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Archives for December 2013

Portable Productivity: Smartphones Do Invoices, Expenses, Time Billing

December 27, 2013 by mrice

 

These three web-based apps, accessible via your smartphone, provide mobile access to QuickBooks data.

Accounting in the cloud is closer than you might think. In fact, it’s here, in some cases. QuickBooks Online, of course, is entirely cloud-based, but it does not yet offer all of the features found in Intuit’s top-of-the-line products, Premier and Enterprise.

In the meantime, Intuit itself, as well as third-party developers, have built online apps that fill in some of the gaps. These add-on solutions exist on websites, but they can collect data and synchronize it with desktop QuickBooks. So can that iPhone or Android that’s sitting on your desk right now.

Many Mobile Applications

To find these apps, go to the Intuit App Center and click on All Apps. There are dozens of them, arranged by category (Billing and Invoicing, Customer Management, Inventory Management, Apps by Intuit, etc.).

Your first stop should be at Intuit’s QuickBooks Connect (this is the name of the online application that you’d use on a remote PC or laptop; the name of the smartphone app is QuickBooks Mobile). This app gives you easy access to your customer and sales data when you’re away from your office.

Figure 1: QuickBooks Mobile, shown here on the Android operating system, gives you sales tools when you’re away from desktop QuickBooks.

Remote Sales Tools

Whether you’re working in web-based QuickBooks Connect or on a smartphone, your data and transaction options are similar. QuickBooks Connect has a few more features, like an Item List and Customer Center, but both let you:

  • Access multiple company files
  • View, add, and edit customers, estimates, invoices, and sales receipts, using QuickBooks’ custom templates
  • E-mail these forms to customers

QuickBooks Mobile and QuickBooks Connect use the Intuit Sync Manager – located on the desktop where QuickBooks is installed — to keep data current everywhere. That computer must be running for syncs to work.

Figure 2: You can create and e-mail invoices from QuickBooks Mobile.

Prices start at $9.95/month for one user; a 30-day free trial is available.

Manage Travel Expenses

Concur Breeze grabs the data you need (customers, employees, jobs, etc.) from QuickBooks to record expenses on the road. You can enter charges directly into a form or snap a picture with your phone – it’ll be attached to your expense report. These charges are then sent to a report template that thoroughly documents the charge, letting you specify variables like the trip purpose, travel policy type, project and client. The status of your approval and payment are also included here.

You can send travel itineraries from your free TripIt Pro account and credit card charges directly to an existing expense report to accelerate the process. And once an expense report is approved, money can be moved automatically from the designated company bank account to an employee’s account. $8 per month per user; free 30-day trial.

Figure 3: Concur Breeze provides mobile expense management.

Mobile Time-Tracking

If your company has employees or contractors who work remotely and submit hours for approval, consider eBillity Time Tracker for Intuit QuickBooks. After it pulls in customers, service items, and employees from QuickBooks, you can invite workers to track their time on their smartphones by either entering it manually or using the timer, and then sync it with the online application.

Mobile workers can use the application in offline mode; entries are uploaded when they reconnect. Prices start at $10/month for Admin and one user.

Figure 4: eBillity Time Tracker for Intuit QuickBooks is a great companion app for remote workers.

The Cloud = Convenience And Accessibility

Synchronization – especially across three or more devices – is a simple concept whose implementation can be not-so-simple.

Integrated, web-based applications accessed by whatever computing device happens to be nearby are the essence of cloud-based accounting. Intuit and its companion mobile apps offer the convenience and accessibility that the Internet is making possible.

TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.

Filed Under: Uncategorized

SHOP Healthcare Exchanges

December 20, 2013 by mrice

Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.

SHOP Healthcare Exchanges
Today, freelancers, small business owners and small employers find it a challenge to locate and afford health insurance coverage that meets their needs or the needs of their employees. However, in conjunction with health care reform, that will soon change. Beginning in 2014, the Small Business Health Options Program, referred to as SHOP, will offer you more choice, opportunity and control over your health insurance.

What is the Small Business Health Options Program (SHOP)?

Pursuant to The Patient Protection and Affordable Care Act (PPACA), all states will be mandated to set up a health insurance exchange for individuals and small businesses prior to the calendar turning to 2014. If a state doesn’t establish a health insurance exchange before then, the federal government will step in and establish one for them.

The health insurance plans made available in the Small Business Health Options Program (SHOP) will be set up and operated by private health insurance companies. They will run very similar to the way group health insurance plans that you may be familiar with. You and your employees will have a choice of qualified health plans, and you will be able to compare health insurance plans based upon coverage, price, and other plan features. As a small employer, you will be able to offer your employees multiple plans to choose from.

How does the Small Business Health Options Program (SHOP) work?

SHOP programs will operate under exchanges, or marketplaces, which will ultimately decide how the Small Business Health Options Programs is structured. The state-based exchanges will act as an aggregator compiling individual health insurance policies sold by private insurers. The SHOP exchange will be available for small employers with fewer than 100 employees and the self-employed, including independent contractors who can choose the coverage that best suits their needs. If you think of Orbitz, Travelocity, and Expedia for travel, SHOP will operate similarly.

What is the timing for the start of the Small Business Health Options Program (SHOP)?

State-run exchanges will have the ability to launch a SHOP beginning in 2014. Until 2016, states have the option of setting the size of the small group marketplace at either 1 to 50 employees or 1 to 100 employees. In other words, for 2014 and 2015, individual states can decide whether they want to include small businesses with 100 or less employees or 50 or less employees. In 2016, it will be a requirement that all businesses with 100 or less employees purchase health insurance through these exchanges.. Beginning in 2017, states will have the choice to permit businesses over 100 employees also purchase group health insurance coverage via the Small Business Health Options Program.

Overall, SHOP exchanges have the mission to help small businesses who struggle high health care costs and offering health insurance to their employees.

The first exchange open enrollment program is expected to be ready by October 2013. The first health insurance coverage from the exchange will have an effective date of January 1, 2014.

Filed Under: Uncategorized

When is a “Tax Cut” not a “Tax Cut”?

December 17, 2013 by mrice

When it raises your tax bill!!

Recently, the NC General Assembly passed House Bill 998, the most significant overhaul of NC tax law in a generation, claiming they have lowered your taxes. This bill was co-sponsored by Senator Bob Rucho, a Mecklenburg County representative. However a closer look reveals that for many NC residents, especially the small business owner, and the retired, this is actually a tax hike.

While the rate of tax is lowered to 5.8% (allowing them to say, “We lowered your taxes”) under this new law, many tax deductions are eliminated, and new taxes are created which allows them to INCREASE tax revenue. Of greatest concern to NC business owners is the small business tax exemption that allowed the first $50,000 in tax to be exempt from NC taxes. For a small business owner with $50,000 in profit, this saved him or her about $3,000, a much needed break for the over-taxed business owner/employeer/entrepreneur. Now, this deduction, and many others are gone, causing the business owners State tax liability to actually INCREASE. Yup, this tax decrease may actually be an increase, unless you are a highly compensated employee, then you may save thousands.

Other deductions/tax credits that are eliminated-

Retirement income, unreimbursed job expenses, and 529 plan contributions, repeal of tax credits for child-care expenses, non-itemized charitable expenses and education expenses.

Taxes that are being increased or new taxes-

New tax on movie tickets, sporting events, concerts, plays, museums, newspapers, college meal plans, and certain service contracts.

Who will pay more tax?

Senior citizens on retirement income and small business owners will pay more under these new laws.

Who will break even?

A married couple making just $20,000 with two kids will break even.

Who will pay less tax?

A married couple making $40,000 will see a slight decrease, while a single taxpayer making $250,000 will see a tax savings  of about $4,000.

Look out for the federal government to be using the same tactics to increase revenue by eliminating tax deductions so they can make similar claims!

Filed Under: IRS, Tax Law Changed

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