Outsource Bookkeeping Services

Effective Bookkeeping Accounting Services by Experts Bookkeepers

2010-10-06T22:28:00.000-07:00

Hi-Tech Bookkeeping Services is a leading bookkeeping accounting company. Our expert bookkeepers are providing effective bookkeeping accounting services at low cost. Save up to 60% on bookkeeping accounting cost.

Offering effective Bookkeeping Accounting Services by experts bookkeepers for projects at low price!!

Hi-Tech Bookkeeping Services (HBS) is bookkeeping accounting company focus small Business to large scale business in all over the globe. We have specialization in providing bookkeeping
, accounting, financial services, taxation services and payroll services at affordable cost. Our expert bookkeepers provide effective bookkeeping accounting services at low

costs to all type of business. Save up to 60% on bookkeeping accounting cost. Inquire more about our bookkeeping accounting services at: www.hitechbookkeepingservices.com/

Where ever you are located at you can outsource your bookkeeping accounting work to our bookkeeping accounting company. We provide affordable bookkeeping accounting services to private, public, and government sectors. Our expert bookkeepers specialize in providing high quality bookkeeping accounting services with a focus on customer needs. We specialize in servicing CPA firms as well as small, medium and large businesses. Our expert bookkeepers are able to handle high level bookkeeping accounting services with 100% accuracy. Our high skilled bookkeepers specially trained for bookkeeping accounting services with high accuracy and maximum client satisfaction.

Effective Bookkeeping Accounting Services include:

• Account Receivable
• Bank Reconciliation
• Payroll Processing
• General Ledger Maintenance
• Trial Balance Sheet preparation
• Accounts Payable Management
• Financial Statement Preparation

We have the specialized proficiency and experience in handling almost all the trendy and generally used bookkeeping software such as QuickBooks, Peachtree, Sage Line 50, Quicken, MYOB, IRIS, LaCerte and Pro Tax. They will distribute 99.98% accurate solution for bookkeeping accounting. Also you can save up to 60% on bookkeeping accounting costs. Also you will get quick solution for your queries from our executives.

Send us mail at info@hitechbookkeepingservices.com - Request free custom quotes now!

For more information about our effective bookkeeping accounting services, please feel free contact us: www.hitechbookkeepingservices.com/contact.php.

Source: http://www.live-pr.com/en/effective-bookkeeping-accounting-services-r1048572183.htm

BookKeeping Express Franchise Unveils Major Las Vegas Expansion Plan

2010-09-03T04:31:00.000-07:00

Nation's Only Franchise Focused Solely on Certified Bookkeeping Services Continues Strategic Expansion into New U.S. Markets

August 31, 2010 // Franchising.com // MCLEAN, Va. – BookKeeping Express, the first U.S. franchise focused solely on certified bookkeeping services, has announced plans to expand across the Las Vegas market through local franchise ownership.

"The small business community is growing in Las Vegas and around the country, and BookKeeping Express is expanding with it, providing qualified franchise investors with a niche franchise option that caters to this growing segment," said Greg Jones, CEO of BookKeeping Express. "We are looking to grow with franchisees who are experienced professionals and sincere about their desire to fill a void in their communities with our distinctive accounting services."

With more than 40,000 small businesses in the Las Vegas area, BookKeeping Express is looking to fulfill the void in the small to mid-size business (SMB) community for companies that are not equipped or do not wish to handle accounting responsibilities. BookKeeping Express offers accounting services such as setting up charts of accounts and general ledgers, monthly data entry, processing and managing accounts payable and accounts receivable, producing monthly reports and tax reporting. Plus, BookKeeping Express utilizes a Custom Flex Pricing Model that is based on the clients' needs instead of a one fits all, hourly billing approach.

As part of the BookKeeping Express franchise model, local BKE office owners have the support of the BookKeeping Express Service Center to take care of any outsourced bookkeeping needs so they can focus their attention on their business and client consultation, while having the ability to grow their business without hiring additional employees. The Service Center also serves as a new sales channel for BookKeeping Express franchise offices. Local BKE office owners can sell the service in their communities to CPA firms and independent bookkeepers.

In addition, all BKE franchise offices will offer the BKE Connect system, which allows businesses access to all bookkeeping files remotely through an outside server, as well as a dashboard that clearly and visually 'sums' up the business' operations for thorough analysis. Plus, small to mid-sized business owners can synchronize their QuickBooks and enjoy convenient, anytime access to their financial documents through BKE EDocs, a new electronic filing system designed to provide secure, online storage of financial documents.

"Highly qualified franchise investors want to join a system which supports our efforts in all facets of the business," said David DiPietro, the owner of BookKeeping Express in Mesa, Ariz., which opened in early 2010. "BookKeeping Express goes to great lengths to train and provide mentorship."

Since launching its franchising program in 2008, BookKeeping Express has signed development agreements and opened offices with entrepreneurs in 12 states and across more than 129 territories. Currently, there are more than 20 BookKeeping Express franchise offices open and two corporate locations, one in McLean, Va., and another in Baltimore, Md. The company's aggressive U.S. franchise development plans call for more than 400 new territories.

With a collection of franchisees that come from diverse backgrounds, including corporate executives, CPAs, banking executives, and entrepreneurship, BookKeeping Express' owners share a common goal to provide accounting relief to business owners so they can focus on growing their business.

"Getting into franchising is a viable option for those leaving or forced out of the corporate world," said Jones, himself a serial entrepreneur with several business successes under his belt in the telecommunications and restaurant industries. "Most of the franchise investors we meet with are seeking to fulfill their entrepreneurial spirit but don't want to do it alone."

BookKeeping Express is an affordable franchise opportunity tailored for today's transitioning professional. Two options available to BookKeeping Express investors include Master or Area Development territories that can be operated out of home-based or commercial space locations; per territory start-up fees run under $50,000.
About BookKeeping Express

BookKeeping Express, a national company focused on providing professional bookkeeping practices to small businesses, was founded in 1984 in California and grew to over 150 locations through licensing agreements. In 2007, Greg Jones, along with Bob Stocker and Merritt Green, purchased the company and launched the new business model in McLean, Virginia in January of 2008.

Source: http://www.franchising.com

Bookkeeping: Taking Off Short Index Exposure

2010-07-03T01:58:00.001-07:00

Yesterday just under S&P 1040 I added what I consider modest short exposure. I shorted about a 4.5% exposure in TNA ETF (3x Bullish Small Cap) ... in the real world I'd go long TZA for simplicity but to keep my record keeping easier between long v short, I do 'short TNA' for model fund purposes. I sold about a third of that exposure this morning for a 4%ish gain and I am going to sell the rest here for about a 12% gain.

Yesterday, I bought 2 series of puts, 2.5% allocation into each: SPY 103 puts and SPY 102 puts. Total 5% allocation. Both are up around 60% so I am going to sell them both and take my quick and dirty gains. They did an excellent job hedging off any long losses and for 3-4 hours of work, I'll take 60% anytime. I'm posting a screen shot only so when someone asked "how did you make XX% with 80% cash!?" I can refer them to this post.

Could there by more downside? Certainly. I just believe this rubber band to be very stretched at this point and risk is now as large for bears as bulls. When I feel some comfort a real bounce may be coming, I'll do the exact opposite of these 2 trades.

Any upside target for now would be to S&P 1040.

Source: http://www.ibtimes.com/

Small Business Bookkeeping at Absolutely Low Bookkeeping Costs

2010-05-15T02:38:00.000-07:00

Nowadays bookkeeping services is significant to all type of business like small, mid and large for the reason that if you need to keep all the financial transactions records so bookkeeping help to keep all the financial transactions records appropriate for your business, financial transactions includes sales, purchase, income and payment by individual or organization.

Outsourcing Bookkeeping Service offers competitive business and technology solutions to customers worldwide. We provide high quality, time bound, cost effective small business bookkeeping services through our offshore facilities. These facilitate us to make a long term business association with our customers. Our highly experienced, proficient, creative and motivated team works for excellence and perfection. This facilitates us to distribute the best solutions in most efficient way. Our complete list of customers of different industries across the world is satisfied with our qualified team.

Our success is based on our quality bookkeeping service. We have enough resources to successfully start, execute and complete any size of project. Our main objective is to achieve client satisfaction. We have highly skilled accounting team to manage your entire requirement regarding bookkeeping needs. Our Accounting personnel are well versed with a variety of popular and widely used software worldwide such as:

* QuickBooks
* Peachtree
* Sage Line 50
* Quicken
* MYOB
* IRIS
* LaCerte

Bookkeeping Services is most important part of the all small, mid and large business. Bookkeeping is crucial requirement of company. Tax accounting services is also desirable in any private or government sector. Our bookkeeping company provides accurate and secure bookkeeping services. If companies take help of our services for bookkeeping and accounting services, it definitely gets high benefit and owner can detect various bookkeeping activity in simple manner. We provide weekly and monthly profit and loss account and balance sheet also we provide monthly, quarterly or yearly comparison of incomes and expenses appropriate for your business.

Source: http://www.jazzou.com/

Bookkeeping Accounting Services at Low Bookkeeping Costs

2010-05-03T23:21:00.000-07:00

Bookkeeping Services India is a well-recognized bookkeeping accounting services provider outsourcing company. We provide bookkeeping accounting services at low bookkeeping costs to all business organization across the world.

Bookkeeping Services India is an important resource for bookkeeping accounting services provider outsourcing company. We provide accurate, cost effective and time bound bookkeeping accounting services to all type of business organizations across the world. Bookkeeping Services India is an IT enabled outsourcing company we have perfect mix of young professionals. Our highly professional accountants and bookkeepers provide you timely and accurate bookkeeping accounting services to our dedicated customers before dead line our main goal is client satisfactions.

Bookkeeping and accounting is a present days very essential part for every small, mid and large business organizations, for the main reason that if you need to keep all the financial transactions records so bookkeeping accounting services assists to keep all the financial transactions records such as sales, purchase, income and payments by an individual or organization. Our bookkeeping company provides you secure bookkeeping accounting services at affordable bookkeeping costs.

Our Bookkeeping Accounting Services Includes:

General Ledger
Account Payable
Payment & Terms
Payroll Processing
Account Receivable
Bank Reconciliation
Bookkeeping Software
Migration of Legacy Systems
Financial Statement Preparation

We provide small business bookkeeping services by using our offshore ability and professional virtual bookkeeper. We have perfect mix of young, highly qualified, and professional bookkeeping work forces. They work hard and complete their work before deadline. We have the specialized ability and knowledge in handling almost all the trendy and generally used bookkeeping accounting software such as QuickBooks, Peachtree, Sage Line 50, Quicken, MYOB, IRIS, LaCerte and Pro Tax.

Source: http://www.prfire.co.uk

The Advantages of Outsourcing Your Bookkeeping Services

2010-03-31T23:47:00.000-07:00

Bookkeeping is an essential part for every business nowadays for the reason that if you want to keeping your all the business financial transaction records so bookkeeping is assist to keep all the financial transaction records for your small, mid and large business. The way that outsourcing your bookkeeping services is able to assist you improve your business is the expertise, knowledge, and experiences that using an outside consultant brings to the customer.

Bookkeeping can be complex at times, and it is significant that whoever is doing your books has an wide-ranging background in accounting, as well as more than just a general understanding of the most recent accounting systems. When you work with a qualified accountant, you are ensuring that you have a knowledgeable professional on your side that will use all of their proficiency to your businesses' advantage. This guarantees that your bookkeeping is done promptly and most importantly, accurately.

There are several ways that using an outsourcing bookkeeping consultant can advantage you and your company. Just a few of these profits are:

Keeping you updated on the entire financial feature of your business. No longer will you have to keep track of several dates and deadlines or worry about spotting an error in your book. They will keep you up to date with everything and stay aware about your business' books so that you don't have to.

Outsourcing bookkeeping consultants save you time by eliminating the need to have a bookkeeper on your staff to handle. You only see them when they are taking care of your books, which frees up time for you to do what you do best, which is running your business. By outsourcing your bookkeeping, you improve your bottom line by eliminating the need to pay a consistent salary and benefits to a staff bookkeeper. They should work with you to create a bookkeeping schedule that is right for your company.

As you can see, there are many advantages to consider outsourcing your bookkeeping services requirements with a well-qualified bookkeeping company. In fact, many customers say that outsourcing is one of the best business decisions that they have made and has helped them greatly. If you want to reduce the hassles of doing your own bookkeeping, consider outsourcing with a trustworthy bookkeeping company today.

In this article, we will discuss the different ways that outsourcing your bookkeeping services can assist you and your company perform better, cut costs, and improve your bottom line.

Source: http://www.articlerich.com/

Financial Services – Get 60% off on your Financial Accounting Projects

2010-03-02T22:13:00.000-08:00

Nowadays financial services are a crucial for every business. Outsourcing Bookkeeping Service is a leading financial services provider firm to all small, midsized and also large business at reasonable costs. Taking benefits of IT-friendly atmosphere with accessibility of especially qualified professionals and technology Outsourcing Bookkeeping Service pass on best results of these equally beneficial factors to our well-regarded customers.

We have highly qualified bookkeeper and accountants professionals with the mandatory chartered accounting certifications to cover the whole range of bookkeeping accounting services ranging from high volume of financial transaction processing to high value financial accounting, financial analysis and reporting.

Our financial analysts have huge experience to distribute financial ratio analysis and financial statement analysis that ranging from small business to large companies. Our virtual financial assistants have understanding to work with simple financial ratio analysis projects to multifaceted financial ratio analysis projects.

Our Financial Services Include:

• Financial Analysis
• Ratio Analysis
• Budgeting Solutions
• Cash Flow Management
• Analysis of Financial Statements
• Analysis of Cash Flow Statement
• Preparation of Financial Statement
• Preparation of Cash Flow Statement
• Preparation of Management Information Reports
• Preparation of Income Statement & Balance Sheet
• Generating Customized Reports as per requirements
• Preparing Monthly, Quarterly & Annual Management Reports

We have a professional and experienced work-force to provide you the best financial services to reduce the burden of this tedious job and provide you the potential reimburse at the lowest rates. Also we have the expert proficiency and experience in handling almost all the trendy and generally used bookkeeping and financial accounting software such as QuickBooks, Peachtree, Sage Line 50, Quicken, MYOB, IRIS, LaCerte and Pro Tax.

Save up to 60% on your financial accounting projects.

To get maximum benefits of outsourcing online bookkeeping services and online financial services, please contact us on http://www.outsourcingbookkeepingservice.com/financial-services.php or send us any financial services requirements on info@outsourcingbookkeepingservice.com

Source: http://www.release-news.com

Devon firms innovative online accounting package gets national accreditation

2010-02-09T21:49:00.000-08:00

An innovative accounting product offered by Devon-based accountants Simpkins Edwards has been given the ultimate industry accreditation.

Online accounting package Libertyse is based on the hugely popular Liberty Accounts, which has now been given accredited software status by the Institute of Chartered Accountants in England and Wales (ICAEW).

This accreditation will give our users complete confidence that Libertyse meets the rigorous demands that chartered accountants place on financial software, explained Adrian Hemmings, partner at Simpkins Edwards.

Local businesses who need more flexibility from their accounts package can manage their accounts securely through their web browser, at any time and anywhere. Any business can sign up, no matter whether they already have an accountant, bookkeeper or do their accounts themselves just like any other software product.

It is a massive advantage for entrepreneurs who wish to keep a close eye on their finances, or who work from remote offices. This is this sort of control that is essential in an economy where there is uncertainty and legislative change, and is perfect for a whole range of forward-thinking businesses.

The Libertyse software sits on a secure server, and is continuously updated to account for legislation and tax changes, avoiding hidden updating and purchase costs associated with software products which are loaded onto a PC. Libertyse, for example, has been automatically updated with the latest VAT changes and will allow you to file VAT returns seamlessly online.

Simpkins Edwards will also be on hand to advise users or to provide additional bookkeeping services if required. Because the accounts are online, Simpkins Edwards or the user can dip in and generate reports at any time.

source: http://www.prfire.co.uk

Outsource General Ledger Maintenance Services – Save 60% on Cost Now!!

2010-01-08T01:24:00.000-08:00

Outsourcing bookkeeping services is a leading bookkeeping accounting services provider since 1995. We are specialized in providing bookkeeping services, accounting services, financial accounting services to our customers across the world. We are very enchanted to offer 60% off on bookkeeping accounting services to our customers.

Outsourcing Bookkeeping Services offer a range of comprehensive accounting general ledger and general ledger maintenance services

in across world. We deliver high-class results at a reasonably priced. By utilizing our unique, cost effective and affordable general ledger accounting maintenance and reconciliation services, you can achieve a high position in today’s competitive market. Outsourcing general ledger maintenance services has immense scope in today’s world.

We provide accurate and secure general ledger maintenance services to private, public, and government sectors. Guaranteed high quality with outstanding accuracy in services is our specialty. Save up to 60% on your cost by outsourcing your accounting general ledger and general ledger maintenance work to us. Just drop an email us info@outsourcingbookkeepingservices.com with project specifications. We can provide you with a FREE Quote…!!!

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Small Business Bookkeeping Services – Save 60% Bookkeeping Cost

2010-01-01T01:30:00.000-08:00

Outsourcing Bookkeeping Services provides professional, affordable and timely bookkeeping services to medium, large and small business bookkeeping organizations. We believe in high standard of quality and reliability. Our goal is to offer unique bookkeeping accounting services at competitive rates. Save up to 60% on your bookkeeping cost by outsourcing your bookkeeping and accounting requirements to us.

Now a day it is very important to complete bookkeeping and accounting task. Where ever you are located at you can outsource your work to our accounting bookkeeping firm. We are handlingsmall business bookkeeping services which facilitate smooth and successful functioning of business.

Our Small Business Bookkeeping Accounting Services:
• Accounting Reconciliation
• General Ledger Maintenance
• Inventory Reconciliation
• Payroll Processing
• Cash Flow Management
• Payroll Administration
• Budgeting
• Credit Card and Bank Reconciliation
• Taxation Services
• VAT Services

We have professionally trained and skilled bookkeepers and they can fulfill your any requirements related to bookkeeping and accounting services with the latest technologies and bookkeeping software. We work with customized applications and web based bookkeeping software such as quickbooks, iris, myob etc depending on the financial data given to us by clients.

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Outsourcing Bookkeeping Services

2009-12-26T01:40:00.000-08:00

When it comes to bookkeeping service, it indulges a lot of overhead in managing the accounting data and calculating the same. It could be simply managed, if the bookkeeping service is outsourced to other accounting firms that can efficiently manage the whole. Organizations can now concentrate on core business functions rather than wasting time in paying focus on bookkeeping services.

Outsourcing the bookkeeping services will eliminate the load of transaction maintenance from the base firm. It will also help the company to save the money as, firms like Aditech Accounting Services is offering the service at a rate lower than the rate that the companies used to spent when they used to manage the whole by their own.

Aditech Accounting Services is a pioneer in providing different accounting services. It possesses appreciative skill, competency, and expertise to provide a variety of accounting related services.

Outsourcing bookkeeping services through other firms can now benefit the clients with the budget management; bank reconciliation terms, income tax filing and can also very well provide the idea of whether the business is making money, evaluating financial consequences, the various financial expenditures which is tracked on time etc.

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Small Business Bookkeeping - Bookkeeping Services - Online Bookkeeping

2009-11-27T23:04:00.000-08:00

For restaurant owners, profit margins are very thin and even a few mistakes in books of accounts can have a direct impact on their profitability. Analytix Solutions, with its customized bookkeeping services now caters to the accounting and bookkeeping requirements of restaurants specifically. With the help of expert professionals for restaurant bookkeeping services, Analytix eliminates any possibility of an error. As an expert back office service provider of bookkeeping services, Analytix Solutions is known for its error-free, qualitative work and has catered to the small business bookkeeping requirements of many restaurants till date.

Providing an affordable alternative to hiring in-house bookkeeping staff, Analytix's online bookkeeping services ensure that restaurant businesses save up on resources which can then be utilized in the business. Small business bookkeeping packages from Analytix can save a restaurant owner up to 40% costs compared to hiring in-house resources. With only expert bookkeeping professionals working on all projects, Analytix clients can rest assured that their books of accounts are being taken care of by the best in the industry.

Existing bookkeeping services clients of Analytix trust the impeccable service of the company and it hence boasts of a 95% client retention rate since its inception. Analytix's online bookkeeping services are also being recommended to others by its existing clients, which is again, a proof of its qualitative services. The company is owned by an IT expert and a CPA, both of whom have a combined experience of more than 40 years in the industry. Analytix has established itself as one of the most prominent service providers of small business bookkeeping in the state of Massachusetts.

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Bookkeeping Services - Small Business Bookkeeping

2009-11-15T23:28:00.000-08:00

Providing an affordable alternative to hiring in-house bookkeeping staff, Analytix’s online bookkeeping services ensure that restaurant businesses save up on resources which can then be utilized in the business. Small business bookkeeping packages from Analytix can save a restaurant owner up to 40% costs compared to hiring in-house resources. With only expert bookkeeping professionals working on all projects, Analytix clients can rest assured that their books of accounts are being taken care of by the best in the industry.

Existing bookkeeping services clients of Analytix trust the impeccable service of the company and it hence boasts of a 95% client retention rate since its inception. Analytix’s online bookkeeping services are also being recommended to others by its existing clients, which is again, a proof of its qualitative services. The company is owned by an IT expert and a CPA, both of whom have a combined experience of more than 40 years in the industry. Analytix has established itself as one of the most prominent service providers of small business bookkeeping in the state of Massachusetts.

“We announce our bookkeeping services for the restaurant industry with great enthusiasm,” said Mark Walsh, Manager of Analytix Solutions. “Our online bookkeeping services are error-free and meet the most stringent quality controls, which is the foremost factor in its popularity. We hope the restaurant industry receives our small business bookkeeping services with the same fervor.”

Book-keeping contracts to remain strong for BPOs: Study

2009-10-30T23:47:00.000-07:00

NEW DELHI: Outsourcing will remain strong in 2008, with HR outsourcing contracts worth $1.1 billion and finance & accounting outsourcing (FAO) contracts worth $600 million coming up for renewal, according to offshoring advisory firm Everest Research Institute.

In its study 2008 Market Predictions, the firm said that demand for FAO services will continue to be strong in the next 12-18 months, as large buyers in the exploratory phase begin to initiate actual engagements. “On the supplier side, battle for market share will intensify. While companies like Accenture, Genpact and IBM hold over 65% share, companies like Xansa, WNS, HP, Infosys and Wipro are fast emerging as notable contenders,” the Everest study said.

The firm also expects greater location diversification among suppliers, and a shift in the nature of contracts. Transaction-based FAO engagements will evolve to judgment-intensive processes such as regulatory reporting, compliance and analysis, it said.

In 2008, captive units, niche BPO players and technology providers would be prime acquisition targets. Some captives, particularly in the financial services space, would see change in ownership and become third-party suppliers, the offshoring advisory firm has predicted.

According to apex software and services association, Nasscom, finance and accounting (F&A) accounts for about 40-45% of Indian BPO revenues. HR administration services, including payroll and benefits administration, travel and expense processing, talent acquisition and talent management services, account for about 2% of revenues.

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Bookkeeping: Selling Half of CNinsure (CISG)

2009-10-23T23:36:00.000-07:00

Chinese insurance firm CNinsure (CISG) is up about 4.5% on double the normal volume in just the first 90 minutes. Maybe there was a positive brokerage note out on this name... I don't see any particular news and earnings are not for a while. I assume something is up, but who knows what it is.

As the stock is peaking, and potentially forming a double top (or a double top breakout) I will sell half our stake north of $24 and look to rebuy lower OR... if the name clears the mid $24s, we'd be interesting in buying say north of $25 as that would mark a potential new leg up. I'm ambivalent on which it is...

Speaking to the greater market we are in a no man's land spot here... white noise. Until we get to new highs (>S&P 500 1100) or retrace more severely it's just high frequency trading machines milking the market and collecting their cute rebates. With the gap filled we are boxed in at the low 1070s with the 20 day moving average, and 1100 as a ceiling; a good area for daytraders to play in, but not our thing. What I am seeing is a lot of earnings reports being sold off since the market already anticipated quite a large amount of positive surprises. So a new catalyst (further destruction of the US dollar?) is needed.

I'll look to pick some spots to increase positions in a few names if the tide brings them in further... otherwise a holding pattern.

Article Source

Bookkeeping Accounting Services – Save up to 60% on Cost!!

2009-10-16T21:50:00.000-07:00

Hitech Bookkeeping Services offer accurate outsource accounting and bookkeeping services. Save up to 60% on your cost by outsourcing your bookkeeping and accounting work to us.

Hi-Tech Bookkeeping Services is one of the well-known bookkeeping and accounting services companies in bookkeeping and accounting fields. We offer you the flexibility to outsource
some individual function or to outsource the entire internal accounting and bookkeeping task. Save up to 60% on your cost by outsourcing your bookkeeping and accounting work to us.

Bookkeeping is very useful and beneficial to the any type of business whether it is small or large corporate house. We are handling small business bookkeeping services that facilitate the smooth and successful functioning of your business. Our highly trained bookkeepers and accountants are always ready to help you record and follow past procedures and help you to make a business plan.

We can help you by providing best quality bookkeeping & accounting services like:

• Bank Reconciliation
• Trial Balance sheet preparation
• Financial Statement preparation
• General Ledger Maintenance
• Account Receivable
• Account Payable
• Payroll processing

Whenever you are in need of personal financial statement, business financial statement, audited and consolidated financial statement preparation and analysis, we are here to help you. Hi-Tech Bookkeeping Services have a team of professional bookkeepers and accountants experienced with almost all the popular and widely used bookkeeping software.

Here are some benefits why bookkeeping with Hi-Tech Bookkeeping services:

• Outsourcing is cost effective
• Outsourcing reduces your year-end work and fees
• Exceptional customer experience and processes to global businesses
• Provide accurate and timely bookkeeping, accounting and financial services
• Help organizations to concentrate their core functions

You can outsource your bookkeeping services or small business accounting
requirements to us and focus on core business activities. We have experienced bookkeepers and accounting professionals with the requisite CAC (Chartered Accounting Certifications) to work closely with you.

Thus Hitech Bookkeeping services support bookkeeping accounting services to small, mid-sized and fast growing business and save 60% on bookkeeping and accounting services cost.

If you require more information about our bookkeeping & accounting services, log on to www.hitechbookkeepingservices.com or drop email at info@hitechbookkeepingservices.com

Article Source: Prlog.org

Good Reasons to Have Both: A Bookkeeper and A Tax Pro

2009-10-09T22:28:00.000-07:00

It's tempting for small-business owners to want to handle their own bookkeeping and tax preparation. After all, there is a lot of excellent accounting software out there to help them.

And many business startups begin with a few partners who do everything, hiring outside contractors only when absolutely necessary.

But just because you can do something doesn't mean you should. There are indirect costs involved with everything that falls into the do-it-yourself category. These include the
time you spend doing it.

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Outsourcing Bookkeeping Makes Perfect Business Sense

2009-10-08T22:28:00.000-07:00

Bookkeeping is a time consuming and tedious but essential task for businesses. Moreover, it can be quite expensive as it entails accountants’ salaries – very likely substantial – and benefits over and above the cost of training them. Though hiring a proper staff for bookkeeping may fit the budget of many small business ventures, often, after the expense on training accountants in bookkeeping, in due course, companies find that they can not afford to hire these accountants permanently.

To conserve the budget for in-house bookkeeping, a company may opt for outsourcing bookkeeping work - a portion of it or its entirety. Savings on the cost of training and retaining an in-house bookkeeping staff translates into lower capital expenditure. Additionally, shifting some of your workload to others saves you time and allows you to perform efficiently in other areas of your business. Therefore, outsourcing bookkeeping saves time and money. Time and money saved can be utilized for strengthening core sectors of the business and expansion, both of which increase profit.

Yet another benefit of outsourcing bookkeeping is enhanced efficiency. Usually, because of the multitasking nature of work in businesses, a person or a company is unable to give its best just when it is needed most. In this instance, it makes perfect business sense to outsource bookkeeping work to accounting firms. The professionals at outsourcing bookkeeping firms lay great emphasis on expertise and proficiency. Because professionals at specialized outsourcing bookkeeping firms have the advantage of being able to concentrate on maintaining your accounts, they do the work in much less time than in-house accountants. Plus, they can take each and every step of bookkeeping very carefully thus producing meticulous work.

Many outsourcing bookkeeping firms have specialized software for managing accounting transactions. This spares your company the time and expense required by acquiring and maintaining software, as well as training accountants in software manipulation.

Bookkeeping outsourcing online is especially beneficial to small and medium business firms. Online accounting services generate additional savings in time and manpower - time and manpower that would otherwise be spent on visits to the offices of professional bookkeeping firms. Again, the time and energy thus saved can be redirected towards other sectors of the business or towards expansion.

Bookkeeping outsourcing online also generates additional savings on computer maintenance cost, training cost, fixed costs and overheads. Indian Online bookkeeping outsourcing companies are especially noteworthy for the nominal rates they charge for providing efficient services.

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Outsourcing bookkeeping improves financial operations as well as increased the level of efficiency, adaptability and ability to wok with the market conditions while at the same time curtailing risks and costs. There are many bookkeeping outsourcing firms that cater to small and medium businesses worldwide.

Source: http://marketing.article24h.com/

Accountant Marketing: Let Your Accounting Services be Visible

2009-10-02T23:45:00.000-07:00

Professional accountants are in great demand today. If you are a qualified accountant or tax professional and do not have enough customers, there might be something wrong. You might not be using the right kind of accountant marketing.

Today, people use the internet to find everything they need, from pizzas to plane tickets. There is no reason why they wouldn’t use the internet to find tax or accounting professionals to fit their needs. This gives you a quick idea as to where to start accountant marketing – the internet.

Industry specific directories are the first place where people look to find the business they are looking for. You too have used online directories of various kinds to find everything from a local florist to hotel rooms in Europe, while you still were in the United States. Accountants can benefit from their presence in directories that list accountants and accounting services. Thus, the first step in accountant marketing on the internet is getting listed in a respected industry directory.

If your business is listed in a reputed directory, it is easy for potential customers to reach you. Being listed on reputable websites also may show that you have high levels of credibility.

Other means of accountant marketing online can include pay-per-click advertising through major search engines and by buying advertisement spots from various websites. Both of these options are a tough task for a professional, whose main knowledge is of accounting, tax planning, and bookkeeping. Other options you have include advertising in industry magazines or in the classified sections of newspapers. Without a doubt, you know these are costly affairs.

However, when you list your services on an industry leading online directory, you get all of the benefits of advertising, at much a lower price and with little headaches. The directories do the work to reach the maximum number of potential customers through all the different means of advertising.

Not every directory is made the same and it is not wise to spend time and money on directories that have an unprofessional or less than perfect user interface. The best thing you can do for accountant marketing is to find a directory that is listed with search engines, has a good user interface, and is free for the users. The directory also must have an easy interface to help users easily locate the CPA, Enrolled Agent, Bookkeeper, Tax Planner, or any professional of their choice.

Overlooking this one aspect of your career can be costly, in terms of lost opportunity. In fact, accountant marketing is not a one-time expenditure. It is an ongoing process, to keep new clients and to retain existing clients. Your marketing efforts can also increase your exposure. Make sure you choose the right channels for accountant marketing and make sure you have a high ROI.

Source: http://www.articles.seo-solution.net

Accountant Marketing - Accountant marketing can easily be one of the first overlooked areas in the career of an accountant.

New Accounting Standards Will Have No Direct Impact on Individuals

2009-09-25T22:37:00.000-07:00

While accountants and businesses scramble to put together a plan for converting their financial accounting systems and statements from Canadian Generally Accepted Accounting Principles (GAAP) to the new International Financial Reporting Standards (IFRS), the good news is that IFRS shouldn't impact your personal tax situation -- at least not directly. IFRS is basically a set of accounting rules and principles designed to provide guidance to accountants and others to prepare financial statements. "There are not that many direct implications for individuals since individuals don't have personal financial statements with respect to themselves," said Stan Maj, a tax partner in the financial services group at Ernst and Young LLP in Toronto. However, IFRS might have an impact on public companies that will have to begin following International Accounting Standard 12 (IAS 12) on Income Taxes for fiscal periods beginning Jan. 1, 2011.

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Bookkeeping Software: No Business Should Be Without It

2009-09-24T23:06:00.000-07:00

Accurate and efficient bookkeeping and accounting procedures are a must for any modern businesses. Every business can realize immediate benefits when adopting one of the attractively priced bookkeeping software packages.

Bookkeeping software can be tailored by the business owner or employee to serve literally any size of business. When you install a leading bookkeeping software package as part of your business youÃ¢Â€Â™ll be getting a whole set of management tools. Use your personal computer to perform many of the tedious, everyday tasks associated with your business. Tracking customers, performing inventory audits, billing, accounts payable and receivable and payroll are just a few of the routine tasks you can leave to this software. Tax time looming on the horizon again? Your accurately maintained records will make the ordeal a lot more tolerable.

Bookkeeping software is no longer bulky and difficult to learn. Newer systems are very user friendly. Even large businesses can be fully transitioned to your desktop computer or laptop in a surprisingly short time. The time saved in entering, updating and retrieving essential business data that a computerized bookkeeping system brings to the table will drastically reduce the return on investment (ROI) time for the software purchase.

All of the leading and highly rated software packages provide extensive training manuals and setup guides. Strong phone, email and other support is an important element to look for when choosing bookkeeping software. Special versions of bookkeeping software are available for other computer platforms such as the MacIntosh. The free, open source Linux system also gets attention from software vendors.

A business needs to avoid making any hasty bookkeeping software decisions until basic bookkeeping/accounting methods that best suit their operation are decided. Start your purchasing process by looking at your current, day-to-day, financial operations. Perhaps your company is weak in addressing customer tracking. That aspect of your software search should rise to the top. The priorities of your business need to be put in order before making a software decision.

An Internet search for Ã¢Â€Âœbookkeeping softwareÃ¢Â€Â yields a dizzying array of possibilities. At the top there will be multiple links to well-known names as Quickbooks, Peachtree and Microsoft Money. All are first rate packages, but a business doesnÃ¢Â€Â™t necessarily need to limit their search to these monsters of the bookkeeping market. Be careful not to be blinded by all the attention the most popular software vendors get, also consider solutions from companies like Pastel Accounting Software, Sage Bookkeeping Software, Timberline Accounting Software, Accpac Accounting Software, and Lawson Accounting Software. For more information and reviews on the specific companies, Google the vendor names.

About the Author

Fred Jackson owns and operates http://www.book-keeping-guide.com accpac accounting software

7 Accounting Tips for Beginning Businesses

2009-09-18T22:04:00.000-07:00

We have the smartest and the most clever accountant in the world. So we asked him to write an article about starting a business and the accounting setup needed. Here's what he wrote, it's solid advice from an accountant that saves us tons of money.

1. KISS. Keep it simple starting out. The simplest form of entity for running your first business is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Internal Revenue Service until you start paying employees.

2. As a sole proprietor you are the owner/entity which might require only to acquire an occupational license if your county or municipality mandates one. As the owner, you are also liable to remit all state or city tax collections on retail or wholesale sales your business collects. Service businesses and most cross state sales are exempt from state tax collections.

3. If you are concerned about personal liability as a sole proprietorship then do the cheapest and simplest thing which is to buy a personal liability umbrella policy. The best way to avoid liability is to learn your trade well and keep accurate records on Less Accounting .

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Accounting rule change could favour Apple and iPod touch owners

2009-09-17T22:15:00.000-07:00

The body responsible for setting US accounting standards is considering a rule change that would allow Apple to report higher earnings during periods of growth. It could also see an end to charging for iPod touch software updates.

Apple's insistence on charging iPod touch owners for software updates that iPhone users get for free has long been a cause of irritation.

The company takes the position that the relevant accounting rules say giving away updates that deliver significant new functionality is incompatible with recognising the revenue from the sale upfront.

(But what about this: if anything delivers significant new functionality to an iPod touch, it's Remote - an application from Apple that turns it into a remote control for iTunes or Apple TV. But Remote is free, whether it is for the iPhone or an iPod touch. Figure that one out!)

Since Apple doesn't want to defer the recognition of that revenue as it makes its financial results look worse, it charges for iPod touch updates. Another example of this rule coming into play occurred when Apple released a software update to enable 802.11n wireless networking on certain Macs that had been advertised as offering 11g Wi-Fi but which actually contained an 11n-capable chip.

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Bookkeeper Service – Top 5 Things to Check

2009-09-12T01:03:00.000-07:00

For all types of business, maintaining financial data is important. What’s even more important is having someone who can do this work flawlessly. This is the reason why businesses continuously look out for the perfect bookkeeper service.

With the appropriate bookkeeper service, business owners should be worry-free. Bookkeepers will handle the tasks relating to financial transactions including recording income and expenditure, drafting bank reconciliation statements, handling invoices, and managing payroll. All business owners know how important it is to have a bookkeeper. However, what most do not know is how to actually find a good one.

First, it is important to evaluate potential bookkeepers in terms of training and educational background. Although bookkeepers are not necessarily required to have a degree in accounting, all must have had formal training in the field. You will most likely find individuals who have gone through some college coursework or have been certified by accredited institutions.

Second, most business owners also prefer a bookkeeper service provided by an experienced bookkeeping firm. Hiring an experienced bookkeeper allows you to ensure expert management of your financial records. Furthermore, experienced bookkeepers work more efficiently. Because bookkeeper services are often paid on an hourly basis, individuals who work faster will allow you to save more. To prove actual bookkeeping experience, most bookkeeping firms would not hesitate to provide a list of references.

Third, personality is also worth observing when evaluating those who provide bookkeeper service. Obviously, it would be important for you to get along with your bookkeeper but more importantly, it is worth taking the time to observe and look out for signs of customer responsiveness, organization, and attention to detail. More often than not, individuals who have these qualities provide a good bookkeeper service.

Fourth, although some businesses still engage in traditional bookkeeping service, most have adapted to the technological changes in business by doing computerized bookkeeping work. If your business uses specific software, it would also be important that potential bookkeepers be familiar with that.

Lastly, it is important to make sure that the bookkeeper you want to employ will suit the budget of your business. Ask your potential bookkeeper how much they charge. If their rates are not reasonable for your company, do not hesitate to speak to them to see if you can discover a better pricing plan.

The benefits of hiring a good bookkeeper service are undeniable. However, the value of a bookkeeper would depend mostly on qualifications and capabilities. For this reason, it is important to thoroughly evaluate each and every potential candidate and hire only the bookkeeping firm that provides a bookkeeper service that is most appropriate to your business’ needs.

About Author: Good Bookkeeper Services work flawlessly and help the business owner make sound business decisions. There are many reputed Bookkeeper Services Firms that help small and medium businesses worldwide.

Brussels does bookkeeping with Google

2009-09-10T22:34:00.000-07:00

Books on the Internet, democratically accessible now but perhaps expensive in the future… The Internet search group Google has been defending its scanning and publishing of millions of books online.

At a hearing at the European Commission in Brussels, Google said this process is making access to information more democratic. The Commission is considering what Europe should do about books on the Web.

Out-of-print books alone represent an enormous potential market. A Google deal in the United States is under legal scrutiny over how any eventual profits are shared among Google, publishers and authors.

German publishers and booksellers have linked payment for intellectual property with progress:
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Bookkeeping: The Necessary Evil

2009-09-04T21:56:00.000-07:00

Are you a small business owner looking to stay under budget by doing the bookkeeping yourself? Well my friend, have I got news for you…you are not alone! There are many other small business owners out there who are looking to save time and money too. But they have dug themselves into a hole by writing every check themselves and balancing each account without any assistance. Unfortunately, bookkeeping goes beyond entering a few numbers here and there which takes away from what you love to do – grow and sell your business. Enter VBP OutSourcing – the solution to your financial problems.

Time is money. This is a bookkeeper’s motto in life. Your time is too valuable to spend doing the financials when you have a business to run. You also don’t have the time to worry about whether there is enough money to hire new employees or if your expenses are too high to purchase new supplies for the office. All of these financial questions can overload your brain and take away from other more important tasks and responsibilities of running your business. This is where a professional bookkeeper comes into the business picture.

A bookkeeper is not just another face in the accounting crowd. They are a vital part of your team, tracking the financials of the company, and ultimately the reason for your business’s success. Bookkeepers are there to make sure that your company does not run into one of the many common mistakes business owners find themselves in. The following list is 7 reasons why your business, small or large, should hire a bookkeeper, rather than do the finances themselves.

Focus On Growing Your Business. Your bookkeeper will spend time every week keeping your paperwork up to date, so you can relax and spend more time on your business. Bookkeepers know what they are doing and enjoy what they do. Bookkeepers maintain accurate records and financial books which provide insight into important business questions such as: “Is my company earning enough money?” By keeping up to date with your paperwork, you can avoid the risk of late payment fees, penalties, and fines.
Bookkeepers Understand. A bookkeeper understands the need for financial organization. They are able to reduce the chaos that are receipts, PO’s, invoices, etc. cluttering your desk to order by efficiently filing your papers away. A bookkeeper can also help by reducing your risk of paying twice for the same bill or by paying the wrong amount. Again, bookkeepers understand that your time and money are the most important assets to your business.
Audits…Need I Say More? Having your business financials in order and up to date is legally required by law. Specifically, if you are a government contractor, a business is required to be compliant with DCAA regulations. If an auditor would pop into the office today without notice – would you be sweating bullets or relaxing with your feet propped up on your desk? Bookkeepers keep your financial books current, so that you don’t have to worry when auditors drop in unannounced.
If You Don’t Know Where You’re Going, Any Road Will Take You There. Don’t let this be your company’s motto. Know where your business is going by understanding where it has been. Bookkeepers will paint a clear financial picture by telling you which road to follow when you come to that fork in the road. They will provide you with answers to your most important business questions such as “How does my spending compare to my sales?” so that you will make the smartest and most competent business decisions.
Patterns, Patterns, Patterns. Patterns are everywhere you look. They are frequently found in numbers – from prime numbers to ratios to your company’s sales patterns. Since your bookkeeper is constantly reviewing your account, they have the ability to see patterns or reoccurring financial events that you, as a business owner, may overlook. By providing you with up-to-date financial reports, you can track patterns (peaks and declines), so that you can be more prepared for your next business decision. Budgets, a result of knowing your company’s patterns are a must for businesses. If you know the patterns of your business, creating a budget will come smoother and much easier. Budgets can then forecast your fiscal flow which, in turn, will control your cash needs and manage your expenses. In simple terms, the solution to the success of your business is to hire a pattern seeking bookkeeper.
The Dreaded Date of April 15th. It makes no difference who you are - an individual, a family, a small business of 10, or a large company of 6,000 - you must file an income tax return every April. With a bookkeeper, your financial records will be consistent, but more importantly, correct. Therefore, when it comes time to prepare your taxes, you can rest assure that they will be done on time and in compliance.

7. Bottom Line: Increase Your Bottom Line. By hiring a bookkeeper to your team, you can be sure that you will have more time to focus on your business earnings. Instead of a salaried employee, you can pay for only the hours needed on your financials. In other situations, if your business is in need of a partnership to increase or sustain profitability, then having well-maintained and up-to-date books will, therefore, paint a prettier financial picture for your future colleagues. In the worst case scenario, if you have to sell your business, buyers will be able to see dedication and value in which you put into your business through well-kept financial books.

Bottom line – hire a bookkeeper!

Although bookkeeping is a necessary evil, it is still necessary! Therefore, instead of trying to take on the job of bookkeeping by yourself, look to a licensed bookkeeper to take care of your books so that you can rest assure knowing your financials are in order come your next audit!

Article Source: ABC Article Directory

Brooks Perry's background in media, business communications, and web development has given him a unique ability to provide expert writing, editorial, and public relations services for all types of projects, from informational brochures to integrated websites. His educational background includes a Mass Communications degree from the Towson University with a focus on advertising, public relations and marketing.

Pursuing a Career in Bookkeeping

2009-09-03T21:43:00.000-07:00

What does a bookkeeper do exactly though? Bookkeepers are charged with all facets of financial activity within a business, including transaction management, recordkeeping, bank activity, money collected from accounts receivable and disbursed for accounts payable, petty cash and more. Depending upon the organization they work for, the scope of their job may include invoice preparation, payroll, purchasing, and collections. That’s just the day-to-day. They have to tie all this data into monthly/weekly/yearly reports and summaries for their managers, who rely on this information to see that their business is performing responsibly, in accordance with the business model and, most importantly, in the black.

Working environments for bookkeepers vary with the company for which they’re employed, but the job almost always involves individual more than collaborative labor.

What do you need to do to become a bookkeeper? A love for numbers is helpful. If you had a knack for math in school, you’re well on your way. A two-year Associate Degree or Certificate in Finance, Accounting or Business provides an excellent educational foundation, but many schools offer a specialized bookkeeping certification program. There are programs available at most community colleges and an increasing number of online programs, which are perfect for working professionals or those without an offering college nearby.

As offices become increasingly automated, computer savvy is essential, especially with a variety of finance and accounting software programs, including Quickbooks, MYOB, and Peachtree.

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Bookkeeping Software Can Simplify the Bookkeeping Process

2009-08-28T22:03:00.000-07:00

The advent of efficient bookkeeping software has revolutionized the way Bookkeeping Services is performed in organizations. With large volumes of accounts receivables, account payables, billing and Payroll Services to handle, organizations found it difficult to manage the different segments of bookkeeping. Competent bookkeeping software has enabled companies to work better and save on time and effort.

There is a wide range of bookkeeping software that bookkeepers can use today. The following is a list of the different bookkeeping software available and the benefits that each offer:

QuickBooks

Quickbooks Bookkeeping Software is one of the easiest to use financial software. It has an easy to use interface, simple navigation toolbars and a user-friendly graphic menu. The Quickbooks software is divided into various sections, such as the help section, customer section and vendor section. There is a help button on every option and users can go through FAQs in the quick help menu. The Quickbooks software gives users flexibility on a variety of tasks related to accounts receivable, accounts payable, payroll, inventory and banking. Other features include a general ledger and job costing tools.

Quicken

The advanced features of Quicken make it the software favorite software among accountants. In the latest version of Quicken enables users to see more of workspaces and reports at the same time. Financial data can also be viewed more easily. The tabs in Quicken enable users to easily access different functions at the same time. Summarized versions of critical information can be seen on the home page and activity center. With features such as, financial overview, cash flow center, investment centers, Quicken Billminder Gadget and Quicken account bar, Quicken is a good choice.

Peachtree

The latest version of Peachtree is packed with advanced options to enable bookkeepers to maintain accurate records efficiently. It has an easy-to-use interface, an informative business status page, input screens for (billing, payroll & invoicing), advanced reporting tools and high-end options. Bookkeepers can synchronize contact information with ACT and set up this software without any difficulty. All these advantages make the Peachtree accounting software a favorite among bookkeepers.

NetSuite

The NetSuite Accounting Software is a single, integrated suite that has advanced accounting, ERP, CRM and e-commerce abilities. With the NetSuite accounting software, bookkeepers can competently mange accounts receivables, accounts payables, general ledgers, billing and payroll amongst others. NetSuite has efficient tools for sales force automation, support management, marketing automation, global CRM, productivity management, e-commerce, partner relationship management, financial management and employee resource. With its flexibility, real-time decision making and seamless integration bookkeepers find this an easy-to-use software.

Business Works

The business works accounting software is simple yet powerful accounting software. It is flexible, easy-to-use and has integrated modules. With business works, bookkeepers can provide extensive reports and even share data with other users. Business works enables bookkeepers to manage the entire operation flawlessly.

Advantages of using bookkeeping software

Saves time and effort
Saves on manpower
Enables bookkeepers to work more efficiently
Different segments of bookkeeping can be handled with ease
Data can be shared easily
Errors can be minimized

Use bookkeeping software and watch your bookkeepers work more efficiently.

Source: http://www.buzzle.com/

How to Become a Financial Auditor

2009-08-27T21:20:00.000-07:00

Auditors are an important part of the accounting sector. An auditor is a person who performs a job that is related closely to an accountant. The job of an auditor is to personally review and do a follow up of the financial credibility of a particular company. The methods for the job can be rather straightforward and simple, although it can be somewhat time consuming.

A financial auditor needs to evaluate and analyze financial records and make financial reports. Internal audit jobs require reviewing of the financial records of a company and this includes receipts, taxes as well as purchase orders. Auditors scrutinize the financial statements of a company to ensure that all the statements as well as information is accurate and is compliant with the federal laws. The internal Auditors work with the records of the business that employs them, while a tax or independent Auditor works with more than a single individual or company. Added to that, you need to furnish the right credentials required for the job. A financial auditor checks the financial information of an organization and reviews the information for any inaccuracies that might be present. These may be in the form of an error, fraud or discrepancy that you are supposed to check.
Requirements

Academic: You need to meet the educational requirements of becoming a financial auditor with an advanced degree in accounting from a reputed or widely recognized institution. Next, you need to get a certification and once that is done, decide on the area of interest.

If you want to go for an auditor's job, make sure you are good at mathematics and accounts in high school. This helps you sharpen your math skills when you are pursuing higher studies and a financial degree. A business qualification with the highlight being on finance is a boon for an aspiring auditor. The option for a lot of students is to decide between choosing a bachelor's degree, if not a Master's that adds additional authority and significance to their qualification.

After completing your graduation at a well known or credited college or university, you need to be a major in accounting or a related field. Even after the qualification, if a financial auditor finds a job, getting a certification is necessary in the field. Generally, this is something that takes a couple of years, and the field of certification includes internal auditor, certified government auditing professional as well as financial services auditor. The designation depends on the kind of career you are interested in.

A financial auditor needs to be competent with a sound educational background focused on the fields of mathematics and accounting. A number of certification opportunities are also available for the Auditors. You are required to have good knowledge in accounts and credit as well as have good analytical skills.

Training: Internal audit jobs can be bettered with training; so it is advisable to go for a training or internship program if you get a chance. Look for employment opportunities in your local newspaper in the accounting firms in our neighborhood or government agencies. Auditors can also apply for a clerk's position if no internal audit vacancies are available. This makes you familiar with numbers which is crucial for an auditor's job.

Prior experience: Auditors can work for a couple of years as an internal auditor. This is required if you want a certification of the Certified Internal Auditor agency. Ordering the official transcripts from your college is also beneficial as a part of the applying procedure.

Employment Outlook

Career prospects (globally): There is a lot of scope for auditors who can find good openings with a viable qualification from a recognized institution. As the careers can be pretty varied in nature, you can expect a lot of opportunities compliant with your field of interest or choice.

Salaries: The standard median for a financial auditor in the US is $72,000 and more if you have years of experience.

A financial auditor is likely to work for a company and audit the books of the organization. Internal auditors may also work for a private firm and can be even hired for conducting an independent review of the books as well as records of the organization or company in question. The job of the auditors involves the overseeing of the books and records of the financial or government organization and approval of the budgets for the requirements of the local government.

Source: http://www.accountingcrossing.com/

A New Approach To Bookkeeping - Outsourcing

2009-08-21T21:46:00.000-07:00

The corporate world seems to be going through a unique phase and this has definitely created a sea change in the way companies conduct their businesses. Even though the size and nature of each business vary, one area that has always assumed importance is the accounting or the bookkeeping department. This special section is one of the most prominent parts of an organization and holds an important say in determining the financial decisions and their implications pertaining to the company.

Given the kind of importance that this department has in any organization, it is natural that people working in this department are expected to be intelligent and highly efficient. They are usually well-versed in the various aspects of accounting and financial planning. However, as per the recent trend, businesses find it worthwhile to take up bookkeeping assistance from an outside firm. This has happened because the cost of hiring such people is on the rise and has become a drag on the company resources. Such circumstances have led to steps like outsourcing accounting services to reputed bookkeeping firms.

Outsourcing the bookkeeping functions implies that you are hiring another firm to keep a tab of your company transactions. In other words, you are delegating the responsibility of up-keeping your financial records to an outside agency instead of having your own staff do the job. By following this practice, companies have been able to substantially reduce their costs. Though many may have shied away from this practice for fear of third party misuse of the information they provide, many companies have of late, joined the bandwagon.

This may seem a new thing to most people, but it is not so to many companies who have been doing it for quite some time. An increase in the number of companies following this example proves that there is indeed some sense in doing it. The primary reason for outsourcing is that, when a company is outsourcing its activities, it can drastically reduce the labour cost associated with it. The company saves a lot in terms of administrative costs when these activities are performed in-house. The company doesn’t need to worry about giving higher emoluments for a work, which can be done at a much lesser cost.

In order to get the most out of bookkeeping outsourcing, the company has to choose a bookkeeping firm which has got sufficient experience and qualified personnel to handle different types of business accounts. In today's competitive world, every organization who wants to re-invent itself is seeking bookkeeping assistance from an outside service provider to keep up with the changing business strategies around the world. For small businesses, a sensible strategy to gain the expertise of a bookkeeper and the auditing skills of a CPA will be to hire a bookkeeper to complete the daily entries; and at the same time, to hire the services of a CPA either monthly or quarterly to ensure that everything is in place.

About Author: Vish is an SEO copy writer, for more information about London Bookkeeping and Bookkeepers visit lbks.co.uk

Source: http://www.articledashboard.com

The Home Based Bookkeeper

2009-08-21T03:08:00.000-07:00

If you are looking for a home based business to start in Huntsville Alabama and you are good with money and numbers, consider starting a home based bookkeeping business. There are many micro and small businesses in Huntsville that need someone to do their books that they can reasonably afford on an independent part time contract basis. That person could be you.

Internet technology and broadband allows a bookkeeper to do most of the work from the comfort of their home via their computer. You can work for clients locally, and at a distance. You can work with small and micro bricks and mortar businesses or other home based business in Huntsville on an independent contract basis. This means that you are not their employee, you are an independent business owner. They pay you a straight fee and you are responsible for your own taxes, business licensing, and registrations.

To start a bookkeeping business from home you need the following:

Training or Education in Bookkeeping or Accounting

You do not need a special license to be a bookkeeper but it is nice to have training, certification, and the honest ability to do the job. In Huntsville you can get bookkeeping training in a variety of places, one is via online training through the University of Alabama's Division of Continuing Education. You can go there and click on Certified Bookkeeper. If you have no training at all in bookkeeping please choose bookkeeping the easy way or consider attending Calhoun Community College. You can earn a two year accounting degree. You may earn an Associates of Science degree or an Associate in Applied Science degree at Calhoun.

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No Plans to Outsource Tax Processing Work To India, Says UK

2009-08-07T21:32:00.000-07:00

LONDON: Britain has dismissed reports that it is contemplating outsourcing sensitive tax processing work to India, saying it does not have any such plans right now.

These services are not permitted to be delivered from outside, said a spokesman for Her Majesty's Revenue and Customs (HMRC).

"We currently have no plans to change this. HMRC is constantly looking at how it can provide better value for money to the taxpayer. Project Quantum is specifically focussed on value for money in the IT field," he said.

The spokesman was refuting a report in 'Computer Weekly' that Britain's Finance Ministry is considering proposals to contract out sensitive tax processing work to India.

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Confusion over New Requirements for Tax Bookkeepers

2009-08-06T20:50:00.000-07:00

Confusion has broken out around the requirements that bookkeepers who prepare Business Activity Statements will need to meet to become registered under the Federal Government's new registration regime for tax agents.

Assistant Treasurer Senator Nick Sherry released the final draft of the regulations for the for the new national tax agents system. The new system will require bookkeepers who prepare BAS statements to register with a new national board.

A transition period will run for two years, after which all registered BAS bookkeepers will be required to hold the Certificate IV bookkeeping qualification.

The new regulations have been largely welcomed by Matthew Addison, executive director of the Institute of Certified Bookkeepers, despite the fact bookkeepers costs could rise by as much as 40% due to the new requirements.

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Bookkeeper Service – Top 5 Things to Check

2009-07-31T22:01:00.000-07:00

For all types of business, maintaining financial data is important. What’s even more important is having someone who can do this work flawlessly. This is the reason why businesses continuously look out for the perfect bookkeeper service.

With the appropriate bookkeeper service, business owners should be worry-free. Bookkeepers will handle the tasks relating to financial transactions including recording income and expenditure, drafting bank reconciliation statements, handling invoices, and managing payroll. All business owners know how important it is to have a bookkeeper. However, what most do not know is how to actually find a good one.

First, it is important to evaluate potential bookkeepers in terms of training and educational background. Although bookkeepers are not necessarily required to have a degree in accounting, all must have had formal training in the field. You will most likely find individuals who have gone through some college coursework or have been certified by accredited institutions.

Second, most business owners also prefer a bookkeeper service provided by an experienced bookkeeping firm. Hiring an experienced bookkeeper allows you to ensure expert management of your financial records. Furthermore, experienced bookkeepers work more efficiently. Because bookkeeper services are often paid on an hourly basis, individuals who work faster will allow you to save more. To prove actual bookkeeping experience, most bookkeeping firms would not hesitate to provide a list of references.

Third, personality is also worth observing when evaluating those who provide bookkeeper service. Obviously, it would be important for you to get along with your bookkeeper but more importantly, it is worth taking the time to observe and look out for signs of customer responsiveness, organization, and attention to detail. More often than not, individuals who have these qualities provide a good bookkeeper service.

Fourth, although some businesses still engage in traditional bookkeeping service, most have adapted to the technological changes in business by doing computerized bookkeeping work. If your business uses specific software, it would also be important that potential bookkeepers be familiar with that.

Lastly, it is important to make sure that the bookkeeper you want to employ will suit the budget of your business. Ask your potential bookkeeper how much they charge. If their rates are not reasonable for your company, do not hesitate to speak to them to see if you can discover a better pricing plan.

The benefits of hiring a good bookkeeper service are undeniable. However, the value of a bookkeeper would depend mostly on qualifications and capabilities. For this reason, it is important to thoroughly evaluate each and every potential candidate and hire only the bookkeeping firm that provides a bookkeeper service that is most appropriate to your business’ needs.

Good Bookkeeper Services work flawlessly and help the business owner make sound business decisions. There are many reputed Bookkeeper Services Firms that help small and medium businesses worldwide.

Source: http://www.articlesbase.com/

Set Up A Simplified Accounting System For Your Home Business

2009-07-30T21:24:00.000-07:00

A lot of home businesses fail because they lack the necessary financial system to track down the flow of their money. More often than not, home based business owners are not really very keen at keeping their books of accounts, thinking that as long as money keeps coming in, they will be all right. Unfortunately, things are not really that simply when you are engaged in business. If you want to stay in business for a long time, you will need to keep track of your financial flow for your own use and for taxation purposes. Note that if you do not keep track of your income, sooner or later the IRS will be unto you and you will get into big trouble.

Setting up your own simplified bookkeeping system is not really very complicated. If you like to keep your records in your computer, you might want to buy accounting software or just simply use whatever programs that will allow you to make a spreadsheet in your computer to record your daily transactions. However, you have some money to spare for an accounting program, it would be better to have one. There is a number of easy to use accounting software being sold in the market today. The good thing about these accounting programs is that you do not need to worry about balancing your books of accounts. You simply input all your data in one page and the program will run on its own. Most accounting programs will automatically perform the different accounting process and will immediately update your statements of accounts. Retrieving data from an accounting program is also easy. All you need to do is to go to it archives and select which ones you want to see. For instance, if you want to know how much your net income is for the month, you simply pull-out the income statement page and you will see your income instantly. Another advantage of using a computer accounting program is that you get rid of all the papers and ledgers in your workplace.

Now, in case you are not comfortable using your computer to balance your books, then you just has to you things the old-fashioned way. What if you do not know anything about accounting processes? Never mind if you are not good in accounting and balancing statements of accounts, just keep simplified records of your transactions. A three-column worksheet will do nicely. You can easily find this type of worksheet in the bookstore. When dividing your worksheet, you can have one column for all the money you received in connection with the business, another column for all the money that you spend for your business and the third column will be for your running balance.

About Author: Scott Young Is A Plug In Profit Site member As Well As An Authority On Developing Online Affiliate Marketing Internet Businesses. Get more Information On How To Build Your Own Online Affiliate Marketing Business. For Internet Business Ideas To Make Money Online, Visit: Online Affiliate Marketing Business Ideas and Opportunities.

Source: http://www.articleammo.com/

How to Start a Bookkeeping Business 1-2-3

2009-07-24T21:24:00.000-07:00

There is money to be made as a bookkeeper. Many small businesses outsource their bookkeeping work, and there are lots of individuals and families who simply want someone else to manage their record-keeping for them. Even if you think you'd never be able to start your own business - with basic accounting skills, some software and insurance, you can be off and running very quickly with your own bookkeeping company.

Why would someone want to start a bookkeeping business anyway? To start, bookkeeping is a very affordable and low-risk business to start. You can conveniently work from home or offer a mobile service without having to rent office space or open a store front. You don't have to hire employees and can run your bookkeeping company as a one-person business if you choose. A bookkeeper's work schedule can be flexible: part-time, regular business hours, evenings, weekends or even varying hours by week.

A bookkeeping business is ideal for someone who enjoys accounting (of course), who likes working independently, is organized and likes solving problems. As this field has evolved, the internet and computer programs have made bookkeeping an easier task to accomplish from a remote location. Generally, there is not a lot of social interaction with bookkeeping, but having good people skills are an advantage in any business.

So how do you actually go about starting your bookkeeping service?

Learn your business - brush up on your accounting skills if necessary, become adept with accounting software like Quickbooks. Search the internet to find out what services other bookkeeping companies are offering and be prepared to offer them yourself - before your customers ask. Also, getting additional certification can give you a competitive advantage - the Certified Bookkeepers Designation is awarded by the American Institute of Professional Bookkeepers.
Find out where your customers are. You may choose to work with businesses or individuals - or both. A bookkeeping business can be built quickly through referrals. Find one good client who has a few friends, and that may be all the advertising you need to grow your business. That said, the best way to start your company may be through someone you already know - including a local business. Offer discounts or gift certificates for customer referrals, and you can have more customers than you need without ever having to place one ad.
Find out which licenses or permits you need from your local government office. Talk with an insurance agent and banker (you can get referrals from other local business owners or friends) to get helpful tips on insurance requirements and business management that will save you time, money and hassles in the long run.

Running your own bookkeeping business can offer lots of benefits to you as a business owner. Compared to other businesses, this field is fairly easy to enter into, and you can get started quickly - plus you can even start your business on a part-time basis. With so many individuals and companies needing this service, you may be profitable sooner than you think.

About author:
Sue Barrett has been the Director of Business Solutions at Home Business Center, Inc. for over 10 years. Specializing in small and home business issues, she can provide quality insight and reputable resources for those wanting to start, manage and grow their own home-based business. See more about >> Starting your own Bookkeeping Business.

IT Companies Reconciling To Pay More Tax As STP Exemption Ends

2009-07-23T21:23:00.000-07:00

Bangalore/Mumbai, July 23 IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India.

This would further impact the net profit of these companies, already under pressure because of the global economic crisis.

The actual taxes paid by a corporate divided by the net taxable income expressed as a percentage, gives the effective tax rates.

The vendors setting up delivery units in Software Technology Parks (STPs) enjoy a tax holiday for 10 consecutive years. However, after that period, they are no longer eligible for the exemption. The latest Budget gave the STPI scheme an extension of one more year; it will now end in March 2011. The extension will not benefit units that are more than 10 years old.

Infosys Technologies, which had an effective tax rate (ETR) of 17 per cent last fiscal, expects the ETR to touch 20 per cent this financial year.

“It is a natural conclusion that the ETR will go up in the next few years as more of our units come out of STPI,” said Mr V. Balakrishnan, Chief Financial Officer, Infosys.

The company estimates its ETR at 24-25 per cent in the next fiscal. “However, it is difficult to say because the tax rate would depend on how much of our growth will go into the SEZs,” Mr Balakrishnan added.

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Bookkeeping Tips - Important Tips and Bookkeeping Advice

2009-07-17T21:43:00.000-07:00

Five Tips for a Smoother, More Efficient Tax Time

Organize your processes. Lost productivity and mistakes will often come from misunderstanding authority and responsibility. A tax season will be smoother when everyone knows the proper work flow, what their jobs are, and exactly how much authority they have to make decisions. You can make all of these things clear by designing organized processes, bookkeeping procedures and systems that your team can follow.
Prioritize. When you begin to feel overwhelmed, get systemized. Prioritize a to-do list and work on one thing at a time. As you cross a task off, celebrate! Make sure your team is clear on the priorities too.
Remember why you're there to begin with. Business can be a very detail-oriented affair, and it's really easy to get caught up in the moment especially when your dealing with your daily bookkeeping tasks. If you ever feel like you're drowning in details, stop and take a deep breath. Now look at the big picture. Just think about what your business goals are and remind yourself that you can obtain them. This exercise can help you to get back in tune with what's really important to you and will help you put everything back in the right perspective.
Communicate Clearly. Without clear communication it will be hard to get through the tax season. Your CPA is going to have a lot of questions for you and you will need to be able to answer them appropriately. Make sure you are not overtired and have plenty of energy to get you through. Be appreciative of all of the work that your accountant is doing for you. Gratitude is one of the fastest ways to change your perspective for the positive.
Model Leadership. Emotions are contagious. So is stress. If you are in a bad mood, everyone around you will feel it and may not be far behind. But if you come in cheery and ready to tackle the task before you, you can influence everyone in a more positive manner. It's a lot more fun to be around cheerful people.

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Tips For Accounting Training Programs

2009-07-16T21:52:00.000-07:00

No matter what the state of the economy is, there is always room in the business industry for students who finished accounting degrees.

It is actually one of the oldest professions in the world and if you are considering a career in this field, there are 5 best accounting degrees that you can choose from:

Public Accounting
Management Accounting
Internal Auditing
Forensic Accounting
Government Accounting

Tips when Looking for an Accounting Training Program

Now, if you are considering establishing a career in the field of accounting, the first thing that you need to do is choose from one of the top schools that you can enroll at.

Some of the factors that you need to consider when choosing which school to go to includes its proximity to where you live, the availability of the accounting programs and majors that you wish to take and the type of accounting degrees that the school awards to students.

However, aside from focusing on the accounting majors that you are taking up, there are other skills that you should work on if you want to stand out among the rest once you go job hunting. First, make sure to brush up on your computer skills. No matter how good you are at the basics of this field, it will not be enough if you don't know how to use a software or an accounting program that will make your auditing and accounting job easier.

Prior to the actual job hunting, get an internship so that the experience can be added on to your resume. Lastly, after deciding which of the many majors it is that you wish to focus on, you need to brush up on your skills regarding the fields outside of accounting to widen your scope as a professional.

Start your career in Accounting!! Search for the top accounting schools in your preferred location you can enroll at and also get complete insight on top accounting programs, degrees and majors at AccountingProgramsU.com.

Source: http://EzineArticles.com/

Accountant or CPA - which is best for me?

2009-07-10T21:08:00.000-07:00

One of the biggest questions a business owner faces when selecting a professional to perform accounting functions is whether to hire a CPA or non-CPA accountant. Most people think that CPA is always best and all non-CPA are not smart enough to be a CPA otherwise they would have it. While CPAs are to be given the professional respect that they deserve, it is ill advised to assume that a CPA is always best for you. Especially if you have a new or small business, you should give serious consideration to a non-CPA firm that can offer total accounting function – monthly bookkeeping, quarterly tax preparation, and accounting advice.

There are situations in which talented accountants do not pursue a CPA designation because they do not meet one or more aspects of CPA qualification determined by the State Government. The most common is no prior experience working for a CPA. Nearly all CPAs earn this designation after college as they work for a public accounting firm in their audit division. Alternatively an accounting graduate can elect to work for a private company in their accounting department. Other reasons for not pursuing a CPA include no desire to work with publicly traded companies or governmental agencies. These entities require accountants to have a CPA in order to be hired.

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Single Or Double Entry Bookkeeping That Is The Question

2009-07-09T21:07:00.000-07:00

The bookkeeping system adopted by a business is based upon double entry principles for all limited companies but self employed businesses may use a single entry bookkeeping system if a statement of assets and liabilities is not required. Bookkeeping is the recording of the prime financial transactions of a business usually by a bookkeeper or accounts clerk in the business books.

The difference between bookkeeping services and accounting may be unclear to the uninitiated while both are of vital importance to financial success. Bookkeeping is an important part of the accounting function and is essentially the record keeping of the financial transactions. Accounting is while incorporating the record keeping also includes the presentation, interpretation and financial control functions including interpretation of the numbers for the financial health of a business of which taxation can play a major part.

Bookkeeping stems from the recording of financial transactions and the accounting term for a business accounts as books. In effect the accounting function prepares a record of the monetary affairs of a business and stores the information in files called books. Hence the term bookkeeping often misspelled as book keeping which is the function of a librarian not that of a bookkeeper.

The financial affairs of a business involve many aspects and start with the recording of what is termed the prime documents. The task of a bookkeeping service which some businesses outsource is to record the prime documents, those prime documents being the sales, purchases and cash/bank transactions. All small businesses do bookkeeping and the most successful use the bookkeeping records as a basis for an accounting function to generate a more efficient financial service.

All business involves buying or selling something and the consequent function of receiving or paying money to the value of those transactions. Recording these transactions in larger business organisations is done by accounts clerks who work under the supervision of the accountant.

Invariably medium and larger businesses use a double entry system for recording transactions. Double entry accounting evolves from the fact that every transaction as a double effect on the business of which these are prime examples.

A sale is made. That creates a record of income for the business which is taxed on that income the other side of the financial transaction, the double entry, is the fact that the organisation who was sold the goods now owes the value of that sales invoice to the business. That is the double entry, record the sales income and also record the debt due from the customer who is now called a debtor.

Someone who owes the business a debt is called a debtor.

A purchase is made. That creates a record of expense for the business which can be deducted from income and lowers taxes and the other side of the financial transaction, the double entry, is the fact that the organisation who supplied the purchase on credit is now owed the money. That is the double entry, record the sales income and also record the credit due to the supplier who is now called the creditor.

Someone who has supplied goods on credit is called a creditor.

The third type of prime transaction is the transfer of money between the debtors and creditors and the business.

When a debtor pays his sales invoice the double entry is to add that amount of money to the business financial records and the opposite double entry goes to the debtor account to reduce the amount owed to the business since it has now received the cash.

When a creditor is paid the amount owed the money is recorded as reducing the cash resources of the business by for example deducting the money from the bank balance and the double entry reduces the amount the business now owes to the creditor account since it has reduced the credit received.

The bookkeeping function is to record these prime transactions. Since every financial transaction has an equal and opposite entry in the books there has to be a mathematical check that both sides of the transactions add up to zero. This check process is called a trial balance where both sides of the entries should be in agreement and normally the point at which the bookkeeping service is deemed to be complete.

Double entry bookkeeping is required for all businesses that require to produce a statement of its assets and liabilities. This statement of assets and liabilities is the total of all the balances from the trial balance and is called a balance sheet.

Many small businesses do not require a balance sheet. In the UK the production of a balance sheet is optional for every self employed business as it is not an obligatory requirement of the self assessment tax return form. A self employed bookkeeping system is not required to produce a balance sheet because the business effectively belongs to the owner and is that owners personal business.

Limited companies must produce a balance sheet under various financial acts and submit the balance sheet to both Companies House and the tax authority each year. The different rules applying to a limited company is because the accounts including the balance sheet are public records available to the members of that company and not necessarily the property of a single individual or partnership.

The self employed bookkeeping system can be simpler being produced from a single entry style of bookkeeping rather than double entry. Single entry bookkeeping makes a single entry for each financial transaction which is sufficient to produce an income and expenditure account, a profit and loss account, but does not make the reciprocal entry that establishes the value of the assets and liabilities.

Single entry can be as simple as making a list of the sales income and the purchase expenses. Such a bookkeeping system is valuable to the smaller business as it requires little or no bookkeeping or accounting knowledge. A smaller business can produce its own accounts without the need for a bookkeeper or accountant particularly if it has access to bookkeeping templates through bookkeeping software to produce the accounts in the accounting format required.

About Author:
Terry Cartwright is a qualified accountant in the UK designs Accounting Software on excel spreadsheets providing complete Small Business Accounting Software solutions for with single and double entry Bookkeeping solutions for limited companies and self employed business

Source: http://www.buzzle.com/

Cost Benefit Analysis-whether you should outsource your Bookkeeping to Professional Book Keeper

2009-07-03T21:45:00.000-07:00

What is a role of a bookkeeper in your organization :
BOOKKEEPERS keep complete, up-to-date, and accurate records of accounts and financial arrangements. Bookkeepers verify and enter information into journals and ledgers or into a computer. They periodically balance the books and compile reports and financial statements. Bookkeepers also receive, record, bank and pay out cash. They balance checkbooks with monthly bank statements. They may calculate employee wages from plant records or time cards and issue payroll checks. Some of the other work they may do includes posting accounts receivable and payable, prepare and make bank deposits, record payrolls, maintain inventory records, purchase supplies, prepare purchase orders and do expense reports. Bookkeepers may also make schedules, sort documents, and file bills. These type of jobs are found in every industry and may have various job titles, such as accounts payable clerk, accounts receivable clerk or assistant bookkeeper.

Cost of a Bookkeeper :
The pay for these jobs depends upon experience, clerical skills, the level of responsibility and the job location. Beginning salaries go from minimum wage to $ 15 per hour. Experienced Bookkeeper can make $ 20 an hour. After having worked for three years with the same firm, a Bookkeeper can earn at $ 25 per hour. A Bookkeepers usually work 40 hours a week; sometimes it may be necessary to work overtime. Some employers have fringe benefits such as paid vacations and sick leave, life and health insurance, and bonuses. Other benefits that the employer may include are participation in a credit union, or retirement and profit sharing plans.

Advantage of outsourcing Bookkeeping work to a professional bookkeeper :
There are several distinct advantages to outsourcing your bookkeeping functions. First and foremost is saving money. You get what you pay for and if you don't pay for quality than you won't have quality service. However, you can save money by outsourcing because you won't be paying for employer payroll tax expense, workman's compensation and general liability insurances, vacation time, sick time, health insurance and other benefits a good full time bookkeeper will expect from his/her employer. Just remember, however, that these costs will be built into the consultant's hourly rate and their fee will reflect these costs. Any bookkeeping consultant who has not taken these costs into consideration is not a bookkeeper you want - if they don't know enough to include these costs into their fees, then they don't know enough to be a help to your business. You should expect to pay at least three times what you would pay an experienced full charge bookkeeper.

And just how do you save money by paying three times the amount you would pay an employee? Well, let's see. There will be no recruiting, interviewing and training costs for start. And if you should find yourself unhappy with the services there will be no additional recruiting, interviewing and training to replace your bookkeeper. Also, you will not have to be concerned about law suits such as sexual harassment, unlawful firing, age discrimination, sexist, etc. Or an increase in your unemployment rates because you laid off an employee that you really wanted to fire but had no lawful cause to do so. So right away we have less time and money spent and potentially less hassle if things don't go well.

And of course you will not be paying workman's compensation and general liability insurance premiums. Also any worthy bookkeeper will expect at least two weeks vacation, coverage for sick time, health and dental insurance and even perhaps more benefits.

Most professional bookkeepers will have their own offices saving you space within your office. So you will not be buying that extra desk, calculator, computer and computer software. Your bookkeeper will be providing all of that as part of his/her fee. No software updates, computer maintenance, training costs, etc. Of course should you prefer to have your computerized bookkeeping records available to you at your office, a small investment in software installed on your computer makes this possible. Also no office supplies to be paid for. You will be amazed at just how much pens, pencils, and paper can be used by a bookkeeper. Your consultant bookkeeper will either ask you to drop off the work at their office, will pick it up at your office or some may even offer remote bookkeeping service. And by having your bookkeeping done off site, your bookkeeper will be able to work more efficiently and accurately because her/his office will most likely offer less distractions than your busy office. All of this is saving you money.

And the best reason for outsourcing is that you control the amount of money spent on bookkeeping. What I mean by this is that the person you hire to do your bookkeeping will be doing just that - not answering the phone, dealing with drop-bys, chatting to other employees, etc. Also you can start with just a few hours a month and add on when you need to and then adjust downward again should it be necessary. Can you imagine finding an employee to start with only four hours a month, then asking them to put in 20 hours a week for awhile and then back down to four hours a month again. I don't think you would keep them for very long, but a free lance bookkeeper is able to work around these variables and even more importantly expects to work with flexible schedules.

So have I convinced you yet? If so, then just remember "you will get what you pay for". Go for top quality because your financial records are the core of your business and without great bookkeeping you cannot expect to succeed no matter what type of business you have. After all don't you think you are worth it ?

About Author : Mr.Bhaskar Thakkar is a qualified Chartered Accountant and professional bookkeeper from India. He is a president of M/s. BT Associates, Chartered Accountants. The said firm provides Book keeping, Accounting, Auditing and Tax preparation services to various Chartered Accountants in UK, US and Canada. The firm is also specialized in preparation of VAT returns, Payroll Processing. Visit 1. btassociate.com,. A division of said firm provides various outsourcing solutions please visit 1. jobs2india.com., to get more details.

Source: http://www.articlesbase.com/

New Software for Faster I-T Returns

2009-07-02T20:52:00.000-07:00

CHANDIGARH: Speeding up the process of filing income-tax returns and making it more convenient, a software called ‘Uttam Sewa’ has been prepared by the department concerned to facilitate the work of over three lakh assessee across city and Mohali.

Scheduled to be launched in the city by July 15, the software will not only ensure a simpler filing process, but also speed up disposal of refund cases, which usually entail a waiting period of a year or more. I-T authorities claim the refund would now be done within three months of filing returns. The software will also allow immediate reflection of returns on internet, officials claimed.

While the assessees and their tax consultants are busy preparing the returns that are to be filed by July 3, so are the offices of commissioner of income tax (CIT) I and II that are gearing up for the software launch.

“As a pilot project, this programme will be launched in five cities identified by Central Board of Direct Taxes this year. Chandigarh is one of them and we will cover range IV and V of CIT I and entire range of CIT II. CBDT chairman and member secretary are likely to launch the same on July 13 or 14,” AK Kaushal, commissioner of income-tax I, who also heads the committee formed to execute the new programme, said.

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Bookkeeping Software or Services?

2009-06-26T21:38:00.000-07:00

Every business is required to keep bookkeeping records to produce at the end of the year (Calendar or Financial) a set of accounts to show the business expenses, sales income and the net profit for tax purposes. New businesses in particular, self employed businesses have a choice in how the financial accounts are prepared and produced. Many of these businesses for financial reasons tend to either keep a manual record of financial transactions or purchase an off the shelf software program from their local retailer and then on their own develop a charter of accounts and complete the data entry.

There are several advantages and disadvantages to whichever course of action a small business may take to produce the financial. But, at the end of the day, the condition of financial accounts and the financial control that are put in place will dictate how well or badly the business is performing compared to the success in the business environment. The underlying necessity is that if the business does not take a decision on its financial accounting then at the very least it must accumulate documents of prime significance such as sales invoices, purchase invoices and possibly bank records during the financial year and assemble these into some sort of order after the end of the financial year for tax purposes. Failing to keep financial records often results in a succession of administrative burdens and often also leads to financial penalties if taxation
deadlines are not met.

If the small business owner chooses not to go down the route of using bookkeeping software or outsourcing the financial function to a bookkeeper or accountant then manual financial records must be kept. Producing an income and expenditure account for the business using the prime financial documents of business is not rocket science and most businessmen capable of running and managing a business have the skills required to producing the bookkeeping records. The major disadvantage of a small business keeping manual records is that documents get lost which may result in profits and taxes being over declared, fines and penalties through inaccuracies and often when accounting is produced in this way it is done at the end of the financial year purely for tax purposes rather than as an essential tool of the business and that reduces financial control within the business during the financial year to a minimum and often zero.

If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. The main purpose of regular accounts being to both see and understand the financial position of the business and take positive action as required at the earliest opportunity to achieve a satisfactory financial result.

Other alternatives include utilizing bookkeeping software which is effectively often a manual system in itself but within definite parameters to produce the essential information. Using bookkeeping software has many advantages. First of all any small business that has purchased bookkeeping software is more likely to keep regular up to date accounts than one that has not. And secondly the bookkeeping software is likely to provide a fixed set of disciplines and produce the type of records a small business requires for both the preparation of regular financial statements and the end of year tax returns. Another major advantage of bookkeeping software is that records tend to be less likely to be lost or mislaid; the packages can be backed up as required but essential financial performance can be improved by greater financial control. All businesses work towards producing a satisfactory bottom line and only by producing regular financial statements can the business obtain the earliest information to achieve that satisfactory performance.

Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software. For a small business the bookkeeping software of choice is often a simple system requiring limited accounting knowledge but must also be a package that produces the desired end result. The worst bookkeeping software is a complex program requiring prior accounting knowledge that the small business either does not fully understand, cannot be bothered or does not have the time to learn and having tried the system then abandons it. Such a process just causes frustration and time to start again with a different solution. Bookkeeping software in effect automates the manual keeping of financial records. To get the most benefit from a bookkeeping software package each small business should prepare regular financial records to enhance and improve financial control, take financial decisions and achieve the desired bottom line result.

Bookkeeping can be outsourced to an accountant or bookkeeper and there advantages in doing so. The financial records are generally maintained in good order and regular financial reports produced. If the small business has a volume of paperwork that becomes a burden to process and keep on top of then a bookkeeper is the best solution. Employing a bookkeeper becomes essential when the paperwork burden reaches a stage when it distracts the small business owner from getting on with the main task of operating the business. A bookkeeper has to be paid and that cost should be viewed as the cost not of producing the financial records but as the amount to be paid to release the time of the small business owner and also to produce the financial statements on which action can be taken to improve profitability.

In conclusion each small business should evaluate their options and time commitment. A manual bookkeeping system may suffice but the business may be better served using bookkeeping software & services to increase financial control and performance.

15 years of Fortune 1000 Consulting in IT and Business Process Outsourcing.

Source: http://www.articlesbase.com/

Accounting Outsourcing - Right Way to Get Stress Out Of Accounts Work

2009-06-25T21:14:00.000-07:00

Are you wondering if you could find yourself out of this monotonous world of business and enter into a world where you can make profits by appointing services at minimal prices? Well, if you could you can make hefty profits. If you feel that the work pressure is enhancing on you day by day and you are left possibly with no time to concentrate on the core activities of your business then the possible escape from the situation is accounting outsourcing.

There are times when the owners of small as well as big business feel that they have to spend loads of time in maintaining the balance sheets, calculating the profits as well as looses incurred by the company among the other tasks. The owner of a small scale business lacks the funds to invest in a CPA to maintain their accounts work. To compensate this they have to make the essential calculation themselves such as calculating cost of stock, payment of taxes, provisional sum rendered to bad debtors among the various other debtors. There is a probability of critical mistakes made in the accounts which tosses the whole statement of accounts. Apart from this if the business owner spends all his zeal in focusing on these problems then there would be no time left for the core activities of the business which requires his attention. His lack of experience in handling the account work will make the success graph to sink. However all such discrepancies can cease easily only in case right decisions are taken. A prudent owner will prefer accounting outsourcing. By outsourcing the business owner will make colossal gain but the most important of them is having excellent services and that also at very economical prices that can be easily afforded.

The first benefit of accounting outsourcing on the list is that they can be availed at affordable prices. With this not only small business but big scale businesses also have an eye on them. Several companies have already opted for the services of accounting outsourcing and they have reaped several benefits. They even have the liberation from the tax that is offered by the government, in order to complement trade.

With accounting outsourcing businessman is liberated of any stress. This criterion is extremely important if the owner of the business wants to create a mark in a cut throat competition. The business owner will have more time to make necessary decision that will yield profit in the future. Outsourcing enables the companies to go international as most of the work done by the accounting outsourcing is for the developing countries.

With accounting outsourcing the business gets to know about the work ethics of an outsider. However, it is essential to make the choice of selecting the services of outsourcing prudently. Searching the Internet can be a wise decision but prior to appointing know everything about the company. Handling the secrets of the company along with the account work should be done in a careful manner.

About the Author:
Alvis Brazma gives advice to business owners about how to manage their business efficiently without any hassles. To know more about Accounting firm USA, real estate accounting, retail accounting, Accounting Outsourcing , small business accounting and accounting help visit www.impacctusa.com

Source: http://www.articlesnatch.com/

Which Kind Of Accounting Is Right For You?

2009-06-19T21:00:00.000-07:00

If you are interested in Accounting, here are some common career paths you could pursue.
There are four major kinds of accountants: public accountants, government accountants, internal accountants, and management accountants. Oftentimes they can be certified in more than one field, and switching is common.

Public Accounting

Public accountants work for firms that provide various accounting services to corporations and individuals. They perform a variety of tasks which include auditing, tax preparation, and consulting. Moving up in the field almost always requires passing the CPA exam and getting certified, after which public accountants can open their own firms, move on to different types of accounting, or move up the corporate ladder in larger firms.

The career path for a public accountant in a large firm is fairly predictable. Often, newly employed accountants will spend the first year or so doing fairly menial work and getting adjusted to the office. After that, he or she can move up to become a senior accountant. If the promotions continue, a public accountant can hope to become a high-level manager or even partner in the firm.

Public accountants who decide to open their own firms will have to run a business and build an independent client base. But the advantage of running your own firm is the flexibility and independence to set your own hours and work from home.

Want to put white-collar criminals behind bars? A special area of public accounting is forensic accounting, which investigates potential fraud and illegal financial activities. Forensic accountants often work with law enforcement officials and present their findings in court. With new government crackdowns on public accounting firms, these special accountants are becoming increasingly in-demand.

Government Accounting

A new accountant may choose to work for the local, state or federal government, often for the Internal Revenue Service (IRS). A government accountant maintains financial records for government agencies or audits private businesses or individuals who are subject to government regulations and taxation. Accountants in government progress in their careers much in the same way as accountants in private firms do, though their pay is slightly lower.

Internal Accounting

Internal accountants keep their own company's financial records accurate and in order. They evaluate their company's efficiency to make sure that all of the numbers add up. Internal accounting is becoming increasingly important since the passing of the Sarbanes-Oxley Act in 2002, which requires the chief executive and financial officers of accounting firms to sign off on and take responsibility for their firm's business. With this increased pressure and accountability, firms are hiring more internal accountants to ensure against malfeasance. Internal accountants can also become certified as CIAs, or Certified Internal Accountants. The requirements for this certification are very similar to those for becoming a CPA. A bachelor's degree, successful completion of a four-part exam, and experience are required for both. Accountants may have multiple certifications and designations, especially if they switch between the four different types of accounting throughout their careers.

Management Accounting

Management accountants work internally for the company that employs them, recording and analyzing financial information. What differentiates them from internal accountants is that they are involved in budgeting, managing costs, and evaluating the company's efficiency. Management accountants often start their careers as internal auditors and work their way up to full-fledged management accountants. The process to become a Certified Management Accountant is similar to those of a CPA or CIA and involves taking a four-part exam.

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Bookkeepers and Accountants Choose Double Entry Bookkeeping for Accuracy

2009-06-18T21:58:00.000-07:00

Double entry bookkeeping stretches back centuries perhaps even as early as the 12th century and is now accepted worldwide as the accounting standard to be employed by all companies in recording the financial accounting records. The first written explanation of the accounting system was reportedly by a Venetian mathematician Luca Pacioli towards the end of the 15th century.

The accounting industry has grown somewhat since then and today contains many technical words known but largely ignored by non accountants. The understanding and desire to understand accounting terms is further confused by the banking industry while adopting double entry bookkeeping as standard use what appears to be diametrically opposed terms in the presentation of information to their customers.

In accounting terms an asset such as money in the bank is a debit balance while bank customers are told if they have money in the bank it is a credit balance. This arises because what the bank is really saying is when a customer has money in the bank that the balance represents a creditor to the bank as it owes the customer money and is a creditor in the banks books. Hence the bank describes the balance as a credit balance.

The simplest way to understand double entry bookkeeping is the understanding that every financial transaction has a double effect. One effect is to change the profit and loss of the business with sales income increasing the financial profit and purchases reducing the financial profit. While the double entry is that every profit and loss transactions also has a balance sheet effect in either increasing assets or increasing liabilities.

In more complex accounting areas such as journal entries or bank transactions both sides of a transaction may have no impact on the profit and loss account as both sides of the double entry effect the value of balances in the balance sheet. For example when a creditor is paid the bank balance reduces and the amount owed by the business reduces by the same amount.

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Outsourcing Your Bookkeeping - Advantage

2009-06-12T21:08:00.000-07:00

The importance of doing proper bookkeeping in any type of business is not in question. There are many benefits to be accrued from doing so but the main ones stand out - find out what you and your business stand to gain.

The foremost advantage about outsourcing bookkeeping services is that your business gets to save money. The very notion that money can be saved may spark incidences where poor decisions can be made; what is important is to ensure that you always seek persons who can offer quality, this is the only way in which you will get your money’s worth. Another very vital advantage that is worth considering is the fact that you won’t be required to pay for the myriad of costs that come with hiring a full-time bookkeeper including the employers payroll tax expense or the workman’s compensation.

Before you make the final decision to hire a particular bookkeeper on an outsourced basis, it is prudent that you pay attention to the figure that the prospective bookkeeper will quote when stating their fees. This is one test of ensuring that the person you are hiring really understands the intricacy of the work at hand. The well informed bookkeeper will charge a fee in the range of at least three times what the hired bookkeeper is paid. The reason for this is that they have to fix in costs that will cover or compensate for lost fees that they would otherwise be paid if they were in full-time employment.

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4 Tips for Bookkeeping and Fundraising

2009-06-11T21:17:00.000-07:00

When you run a not for profit organization or other type of firm that needs funds raised by methods other than retail sales or other types of financial transactions, chances are you will be involved in the world of fundraising. A fundraiser is often time a fun event and one that is very important for you because it provides potential donors with a specific moment and cause for which to donate funds to you. Also, when it comes to money, you need to be highly organized and make sure that the event does not become too difficult for you to handle and that the funds being raised surpasses the cost of the event itself. For this, you need good book keeping and below are four tips to help you achieve in this area.

-Unless you are soliciting donations of which the amount is freely chosen by the donor, come up with a specific donation amount that people can give. In this scenario your book keeping can be largely uniform and easy to comprehend. Also, inviting the opportunity for donors to choose their own amount can cause time wasted if they are giving too little and your costs are not met. The only downside to discouraging these types of donations is you might not receive a very large and generous sum that a person might otherwise give to your cause.

-Make sure that all necessary personal information is recorded from the person giving you a donation. Should their donation be ill conceived, a check they write bounce or another problem arise, you need to know exactly who is giving you what and how to be able to keep track of them should a legal problem arise. Lack of information and documentation could spell disaster in some cases like this.

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Bookkeeping Business Tips for Developing Reliable Financial Projections

2009-06-05T22:01:00.000-07:00

Financial forecasting reminds me of the weather - you make your forecast at a moment in time based upon the information currently available. You draw a conclusion and state your financial forecast. But then, the information changes, now it's raining, and you're caught without your umbrella!

Financial forecasting, unlike the weather, isn't a science but it's not pure guess work either. It is a combination of:

knowing your business;
understanding your marketplace;
setting goals; and
using common sense.

As a business coach, I know that every small business needs to make reliable financial projections at one time or another. Forecasting is critical during the following stages of a company's life span:

when seeking financing
gauging the profitability of a new product or service
determining the impact of staff expansion or cutback
assessing other business decisions

The many components of forecasting boil down to the following five bookkeeping business tips that for years I've shared with business coaching clients:

Bookkeeping Business Tip #1: Review Actual Year-To-Date Results

Start by looking at where you've been. If you use an accounting program like QuickBooks you can print out a Profit & Loss statement showing year-to-date results. Check the statement for all financial transactions that occurred up to the date of the report. Reconcile the report to your bank statements. (If you don't use an accounting program or bookkeeping service, then take the difference of the total year-to-date cash receipts and total expenditures. This should equal your profit or loss.) Examine each line item to make sure that it makes sense - is your year-to-date revenue figure where you anticipated, or has it fallen short? Are expenses higher than expected?

Bookkeeping Business Tip #2: Establish Goals and Incorporate into Your Forecast

What do you wish to accomplish by year's end? Do you want to introduce a new product or service, increase revenue on existing products or services, decrease spending, hire a new employee, outsource a bookkeeping service, or launch a marketing campaign that will position the company for the beginning of next year?

Write out your objectives and then choose three to five which are the most important to accomplish by the end of the year. Determine the needed steps to achieve the objectives. Which Profit & Loss line items will be impacted? Adjust your forecast accordingly. For example, your goal may be to increase revenue 10% by year's end or to launch a marketing campaign now so its benefits will be felt in the first quarter of 2009.

Bookkeeping Business Tip #3: Forecast Variable Costs

Variable costs are costs that change in step with revenue change. For example, you are selling more widgets; therefore, your labor costs and materials costs will increase in relation to the revenue increase.

Using the concept that Forecast = Projections + Predictions, combined with the knowledge that variable costs change in step with revenues, forecast each month's variable costs. Forecast each line item separately. Look for opportunities to reduce costs, and be aware of likely future influences on each cost.

Bookkeeping Business Tip #4: Forecast Fixed Expenses

Fixed costs are relatively stable costs that recur every month. Examples of fixed costs are rent, telephone and bookkeeping service fees. Forecast the month's fixed expenses by using the same concept used to forecast variable costs (Forecast = Projections + Predictions) and the knowledge that fixed expenses tend to be relatively stable and do not change in step with revenues. Again, forecast each line item separately, looking for opportunities to reduce costs, while keeping in mind any likely future influences.

Bookkeeping Business Tip #5: Forecast Net Profit

The final step is to evaluate your forecast for net profit. Is the profit forecast is reasonable and acceptable? If not, re-evaluate each line item including revenues and make appropriate adjustments. Also, anticipate non-operating income and expense items, and include them in your forecast.

Your financial projections may not be perfect at first, but we didn't learn to walk without falling down. As a business coach I've seen others get a few bumps along the way. But I guarantee that if you follow these bookkeeping business tips, set your financial projections on paper and revisit them frequently, you will achieve your goals faster.

About Author : Laurie O'Neil is the co-founder of The Bookkeeper's Referral Network Inc., the place where business meets great bookkeepers. To get your copy of The 9 Disastrous Mistakes Most Freelance Bookkeeper's Make in
Business (and How You Can Avoid Them!) visit http://www.bkpr-network.com

How Do I Get Bookkeeper Certification?

2009-06-04T21:14:00.000-07:00

There are three steps required to get bookkeeper certification: post-secondary education, bookkeeping experience, and the successful completion of the certification examination. A bookkeeper is responsible for the daily financial management of a small to medium sized company. In addition to financial document data entry, bookkeepers also process payroll, run reports, and reconcile accounts.

People who want to get bookkeeper certification have usually been working as a bookkeeper for several years and enjoy bookkeeping or accounting. The bookkeeping certification is granted by the American Institute of Professional Bookkeepers (AIPB). Successful graduates can provide this certification to potential employers.

The first step toward getting a bookkeeper certification is to complete a post-secondary education program. Many people complete a one- or two-year bookkeeping program at a community or career college. This training covers accounting principles, financial reporting requirements, important business law and related issues. Most schools offer both full- and part-time programs available. This flexibility allows students to work and learn.

A minimum of three years' bookkeeping experience is required before you are eligible to write the bookkeeper certification examination. This must be verifiable bookkeeping experience, where you are solely responsible for a company's financial processes. This type of experience is usually earned over a period of two to three calendar years.

The bookkeeping certification examination is two to three hours in length and is a combination of multiple choice and calculation problems. Many associations offer preparation courses and seminars to help students prepare for this exam. Accuracy, comprehension and speed are all important when preparing for this examination.

Upon successful completion of the bookkeeping certification program, candidates can look for employment opportunities as bookkeepers in a company, set up their own bookkeeping business, or work for an accounting services firm as a bookkeeper. It is highly recommended that anyone who is planning to set up her own bookkeeping company obtain the certificate first. Professional credentials provide assurances to all potential clients that you have a specific level of skill and training as a bookkeeper.

People who enjoy working with numbers, are detail-oriented, and like to work independently report the greatest level of satisfaction as bookkeepers. This type of work is often a stepping stone to further accounting training programs. There is a specific limit to the services that a bookkeeper can offer, based on government regulations. Bookkeepers are not able to create financial statements, complete tax returns, or provide financial advice. These functions are limited to Certified Professional Accountants (CPAs).

Source : http://www.wisegeek.com/

Financial Analysis

2009-05-29T21:20:00.000-07:00

Financial Analysis involves the analysis of the company’s financial statements in an attempt to formulate a strategic decision. Outsourcing of financial Services is a wise move as it helps in streamlining and simplifying the operational processes. In addition to this, it reduces the cost, minimizes the complexity and maximizes the revenue.

ITMatchOnline possess an efficient Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.

Our Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.

For an accurate financial analysis, our financial analyst will go through your company’s financial statements thoroughly to gain a better insight of the firm’s prospect & business trends and than on the basis of their deep analysis, they will provide you with the financial recommendations that will help you in making a conscious decision regarding your business' financial matters.

We encompasses: state of the art infrastructure, technological capability, and a competent group of professionals to meet your financial requirements efficiently, timely, and cost effectively. Our members will make you available with the below given services in the area of financial analysis:

Due-Diligence.
Cost of Capital.
Corporate Valuation.
Capital Structure and Firm Value.
Financial Estimates and Projections.
Financial Planning and Forecasting.
Valuation and Comparable Modeling.
Long Term Investment Models (NPV).
Equity Research and Equity Valuation.
Fundamental and Quantitative Research.
Back Testing and Historical Model Update.
Investor Reporting and Universe Screening.
Assessing the Tax Burden Project Cash Flows.
Investment Research and Fixed Income Analytics.
Security Analysis, Stock Market Analysis and Financial Ratio Analysis Company, Sector and Industry Research and Analysis.
Credit Management, Financial Risk Management, Working Capital Management, Cash & Liquidity Management, and Portfolio Analysis & Management.

Our expertise covers a range of industries. Such as: Financial Services (Banking/Finance/Insurance), Information Technology (Software, Electronics, Engineering, Nano-technology, Networking, and Biomedical Engineering), Telecommunications, Pharma & Bio-Tech, Chemicals, Energy, FMCG, Discrete and Process Manufacturing.

Source : http://www.itmatchonline.com/

Bookkeeping Definition

2009-05-28T22:03:00.000-07:00

Bookkeeping involves the systematic recording of the financial transactions and the maintenance of the correct & up-to-date financial records of the organization by an accountant clerk. Organization can be a business firm, charitable institute or even an association of sports. Effective management of the Bookkeeping makes the business owners acutely aware of the losses and the profits. To be precise, bookkeeping brings the result of the economic activities to the surface. It is also referred as: Bookkeeping, Book-keeping and Book keeping.

Many big organizations embrace accounting software in order to ease the complexity involved in the tax regulations and for making the calculations fast, whereas small firms engage bookkeeper for the purpose of writing the “Daybooks” that involves the details of purchase, sales, receipts and payments. Bookkeeper has to make sure that every financial information or data in relation to a company, such as: Balance sheet and Price-earning ratio is registered properly.

The two often used methods of Bookkeeping are: Single entry bookkeeping system and double entry bookkeeping system. Single entry bookkeeping denotes that all the transactions are to be entered only once in the account system. It keeps the record as regard with the flow of the income & expenses. This system is quite useful for the persons who have just commenced on the region of a business.

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Intuit Profit Tops Estimates on Tax Software Demand

2009-05-22T20:35:00.000-07:00

Intuit Inc., the world’s biggest maker of tax-preparation software, reported third-quarter profit that beat analysts’ estimates after more U.S. taxpayers filed returns electronically.

Excluding some costs, profit was $1.68 a share, the company said today in a statement. That compared with a $1.60 average estimate among analysts in a Bloomberg survey. The quarter ended April 30, two weeks after the U.S. filing deadline.

Intuit makes most of its profit in its third quarter, when the majority of U.S. taxpayers file their returns. Revenue from TurboTax sold through consumer retail stores fell 11 percent in the tax season, while online sales advanced 36 percent. Tax- preparation software accounts for more than 40 percent of Intuit’s revenue, making it the company’s biggest business.

“TurboTax sales fell short on the consumer side, but made up for it in other areas,” said Ross Macmillan, an analyst with Jefferies & Co. in New York. He has a hold rating on the shares, which he doesn’t own.

Intuit, based in Mountain View, California, rose 78 cents, or 3.1 percent, to $26 in late trading. The shares, up 6 percent this year, closed at $25.22 on the Nasdaq Stock Market.

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What does Obama's tax proposal mean for India?

2009-05-15T20:44:00.000-07:00

Eight days ago, when US President Barack Obama gave a seven-minute speech on the need to reform America's tax code, a full-scale panic immediately gripped India's IT sector.

Already sceptical of the new US president's alleged protectionist leanings, Indian business media agencies churned out headlines like 'Obama blasts Bangalore, favours Buffalo!' and 'Obama eager to tax outsourcing'. With their worst fears seemingly confirmed, many Indians found it easy to make the next leap in logic: Obama is anti-India.

But, as the dust settles around Obama's May 4 address, a more sober analysis of the situation reveals that perhaps America's youthful chief executive isn't so much anti-India as he is against overseas business loopholes and legal profit hiding.

So what exactly does all this mean for the over 2 million Indians whose livelihood depends on the IT service industry?

Rediff.com examines Mr Obama's proposal, and several of the assumptions it has spawned.

Source : http://business.rediff.com/

4 Tips for Fundraising and Bookkeeping

2009-05-14T21:41:00.000-07:00

Unless you are soliciting donations of which the amount is freely chosen by the donor, come up with a specific donation amount that people can give. In this scenario your book keeping can be largely uniform and easy to comprehend. Also, inviting the opportunity for donors to choose their own amount can cause time wasted if they are giving too little and your costs are not met. The only downside to discouraging these types of donations is you might not receive a very large and generous sum that a person might otherwise give to your cause.
Make sure that all necessary personal information is recorded from the person giving you a donation. Should their donation be ill conceived, a check they write bounce or another problem arise, you need to know exactly who is giving you what and how to be able to keep track of them should a legal problem arise. Lack of information and documentation could spell disaster in some cases like this.
Monitor your donations and costs being invested into the event very often, such as once a day or two times a week. Staying on top of the cash flow can alert you to any problems that arise such as costs not being met, funds being lost if you are renting a space or paying for professional fundraisers in a situation where you are not getting sufficient donations. These types of situations going unchecked can not only fail your fundraising efforts but also put you into financial ruin which should never be the outcome of a fundraising effort.
Use good computer software to do the book keeping for you. While some information input will always be required from you or an employee, the computer software can do much of the mathematical work behind book keeping that we might sometimes make a mistake on or otherwise skew without realizing it. Also make sure book keeping information is backed up onto a remote hard drive in case your computer system goes down and the initial information is lost. You can also print out reports just to be safe.

So you see, good book keeping is key when having a fund raiser. Never risk your funds raised by an accident resulting from bad record keeping

Source: http://www.fasttrackfundraising.com/

Small business tips: the basics of bookkeeping

2009-04-30T21:51:00.000-07:00

Good bookkeeping practices are essential to keeping your business running smoothly.

Regardless of the size of your company, good bookkeeping practices are essential to keeping your business running smoothly. Accurately kept books do more than make it easy to file your annual tax returns. Banks may require you to submit a profit and loss statement or balance sheet
so they can determine your credit-worthiness. A quick review of your books can show where you need to spend more or less money; who gives you the most business and who takes the longest to pay you; how much you're paying out in commissions compared to how much you're selling.

Here are some general terms that are helpful to know.

ASSETS are things that you own or are owed to you: bank accounts, inventory, loans made to other companies or individuals, company cars, etc.

LIABILITIES are things that you owe: loans, accounts payable, payroll taxes, etc.

EQUITY is net income (sales less expenses), capital stock, and owners/officers distributions.

EXPENSES are things you pay for: business meals, gas for company cars, professional services
, postage, etc.

REVENUE is money you earn from the sale of services or product, or from interest earned on a bank account, investment, or a lease or loan of your equipment or property.

COST OF SALES is any expense directly related to earning revenue: product purchases, freight or delivery, sales tax expense, etc.

One of the most valuable resources you can have for a small business is a public accountant. Even if you only take your books in at tax time, having someone to give you specific advice and answer your bookkeeping questions is important. Find an accountant whom you like and trust. If you're having difficulty finding one on your own, talk to other people with similar businesses for recommendations.

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UPDATE 3-H&R Block does fewer tax returns as economy weighs

2009-04-24T22:13:00.000-07:00

Tax returns prepared fall 3.1 percent
Online tax preparation soars as customers cut costs
Shares slightly lower (Adds analyst and Breeden comments, share price, byline)

By Jonathan Stempel

NEW YORK, April 24 (Reuters) - H&R Block Inc (HRB.N), the largest U.S. tax preparer, said it prepared 3.1 percent fewer tax returns as customers sought cheaper alternatives in a recessionary economy.

The company prepared 21 million returns between Jan. 1 and April 15, down from 21.7 million a year earlier. Tax preparation fees edged up 0.5 percent to $2.82 billion.

The data are critical because Kansas City, Missouri-based H&R Block generates the bulk of its annual profit and revenue in its fiscal fourth quarter, which ends on April 30. The quarter encompasses most of the main U.S. tax filing season. H&R Block did not immediately return a call seeking comment.

Scott Schneeberger, an Oppenheimer & Co analyst, wrote that results were consistent with expectations and that "an improving economy coupled with further cost-reduction efforts should support solid year-over-year improvement." He rates the company "outperform."

H&R Block prepared 15.1 million returns in retail offices, down 5.7 percent from a year earlier. Partially offsetting this was a 21.5 percent increase, to 5.1 million, in the number of returns prepared online and with software, which can cost less. Online returns jumped 45.5 percent.

The average fee per return prepared in retail offices rose 6.7 percent to $187.17.

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Bookkeeping Outsourcing: Leading the World to Higher Profits

2009-04-23T21:00:00.000-07:00

Bookkeeping, as we all know it is a very mundane task. What people think is that bookkeeping is the same as accounting but they are very different. Bookkeeping means recording of the transactions in various books. Daily transactions like a sale has a multiple transactions, first it going in the sales book and gets recorded as sales, then it gets deducted from the inventory that one has, third it should go into the cash account if its cash sales or should go into the debtors accounts if it is credit sales. All this makes the task not only tedious but also if one forgets on small detail like entering the numbers into a particular book the entire balance sheet would go for a spin. All this makes book keeping a very minute task and hence makes it mandatory for business houses to opt for bookkeeping outsourcing.

The reasons why business houses would opt for bookkeeping outsourcing are plenty. A few of them are explained as under.

First book keeping requires the staff to minutely record all entries and if they are lethargic or bored or absentminded then they could make a mistake of recording a wrong amount or recording the entry in the wrong book. This would turn out to be added work for the owner and create stress and tension. Hence the staff should be able to concentrate at all times. This does not happen as there are various distractions in the work place.

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A few Investment Real Estate Tax Tips

2009-04-17T20:41:00.000-07:00

All of these tax tips are current and in effect at the time of this writing. However, as with all matters tax-related, verify with your tax advisor before attempting to use them – you know how Washington loves to tinker with things.

In order to claim many of the tax benefits associated with owning investment real estate, you must be actively involved in the property's management. Actively involved – according to the IRS – means that you set the rents, approve tenants, and decide on capital improvements. It doesn't mean that you can't hire management help; it simply denotes that you must remain in control.

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Bookkeeping Tips for Small Business Owners

2009-04-16T21:29:00.000-07:00

Small business owners are so involved with other aspects of their business that they often neglect keeping accurate bookkeeping records. Up to date books are essential for the long term growth and sustainability of your business. Some of these tips may sound trivial, but you will be surprised how often they can be neglected, and before you know it, you are months behind on your bookkeeping!

Here are some tips that should help:

Keep track of receivables and payables

Bill your customers promptly once an agreement has been fulfilled, and follow up regularly to ensure timely payment of the debt. Record receipts regularly in your ledger so that receivables are up to date. As for payables, come up with a filing system to keep track of your receipts. For example, sort them by date or by category so they are easy to retrieve when needed. Again, record receipts regularly in your ledger so that payables are up to date.
Watch cash flow

Since the flow of money into your business can be on a different schedule than the flow of money out of your business, you need to be well aware of cash flow at any given time in a month. If you are able to detect this as a problem early on, it will give you enough time to arrange for alternate methods of financing to cover any shortfalls. Monitoring cash flow regularly will allow you to plan ahead and adjust your collections and payment policy if need be.
Compare Earnings and Expenses

How is your business performing? It is a good habit to regularly compare earnings and expenses, since it will help you identify which areas of your business are profitable, and which could require some more of your attention. Depending upon the size of your business, you could perform this task weekly, monthly, or quarterly.
Go Online

Having well maintained and accessible bookkeeping records will greatly help your small business. The trend in recent years has been to move away from conventional methods of doing business and move to more tech friendly methods using the internet. If online banking causes you to become more organized and efficient, why not apply the same to your bookkeeping.

Source : http://www.ledgersonline.com/

Book-keeping Basic Tips

2009-04-09T21:17:00.000-07:00

Reasons for keeping books

Legal Requirement - under the new system of self assessment, the keeping of books is a must and it's illegal not to.

Control of Business - It's almost impossible to know whether you are winning or losing, have to pay bills, people owe you money, etc if you don't keep books

Cheaper Accounts - well presented books will reduce accountants bills but check with them that the method you intend to use is the best for both of you - often they may have a system that they prefer or software they can download to your computer to use.

If you Sell the Business books are necessary to indicate the value and worth of the business

Finance - If you require loans or finance you will need to show books

VAT / PAYE - records need to be kept for inspection

Methods for keeping books

Patented System - such as Simplex, Everite, Collins, etc. usually 52 weeks plus Profit and Loss Account as summary

Analysis Book - Can be adapted to own requirements

Double Entry System - Involves Ledger Cards and works on the same system as computerised accounts

Computerised Systems - a wide variety available such as Sage, MYOB, DO$H, etc a download of a free, single user book-keeping system is available through http://atlantic-coast.com/downloads/3451.zip

Your Own Method - using a note book or folder. Just ensure that al incoming go on the Left side of the book and all outgoings are entered on the Right side of the book.

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Today’s tax tip: Some relief for people with tax debt

2009-04-03T20:39:00.000-07:00

Twice weekly on Tuesday and Friday from now until April 15, we will bring you tax tips from PBS Tax and Bookkeeping Service. Howard Abrams and PBS have been providing income tax and bookkeeping services to the trucking industry for more than 25 years. OOIDA features Howard’s column, “Tax Tips,” in each issue of Land Line Magazine.

Today’s tax tip is: Some relief for people with tax debt. If you were rejected for an “Offer in Compromise” – an agreement to settle your tax debt for less than you owe – because you had home equity, the IRS will review those rejected applications, because the equity may now be gone.

If you were on an installment payment plan with the IRS previously, all the debt was due if a payment was missed. Now you might stay on the payment program even if you skip a payment or send a reduced amount. Each case is different.

If you have suffered financial hardship, such as loss of work, the IRS may postpone collection action temporarily. Contact the IRS.

Previous tax tips
Net operating loss carryback. New Rule: In this horrible economic period, many of you will have losses (operating losses) that appear on your 1040 Schedule C where your net income usually is. Prior law allowed net operating losses (NOLs) to be carried back two years and carried forward 20 years. For 2008, a new law allows you to carry back up to five years. This allows you to possibly realize much-needed cash. An election must be made on your 2008 tax return or, if already filed, you must submit a new election by April 17, 2009.

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A Bookkeeping Solution for Freelancers

2009-04-02T21:11:00.000-07:00

A lot of people got into freelancing and sole proprietorships last year. Since the job market tanked, many people took their skills into the open market. That's what America is all about right? Anyone can make money!

But now its tax time. Many of these same freelancers are finding themselves in a pile of debt with Uncle Sam. Poor record keeping has led to disaster because there are no ways to prove expenses, even if they were known. Fear, uncertainty, and doubt has filled the minds of these freelancers.

If you are one of those people, I have a 3-website solution for you:

Freshbooks. This site will handle your invoicing. It keeps things very simple, secure, and accurate. You can invoice based on time and materials, fixed fee, or however else you see fit. You can set up automatic invoicing, and automatic payments. Invoices can be online or the site will snail mail your customers. According to their own data, users get paid an average of 14 days faster than using their old system (whatever that was).
Outright. This site is to keep track of your income and your expenses. It integrates with Freshbooks, so your income side sort of takes care of itself. The expenses are conveniently divided into IRS Schedule C categories, making your life a lot easier at the end of each quarter. Speaking of taxes, they actually estimate your tax payments for you! The site has a "taxes" tab. At the end of each quarter, it will calculate both your self employment (social security and medicare) tax and your business income tax (based on 10% marginal rate on your profit). They are probably on the high side, but its better to be safe and get money back, right? Another great feature is the 1099 calculation, based on you using the "contractors and freelancers" expense category. The site will then make a list of all the contractors you paid at least $600.

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Is the Apple tax worth paying?

2009-03-27T20:51:00.000-07:00

I know you like your TV. Maybe it’s plasma, or has surround-sound; maybe it makes the helm of the Starship Enterprise look like a cereal box with lights painted on. If you had to buy it again, you would. No question.

What if, though, I took your TV, painted it white, stuck a picture of an apple on the back, and then upped the price by 500 bucks. Would you buy it now?

Steve Ballmer (right), Microsoft CEO, took a lot of flak last week for suggesting Apple practice just this kind of fleecing of its customers. Ballmer, from an unbiased perspective of course, claims Mac users are mugs.

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Charities Skeptical About Obama's Proposed Tax Change

2009-03-26T21:18:00.000-07:00

Charitable groups continue to warn that reducing the charitable tax deduction, as President Obama proposes, would hurt organizations already struggling to drum up funding in a recession.

Charity groups are still jittery over a proposed tax change they say could cause wealthy donors to give less, despite assurances from President Obama this week that donations are unlikely to go down because of a reduction in the tax deduction for charitable contributions.

While Obama argues that his administration is trying to make sure low-income donors enjoy the same tax benefits for their giving as high-income donors, charities and the organizations that represent them say they are concerned they could end up paying the price for a more equitable tax code.

"To put any block between the donor and the charity at this time, I think, is not helpful," said Lisa Hillman, board chairwoman for the Association for Healthcare Philanthropy.

Obama told reporters during his prime-time press conference Tuesday that charities are wrong to assume the change will discourage donations.

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Tax tips for the self employed

2009-03-20T20:39:00.000-07:00

Small businesses are being hit hard by the recession, with 85 now closing every day. Simple tax measures could make all the difference in 2009 – and all businesses should ensure they take advantage of the Government’s new schemes to help the self-employed through these tough times.

Here are five top tax tips to help you ride out the recession. You can also read our small business survival guide here.

Don't wait for help

Don’t wait for HM Revenue & Customs (HMRC) to come after you if you owe money. If you have trouble paying, talk to the Business Payment Support Service to arrange additional time to pay.

The service was set-up on November 24,2008 to allow businesses to delay payments of tax, National Insurance, VAT or other payments owed to HMRC. Call 0845 302 1435.
Reduce your income tax
If you are self-employed and your profits are falling, you may be able to reduce your income tax payments, which are due on January 31 and July 31. You will need to call HMRC and request a SA303 form or download one here.
De-register for VAT
Do you really need to be registered for VAT? You must register only if the value of your taxable supplies in the past 12 months or less has exceeded £67,000. De-registration may enable you to reduce your prices or to keep more of your sales.
Use the VAT cash accounting scheme
If you sell more on credit than you buy on credit, look at the VAT Cash Accounting Scheme. Normally you pay VAT on your sales whether or not your customer has paid you – but using this scheme means you do not need to pay VAT until the customer has paid. If the customer never pays, you never have to pay the VAT.

You can use cash accounting if your estimated turnover during the next tax year is not more than £1.35 million. If VAT cash accounting is not for you, VAT bad debt relief can be claimed if your customer has not paid you after six months.
Claim your small business rate relief.

Businesses have to pay their rates – like council tax – to their local authority, but if your premises have a rateable value of £15,000 (£21,500 in London) or less then you can claim a discount. Contact your local council for more information.

Source : http://online.wsj.com/

Tips for outsourcing bookkeeping resources

2009-03-19T20:55:00.000-07:00

As an accountant, responding to a request from your clients to find a competent bookkeeper can present significant challenge because:

They will most likely only need someone part time.
Nine times out of ten they will insist the person works at their premises.
They will expect you to provide someone excellent for free.

Of course, if you have your own team of internal bookkeepers you will attempt to persuade them that this is the best solution, but what if they don’t budge?

Most of the major recruitment players are less than ideal as they don’t specialise in part time bookkeepers. You also know that their approach is simply to aggregate the CVs of those candidates who happen to have walked into their offices that week. They forward them and let the client make the choice, without any sort of technical vetting. This won’t do, so you would probably look at the following options:

Use one of the tried and trusted bookkeepers you have been using for ages.
If they can’t do it you ask around your partners or local practitioners to see if they know anyone who is available and trustworthy.
Put up an advert online on sites such as Gumtree, Monster etc.
Tell the client to find one themselves.

At a time when ‘added value’ is a key differentiator and clients are struggling with dwindling revenues and slow cashflow, the last thing they need is inaccurate management information and/or big bill at the year end from you. Both of these consequences will arise if they use an incompetent bookkeeper.

So, how can you keep crucial goodwill with your client and satisfy their request without wasting hours and hours of your valuable time for free? From your client’s perspective, surely you must know a bookkeeper for goodness sake? You are an accountant after all!

You get the call (again), and go through the options.
If you do have a trusted bookkeeper and they are free, you can recommend them and then go back to the large pile of work on your desk, delighted that there is one less thing to do - until the next request comes in, that is.

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IRS tax tip: free tax assistance

2009-03-13T20:56:00.000-07:00

If you or your spouse are a member of the military, you may be eligible to receive free tax return preparation assistance, IRS officials said. The U.S. Armed Forces participates in the Volunteer Income Tax Assistance program and provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families.

The Armed Forces Tax Council oversees the operation of the military tax programs worldwide, conducting outreach with the IRS to military personnel and their families. The AFTC consists of tax program coordinators for the Marine Corps, Air Force, Army, Navy and Coast Guard.

Volunteer assistors at Military-based VITA sites are trained to address military-specific tax issues, such as combat zone tax benefits and the new Earned Income Tax Credit guidelines.

To receive this free assistance, you should bring the following records to your military VITA site:

Valid photo identification
Social Security cards for you, your spouse and dependents or a social security number verification letter issued by the Social Security Administration
Birth dates for you, your spouse and dependents
Current year’s tax package, if you received one
Wage and earning statement(s) — Form W-2, W-2G, 1099-R
Interest and dividend statements (Forms 1099)
A copy of last year’s federal and state tax returns, if available
Checkbook (to get routing number and account number for direct deposit)
Total amount paid for day care and day care provider’s identifying number
Other relevant information about income and expenses

If your filing status is Married Filing Jointly and you wish to file your tax return electronically, both you and your spouse should be present to sign the required forms. If it isn’t possible for both to be present, a valid power of attorney that allows tax preparation can be used to sign and file the return.

There is a special exception to using a power of attorney for spouses in combat zones that permits the filing spouse to e-file a joint return with only a written statement setting forth that the other spouse is in a combat zone and is unable to sign.

For more information, review IRS Publication 3, Armed Forces’ Tax Guide, available on the IRS Web site at IRS.gov or order a free copy by calling 800-TAX-FORM (800-829-3676).

On the net: www.IRS.gov (like government)

Source: http://www.romesentinel.com/

What Should You Expect From Your Accounting Services?

2009-03-12T20:43:00.000-07:00

It can be difficult for a business to give up control of important functions such as accounting services to an outside agency. Although the argument in favor of outsourcing may look good on paper, there is always the worry that some inept or even dishonest bookkeeper could damage the business.

Once a company has made the decision to contract outsourced bookkeeping services, the decision of which company to work with is more than a matter of throwing a dart at Yellow Pages listings. Finding the right accounting services organization will make all the difference.

What Service Does the Company Offer?

Avoid companies that are just starting out. Although as a business owner you might be sympathetic to the struggling startup, do you really want to deal with getting your books back if their business should fail? Stick with businesses that already have a proven track record of success.

Today's accounting services are all computerized. Even if keep all your financial records written on cocktail napkins and the backs of envelopes, your bookkeeper should be using an accounting software package. They should offer online account services including 24/7 access to your books through a secure internet connection.

Ensure that your books will be handled by the same person all the time and not just whoever is available at the moment. You will build a relationship with this bookkeeper over time and want to have someone who can focus on your business.

Interview Your Future Bookkeeper:

Don't be afraid to quiz your bookkeeper on experience and education. There are a few people out there who offer bookkeeping services and yet don't know an asset account from a cash flow statement.

Continuing education is as important as past experience. It may seem as though fundamental accounting skills haven't changed much, but new skills and technology are surfacing all the time. You want your bookkeeper to maintain skills and knowledge, perhaps even finding new ways to help maintain your company's financial records.

Will the bookkeeper be available during normal business hours? The surge in telecommuting has given rise to bookkeepers who are trying to do their jobs in between personal commitments. While that may work in some fields, accounting services personnel need to be available to their clients during standard hours.

Ask how you will be communicating with each other. Telephone, email, instant messaging, and online project management tools are all common methods. You should also find out what kind of reports you can receive and when to expect them.

If possible, find someone who has specific experience with your industry. Although each industry uses the same financial basics, details such as industry jargon or best industry practices may confuse someone who has experience with other industries. If you can't find someone with specific industry experience, find someone who is willing to learn.

Author is a freelance copywriter. For more additional information on Controller Services, visit http://www.OSIBusinessServices.com.

Source : http://www.morethanarticles.com/

Tax Tips For The Individual Investor

2009-03-06T19:21:00.000-08:00

As the old saying goes, there are only two certainties in life: death and taxes. While we have yet to find a way to successfully avoid either, there are a few tricks of the trade that can minimize the impact the tax man has on your pocketbook.

After all, nobody likes taxes, but we all have to deal with them, so we might as well handle them in the best way possible. When the end of the year approaches, many investors' thoughts turn to how they can avoid paying tax. (Notice we said avoid, not evade.) Although a lot depends on your personal situation, there are a few simple tax principles that apply to most investors and can help you save money (We also recommend talking to a tax planner.) In this article, we'll look at the tax benefits of making smart investment decisions, writing off expenses, effectively managing your capital gains and more.

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PersonalFinance: A survival guide for tax season

2009-03-05T19:40:00.000-08:00

With all of the budgets, bailouts and stimulus bills flying around, one thing remains certain and, as always, it's taxes.

Confusion about all of these new provisions is not an excuse for missing the deadline that comes every year. You have to file your forms (or an extension), and pay your 2008 bill by April 15. If you're not sure what you can and cannot deduct, or where the newest tax breaks are hidden, it's time to get help.

Try not to feel bad -- after all, even Treasury Secretary Tim Geithner has gotten himself confused over his income taxes, and he's an economist and in charge of the Internal Revenue Service.

This tax season is extra complicated, but there's a silver lining to that, too: There are more ways for you to bulk up your refund if you know where to look.

Here's a guide that will save you money and anxiety at tax time.

Don't pay more than you have to to do your taxes. If you expect your 2008 adjusted gross income to be less than $56,000 and have a relatively straightforward return, you can prepare and file your return for free via the IRS's own file program. Start at www.irs.gov and click on the "freefile" logo. If you're hooked on TurboTax, you can still save money by buying a lower-level of the program than publisher Intuit may try to sell you. All forms are in all versions, so even folks with self-employment income and stock losses can get by with the Deluxe edition (which includes one state's tax forms) and sells for $60 or less.
You may get a second chance at last year's rebate. Remember those checks most taxpayers received last year? They were a $600 rebate for individuals, $1,200 for couples and $300 for each dependent child. Folks who didn't qualify earned more than $75,000 ($150,000 for couples) in 2007. But if their 2008 income fell under those limits, they may qualify now. If you didn't get the rebate last year, or if you added a child to your family last year, you may qualify for more of the rebate this year. There's a new line item on your 1040 that will let you file for this.
You can time-travel with your home purchase, too. If you're a first-time homebuyer who bought a house in 2009, you can get a tax credit on your 2008 taxes for 10 percent of the purchase price up to $8,000.

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3 Reasons to Hire a Bookkeeper

2009-02-27T19:39:00.000-08:00

Think you don't need to hire someone to keep your books? Think again. Many new business owners spend more than they save both time and money-wise when doing the books themselves. Here's what you need to know about letting go.

How much is your time worth?

Most business owners who do their own books contend that they want to maintain privacy of their financial matters. However, most of them spend far too much time focusing on keeping their books in order and therefore, forfeit time that could be spent on other tasks or with family, friends, or even relaxing.
Find yourself scrambling to get your books in order for tax season?

If your books aren't in order, you risk having your CPA (who can cost as much as $150/hour) having to organize them prior to doing your taxes. By having them ready to go and properly prepared, you can save valuable time and money.
How much do you really know?

Bookkeepers are skilled in just that: keeping books. Its what they do for a living. Not only can they make sure your checks are written out properly and expenses and assets are properly accounted for, but they can also find different tax exempts you may not be aware of currently.

Source : http://www.resourcenation.com/

Obama Seeks $1 Trillion Tax Increase in Budget Plan

2009-02-26T19:11:00.000-08:00

President Barack Obama proposed almost $1 trillion in higher taxes over the next decade on the highest-earning Americans, Wall Street financiers, U.S.-based multinational corporations and oil companies to pay for permanent tax breaks for lower earners.

Obama’s 2010 budget proposal, released today, would reinstate the top two Clinton-era tax rates of 36 percent and 39.6 percent, up from the 33 percent and 35 percent the richest Americans now pay. That would affect about 2.6 million taxpayers. The budget also would raise taxes on capital gains and dividends to 20 percent for top earners, up from the 15 percent set by former President George W. Bush in 2003.

The tax increases, which Obama vowed to impose as a presidential candidate, would take effect in 2011 and be the first on high-income earners since 1993. They also would reverse a course set by Bush of lowering the tax burden on the nation’s wealthiest people.

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Accounting Outsourcing Service Are a Relief during Tough Times

2009-02-20T19:07:00.000-08:00

Do you have so much work that you don’t have time for yourself? You have started forgetting important meetings and events to attend? Is it true that you forget to take meals on time? All these are common symptoms to stress, hyper tension and weakness which in turn will make your immune system vulnerable to all health problems. A solution to this problem is to employ someone to do your work but that has its own problems such as too much expense, payment of benefits and high degree of irresponsibility. Accounting outsourcing service is not only an easy way out but also a highly cheap and economical way of dealing with the cut throat competition.

The new age solution is outsourcing all the accounting and back office work to an outsourcer who has significant experience in the field. This has its very own advantages and also rids you of all the mundane work eating up your precious time which you can now use to think of various growth ideas. The entire idea behind outsourcing work is that you are not bothered with the monotonous clerical job of maintaining data. Outsourcing can only be done for work that does not require direct consumer dealings. Since accounting is one area where the contact with the consumers is not needed a person sitting in China can do that for a firm in California.

One of the reasons behind this sudden growth in outsourcing is that not only is it cheaper but the accuracy in their results far exceeds the accuracy had there been employees’ working on the same project. Also the main core business is often neglected when one tries to do all the work under one roof. It has become mandatory to maintain accounting records for as long as eight years and this alone adds a lot of unnecessary work. The profit making ideas and growth opportunities take a back step to maintaining accounting data.

Mostly countries like India, China and other developing countries take the outsourcing work. These countries have most of their employees speak in fluent English and have good educational qualification to undertake the job with the right amount of skill and talent. The standard of living in these countries is very low hence the pay scale is not even half of what a normal employee would get otherwise. All these factors combined with a lot of government aid have led to the growth of accounting outsourcing service in these parts of the world.

The advantages one would derive from accounting outsourcing service are countless. There has been a constant recession and a great possibility of depression in the economies of the world. Saving on costs has thus become not only important but also a necessity. The increasing wage rate with increasing number of benefits has made employers look at other avenues of work. The time spend on growth is more compared to the time wasted before on mundane and boring tasks. Accounting outsourcing service also provides one with accurate data and gives a weekly statistic reports on the way the business is progressing according to accounting charts.

About Author : Peter Terry has extensive knowledge about bookkeeping and knows the importance of this for running a successful business. To know more about Accounting outsourcing service, accounting firm NYC, accountant New York and bookkeeping NYC visit www.nycbookkeepers.com

Pros and Cons of Doing the Bookkeeping or Outsourcing to a Bookkeeping Service

2009-02-19T19:51:00.000-08:00

Every small business is required to keep bookkeeping records to produce at the end of the financial year a set of accounts to show the sales income, business expenses and the net profit for tax purposes. Medium and larger businesses employ accounts clerks, bookkeepers and accountants to maintain the financial records and produce regular accounting information.

Small businesses and in particular self employed business have a choice in how the financial accounts are prepared and produced. A small business may employ the services of a bookkeeper to produce the accounts while another similar business may keep a manual record of financial transactions while a third option is to use a bookkeeping software system.

Small business has a choice as to how it produces its financial records. Some simply do nothing but the best option is to make a finite decision regarding the path to take. Financial accounts, financial control over the business activities and the knowledge of how well or badly the business is performing is crucial to success in the business environment.

The underlying necessity is that if the small business does not take a decision on its financial accounting then at the very least it must accumulate documents of prime significance such as sales invoices, purchase invoices and possibly bank records during the financial year and assemble these into some sort of order after the end of the financial year for tax purposes. Failing to keep financial records often results in a succession of administrative burdens and often also leads to financial penalties if taxation deadlines are not met.

If the small business owner chooses not to go down the route of using bookkeeping software or outsourcing the financial function to a bookkeeper or accountant then manual financial records must be kept. Producing an income and expenditure account for the business using the prime financial documents of business is not rocket science and most businessmen capable of running and managing a business have the skills required to producing the bookkeeping records.

The major disadvantage of a small business keeping manual records is that documents get lost which may result in profits and taxes being over declared, fines and penalties through inaccuracies and often when accounting is produced in this way it is done at the end of the financial year purely for tax purposes rather than as an essential tool of the business and that reduces financial control within the business during the financial year to a minimum and often zero.

If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. An understanding of the detailed accounting records and the effect on the business allows effective management decisions to be taken earlier than if someone else performs the bookkeeping function.

Other alternatives include utilising bookkeeping software which is effectively often a manual system in itself but within definite parameters to produce the essential information. A bookkeeper might be employed whether a manual system is used or bookkeeping software adopted.

Using bookkeeping software has many advantages. First of all any small business that has purchased bookkeeping software is more likely to keep regular up to date accounts than one that has not. And secondly the bookkeeping software is likely to provide a fixed set of disciplines and produce the type of records a small business requires for both the preparation of regular financial statements and the end of year tax returns.

Another major advantage of bookkeeping software is that records tend to be less likely to be lost or mislaid; the packages can be backed up as required but essential financial performance can be improved by greater financial control. All businesses work towards producing a satisfactory bottom line and only by producing regular financial statements can the business obtain the earliest information to achieve that satisfactory performance.

Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software. For a small business the bookkeeping software of choice is often a simple system requiring limited accounting knowledge but must also be a package that produces the desired end result.

The worst bookkeeping software is a complex program requiring prior accounting knowledge that the small business either does not fully understand, cannot be bothered or does not have the time to learn and having tried the system then abandons it. Better to avoid the wasted time and effort by choosing the appropriate accounting package at the outset.

Bookkeeping software in effect automates the manual keeping of financial records. The most important aspect of using a bookkeeping package be it a da6tabase accounting system or a simpler set of bookkeeping spreadsheets is the enhanced financial control and the effect that intimate accounting knowledge can have to influence the net profit.

Bookkeeping can be outsourced to an accountant or bookkeeper and there advantages in doing so. A quality outsourced finance function does produce accurate timely financial records. If the small business has a volume of paperwork that becomes a burden to process and keep on top of then a bookkeeper may be the best solution.

Employing a bookkeeper becomes essential when the paperwork burden reaches a stage when it distracts the small business owner from getting on with the main task of operating the business. A bookkeeper has to be paid and that cost should be viewed as the cost not of producing the financial records but as the amount to be paid to release the time of the small business owner and also to produce the financial statements on which action can be taken to improve profitability.

A major disadvantage in using a bookkeeper is that the small business owner may remove themselves from the detailed records. A small business manager who prepares the financial accounts tends to see every transaction several times both when the trnasaction is made, the paperwork received and also when entered in the financial accounts.

This second view of the accounts can be important, errors in management judgement can be noted, mistakes and bad practises become more apparent. Missed documents are much more likely to be noticed if the small business owner produces his own bookkeeping records than if the task is carried out by a third party such as an accountant or bookkeeper. Nobody knows the business as well as the small business owner knows his own business.

The conclusion and decision each small business should take is doing something. A manual bookkeeping system may suffice but the business may be better served using bookkeeping software to increase financial control and performance. If the administrative burden of maintaining the paperwork detracts the small business from its main operations then an accountant or outsourced bookkeeping services is a logical solution.

Terry Cartwright a qualified accountant at DIY Accounting designs UK Accounting Software on excel spreadsheets providing complete Small Business Accounting Software solutions with single and double entry Bookkeeping Software for both limited companies and self employed business

Source : http://www.articlesbase.com/

Bookkeeping course for nonprofits offered

2009-02-17T19:56:00.000-08:00

POWELL - Nonprofit organizations in the Big Horn Basin can learn how to streamline their bookkeeping systems in a QuickBooks for Nonprofits workshop that meets from 9 a.m. to 3 p.m. Feb. 20 in the Northwest College Center for Training and Development.

Included in the workshop is an opportunity to become familiar with the newest QuickBooks software using a 140-day trial CD that participants can install on their personal computers.

Students will train on QuickBooks Nonprofit software, learning how to run reports and track program budgets, donations and more. They'll also work with a new feature in the 2009 program that displays up-to-the minute information on income and expenses, vendor balances and important reminders.

Students are asked to bring their December bank statements, January transactions and chart of accounts, if available. Follow-up training can be arranged.

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10 Tips for Taxpayers Hit by the Recession

2009-02-09T20:08:00.000-08:00

For many tax filers, this tax season may be unlike any other.

If you’ve lost your job, are searching for a new one or attempting to strike out on your own, your tax return may be affected. The same is true if you are collecting unemployment, lost your home in foreclosure or tapped your retirement accounts early.

These tough financial times, in fact, are raising so many, and so varied, tax-related questions that the Internal Revenue Service has set up a special section on its Web site addressing them: What if I lose my job? What if I can’t pay my taxes? What if my income declines?

The answers to these questions could change your usual strategy, which is why many of you need to take extra care when doing your taxes this year. And if there’s any silver lining to earning less money, it may be that you’re more likely to qualify for the many tax breaks that come with limits on how much you can earn to claim them.

Indeed, taxpayers who earned too much to collect the stimulus checks mailed out last year — but have watched their income decline or disappear altogether since then — may have a chance to collect the extra cash now.

When every dollar counts, you want to be sure to take advantage of all breaks available. Below are 10 tips for tax filers feeling the ill effects of the recession:

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Tax Tips for Freelance Professionals

2009-02-08T19:50:00.000-08:00

Here are some tips and strategies for thinking about your taxes. There are special circumstances that apply to freelance writers and other creative professionals, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.

First, let me start with some fabulously great news. Being self-employed is quite possibly one of the best tax strategies available today. Other good tax strategies include being a landlord and being an investor. All three strategies have one thing in common: you are in full control of your tax situation, and you can reduce current income by any losses you have from freelancing, renting out property, or investing.

Second, let me tell you that the IRS is fully aware of the tax benefits of being self-employed. They are on the lookout for individuals who (1) have high wages, and a correspondingly high business loss, or (2) have business losses year after year. If you are in one of these situations, you need to start thinking about how to protect yourself in case the IRS audits or "examines" your tax return. We'll discuss that later on.

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What Obama Doesn't Understand About Tax Cuts

2009-02-06T18:59:00.000-08:00

Here is a great interview with economist Robert Barro on how tax cuts really work to boost an economy, as well as his thoughts on the Obama stimulus package. (He hates it.) But this hunk is really great:

I don't think it is really confusing at all, because when you cut taxes there are two different effects. One is that you cut tax rates, and therefore give people incentives to do things like work and produce more and pay more -- maybe, depending on what kind of taxes. And then you also maybe give people more income. This income effect is the one that's related to this Keynesian multiplier argument, where it's usually argued that government spending should have a bigger effect. So that's the income effect. But the tax-rate effect, inducing people to do things like work and produce more and invest more, is a whole separate effect, and that could easily be much bigger than the multiplier thing, than the income thing.

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Tax help for new entrepreneurs

2009-02-05T18:58:00.000-08:00

Inside Entrepreneurship: If you're starting out, don't forget your taxes

AS THE LAYOFF COUNT continues to rise across the country, many professionals will pursue consulting assignments to help make ends meet. Some of these professionals will find the income and career freedom to their liking and never return to salaried employment again.

Others will try to transform a consulting gig into a full-time position as quickly as possible. After all, entrepreneurship is not for everyone.

One of the more challenging aspects of transitioning from salaried employment to self-employment is managing tax filings and payments. The obligations are definitely manageable, but certainly more administratively intensive than preparing a single annual tax return based on W-2 reported income.

Barbara Petty, founder of Seattle-based ACCMAN Inc., a small-business accounting services firm, says, "It's common for freelance professionals to assume they can operate their business and save all their accounting work until April of the following year. By this point, they may have missed several quarterly tax filings and owe penalties and interest on late tax payments."

Here's a short list of business setup action steps and reporting responsibilities for new freelance entrepreneurs.

AS THE LAYOFF COUNT continues to rise across the country, many professionals will pursue consulting assignments to help make ends meet. Some of these professionals will find the income and career freedom to their liking and never return to salaried employment again.

Others will try to transform a consulting gig into a full-time position as quickly as possible. After all, entrepreneurship is not for everyone.

One of the more challenging aspects of transitioning from salaried employment to self-employment is managing tax filings and payments. The obligations are definitely manageable, but certainly more administratively intensive than preparing a single annual tax return based on W-2 reported income.

Barbara Petty, founder of Seattle-based ACCMAN Inc., a small-business accounting services firm, says, "It's common for freelance professionals to assume they can operate their business and save all their accounting work until April of the following year. By this point, they may have missed several quarterly tax filings and owe penalties and interest on late tax payments."

Here's a short list of business setup action steps and reporting responsibilities for new freelance entrepreneurs.

1. Business structure. The starting point for determining how you will report business activity to the Internal Revenue Service is the selection of a business entity structure. The most popular choices include a sole proprietorship; limited liability company, or LLC; corporation; or partnership. A sole proprietorship, LLC and a corporation with an "S" tax reporting designation may provide tax saving advantages to small business owners.

2. Licenses. In Washington, new companies have to apply for a master business license, which is available at the Department of Licensing, plus obtain a city license. Some cities like Issaquah are linked to the master business license to limit paperwork. Others cities, like Seattle, require a separate application.

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Online accounting – For convenient business monitoring

2009-02-04T18:55:00.000-08:00

Online accounting and bookkeeping has become a necessity for smooth functioning and convenient monitoring of any professional business. It is becoming popular now days among various industries, insurance, retail, pharmaceutical, banking and other business sectors. It not only saves valuable resources but also increases the productivity of the concerned business.

As every business involves accounting, book keeping, payroll and tax preparation, not everyone can afford in-house departments for keeping the same up to date. Here online accounting and bookkeeping services helps as it can be outsourced at affordable prices.

Online tax preparation services helps to monitor the tax returns. It also helps in preparing ledger & journal entries and provides the complete financial statements along with accurate financial data that can be used in future financial planning.

Small businesses that cannot afford the expenses of separate accounting departments generally outsource accounting and tax preparations services. Online outsourced accounting and bookkeeping services are widely used among not only small businesses but large corporate as well that tends to outsource their work to save resources and money.

Online bookkeeping services are very cost effective than traditional bookkeeping services. Businesses do not need to set up separate accounts departments for day to day accounts functioning and tax preparation. Online accounting services can easily fulfill all your accounting needs in affordable prices. It provides the well organized, reliable and accurate financial records and data. These records and data can be very helpful in preparation of correct financial plan and getting the competitive advantages.

It also has reduced chances of human error and provides the highly useable information for business. Its reliability and accuracy delivers complete piece of mind. Therefore online accounting and tax preparation services can be very conveniently used for smooth functioning of the businesses all over the world.

About author: Get online accounting and outsourcing tax preparation services from the National Leader in accounting, bookkeeping and tax preparation online.

Article Source: http://www.gestbiz.com/

Tax Time: Um ... help?

2009-02-03T18:19:00.000-08:00

It's that time of year again: The time of year when those of us with small businesses struggle to collect all the data we have been ignoring and pile it into a paper bag or shoebox to take to our tax preparer. It's the time of year when we once again promise ourselves that this year we will record our sales and keep track of our expenses as we go, instead of procrastinating until tax time.

We know that our financial statements shouldn't be something we just print out for the bank or the tax return. They contain vital information that can help us make better decisions about our business, but they are only as current as our bookkeeping input. So we promise ourselves ... again ... this year.

There are many reasons we put off doing the bookkeeping paperwork for our businesses. Even if we are good at organizing our financial information, we don't want to take the time away from making sales, helping our customers, or solving more urgent business problems. Sometimes we put it off because it seems so overwhelming that we just don't know where to start.

Yet we are also reluctant to ask for help with these tasks. We might be too embarrassed to admit that we've fallen behind in such a basic but important part of running our business. We think that contracting with a professional bookkeeper will be too expensive, or too risky. We're concerned about hiring an employee to help us with the bookkeeping, or we're worried about training someone already on staff when we're not sure that we know everything a bookkeeper should do.

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IRS tax tips: Read this before choosing a tax preparer

2009-02-02T19:37:00.000-08:00

If you will be paying someone to do your tax return, choose a tax preparer wisely. You are legally responsible for what’s on your tax returns even if they are prepared by someone else. So, it’s important to find a qualified tax professional.

The most reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions, and other items. By doing so, they have your best interest in mind and are trying to help you avoid penalties, interest, or additional taxes that could result from later IRS contacts.

Most tax return preparers are professional, honest and provide excellent service to their clients; you can use the following tips to choose a preparer who will offer the best service for their tax preparation needs.

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You can do it yourself with tax software

2009-02-01T19:04:00.000-08:00

NEW YORK More than 62 percent of federal income tax returns are completed using tax preparation software. And while the IRS says professionals prepare more than half of returns, that still leaves more than 50 million people each year handling their own 1040s.

Here are some questions and answers about using tax-preparation software, and about the protections and support they offer filers who have problems.

Q: How do I know if a company's software follows all the IRS rules?

The IRS requires all tax preparation software to meet specific standards before it is approved for e-filing. Tax laws change each year, so make sure the program in use is for the current tax year (2008).

Q: Does that mean the software can guarantee a user doesn't make a mistake?

TurboTax – and other programs like H&R Block's TaxCut – asks a series of questions designed to help users enter W2 information and other income details the right way. But John Hewitt, chief executive of Liberty Tax Service, warns that you can enter certain types of income in the wrong spot, which would result in the wrong tax being calculated. So it is important to pay close attention to the questions as they are asked.

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Small businesses can run into tax prep pitfalls

2009-01-30T20:04:00.000-08:00

Income tax filing season can be a trying time for small business owners, and in a recession, even more so.

One of the biggest pitfalls owners are likely to encounter is a perennial one: poor record-keeping that not only makes it hard for them to complete their returns, but also to know where they stand financially. Another common problem is keeping up with changes in the tax laws, especially for state and local governments that are now looking for ways to increase revenue.

Ask tax professionals what their clients struggle with, and haphazard books and ledgers is often the first answer. Many business owners don't know how much money they have on hand, how much they owe and what their customers or clients owe them.

"You really need to control your books and understand what you're making," said Jeffrey Chazen, a certified public accountant with Eisner LLC in New York.

Some business owners use their checkbooks and credit card bills as their records. But it's a problem when "they can't locate all their check registers or all of their bank statements," said Gregg Wind, a CPA with Wind Bremer Hockenberg LLP in Los Angeles.

Others are even more disorganized, with boxes or piles of invoices, receipts and canceled checks that need to be sorted -- CPAs ruefully refer to these owners as "shoebox clients." These owners are in danger of missing out on important deductions and can end up overpaying the government. Or, if the government questions

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Intuit Offers $10,000 Grants to Accounting Firms

2009-01-29T20:27:00.000-08:00

Intuit has launched a program offering $10,000 cash grants and up to $10,000 in products and services to 10 accounting firms.

The Power to Get More Done program aims to help firms deal with the economy by giving them money to hire extra staff and invest in their business, along with products and services to increase their productivity.

Accounting professionals can download the entry form at http://accountant.intuit.com/GetMoreDone and prepare a brief business plan that explains how they will use the money to stimulate growth. Entries are due by 9:30 p.m. Pacific time on April 30. Judges include a panel of Intuit and accounting profession executives, with winners chosen each month from May through July.

In addition, Intuit is offering a 50 percent discount on a bundle of QuickBooks Premier Accountant 2009 and QuickBooks Pro 2009 products to accountants. Accounting professionals can also pass along free software and more than $2,000 in savings on select Intuit financial and business management products and services to their clients.

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Do You Need Accounting Software?

2009-01-28T20:47:00.000-08:00

If your bookkeeper spends Saturdays in the office trying to keep up with paychecks and taxes and tax code updates and outstanding invoices, you know what?—you need accounting software.

If someone came to your office and asked to see your accounting system, what would you show them?

If you haven't been using accounting software, it would probably be going something like this: You'd turn to your PC and fire up some Excel spreadsheets and Word documents. Pull open a drawer and grab some invoices and purchase orders that need processing. You might nod your head toward a calculator and a label printer, and point out your checkbook and envelopes. There are sticky notes on your monitor, one from an employee who wants to change her income tax withholding, another from a vendor wanting to check on a payment, and another from a customer checking on an order.

If you have coworkers, that same scene more than likely would be duplicated at their desks.

What if your visitor asked you for a current list of your customers? Quick—how many widgets did you sell last month? How many are left in inventory? Which of your employees are on a health-care plan? What was your profit or loss from last quarter? Whom do you buy widgets from, and what are your credit terms?

In the time it's bound to have taken you to accomplish all of this, you could have set up and started using small business accounting software. Because it sounds as if you need it.

A Place for Everything
There are three major areas of benefit in using accounting software if you have a small business, and lots of little ones. Taken together, they mean you're sure to save time and even money—and gain time to concentrate on growing your business.

Customers. That list of customers you're trying to maintain as a Word document or in Outlook or a Rolodex or—say it ain't so—on paper? That list needs to be in a database designed for finances. Accounting software contains record formats that let you type in—or sometimes import—relevant details, things like contact information, credit terms and limits, credit card numbers, and price levels. You can usually set up custom fields to track any additional information you'd like to. And sometimes customer records can also contain descriptions of jobs you're working on for that company; they may even display a history of your transactions with them.

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Bookkeeper Service – Top 5 Things to Check

2009-01-27T20:51:00.001-08:00

Property Tax Deadline Is January 31

2009-01-26T20:09:00.000-08:00

The Jan. 31 property tax deadline is less than a week away and the Smith County tax office wants property owners to know that owning property means owing taxes.

"If you own property, you owe taxes," said Tax Assessor/Collector Gary Barber. "A lot of people assume because they didn't receive a statement that they don't have to pay but that's not the way it is. They are still responsible for that property and the taxes on it."

Barber said owners not exempt from paying property taxes need to be aware that penalties begin at 7 percent on Feb. 1 and increase 2 percent per month until reaching 18 percent on July 1.

He said by July a person's tax statement will have incurred a 33 percent penalty and he encourages payment even if it is not the full amount.

Owners with questions can contact the tax office staff for information regarding properties, Barber said. He said staff can locate the tax information with the address or former property owner's name.

Property owners can also access tax information and make payment on the county Web site.

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Free tax help is available for those with low incomes

2009-01-23T19:00:00.001-08:00

Low-income taxpayers in need of help preparing their returns and obtaining refunds can once again get help from a host of free tax preparation sites being launched this Saturday.

The Creating Assets, Savings and Hope (CASH) Coalition, an initiative of the United Way of Buffalo and Erie County, is offering four hours of free tax preparation and filing as part of its Cash In Saturday event.

The group will also offer access to a wide range of other services for those earning less than $40,000 a year, such as information on earned government benefits and adult education opportunities. Qualified taxpayers are also eligible for other services from 25 local banks, educational institutions, health and human service nonprofit agencies, and government agencies.

The event, which will take place from 10 a. m. to 2 p. m., marks the grand opening this year of the coalition’s one-stop resource for such services, known as The Hope Center, located at the Tri-Main Center at 2495 Main St. in Buffalo.

Separately, accounting students from the University at Buffalo School of Management, who are certified by the U. S. Internal Revenue Service, will also provide free tax preparation to individuals and families making less than $42,000 a year.

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Have an IRS Tax Problem? Here Are 6 Strategies to Solve Your Tax Problems Today

2009-01-22T20:00:00.000-08:00

If you owe money to the IRS, you have many options legally available to you, to help you solve your tax problems.

Full Payment

The first option is the simplest and most straight-forward. You can simply pay off the outstanding tax balance. This assumes you have the resources to do so. You could either pay from current funds on hand or from borrowed funds. Once your account is paid in full, all collection activity will cease. Any outstanding liens and levies will be automatically removed. Unfortunately, not everyone can afford to make full payment. If you were able to make full payment to the IRS, you probably wouldn’t have a tax problem .

Installment Agreement

If you cannot afford to pay in full your past tax liability, you can request for an Installment Agreement. An installment agreement is effectively a loan from the IRS. There is no credit check although penalties and interest will continue to be charged until the balance is paid off. This will allow you to pay off your tax liability through monthly installments.

The installment agreement may pay all (Full Pay) or part (Partial Pay) of your past tax liability.

If your total tax debt is less than $25,000 the IRS may consider you for a streamlined installment agreement under which you must complete the payment of your tax within 60 months. This type of installment agreement typically does not require as much financial disclosure. If you cannot pay the amount within 60 months, you must make full financial disclosure of your income, expenses and assets. These Installment Agreements can be much more difficult to obtain.

You must file Form 433-A or 433-B (or both). The IRS will analyze your Form 433-A or 433-B and use the information to determine the amount you can pay monthly. Your monthly income is compared to actual expenses and the amount of expenses considered “allowable” by the IRS. These allowable expenses may be much lower than what you are actually paying. The IRS ultimately has the discretion to decide on the payment amount.

Offer-in-Compromise

In certain limited circumstances, the IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment. This is what is known as an offer-in-compromise. By making an offer-in-compromise, you agree to pay less than the full amount of the taxes owed by you. The IRS has the discretion to accept less than the full amount of taxed owed by you based upon doubt as to your liability (whether you actually owe the taxes) or based upon collectibility (you do not have the resources to pay the amount owed).

If there is no doubt about your liability or collectibility, but an exceptional circumstance exists, then the IRS may still consider an offer in compromise. To be eligible on this basis, you must demonstrate that collection of the tax will create an economic hardship or will be unfair and inequitable.

Currently-not-Collectible

Currently-not-Collectible status means the taxpayer does not presently have the ability to pay their tax debts. The IRS uses this status to protect taxpayers from hardships that can be caused by collection activity. To qualify for Currently-not-Collectible status, your allowable expenses must exceed or come close to exceeding your income. The IRS will also consider your assets before placing your account into Currently-not-Collectible status.

Once your account in placed in Currently-not-Collectible status, the IRS will stop all collection activity including levies and garnishments. The IRS will send you an annual statement stating the amount of tax still owed. Your account will be reviewed periodically to determine if your financial situation has changed and whether you still qualify to be classified as Currently-not-Collectible.

While your account is in Currently-not-Collectible status, the IRS will continue to add interest and penalties but it will not try to collect the taxes from you. When your account is placed in Currently-not-Collectible status, you must continue to file your returns each year to remain eligible for the status.

Bankruptcy

Bankruptcy proceedings discharge certain taxes including federal income taxes. Federal income taxes can be discharged in a Chapter 7 bankruptcy proceeding. Many penalties and other assessments can be discharged through a Chapter 13 payment arrangement. Payroll tax liabilities cannot be discharged in bankruptcy.

Statute of Limitations

The IRS does not have forever to collect the money that you owe them. They cannot chase after you for the rest of your life. There is a 10 year statute of limitation for collecting tax (6 years for assessments of tax or levy made on or before November 5, 1990).

This 10 year period begins to run on the day after the date of assessment. The statute is extended for the period of time you have a Bankruptcy filed and pending. The statute is also extended during the time you have submitted an offer-in-compromise and are waiting for an approval. This 10 year statute of limitation can be extended by mutual agreement if the agreement is made within the 10 year period.

About The Author

Larry M. Weinstein, CPA, Certified Tax Resolution Specialist is the Director of the Nat'll Tax Practice for http://www.SolveMyTaxProblems.com, and has developed a 7 Step Proprietary Process known as, the “Strategic IRS Tax Problem Resolution Process” and is the author of “The 7 Things You Must Know Before Solving Your IRS Problems-Learn How to Solve Your Problem as Quickly and Painlessly as Possible.”, a copy of which is available at the website.

If the IRS doesn't collect the full amount in the 10 year period, then the remaining balance on the account disappears forever. All collection activity by the IRS must stop at this time.

Source : http://www.articlecity.com/

Top 5 Tax Season Tips

2009-01-21T19:36:00.000-08:00

January 6th, 2009 IRS launched the new tax filing seasons. IRS wants people to know that they are providing assistance to those who owe back taxes. The type of assistance range from postponement of collection actions, added flexibility for missed payments, to additional review for offers in compromise on home values. In addition, IRS made new features to their website to make it more user friendly.

Tips to keep in mind for the 2009 tax season.

Start collecting the necessary paper work early. For complex filers, sort receipts by type and then sort each type by date.

Common documents include
1098-E Tax Reporting Information for Account (Student loans)
1099-INT Interest Income statement ( Savings accounts)
Tax Return from last year (for reference)
W2 for all jobs.

If you have not received your W2 by January 31, call your company. Other documents and statement may also be available on the internet, if you have online accounts.
Save money by E -filing for free.

Visit IRS.GOV for a list of companies. Typically, you can file free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. You must link to the company through the IRS site. www.irs.gov/app/freeFile/jsp/index.jsp

10 New Tax Rules for 2008 Taxes

2009-01-20T20:44:00.000-08:00

With each new year comes a new batch of tax rules and miscellaneous changes to the laws that taxpayers need to be aware of. There's no denying that the tax code in the United States is incredibly complex, and there are tons of changes. But here are some of the rule changes that are likely to affect the average consumer:

Recovery Rebate Credit – If you weren't eligible for an economic stimulus payment in 2008, you might still be able to get that money. The initial payments were based on your 2007 income, and if your income was too low or too high, you may have missed out. You can now use your 2008 income to collect, and the IRS is offering help in calculating whether you qualify.

AMT Exemption Increased – The Alternative Minimum Tax (AMT) is a law that was created to make sure high income earners didn't get out of paying income taxes. Now this rule is affecting more middle-income taxpayers, but the "bailout bill" upped the exemption amount for 2008 to spare more taxpayers from the AMT for one more year. The 2008 exemption amounts are $33,750 for individuals and $45,00 for married filing jointly. Don't worry if your income is around those figures, however. Those numbers are part of a much larger (and complex) calculation. You probably only need to worry about AMT if you're single and making more than $100,000, or married and making more than $175,000. (These are just rough guidelines, however. So if you're anywhere close to that range you should speak to a tax preparer.)

First Time Homebuyer Credit – If you bought your first home between April 9, 2008 and June 30, 2009, you might qualify for a new credit. Taxpayers can get up to $7,500 from the federal government, which has to be paid back over 15 years at a rate of $500 per year. It amounts to an interest-free loan from Uncle Sam that can help you get your first house. More on this credit can be found in this article.

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Bookkeeping Help: Your Trusted Partner In Lightening Bookkeeping Burden

2009-01-19T20:23:00.000-08:00

There is no need to describe the importance of managing the financial aspect of every business as it gives any business the stride to climb the corporate ladder. On the contrary, it is also true that doing this work can be actually tiresome and time consuming as well. If you have got tired of managing financial and accounting records, bookkeeping help is the solution for all your accounting hassles. The bookkeeping help you get gives your business ample scope to grow faster as it saves your hard earned money and human resource.

Bookkeeping help from hired bookkeeping service providers definitely come with a bunch of advantages for your business as it helps you in managing your financial and accounting records efficiently. It not only makes your accounting hassle free but also monitors all day-to-day, monthly and annual monetary transactions. The moment you hire a bookkeeping help provider you are free from tensions of bookkeeping as they are better in taking care of your accounting records. They cannot even afford to miss a single entry as it can affect the growth of your organization.

It is simply a sensible decision to hire bookkeeping help as after that you will be able to pay more attention to those issues that are ignored due to your busy schedule. Answerability of making accurate transactions will be on them so there are few chances of making mistakes so it is sure that statements that they make will be correct.

Selecting a firm that provides bookkeeping help is as important a decision as maintaining financial records, as accounting data is one of the most confidential records. The first thing that one should keep in mind while hiring a bookkeeping outsourcing service is the authenticity and accountability of that firm. Every company likes to hire a firm which has a good track record and professionals with genuine qualification. Firm which you are hiring must have professionals with genuine qualification. Hire a bookkeeping help only if you are satisfied with its authenticity any reliability once you are satisfied then only the task of handling sensitive financial data can be handed over to firm. Bookkeeping outsourcing is giving wonderful results and that is why it has been included in the key strategy of a company. Bookkeeping outsourcing can be your trusted partner in maintaining and expanding profits.

Bookkeeping outsourcing has become a vital part of many businesses due to its accountability and efficiency. You can maintain, update and change transactions and can also retrieve them as and whenever you need. Bookkeeping help covers a wide range of financial activities right from data entry, single entry commercial bookkeeping and tax filing.

Financial records and statements portray the position of any business. A well-managed profit and loss statement helps you in deciding what is beneficial for the company and what is non-beneficial. Bookkeeping help is therefore, a big help for organizations, as they not help in making properly maintained and processed accounting data in a short notice but also helps in making businesses able to find new resources and scopes of growth.

About Author : Alvis Brazma gives advice to business owners about how to manage their business efficiently without any hassles. To know more about Accounting outsourcing services,Small business accounting,Real estate accounting,Bookkeeping help visit this leading internet source: http://www.impacctusa.com

Source : http://www.isnare.com/

Tax tip: Paying taxes for a prior year

2009-01-18T20:10:00.000-08:00

SPOKANE, Wash. - Don't delay; file your prior year return now! The failure to file a federal tax return can be costly - whether you end up owing more or missing out on a refund.

If you owe taxes, a delay in filing may result in a failure-to-file penalty and interest charges. The longer you delay, the larger these charges grow.

If you are due a refund and don't file you could lose your refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is generally three years after the return due date.

There are several reasons taxpayers don't file their taxes. Perhaps you didn't know you were required to file. Maybe, you just keep putting it off or simply forgot. Whatever the reason, it's best to file your return as soon as possible. If you need help, even with a late return, the IRS is ready to assist you.

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Advantage of Outsourcing your Bookkeeping to Professional BookKeepers

2009-01-15T20:03:00.000-08:00

What is a role of a bookkeeper in your organisation :

BOOKKEEPERS keep complete, up-to-date, and accurate records of accounts and financial arrangements. Bookkeepers verify and enter information into journals and ledgers or into a computer. They periodically balance the books and compile reports and financial statements. Bookkeepers also receive, record, bank and pay out cash. They balance checkbooks with monthly bank statements. They may calculate employee wages from plant records or time cards and issue payroll checks. Some of the other work they may do includes posting accounts receivable and payable, prepare and make bank deposits, record payrolls, maintain inventory records, purchase supplies, prepare purchase orders and do expense reports. Bookkeepers may also make schedules, sort documents, and file bills. These type of jobs are found in every industry and may have various job titles, such as accounts payable clerk, accounts receivable clerk or assistant bookkeeper.

Cost of a Bookkeeper :

The pay for these jobs depends upon experience, clerical skills, the level of responsibility and the job location. Beginning salaries go from minimum wage to $ 15 per hour. Experienced Bookkeeper can make $ 20 an hour. After having worked for three years with the same firm, a Bookkeeper can earn at $ 25 per hour.

A Bookkeepers usually work 40 hours a week; sometimes it may be necessary to work overtime. Some employers have fringe benefits such as paid vacations and sick leave, life and health insurance, and bonuses. Other benefits that the employer may include are participation in a credit union, or retirement and profit sharing plans.

Advantage of outsourcing Bookkeeping work to a professional bookkeeper :

There are several distinct advantages to outsourcing your bookkeeping functions. First and foremost is saving money. You get what you pay for and if you don't pay for quality than you won't have quality service. However, you can save money by outsourcing because you won't be paying for employer payroll tax expense, workman's compensation and general liability insurances, vacation time, sick time, health insurance and other benefits a good full time bookkeeper will expect from his/her employer. Just remember, however, that these costs will be built into the consultant's hourly rate and their fee will reflect these costs. Any bookkeeping consultant who has not taken these costs into consideration is not a bookkeeper you want - if they don't know enough to include these costs into their fees, then they don't know enough to be a help to your business. You should expect to pay at least three times what you would pay an experienced full charge bookkeeper.

And just how do you save money by paying three times the amount you would pay an employee? Well, let's see. There will be no recruiting, interviewing and training costs for start. And if you should find yourself unhappy with the services there will be no additional recruiting, interviewing and training to replace your bookkeeper. Also, you will not have to be concerned about law suits such as sexual harassment, unlawful firing, age discrimination, sexist, etc. Or an increase in your unemployment rates because you laid off an employee that you really wanted to fire but had no lawful cause to do so. So right away we have less time and money spent and potentially less hassle if things don't go well.

And of course you will not be paying workman's compensation and general liability insurance premiums. Also any worthy bookkeeper will expect at least two weeks vacation, coverage for sick time, health and dental insurance and even perhaps more benefits.

Most professional bookkeepers will have their own offices saving you space within your office. So you will not be buying that extra desk, calculator, computer and computer software. Your bookkeeper will be providing all of that as part of his/her fee. No software updates, computer maintenance, training costs, etc. Of course should you prefer to have your computerized bookkeeping records available to you at your office, a small investment in software installed on your computer makes this possible. Also no office supplies to be paid for. You will be amazed at just how much pens, pencils, and paper can be used by a bookkeeper. Your consultant bookkeeper will either ask you to drop off the work at their office, will pick it up at your office or some may even offer remote bookkeeping service. And by having your bookkeeping done off site, your bookkeeper will be able to work more efficiently and accurately because her/his office will most likely offer less distractions than your busy office. All of this is saving you money.

And the best reason for outsourcing is that you control the amount of money spent on bookkeeping. What I mean by this is that the person you hire to do your bookkeeping will be doing just that - not answering the phone, dealing with drop-bys, chatting to other employees, etc. Also you can start with just a few hours a month and add on when you need to and then adjust downward again should it be necessary. Can you imagine finding an employee to start with only four hours a month, then asking them to put in 20 hours a week for awhile and then back down to four hours a month again. I don't think you would keep them for very long, but a free lance bookkeeper is able to work around these variables and even more importantly expects to work with flexible schedules.

About the Author:
Mr.Bhaskar Thakkar is a qualified Chartered Accountant and professional bookkeeper from India. He is a president of M/s. BT Associates, Chartered Accountants. Visit http://www.btassociate.com,. A division of said firm provides various outsourcing solutions please visit http://www.jobs2india.com., to get more details.

Article Source: http://management-accounting.bestmanagementarticles.com

Free Accounting Software Tips

2009-01-13T20:54:00.000-08:00

Most of the free accounting software are not high end accounting software, but simple, easy to use accounting software. These free software cater to the needs of home users or small business houses. Basically they focus primarily on the management of simple accounting. In fact with a free accounting software you can easily perform the tasks performed by a paid accounting software.

All these lead us to the question whether you should try free accounting software or for that matter download it for permanent use. More importantly- what you should look for and where you should look for free accounting software? Here are some tips.

It has been recently seen that a growing number of companies are developing and providing free accounting software for promoting their products and other marketing campaigns. Keep your eyes open to take advantage of such opportunities.

As there are free products, there are scams also. There are some not so honest sites which advertise that they are providing free accounting software for you to download. You simply need to fill up a registration form, state your personal information and blurt out your credit card number. Take guard against such sites. In fact, a legitimate free site would not ask for such information from you.

It is always better to go for a trail version, when you are considering to download a free accounting software. It is a great way to see whether it meets all your accounting needs or not. The best thing is that you do not have to commit anything. If you think, it is not great for your business, simply discard it and go for another demo version until you find the right one.

From all the above talk, you can safely assume that you can have the best accounting software with great features for free. Different functionalities are added to the existing free download-able software by varying manufacturers. Just browse through the different versions as to find out the perfect accounting software compatible with your business.

You can find free accounting software; which are intuitive, easy to use and robust. It is also possible that you can easily download without any complications. Free Accounting Software support also can be downloaded free from the net with free accounting software.

So using free accounting software is quite easy as well as practical today.

About The Author, Ashish Jain

The author writes about a number of different topics. For more information on accounting software visit http://www.managemyaccounting.com/accounting-software-competition/

Small Business: Hire out tax prep to focus on the bigger issues

2009-01-12T19:08:00.000-08:00

Taking care of clients has to be the top priority

NEW YORK -- The beginning of the year means small-business owners need to start thinking about income tax returns. But with the economy in tatters, they may need to focus more on bringing in revenue than sorting through receipts.

The recession is making many owners re-examine their priorities. Many may realize that chores they've handled themselves in the past like taxes or keeping the company books are better off turned over to someone else.

"It really does detract from the business and what you really need to be focusing on," said Laura Grimmer, president of New York-based Articulate Communications, a public relations firm.

Business owners who choose to spend their time on taxes are "missing an opportunity to take care of the three things that are going to keep the bus going -- existing clients, their employees and new business," Grimmer said

Kristen Collins, who owns KMC Partners, a public relations firm based in Boston, has a business manager and an accountant to care for her company's finances. So, this tax season, she said, "I'll service my existing clients, which has to be my top priority right now."

Collins said, "I am like many small businesses -- my business took a hit" in the third quarter. "When I look ahead to 2009, I can't forecast it. The best thing we can do is to retain clients and retain them through great service."

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Stop collecting disputed tax demand

2009-01-11T19:22:00.000-08:00

It is an open secret that the government fixes revenue collection targets for its tax officials. The targets are often based on the collections made in the earlier year without any regard to the estimated actual profits to be currently made by the businessmen and industrialists.

The tax officers are so obsessed with their targets that they do not hesitate to take coercive measures to collect more and more amount from the assessees. It will be wrong to blame the officers because their promotion, placement, transfer etc. is shown to be dependent upon the collection of taxes under their charge.

A situation often arises when the income-tax department raises a demand of tax from a foreign enterprise but the foreign enterprise does not agree with the department and decides to contest the case before higher authorities. In such a situation, the option is either to pay the disputed demand or obtain a stay till appellate proceedings are over.

The above situation, which on the surface, appears to be simple and logical, in fact, gets highly complicated when applied in practical parlance. In India, completion of tax assessments, including appellate proceedings, usually takes 3 to 5 years up to the tribunal stage and another 10 to 15 years if the matter goes to high court and Supreme Court.

If the foreign company pays the disputed demand, then, upon success in appellate proceedings, it will get a refund along with interest. But, in the process, the foreign company will remain involved in litigation in India in all these years. This creates practical difficulties, particularly in those cases where the foreign company goes back from India after completing its work here. There is, therefore, no dearth of cases when the refunds due to foreign companies remain unclaimed.

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