Wednesday, May 31, 2017

Stress Your Money Less: Three Reasons Why Small Businesses Need Accounting Firms

All small business owners know the feelings of dread and hassle that come inherently with tax time. Doing your own taxes is challenging enough, but when you've got to prepare forms for your business and your employees, it becomes even more daunting. That's where the services of accounting firms can really come in handy. But how, exactly, can they serve you? What purpose does it serve to pay someone else to handle your business's fiscal issues, and what do you need the most help with? The answers might surprise you.

Payroll Pleasure

It's recommended that unless you can afford to keep someone with a financial background on staff at all times, you don't try to handle your own payroll. For many small business owners, payroll taxes can be something that falls between the cracks with alarming ease, which can land you in hot water with the IRS pretty quickly. Outsourcing your payroll to a team of experts is the quickest and easiest way to ensure you avoid tax troubles. It's common for local, state, and federal tax regulations to change from season to season, and if you are not careful it's possible that one such change can go unnoticed. These are the sort of things that outsourced companies are trained to handle, so you can sleep just a little easier at night.

Helps Your Bottom Line

Would you have ever dreamed that outsourcing could save you some money? With the advantage of newfound visibility and clarity for your business's financials, there is a sense of control and openness that you might not have had before. This can also make you look better in the public eye should you choose to share this information broadly, and increase trust and business. Most fiscal entities won't charge you an exorbitant amount of money to take advantage of the services that they provide. You'll find that it's not common to be charged by the user, but per transaction. It's common and easy to work out arrangements that suit you best.

Lets You Focus More On You

Tasks like bookkeeping are no small feat. They take a lot of time, time that could often be spent doing something else to focus on your business's actual function and not the behind the scenes parts of it. It's also the most frequently neglected and challenging task small business owners face. Professional accounting firms can help you make sense of the ins and outs of the accounting world, and can keep your fiscal ducks in a row with little to no involvement on your part. You, in turn, get updated statistics that give you a better idea of how your business is faring. This lets you know what you need to focus on moving forward and gives you more time to form strategies to that end.

Do some digging into local accounting firms, and figure out what exactly it is you need from one to help you make the most of your business. A good head for business is important, but so is keeping all your affairs in order. The right set of people can make all the difference in the world, and make your venture fare even better than it was before.

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Sunday, May 28, 2017

Why More Small Businesses Are Signing Up for Bookkeeping Help

Trends are showing that more small businesses are making room in their budgets for bookkeeping services, and to the delight of many it's more affordable than ever. Especially when taking into consideration the benefits that come from doing so, which far outweigh the cost.

Upon exploration, there are several bonuses to securing bookkeeping services from a trustworthy company. These are just some of them.

Avoid Late Bills

When it comes to operating a company, one may find that their time is easily consumed and they have a hard time keeping up with everything. That's why sourcing out the mundane, day to day tasks is smart. Things like bill pay, while important, are time consuming. By delegating the task to someone who has time and experience frees up plenty of time for other things, such as business growth.

With bookkeeping services, a savvy business professional can have all their statements sent to the chosen professionals, and give them account access to make payments and check any statements they don't have immediate access too. It takes the hassle out of the job!

Keep All Income in Check

For any small business leader, it's a bonus to be able to check all aspects of the company with ease, even the big picture. No one likes to delve into detailed accounting if they don't have to. This is especially true if the individual doesn't like working with figures or sitting in front of a computer. Perhaps they are more of an action-type employee and more interested in landing accounts or the social parts of their job.

By hiring a bookkeeping service, one can have software implemented that is easy for all to access, understand and even use if the prefer. Multiple users can take advantage, and it is accessible online so they can use it from wherever they are, home or office.

Control Payroll

Even more mundane than tracking expenses is controlling payroll. No matter how many employees a business has, they can benefit from having payroll services included with bookkeeping services. Checks are created and ready to be signed, mail out services are available, and freelancers will enjoy the convenience as they aren't in house to pick up a check.

Further, payroll specialists will get ready a W-2 for a form 1099-MISC.

Get Reports at a Glance

Scarily, most small business owners are unaware of the current financial state of their companies at any given time. If they don't check their finances and keep on top of them, the business will likely fail. Having the opportunity to take advantage of critical finances is crucial. That's why bookkeeping services are so popular. They generate the reports one needs whenever they need them.

Most choose twice a month, or bi-weekly. Others need them every week or just once a month. It is all dependent on the nature of the business. Regardless, having a bookkeeping service get reports ready means they'll always be accessible and in order.

Keep Fees at a Minimum

One part of the service that is often the responsibility of bookkeeping services is referred to as bank reconciliation. Don't trust a bank statement to provide a great picture of the overall financial state of the business. Bookkeepers take on accounts payable and receivable, and enter it all into the latest in software for easy navigation.

There will never be a question if that's the current balance, and this helps avoid fees such as overdraft and interest due to outstanding debt. Hiring a bookkeeping service is smart and allows owners to enjoy the fruits of their labor as soon as possible from the business. Saving time and money is a given, which is why it's so popular today.

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Thursday, May 25, 2017

The Secret to Building Real Wealth

What would your life be like if you doubled your income AND doubled the time you spend doing what you love with the people you love? In this video, Brian Tracy shares the secret to building real wealth.

Monday, May 22, 2017

Double Entry Bookkeeping

Do You Know Where You Money Is?

You will with Double-Entry Bookkeeping.

Double-entry bookkeeping ensures an accurate and balanced ledger and means you always know exactly where your money is.

What Is Double-Entry Bookkeeping?

The concept of double-entry bookkeeping and accounting dates back over 500 years and is the system of recording every transaction as a debit and a credit. By following these established and tested principles, our bookkeepers keep your records up-to-date and balanced so you always know exactly what your assets and liabilities are and where you cash lies at all times.

Benefits of Double-Entry Bookkeeping

Established over 500 years ago and follows tested and universally accepted principles of accounting. You always know exactly where your money is located.

Double-entry bookkeeping naturally creates a balanced ledger so your books are always accurate.

Friday, May 19, 2017

The 4 Best Habits of Rich People

Entrepreneur Network partner Brian Tracy shares the four habits of rich people that you need to learn so that you too can become very successful.

Tuesday, May 16, 2017

Multi-Location Bookkeeping Made Easy

Do you do business in multiple jurisdictions with different taxes? Or, do you have stores or need to keep track of inventory at multiple locations?

Not a problem!

Hosting your company’s bookkeeping files on our secure servers gives you complete access to QuickBooks Enterprise, which makes multi-jurisdiction tax management and multiple-location inventory management a snap.

Plus, because your files are located on our servers, instead of your computer, you can grant multiple users at different locations, simultaneous access making it easy to keep track of inventory and transactions in real-time

Saturday, May 13, 2017

Why QuickBooks Hosting Is the Smart Way to Do Accounting

The accounting profession is usually slower to catch on the rapid changes in technology as many other industries. So many accounting firms are yet to wake up to the tremendous opportunities offered by cloud accounting.

Indeed, there is a lot of debate in accounting firms on whether to stick to the desktop version of QuickBooks or to go for QuickBooks hosting, which is the new way of accounting. QuickBooks hosting creates a better and more conducive accounting environment, and saves the frustration of having to deal with the complex IT issues that crop up - which have nothing to do with the core responsibilities of an accountant.

Let's talk about why QuickBooks hosting is the way of the future and is indeed the smart way to do accounting.

With QuickBooks Hosting, you don't have to be restricted by geography - With the traditional desktop version of QuickBooks; you are essentially stuck to your computer. If there is any work that needs to be done, you or your staff will have no choice but to return to their computer in the office cubicle. When you have a hosted QuickBooks solution, your data is hosted on a remote server. There will be a centralized database that holds all the data and can be accessed on any number of devices, no matter where you are located. Your team can collaborate jointly on the data from several different locations in the world, even when they are hundreds of miles apart.

QuickBooks Hosting offers an enhanced data security and protects you against data loss - The problem with using a desktop version of QuickBooks, or for that matter any software is that, your data is held in a single computer in the office. There is always a possibility of someone breaking into your system and getting access to the data. Also, there is always a chance of your data getting lost in case of a system failure or a breakdown of the IT infrastructure. With QuickBooks Hosting, your data is encrypted and stored in a remote server in secure, top-of-the-line data centers. Your data is backed up daily and stored in multiple locations around the world to protect you against data loss in the event of a natural disaster or a rare system failure.

With QuickBooks Hosting, you are assured of faster data recovery - It is not uncommon for computers to crash when you are working on a critical piece of data. Now, with the traditional desktop version of QuickBooks, it is practically impossible to recover the data in an updated state. But with Quickbooks Hosting, since the data is stored in real-time on multiple servers located in different locations in the world, you will be able to recover the data easily and resume your work. You will not suffer any delay or inconvenience of any sort. Certainly, this is the smart way to do accounting.

Wrap Up

QuickBooks Hosting saves time and money, it ensures maximum data protection and security and allows for a faster data recover. It offers a solution for your most complex accounting needs and helps you serve your clients better. It is indeed the smart way to do accounting.

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Wednesday, May 10, 2017

Bookkeeping Services - Let a Professional Handle Your Accounts

Many use bookkeeping services, especially if they have companies or organizations. Before using this sort of company, make sure it is reputable and follows all rules and guidelines.

Those who have bookkeeping companies help record the value, assets, liabilities, income and expenses in a ledger or journal. The individual will post entries debit and credit entries chronologically in the journal. Those who have companies or organizations usually need bookkeepers. Others decide to use individual or family bookkeepers to track the income and expenses of the family using a register.

Before, these professionals did their services using a paper and pen but now there is advance software which can help with bookkeeping. Many people either use a single entry or double entry system. A single entry system uses information found in the income and expense account while a double entry system forces the individual to post the entry twice as either a debit or a credit. An accountant on the other hand prepares the income state and balance sheet using information prepared by a bookkeeper.

There are also online booking companies, which have become very popular recently. Online bookkeeping allows your information to be kept and tabulated on the web. This will allow you to choose a bookkeeping company that does not necessarily live in your immediate area but somewhere else, as long as they have access to your paperwork and receipts regularly.

If you are a company who has a lot of mobile employees, they can scan and send receipts to the remote place and get reimbursed quickly. Also you if you have more than one office, online booking can be ideal. Most entries made are recorded and stored remotely and you can access the software anywhere in the world and check all of your entries.

If you decide to use bookkeeping services, ask your friends, professional peers or relatives if they have any recommendations. Before hiring anyone, make sure they have years of experience in the field and can provide you with references which you can call. Rates for bookkeepers can vary depending on the experience of the individual, the location of the business and the software used so make sure you use someone who is in your price range.

If you use an outside company to handle your accounts, you may save money in the end. If you are a small business, you do not need full time employees who handle your journals which mean you can save on payroll as well as overhead costs, which can free up your schedule and allow you to focus on important things instead of bookkeeping problems. You can allow professionals to handle your needs who can produce desired results efficiently and effectively.

If you choose to hire a company who specializes in bookkeeping, make sure you investigate them thoroughly to make sure they can meet your goals and expectations. Ultimately a good bookkeeping company can handle all of your bookkeeping needs and allow you time to focus on developing and running your business.

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Sunday, May 7, 2017

Comparing QuickBooks Online vs Hosted QuickBooks Enterprise

If you are looking for a bookkeeping solution for your business that allows you to remotely access your bookkeeping files from any location, you have probably come across QuickBooks Online and hosted QuickBooks as two possible solutions and are wondering which option is best for you.

While the two options have many similarities, hosted QuickBooks has all the same benefits of QuickBooks Online as well as several additional key features not found in the online program.

Use QuickBooks Enterprise Anywhere with Multi-User Remote Access

Hosted QuickBooks, like QuickBooks Online, allows you secure access your company’s financial data from any location with an Internet connection. You can work on your bookkeeping while enjoying a cup of coffee at your favorite coffee shop, at home, or while you are on the road for a business meeting. Because you can access you QuickBooks files anywhere, you never have to worry about not being able to invoice a customer or not being able to update your data because you are away from the office.

Unlike online bookkeeping options, hosted QuickBooks allows you to grant multiple users, such as employees, bookkeepers, accountants, and controllers, simultaneous remote access to your QuickBooks files. This also allows for easy inventory and tax tracking if you have multiple stores or business locations, regardless of their jurisdictions.

Never Lose QuickBooks Files with Automatic Backups

The security of your bookkeeping and financial data is incredibly important which is why automatic data backups are essential. Many online bookkeeping and hosted QuickBooks options offer automatic data backups.

At Turn Key Office, backups of hosted QuickBooks files are done automatically and data is stored in three secure locations, the Turn Key Office server and two off site locations, which mean you will never have to worry about losing important financial information. In addition to your files being hosted on our secure servers, a real-time encrypted backup is run nightly and an alternate backup file is locked in a secure bank safe-deposit box monthly.

Reliable Access to Your QuickBooks Enterprise Files

QuickBooks Online and hosted QuickBooks both allow for remote access to your bookkeeping files but with QuickBooks Online, your files become inaccessible if the Intuit server goes down, which it did on March 22-23, 2011 and again on March 25, 2011. During that time, QuickBooks Online users could not access their files regardless of location.

To ensure your hosted QuickBooks files are reliably accessible, Turn Key Office uses multiple power sources, Internet access, physical locations and hard drives to eliminate single points of failure.

Switching to Remote Access QuickBooks Is Easy Using Hosted QuickBooks

If you are exploring remote access QuickBooks options you may already be using a bookkeeping system that contains important files. When you have existing files, switching to a new QuickBooks system needs to be simple. However, moving your files to QuickBooks Online requires a conversion and even with a conversion, not all of your data can be transferred.

Hosted QuickBooks makes transferring existing files from your computer to the hosted server, and vice versa, easy. This is because the QuickBooks software on our hosted servers is exactly the same as the desktop version of QuickBooks.

If you use different bookkeeping software, such as PeachTree, converting your data to a compatible version is simple with our team of expert bookkeepers.

Don’t Give Up Powerful QuickBooks Features for Accessibility

If you are familiar with QuickBooks and decide to use QuickBooks Online, you may find some of the features from the desktop version of QuickBooks are not available in the online version. In addition to the limited features, QuickBooks Online also has a new user interface which takes some time to learn. But, if you choose to go with the hosted QuickBooks option to remotely access your files, you will have exactly the same familiar features and user interface as the desktop version of QuickBooks.

Hosted QuickBooks allows you to remotely access your bookkeeping files while continuing to work with the powerful, full-featured version of QuickBooks so you never have to compromise between accessibility and functionality

Thursday, May 4, 2017

3 Creative Ways To Use Your Tax Refund

Get a tax refund back this year? Make sure to watch this video and learn 3 creative ways to allocate your refund the financially wise way.

Monday, May 1, 2017

The Security Of Your Financial Data is a Top Priority

Our QuickBooks hosted architecture incorporates multiple layers of security to ensure your financial data remains private and secure. Our security measures are highlighted below:

1. Physical Access: Only physical console access can grant folder level permissions for the folders containing your QuickBooks file. For added security, there is no remote management access of our file server whatsoever. Only a few trusted company representatives have physical access to the file server.

2. Remote Access: Remote access is performed by a separate stand alone Terminal Server running the latest and most secure operating system commercially available, currently Windows Server 2008 R2. Remote Desktop access is hosted from a non-published public IP address which is only given to clients under contract. After successful authentication, a user is granted access to our domain.

3. Server Access: Secure login names and strong passwords are given to access the network on a per client/per user basis. Strong group policies dictate user permissions for the network.

4. Generic Folder Names: Client names are obscured on the network from browsing functions by non-distinguishable Client Numbers. ONLY Clients who have been given explicit permission to access their company’s files are given folder-level access to browse the contents of their folder or open files; and each user is given unique login names and passwords. Passwords are set by the network administrator and cannot be changed to weak passwords.

5. Backups: Data backups are in two off site locations – real-time Encrypted off site backup is run nightly and an alternate backup file is locked in a secure bank safe-deposit box monthly. Only a few trusted company representatives have access to the safe-deposit box.

6. Redundancy: Turn Key Office maintains myriad strategies for operational redundancy including power sources, internet access, physical locations and hard drive redundancy, eliminating as many single points of failure as prudent.

7. QuickBooks Enterprise Security: QuickBooks Enterprise Solutions 12.0 offers the very latest security protocols that are customized by the user. QuickBooks logins and passwords are separate than network passwords to provide an additional layer of authentication. Beyond that, QuickBooks provides highly customizable security settings allowing each authorized user of QuickBooks to have tailored access to the file appropriate to their role for the organization. For a more detailed description of the 115 QuickBooks Enterprise security settings, click here.

8. “Always On” Audit Trail: Every transaction posting to your General Ledger (entered, modified or deleted) is recorded with Audit Trail, by user and date, helping to track data entry errors and protecting you against employee fraud.