Virtual Bookkeeping Services: Protect your Business and Save Your Money

If you are a small business owner, you need to make sure that you are checking out virtual bookkeeping services. When you start looking at virtual bookkeeping services and what they have to offer, you are going to find that there are so many great benefits to them and you are going to get a great service. Work on saving money, work on keeping your company's financials current, and keep liability for your bookkeeping away with you. Virtual bookkeeping services will help you with all of this and make sure that you get what you need.

• Using Professionals that are Specialists

A lot of times, a small business owner ends up wearing a lot of hats, including doing the books in their company. If that is not the case, you probably have an office manager, your sister, or even your wife doing them. What you have to look at and understand is to look and see if the person doing your books is an expert. With virtual bookkeeping services, you get an expert every time. There are a team of bookkeepers that are trained in just that and are going to give you the time and expertise to keep your books error free and up to date. Do not let someone do your books that wears other hats, you want them done right and error free and that means using virtual bookkeeping services where they are specialists.

• Compare Costs

At first glance, a lot of business owners feel that they are getting a better deal when they are paying their in house bookkeeper. However, that person generally gets a set number of hours a week. What you want to look at is what they do during those hours. Are they doing the same amount of bookkeeping during the slow season? If that is not the case, which generally it is not, you want to make sure that you are outsourcing and using virtual bookkeeping services. Instead of charging you for a workday, they will bill you hourly. In the end, you are going to save a lot of money and save yourself a lot of hassle, outsource your bookkeeping for the best results and rates.

• Focus Your Business

When you can pull away from the accounting and bookkeeping side of things, it means that you can devote more time to what you created your business for. You probably did not start your business to do the books; you had a passion that you wanted to share with people. Do not lose sight of that and instead of trying to do the books yourself, just use virtual bookkeeping services and avoid that. Take those administrative tasks out of your day and allow yourself to focus on what is important and what is going to bring more cash flow into the business. With Virtual bookkeeping services, you get what you need and you get to focus the business on the path that you originally created, making money and providing a service.

Accurate Virtual Bookkeeping Services improves the ability of a firm to focus on business growth while simultaneously curtailing risks and costs. There are many firms offering bookkeeping services that work for small and medium businesses worldwide.

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How An Accountant Can Help

If you're a small business you're busy running your business and may not have time to pay attention to financial matters. Yet deep down you know it's critical for the success of your business. You know you need an accountant to help you.

As a small business you have money coming in from the solutions you provide and money going out for your expenses. Knowing the difference between the two may seem like an easy process but of course it isn't. Knowing the difference between your Gross Income and your Net Income can be tricky. It's not as simple as balancing your checkbook at the end of the month and knowing what you made. Expenses can often be subtle or even hidden in that checkbook. There may be problems that you cannot see until it's too late.

For example, your borrowing has a cost that is not readily visible. You pay interest on loans for buildings, equipment, services, and many more functions. You have banking fees. You pay for business meals and transportation expenses like gas and repairs.

These are all the cost of doing business. But sound tracking and management of these expenses can mean the difference between making money at the end of the month and perhaps even success or failure at the end of the year. That's where a good accountant can help.

Create A Solid Business Plan

Now take your business plan. You do have a business plan don't you? Without a business plan that includes budgeting, forecasting, and contingency planning, you are just guessing and probably guessing wrong.

A solid business plan will help you anticipate growth and... yes the opposite. You must plan for downturns as well as growth. Knowing what to do during bad times will do several things.

1. It will give you the tools to survive

2. It will lower your stress level because you know you have a plan

3. Proper tracking will tell you when you are failing before it's too late

And beyond your Business Plan you should also have these types of management reporting tools in place...
Profit and Loss statementBalance sheetStatement of cash flowSub-ledgers and journalsSales reportsGeneral ledgerPayrollBank reconciliationsA/P and A/R aging reports

And Don't Forget About Taxes

Taxes are one of those things that can bite you when you are least expecting it. Adequate tax planning can be one of those things that you don't think of until it's too late. Are you paying your estimated income tax on time. Are you paying the right amounts. If your business has grown or shrunk you could be paying an incorrect amount.With the help of an accountant who can help you setup these types of financial management tools and answer those important questions before it's too late. Once you have these tools in place you'll have your finger on the pulse of your business. And whether you do it yourself or hire a good accountant you'll be prepared for whatever the economy throws at you.

Rick Hart is a business consultant. He provides tools for accountants in Clearwater and for many businesses in the area.

http://www.accountantclearwater.com/

http://EzineArticles.com/6509617

Things to Look for While Picking a QuickBooks Consultant

When you are picking a QuickBooks consultant, knowing a few things in advance will help you make the right decision. QuickBooks is excellent software that can help you with your accounting and your payroll taxes. Therefore hiring the right consultant on a temporary or a permanent basis should be preceded with plenty of thought and due diligence. The first thing to understand is that there are communities of certified QuickBooks consultants. Professional consultants are certified through examinations which are conducted annually to test the knowledge of a consultant in the latest editions.

When you are hiring a QuickBooks consultant you should be looking for someone who is certified, qualified and licensed to help you out with your business needs. Hiring the right consultant can give a great fillip to your business. The wrong consultant could mean losing a lot of money. Hence you must have a benchmark on the basis of which you could select your consultant.

It is important to understand for how long you will need to hire your QuickBooks consultant. You need to sketch a deal with the consultant, depending on whether it is a limited time contract or whether it is for a longer term. You must also make sure that the consultant who will subsequently get access to your accounts and ledgers, is trustworthy and there is a pact of confidentiality involved. Once again professionalism is what you should look for in your consultant.

An interesting factor in bookkeeping is the industry specific knowledge which plays such an important part. The QuickBooks consultant whom you wish to hire should understand the working of your domain. This will help the consultant to understand the nature of your business and your specific needs. Only then can the consultant provide useful inputs by going deep into the way your bookkeeping has been done and the changes that need to be done. Consultants who specialize in your domain whether it is retailing business or IT, construction business or health care, would be an added bonus when you are hiring them.

You need to hire a QuickBooks consultant who can help you save time, through efficient payroll processing and taxations. Estimations, billing, reporting and managing expenses can all be done through the software and your consultant should be an expert at handling the software and delivering the results in the shortest possible period of time. This will save you time and money in the long run.

For more information about Quickbooks consultant, please visit: http://www.beatonaccounting.com/

http://EzineArticles.com/6507189

The US and Global Economy and The Future

These days a lot of people are pretty adamant regarding a global economic collapse. While I see the need for change, I don't see the benefit of collapsing the entire system. Lots of people think some sort of conspiracy is in the mix. The entire Anti New World Order movement, appears to be in full swing. Still major news agencies and individuals appear to worship this negative mentality.

I'm not sure what has happened thus far, and I don't really want to go into the entire history of what I know to be true. Many people deny the truth of what this World really is. People play stupid, they like to play, "innocence is bliss." Oh really? The more I learn, the more my eyes are opened and the World unfolds.

One thing I'd like to point out is that thoughts matter. Surely they do. I can write an article and it influences the thoughts of many people, they share those thoughts with others and you can even make new words, just by using one, and it gains popularity over time and is added to the dictionary. How about the one, something doesn't exist unless you know it exists? That one is somewhat had to understand, but if I walk into a Post Office and never see the Automatic Postage Machine, my brain just makes it not even appear in the room really.

It isn't that hard to accept that if someone posts a negative news article, that it influences the opinions of people. Likewise, those who write positive news articles, are influencing the minds of individuals. People can deny this is reality, sure. What about what is taught in school, in the history books? If it wasn't for US History or your nations history, would you have patriot views about your nation? Yup, the reason why History is pretty important in the education system is that it creates patriotic views. As well, history allows us to learn from mistakes and plan for the future.

How does this all relate to the Global Economic Future you ask? Rather simply, indeed. You need a little bit of philosophy here to understand the concept of a Paradigm Shift. You know that economic standards have been the same for a long time. The difference between different macroeconomic views have predominately been the same.

People's opinions matter, but today you have strong clashing between two rather fundamental paradigms in the global financial sector. You can do a little research and read about these two systems if you care too. What is happening to the World right now, pretty much a conflict of these two financial paradigms. You have to understand the new paradigm came about in the 80's. Now all you have to do is go to any Finance website, I like Google Finance personally, and look at the Market Chart, and select All. Now if you do that you see 1,000% growth from the 80's. So if we want to switch to the old paradigm, then literally, we have to remove 1,000% growth from the Stock Market; which is pretty nuts.

Nathan Belomy is a musician, artist, writer, stock trader, psychic and telepath. His previous jobs included too many to list. He is highly educated, in nearly every subject, has spend most of his life reading.

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http://goarticles.com/article/The-US-and-Global-Economy-and-The-Future/5182277/

What Should an Internal Audit Tell You?

Thanks to the good people at the IRS (and contrary to popular belief, most of them are good people just trying to do their jobs, not screw over their fellow citizens), there is a very negative connotation associated with the word "audit." Not always realized is that most major businesses perform audits on themselves (and they should if they don't). This is a very important part of any business' accounting departments. Why would they do something that most individual people dread? The answer to that is that, if conducted properly, there is a great deal of important information that can come from an audit.

First, it shows the accuracy of bookkeeping. Bookkeeping is typically viewed as one of the simpler aspects of modern business, especially with the advent of computer systems that automate entries that were once done by hand in multiple ledgers. However, that does not mean that bookkeeping is any less important than it was ten, twenty, fifty, or a hundred years ago. It is still critical to get the numbers right. If there is one process where the numbers are going askew, it is important to catch it and fix it as quickly as possible. This is also pivotal in helping businesses make future decisions. The effectiveness of decisions is dependent on the quality of the information available on which to base those choices. Only with accurate data can a business or company hope to consistently make decisions that will prove to profitable. Contrary to popular belief, most accounting errors occur not through unethical intentions, but rather from carelessness or honest mistakes.

Internal audits are also critical in preparing for tax time. While having inaccurate accounting data can lead to bad internal decisions that may or may not lead a company to a rough fate, reporting inaccurate tax returns to the government adds legal quandaries to the mix. When a business is audited by the government, it not only poses an immediate legal threat to that organization, it also does irreparable harm to that organization's reputation. Customers will think a business that cannot do its taxes properly will prove to be unprofessional in other departments as well.

Additionally, audits are used to determine fraud and theft where they do occur. They serve as the primary method of internal controls. Not only are they often necessary to help catch unethical behavior when it does occur, but they also help to serve as a deterrent against such behavior from one's own employees, suppliers, vendors, etc. I cannot even begin to describe the number of embezzlement cases I have heard which involved a situation where one person ran all the books all the time. Without any controls or oversight, these crimes can go on for months or even years before upper management discovers that there is a problem. Even once discovered, unless detailed records are kept, it will be tough to prove that the theft actually did occur.

More than anything else, audits should tell you whether you are doing things right. Now, it is up to your customers to tell you if you are doing the right things.

http://goarticles.com/article/What-Should-an-Internal-Audit-Tell-You/5182456/

Accounting Standards Well Defined By FASB

Those standards are officially recognized as authoritative by the Securities and Exchange Commission The mission of the FASB ASC is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports Broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation's Board of Trustees are the key areas to make note of, if such mission has to be achieved. For helping better organize the FASB ASC or the Accounting Standards Codification implemented a classification system. S The multiple formats has been released for accounting standards. While the U S Few good information regarding the implementation of the U.S GAAP standards will be required which are said to be the similar to the pre-codification process.

The FASAC is set to function on areas like advise the FASB on technical issues on the Board's agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as may be requested by the FASB or its chairman. At present, the Council has more than 30 members who represent a broad cross section of the FASB's constituency Broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation's Board of Trustees are the areas which seems to be the main focus of FASB and have set these as the main pathways for accomplishing its goal.

If the standards are properly set, a proper following of rules follow. It is the nature of the reporting issues and its scope which determines the nature and extent of board's specific research. The process followed by the FASB ASC in its operation activity includes the responsibilities of the Chairman, the composition of the FASB technical staff, the role of advisory groups including the Emerging Issues Task Force, and the role of public forums. Analyzing comment letters, public round table discussion and other information obtained through other activities are the few functions been taken care by the staff working in the process.

After carefully considering the stakeholder's input the board again delivers the provision proposed. Going forward, the FASB will no longer issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force (EITF) Abstracts But, it will only be the accounting standards updates which will serve the complete purpose of updating codification, providing information and forming bases for conclusions.

http://goarticles.com/article/Accounting-Standards-Well-Defined-By-FASB/5180688/

Accounting Regulation & Investors

Unfortunately, if the past 15 years in the financial world have taught us anything at all, it is the people simply cannot be trusted when it comes to money. Greed will and usually does win out if left completely to our own devices. We saw it in the late 90s with the dot com bubble, companies springing up for IPOs (initial public offerings) when they had absolutely no product to sell. We saw it early last decade when multiple companies used faulty accounting to hide or reallocate debts, bumping up their bottom lines and artificially inflating profits and stock prices. We saw it again just a few years ago when the Great Recession hit. Brokerage firms completely overleveraged and hid toxic debt in A A A funds with the belief that good accounts would outweigh the defaults (wrong!). And these do not even include the massive Ponzi schemes (a common racket that is now almost a century old) that are revealed on almost a quarterly basis where investors lose everything.

In the wake of each of these events, the financial and accounting industries faced a great deal of public outrage. Each time the market took a hit (followed by 401Ks, portfolios, housing prices, and even the job market), tax payers demanded blood and the heads of those responsible on a platter. Beyond that, they also want assurances that such things cannot happen again. The latter is a difficult task to accomplish. The financial and accounting worlds are extremely complicated and difficult to regulate. This is not just because of the industries themselves, but also because every other industry in existence must operate in those realms.

A common problem is trying to account for each possible loophole (and greed will take advantage of these loopholes wherever they exist) while at the same time simplifying the overall markets - another item that investors continually want. Current accounting regulation is so complex and detailed that even experienced accountants struggle to understand all codes. The average voter will call to simplify it, not seeing the need for it to be so tedious. However, they tend to forget that the rules that were put in place were not done so because people like more laws. They were done so because somebody had abused that rule in the past and somebody else suffered for it. Simple blanket reform is a wonderful idea, but significantly tougher to implement across an entire system than often deemed.

That is not to say that we have not seen a great deal of regulation. The biggest, in the wake of the Enron/Arthur Andersen scandal, has been the Sarbanes-Oxley Act (commonly referred to as SOX). SOX did take some steps to standardize practices and improve transparency in areas where previous laws had been a bit vague. However, before seeing this as an overall solution, it should be noted that the events that led to the scandal were not legal. The accounting being used by Enron was already an illegal act. If a company is willing to behave illegally, then simply having more laws and reforms that they can ignore is not a solution to the problem.

This dire outlook means that it needs to be up to investors themselves to pay attention to their money and where they put it. They need to do their own research and pay attention not only to a stock's bottom line, but how it was obtained. If it looks a little fishy and like some numbers have been moved around, then that likely reflects a risk not taking.

http://goarticles.com/article/Accounting-Regulation-Investors/5182451/