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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

25 Accounting Terms You Should Know

November 28, 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 Ti

QuickBooks is easy to use, intuitive and flexible. But it is not an accounting manual or class or tutorial. If your business is exceptionally uncomplicated, you might get by without knowing a lot about the principles of bookkeeping.  Still, it helps to understand the basics. Here’s a look at some terms and phrases you should understand.Account. You’ll set up financial accounts like checking and savings in QuickBooks, but in accounting terms, this refers to the accounts in your Chart of Accounts: asset, liability, owners’ equity, income and expense.


Figure 1: A QuickBooks Chart of Accounts

Accounts Payable (A/P). Everything that you owe to vendors, contractors, consultants, etc. is tracked in this account.

Accounts Receivable (A/R). This account tracks income that hasn’t been realized yet, like outstanding invoices.

Accrual Basis. This is one of two basic accounting methods. Using it, you record income as it is invoiced, not when it’s actually received, and you records expenses like bills when you receive them. Using the other method, Cash Basis, you would report income when you receive it and expenses when you pay the bills.

Asset. What physical items do you own that have value? This could be cash, office equipment and real estate. In QuickBooks you’ll be managing two types. Current Assetsare generally used within 12 months (or you could convert them to cash in that length of time). Fixed Assets refers to belongings like vehicles, furniture and land, property that you probably won’t use up in a year and which usually depreciates in value. Depreciation is very complex; you may need our help with that.

Average Cost. This is the inventory costing method that programs like QuickBooks Pro and Premier use to calculate the value of your stock.


Figure 2: QuickBooks provides a Statement of Cash Flows report.

Cash Flow. This refers to the relationship between incoming and outgoing funds during a specific time period.

Double-Entry Accounting. This is the system that QuickBooks uses – that all legitimate small business accounting software uses. Every transaction must show where the funds came from and where they went. Each has a Credit (decreases asset and expense accounts) and Debit (decreases liability and income accounts) which must balance out (other types of accounts can be affected).

Equity. This refers to your company’s net worth. It’s the difference between your assets and liabilities.

General Journal. QuickBooks handles this in the background, so it’s unlikely you’ll ever be exposed to it. We sometimes have to create General Journal Entries, transactions required for various reasons (errors, depreciation, etc.) that contain debits and credits. Please leave that to us.

Item Receipt. You’ll create these when you receive inventory from a vendor without a bill.

Job. QuickBooks often associates customers with multi-part projects that you’ve taken on, like a kitchen remodel.

Net income. This is your revenue minus expenses.

Non-Inventory Part. When you purchase an item but don’t sell it or you buy something and resell it immediately to a customer, this is what it’s called. It’s merchandise that isn’t stored by you for future sales.

Payroll Liabilities Account. QuickBooks tracks federal, state and local withholding taxes, as well as Social Security and Medicare obligations, that you’ve deducted from employees’ paychecks and will remit to the appropriate agencies.


Figure 3: QuickBooks helps you track and remit Payroll Liabilities.

Post. You won’t run into this term in QuickBooks. It simply refers to recording a transaction within one of your accounts.

Reconcile. QuickBooks helps you with this. It’s the process of making sure your records and those of your financial institutions agree.

Sales Receipt. This is how you record a sale when payment is made in full during the transaction.

Statement. You’ll generally use invoices to bill customers in QuickBooks, but you can also send statements, which contain transaction information for a given date range.

Trial Balance. This standard financial report tells you whether your debits and credits are in balance. Should you run this report and find a problem, let us know right away.

Vendor. With the exception of employees, QuickBooks uses this term to refer to anyone who you pay as a part of your business operations.

These are just a few of the terms you should recognize and understand. We hope you’ll contact us when you need help understanding how the accounting process fits into your workflow.

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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

Why Small Businesses Need Agreements in Writing

November 21, 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.

Small businesses often capitalize on their less formal, more personal, approach to their customers and clients. While there is nothing wrong with this approach in general, it should not extend to business agreements and legal matters. On the contrary, a small business should insist on reducing all agreements to writing just like their larger counterparts do.
Regardless of what type of small business you own, chances are your customers or clients are drawn to the fact that you are able to provide more personalized attention without the need for them follow inflexible procedures or goes through three different people before they can speak to someone who can help them. The informality of your business, however, should stop there.

Unfortunately, disputes occur in all businesses. Whether it is a dispute with a supplier, an advertiser, a customer, or a landlord, it can-and most likely will-happen at some point in time. When a dispute arises, documentation is the key to settling the dispute. If your dispute ends up in court the law always favors a written agreement over a verbal agreement. Having the agreement in writing to begin with, however, creates an excellent chance that you will be able to resolve the dispute outside of the courtroom.

Many disputes are the result of honest misunderstandings. A smaller percentage of disputes are the result of unscrupulous individuals trying to take advantage of new, potentially naïve, small business owners. Either way, having a written agreement that clearly outlines the terms and conditions of your business with an individual or company ensures that you are prepared to defend yourself should a dispute arise for any reason.

As a small business owner you are likely working with a very tight budget and are therefore hesitant to spend money on legal fees charged to draft agreements. While this is certainly understandable, you should look at written agreements as a type of insurance. A relatively small outlay of funds now will protect you from a much greater expense down the road. If a dispute arises and you have no written agreement to back up your position there is a much higher probability that the dispute will turn into a lawsuit. A lawsuit, in turn, will require you to hire an attorney. Your attorney fees to defend a lawsuit will be substantially higher than they would have been to draft a written agreement that could have prevented the lawsuit.

You have undoubtedly worked hard to get your business off the ground. By insisting on written agreements in all of your transactions you are helping to protect your investment and ensuring the future success of your business.

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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

Tax Benefits on Points Peid for a Refinanced Loan

December 15, 2012 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.

Tax Benefits on Points Paid for a Refinanced Loan
 
When you refinance an existing mortgage loan on your home, you often have to pay points as part of the refinance process. One point is equal to one percent of the loan amount. For example, if the loan is for $200,000, then one point is equal to $2,000. As you can see, the amount paid in points can add up fast. The borrower typically agrees to pay points in exchange for a lower interest rate. The good news is that you may be able to claim a tax deduction for the points you pay to refinance your loan. Let’s look at some of the basics of tax deductions for points paid on a refinance loan.Unlike a primary mortgage, you cannot claim the entire amount paid in points during the year in which the points were paid.

As a general rule, you must spread out the amount paid in points over the life of the loan. For example, if you paid $5000 in points on a 30 year refinance, you would be entitled to deduct $13.89 for each month ($5000/360) or $166.67 per year.You may be able to deduct more during the first year if you use some of the proceeds from the loan to make improvements to the property. In that case, you may deduct the amount associated with the percentage of the loan used for improvements in the first year. For example, if you refinanced a $200,000 loan but you used $20,000 of the proceeds to make improvements, you may deduct $200 in the first year which represents the amount you paid in points on the $20,000.

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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

Tax Credit for Veterans

December 7, 2012 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.

Tax Credits for Veterans
As a small business owner, you are likely always looking for a way to minimize your tax obligation and maximize your productivity. Hiring a veteran may be a way to accomplish both of those goals at one time.

The Internal Revenue Service, or IRS, offers employers a credit when they hire an unemployed veteran under the Work Opportunity Tax Credit, or WOTC, program. A for-profit company can earn up to a $9,600 credit while a not-for-profit can earn up to a $6,240 credit. The amount of the credit depends on a number of factors including the length of time that the veteran was unemployed prior to being hired, the number of hours the veteran works during the first year of employment and the wages paid to the veteran during the first year of employment. An employer that hires a veteran who has a service-related disability may qualify for the maximum credit amount.

The credit is applied when the employer files taxes at the end of the year; however, an employer must request certification for the credit within a short time after hiring the veteran. Certification must be requested by completing IRS Form 8850 with the state workforce agency.

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