Advantages Of Payroll Services

If your company has employees other than you, payroll is one of the most critical areas of your financial record keeping. It's also the area most commonly botched by small business owners, so get professional advice on how to properly set up and maintain your payroll system.

You might consider using a payroll service to save yourself a lot of administrative time and hassle. A payroll service ensures your government reporting and payroll tax remittances are always accurate and up-to-date. This benefit alone can be well worth the cost of the service, as late-payment penalties for payroll remittances tend to be some of the biggest and most severe penalties that the government levies.

Other advantages of using a payroll service:

The payroll service is always up to date on the tax code, whether it be changes in Canada Pension Plan rules, revised Employment Insurance guidelines or new tax rates.
The payroll service automatically handles the creation of accurate T4 slips for your employees at year-end.
With a payroll service, you can offer your employees direct deposit of their paycheque. This is a perk that most employees appreciate.

While there are many good reasons to use a payroll service, you should also be aware that such a service takes all associated government remittances out of your company account each payday, even if those remittances are not actually due for another few weeks. This can create a cash flow problem unless you are prepared for it.

Fern Gordon is the owner of The Profit Line. Making sound business decisions means having a clear picture of your financial situation in front of you at all times - yet the daily demands of running a small enterprise can be overwhelming. As a result, financial record keeping and reporting often don't get the attention they truly deserve.

The Profit Line changes all that. We are your bookkeeping partner, helping you stay on top of your finances so you can make better, more informed business decisions.

In addition to taking paperwork off your plate, we also pinpoint the key numbers critical to the performance of your specific enterprise, and make sure you have them in hand whenever you need them.

Source : The Profit Line

VAnetworking Presents Seminar on Virtual Bookkeeping

VAnetworking Presents Seminar on Virtual Bookkeeping: Leveraging Today’s Technology to Grow Your Business.

On Wednesday, 7/2/2008, 2008 at 6:00 p.m. EST, Kristin Callan will present Virtual Bookkeeping: Leveraging Today’s Technology to Grow Your Business.

Kristin Callan is the Director of Sales and Client services for Swizznet Online Accounting Solutions and is an expert in developing and implementing online accounting systems and strategies. Kristin has more than seven years experience in the accounting and finance industry and has helped accountants and bookkeepers implement strategic systems to increase productivity and grow their business. Kristin works with accountants and bookkeepers to conceptualize and implement innovative solutions to maximize return on investment and help grow their businesses. Kristin can help streamline the accounting process and can make offering virtual accounting services easy. Visit Kristin’s website, www.swizznet.com, for more information on the Swizznet Online Accounting System. Contact Kristin Callan at 206.408.7774 or kcallan@swizznet.com.This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

- Implement a virtual bookkeeping system that is easy for you and your clients - Market your services and attract new bookkeeping business - Add value and improve customer service for your existing clients. Get practical tips and easy to Implement solutions that leverage free and low-cost technology to save time and grow your virtual accounting business.

Please join them at VAnetworking.com on Wednesday, 7/2/2008 at 6:00 p.m. (EST). In this eSeminar you will learn how to take advantage of today’s technology.

VAnetworking is the largest business network for aspiring and successful Virtual Assistants and Virtual Achievers to share, learn, and succeed. At VAnetworking, industry experts and Virtual Assistant newbies mix it up to uncover all things new and exciting in the world of Virtual Assistance, while supporting one another and striving to promote the Virtual Assistant industry.

So join the fun and stop by the VAnetworking Forum today at http://www.vanetworking.com or just go ahead and upgrade to this exciting new VAinsider membership at http://www.vanetworking.com/vainsider/index.htm. You’ll see just how much better your business can become and also have a great time doing it. And for those looking for a VA, you won’t be able to beat the professionals you’ll find here.

Tax managers focus more on compliance than planning

Chennai: Tax managers of corporates, who are supposed to look at strategic tax planning, are spending more of their time looking after the tacatical issues of tax compliance. The taxman has perhaps made these people behave differently?

One can look at the situation from two sides. Either, compliance standards have been put very high which require more resources, or corporates have been ignoring compliance issues. There is a third side too, the role of authorities enforcing compliance. What’s the solution? “A customised tax compliance solution to organisations based in India,” says Mr Bharat Parmar, Vice President (Business Development), BMR Managed Services, New Delhi.

But isn’t financial management and accounting in most large organisations managed though the specific modules of ERP systems, Business Line asked. Mr Parmar explained the shortcomings of the system. “Typically these systems are also leveraged by the organisations to help the tax team compute the tax liabilities and extract relevant information but since these applications are primarily financial and accounting solutions, they are not intrinsically capable and aligned when it pertains to the Indian tax compliance requirements.” To incorporate all of the requirements becomes complicated and cost-ineffective in the present systems, he added.

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Using Excel for Accounts and Bookkeeping

The great thing about MS Excel (and others say it’s greatest downfall) is that it is so adaptable and because it normally comes bundled with the PC you bought for your business, it’s cheaper than buying accounting software.

For start ups and possibly for the sole trader or small limited company, it’s a very easy way of keeping track of essential accounting information, especially if you have no intention of getting involved in double-entry bookkeeping (which will be the subject of a future post).

Excel also has very powerful capabilities, a whole range of financial and statistical functions, the ability to chart your data and analyse it in all manner of ways. For that reason, accountants (depending on their sector and job function) make very extensive use of excel.

Of course, Excel is also used where other applications would be better. As a business grows, it will (hopefully) outgrow the use of Excel for bookkeeping. Depending on the business, this could happen quite early on. Also, if your primary requirements are data storage, Access, being a database, handles data storage and retrieval much better than Excel.

Source : http://happyaccountant.wordpress.com/