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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Friday, September 18, 2009
Thursday, September 17, 2009
Accounting rule change could favour Apple and iPod touch owners
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.
Read More Article...
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.
Read More Article...
Saturday, September 12, 2009
Bookkeeper Service – Top 5 Things to Check
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.
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.
Thursday, September 10, 2009
Brussels does bookkeeping with Google
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:
Read More Article...
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:
Read More Article...
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