make the decision if you are going to embark on legal action. This could be via a solicitor or through small claims court. In some circumstances it may advantageous to write the debt off. The amount of the outstanding invoice may dictate the severity of your action.

Wednesday, August 15, 2012

Merits Of Using Bookkeeping And Accounting Services And Selection Tips

Companies that assist small businesses to update their books properly can be found on the internet. They offer cheap and reliable bookkeeping and accounting services. It is important to hire a company that will surpass your expectations and meet the needs of your business. Locating such a company does not have to be difficult anymore. The internet technology is here to save your time and money. Searching for the right accounting firm with popular search engines is absolutely free.
Therefore you have no excuse for not finding dependable bookkeeping and accounting services. Right now your small company requires aggressive marketing. If you are a great marketer, and a poor accountant, outsourcing is for you. Outsourcing accounting will save your money because your books will be updated by a professional who regularly provide error-free reports. So you will sleep easy knowing that you will never be in trouble with the IRS.
When working alone or with one clerk, you can easily miss the deadline for submitting your financial reports tn the authorities. In addition, handling excess work may stress you out and make you do the wrong thing or skip important data. Purchasing bookkeeping and accounting services will help you avoid making these expensive mistakes. You will encounter professional tax accountants who will put your books in order so as to submit them directly to the authorities at the end of the year.
Bookkeeping entries determine how your accounts will be tackled. So it is a good idea to find a company that offers bookkeeping and accounting services at the same time. This will give it an opportunity to become familiar with all areas of your accounting department. Because of this familiarity, this company will avoid entering mistakes on your accounting system. If the system needs to be adjusted, the company will propose the necessary changes to you.
After buying bookkeeping and accounting services, you will have time to take your business to the next level. You will no longer have to prepare monthly statements, enter invoices or reconcile bank accounts and petty cash. Time to hire and fire temporary accountants and bookkeepers should come to an end now because you know that outsourcing is the best solution. By outsourcing your books, you will avoid wasting time and money writing job descriptions and advertising vacancies.
What you need now to have access to bookkeeping and accounting services is a few minutes to browse the internet. Any reputable accounting firm located in the United States can certainly change the future of your small business and is accessible online. Still, you want to find a company that will give you affordable rates and excellent services. Since you will be dealing with large, established firms, you do not have to interview every accountant they have unless you want to. 
Their services are bought by thousands of customers every year.

Customers will seldom come back if they treated badly by a certain company. The fact that a company has many recurring customers should give you confidence to hire its bookkeeping and accounting services. You should trust any accounting agency that seems to have many happy customers. Furthermore, you should hire a company that can accommodate your needs when other businesses are rushing to do their accounts before the time for reporting tax arrives. Make sure that its workload will not be too big to accommodate yours.

Friday, August 3, 2012

Why Should One Take Up the Post of a Temporary Accountant?

I was looking at the different part time opportunities available for my friend who is located in a remote sea side town and has very good knowledge about business accounting and taxation procedures. His recent domestic commitments towards his aging parents have created high demands on his time and working modes.
There are many qualified professionals like Andrew Morrison, who do not want to tie themselves down with full time jobs due to diverse reasons. The part time jobs for the post of temporary accountants offered by firms' expert in handling tax and accounting services and agents offering temporary employment for various accounting positions are usually advertised on the internet and the classified columns of the newspapers.
The positions offered by companies looking towards hiring tax and accounting services or a temporary accountant prove to lucrative job opportunities as they are money spinning vehicles being utilized increasingly as a cost cutting process by businesses in contemporary times. The positions of temporary accountants are usually filled up during the seasons when the tax and accounting services are required for filing of returns, preparation of final accounts, handling large accounting transactions and increased workload. Some of the temporary posts are upgraded to a full time basis if the quality of the job provided is up to the expectations of the recruiters.
Many companies are looking towards outsourcing their key tax and accounting functions to professional third parties who have the requisite infrastructure and experience to handle multiple client jobs as per the requirement. These external agencies are on the lookout for temporary accountants willing to work for them on a part time basis by providing their expertise in tax and accounting services. It is a good idea to leave your resume with these firms along with employment agencies to avail job opportunities for a temporary accountant's post as and when the need arises.
The pros and cons of the job of a temporary accountant or joining the teams in firms providing tax and accounting services can be discussed as below:
1. The job of a temporary accountant is usually for a short duration of two months to six months on a contractual basis. The reason for the opening could be in relation to a project or for filling up the gap of the full time accountant who max be on leave. The short term association allows both parties to check out the comfort levels before upgrading to a full time post in the same department or Company.
2. It acts as a good source of income for the qualified but currently unemployed, who are looking for good job profiles.
3. The association with a reputed firm offering tax and accounting services or the job of a temporary accountant adds to the resume and helps in building professional contacts, network and references for the future.
4. It definitely provides flexibility in juggling the work-home responsibilities.
However, there are certain disadvantages for committing yourself to a part time job such as temporary accounting.
1. It may not complement the qualifications possessed by the individual and may not match with his exact requirements for a job.
2. The lack of job security and benefits that exist in the part time job.

Tuesday, July 24, 2012

How to Prevent Tax Audits - Few Ideas!

Tax Audits are on rise as CRA is looking to increase tax collections and reduce deficits.
A tax audit is when the CRA reviews tax returns to determine if income, expenses, and credits are reported accurately. Avoiding a tax audit is possible by being completely honest about deductions, but audits can still occur even without any red flags on a tax return.
1. Complete & adequate books of records (as per chartered accountants Mississauga and Etobicoke.) 
Canadian tax laws generally require taxpayers to keep complete books and records for at least six years from the end of the year to which they relate. Keep all receipts and proof of payment for the various expenses that you have claimed on your tax return. Failure to provide corroborating information to the CRA may leads to comprehensive tax audit.

2. File taxes on time (as per chartered accountants Mississauga and Etobicoke)
Make sure tax filings are completed on time. Not only does this prevent incurring penalties and interest charges on late filings, it also shows that you adhere to rules and could reduce your chances of being audited.
3. Review the tax return for Consistency (as per chartered accountants Mississauga and Etobicoke) 
Try to keep the proportion of expenses to revenues consistent from year to year and CRA is unlikely to investigate. However, if there are wild fluctuations from one year to the next, the CRA may be inclined to follow-up with a request for information or an audit.

4. Review taxes for errors (as per chartered accountants Mississauga and Etobicoke)
The CRA is more likely to flag returns of taxpayers for follow-up or audit if they have found errors on a taxpayer's return in the past. You should ensure accuracy and completeness of returns prior to filing. However, if you find a mistake after filing, be proactive and file an adjustment rather than let the CRA find it for you. Always try to report your income from every source properly.
5. Investment and donation Schemes (as per chartered accountants Mississauga and Etobicoke) 
Investment and donation schemes are targeted and audited by the CRA. Tax payers participating in these schemes have a higher chance of being audited. Such claims are red flags on tax filings. If something seems too good to be true, it likely is.

If you are self employed or running a business, chances are that your taxes are more complicated and it's always a good idea to get help from a professional tax advisor.

Thursday, July 12, 2012

Top 5 QuickBooks Questions

1. Ever wonder why after very nicely downloading transactions from your bank account or Credit Card Company the balances never seem right? Of course there are uncleared items in your register; but sometimes the download gets confused about where it left off the last time you downloaded. This can cause duplicate transactions. Review your registers and see if you have duplicates (hint: check the register around the last download date) and just delete them.
2. Why does my sales tax have such a large balance even though I pay it right on time? You probably did not use the "manage sales tax" button on the home page; then select pay sales tax (Hint: make sure you edit the dates for the period end you are paying).
3. Can I add my logo or customize my invoices/estimates/sales orders? Yes you can. In QuickBooks 2012 and prior open an invoice and in the upper right hand corner select the "customize" button. In 2013 go to the menu bar and select formatting; from here you can copy a template, edit the current one or import already created templates. You can have multiple templates for various uses. To add your logo, in the customize window, select the basic customization button at the bottom of the screen. Not enough customization? Go to Layout Designer; here you can add text boxes, move things around, etc. Just remember that whenever you use this template every invoice/estimate/sales order will have the customizations.
4. What is the undeposited funds account? QuickBooks is designed to mirror real life. You probably don't deposit checks one at a time. You probably go to the bank with multiple checks. When your bank statement comes you don't see the detail of the deposit, you only see the deposit total. It can be difficult to reconcile if you have individual checks in your register. What to do? When you receive in payments from customers in the receive payment window the money should be going to undeposited funds. When you finally do get to the bank go to "make deposits" and the list of undeposited funds will come up; from here select the checks you are depositing, select OK and there is your total deposit.
5. How do I customize the homepage? Select edit/preferences/desktop view/company preferences; from here you can select functionality to turn on or off. Hint: you can also customize the icon bar by right clicking the bar and selecting "customizing the icon bar" Here you can add/remove/move around, etc.

Sunday, July 1, 2012

Use an Accounting Service And Take Your Small Business To The Next Level

Many new entrepreneurs think that they have what it takes to run a business. They fail to think critically about everything that business management entails. They only come to realize later that their companies cannot do without accounting services. An accounting department allows an entrepreneur to know how money is flowing in and out of the company.
It detects money embezzlement loopholes and informs the business owner about it. Since the essence of launching a personal organization is to make money; you want an accountant who knows their job clearly. Today more and more organizations are outsourcing their clerical tasks. This means that they are seeking independent accountancy firms that can offer high quality and inexpensive accounting services every day.
By so doing, they are avoiding the hassle of planning and implementing conventional recruitment processes. The most exciting thing about use of independent accounting services is the assurance that you can take a legal measure against a service provider. If such an accountancy organization messes with your data privacy, for instance, you have the power to sue it. Furthermore, being able to hire a large team of intelligent accountants is a bonus for your company.
First, any large task will always be processed quickly and accurately. Secondly, a team may be able to discuss and solve a technical problem faster than one accountant. There is no way that you will regret buying great accounting services. If you are like many other small business owners, keeping track of every transaction and compiling ledger accounts later on is detestable. It is not something you want to keep doing every day.
Recruiting one or more accountants to give you their accounting services will demand use of money and time. This is because you need to advertise a job opening in the local newspaper and employ a qualified HR professional to create the job description. Then you will wait for interested applicants to apply so as to pick the candidates you want. After this you will call or email the candidates you are interested in and take them through an interview process.
After picking the candidate who is more deserving of the advertised job, they will require an orientation procedure to understand how your company works. In short, a normal recruitment exercise can take several weeks while a search for the best accounting services can take a few minutes on the internet. After employing, your managerial duties will become harder since there will be one more person to supervise. Why should you endure this difficulty when you can simply outsource your accounting work? Outsourcing is the newest strategy for reducing office work, managerial duties and working capital.
According to people who normally work with independent firms, one can decrease business running costs by fifty percent. You can even survive alone in the office while assigning difficult clerical work to real professionals. When buying accounting services consider the financial position of your business. It is good to farm out just a few tasks first to see how your first self-employed accountants will perform. You may also read existing internet reviews and testimonials prior to hiring anyone.

Thursday, June 7, 2012

Tax Implications for Home Based Businesses in the UK, the US and the Rest of the World

To run a successful home based business, you have to be dedicated and persistent. There's more to it than that though. Without understanding local tax bodies, rates and other implications, you could end up in some pretty hot water. Tax implications vary from one country to the next. What's true in one country may not be true in another. Before you get serious about running a home based business, you need to educate yourself about local tax laws and be prepared to handle your obligations in a timely and legal manner. Learn more about this important topic below.
Working from Home in the UK
Laws regarding taxes are complicated, and that's as true in the UK as it is anywhere else. There are no one-size-fits-all solutions. A variety of factors will determine how much you'll ultimately have to pay. With these points in mind, you should hire an accountant. His advice will be worth every penny.
You may enjoy special breaks on taxes in the UK by working from home. For example, if your company is VAT registered, you may be able to claim back VAT on supplies that you use to run your business. You may also be eligible for relief on domestic bills for parts of your home that are used to conduct your business. Once again, an experienced accountant can help you determine the kinds of relief that apply to you.
Working from Home in the US
As in the United Kingdom, you may be eligible for special breaks on your taxes by working from home in the US. However, claiming a home based business deduction can be a red flag for an audit. Proceed with caution.
Make sure to take self-employment taxes into consideration when working from home. When you have an employer, approximately 15 percent of what you earn is paid in taxes and not reflected on your pay stub. These taxes, along with Medicaid, social security and other expenses, all make up self-employment taxes. Self-employed people often overlook these taxes, and they get slapped with huge bills, fees and penalties as a result.
Working from Home Elsewhere in the World
What if you live elsewhere and want to work from home? It's up to you to learn about the local tax bodies and rates. Claiming ignorance is not an option. No matter where you live, the government is going to expect to be paid. It's far better to be fully aware of what's expected from the start than it is to learn as you go. It's always worthwhile to hire an experienced tax accountant wherever you are. By doing so, you'll be able to meet your obligations and could possibly reduce the amount that you owe too.