basics accounting - Without a decent cash flow, there will not be any profit for you to take home in your business. It's unfortunate that corporate America uses small businesses as their piggy banks. Sometimes I think that they have too much power, and they can often really shaft the little small business person. Okay so let's talk about this shall we?
basics accounting - Before retirement, I ran a franchising company, and one thing I've always warned our franchisees, especially the young men and women who were new to business was to "be careful with your collections, don't let large customers string you out on receivables." If you get behind collecting on all the money that is owed to you from all the bills you sent out and if those customers get too far behind, there's a chance you may never collect your money, but in the interim it's worse, because you don't have that cash flow, the money you need to pay your employees, pay the rent, and make all the payments.
There was an interesting article in the Wall Street Journal on April 19, 2013 titled "Firms Pinch Payments to Suppliers," by Serena Ng. The article told of how big corporations are stringing out the little businesses and suppliers to the tune of on average now 75-days. Further, if the small business wants to get paid sooner, they can use vouchers at the bank, a lot like factoring or borrowing on receivables, or in some cases the corporation will pay them quicker for a steep discount.
Back in the 80s and 90s it was often considered wise to demand net payment in 30-days, with a 2% discount if they paid in 10-days, eventually those all got lengthened, 2/30, Net/60 for instance. Today, the fees and loans are akin to pay-day type loan-shark loans. It's as if the small business has no choice, and yet, I can't think of a single corporation dealing with the public or consumer that allows their invoices to go past 30-days. Your cell phone company, cable company, power company, water company, etc. are in the middle of a shut-off phase I imagine if you let things go that long. Where is fair I ask?
But in that article Proctor and Gamble for instance notes that it frees up some $2 billion in cash to switch to the net 75-day strategy. Well, as shareholders we like the sound of that, but as a small business supplier, I'd be a little concerned about paying the rent, and employees, especially in this day and age of ObamaCare and rising taxes. Indeed I hope you will please consider all this and think on it.
Thứ Năm, 20 tháng 6, 2013
Thứ Ba, 18 tháng 6, 2013
The Many Things That Quickbooks Can Do
basics accounting - QuickBooks, once considered good accounting software for small business, has successfully made the transition to a highly effective solution for midsize corporations and meets all customer account management, inventory tracking, payroll, accounts receivable management, and overall corporate accounting management software needs.In order to survive in today's business climate, the agile business needs to select appropriate management software.
Scanned document and "image" attachments to accounts, inventory, and transactions
Customer choice of installed, remote desktop, or hosted application licenses
QuickBooks Review - Products/Services and Invoicing Management
Greater security and advanced user roles and permissions (115 separate activities)
QuickBooks Enterprise facilitates sending statements immediately to one customer or thousands of customers, including the option to print or email statements. Even more important is QB's ability to micro-manage the product and services mix, and multiple pricing options, thus ensuring the optimization of revenue by making certain no individual product or item, service, or special handling/shipping add on is omitted from invoicing. The integration of the pricing management feature with the inventory control features also allows automatic price updating as inventory prices increase.
Custom reporting flexibility enhancements
QuickBooks Review - Advanced Inventory Management
Scalability from 5 to 30 users
The many QuickBooks Enterprise inventory management enhancements increase efficiency with such features as auto-PO generation, and the ability to attach individual item images to the item description and location data. The auto PO feature will detect low inventories for any item category and automatically send multiple purchase orders to all vendors who supply the products. And as mentioned earlier, cost increases in specific inventory items can bet set to automatically increase related product pricing to customers. This feature protects profit margin and revenues with less chance for error.
QuickBooks Review - Accounts Receivable Management Made Easy
"Always On" audit trail
Perhaps some of the most impactful improvements of Enterprise over previous versions are in the accounts receivables management area. The software will alert the AR team when customers' payments are due, or almost due, and provide options as to how and when to contact the client.
Easier navigation / user interfacing
Clicking the Collections Center button will show the customer name and beneath it, a link to each overdue or almost due invoice. QB can open the invoice on the screen and display the balance of each overdue invoice, and days overdue. This screen includes the customer phone number as well as an option to add day & time stamped notes for any collection calls.
Greater customization of customer, employee, and vendor accounts
The AR team can elect to send an email to each customer notifying them that they are overdue, and automatically attach a PDF of each overdue invoice. Or, QB can transfer vital information to third-party software which will contact the customer with the correct information regarding balance the need to pay. If it becomes necessary, QB can also send the appropriate data to a pre-collections or collections firm electronically to conduct phone and/or written follow-up.
An overview of QuickBooks Enterprise reveals a number of enhancements over the "Pro" and "Premier" versions, some of which are as follows:
AR management, using QuickBooks, is easy, measurable, and effective. QuickBooks also offers flexibility, plus detailed accounting of customer accounts, inventory management, vendors, and employee payroll. In addition, the ability of QuickBooks to integrate with auto-call vendors and third parties for enhanced collections activity can save time and money for the company when a more focused collection effort becomes necessary.
We can integrate directly with your Quickbooks software for the easiest accounts receivable management around. Just bill once and deposit your customers' payments.
Scanned document and "image" attachments to accounts, inventory, and transactions
Customer choice of installed, remote desktop, or hosted application licenses
QuickBooks Review - Products/Services and Invoicing Management
Greater security and advanced user roles and permissions (115 separate activities)
QuickBooks Enterprise facilitates sending statements immediately to one customer or thousands of customers, including the option to print or email statements. Even more important is QB's ability to micro-manage the product and services mix, and multiple pricing options, thus ensuring the optimization of revenue by making certain no individual product or item, service, or special handling/shipping add on is omitted from invoicing. The integration of the pricing management feature with the inventory control features also allows automatic price updating as inventory prices increase.
Custom reporting flexibility enhancements
QuickBooks Review - Advanced Inventory Management
Scalability from 5 to 30 users
The many QuickBooks Enterprise inventory management enhancements increase efficiency with such features as auto-PO generation, and the ability to attach individual item images to the item description and location data. The auto PO feature will detect low inventories for any item category and automatically send multiple purchase orders to all vendors who supply the products. And as mentioned earlier, cost increases in specific inventory items can bet set to automatically increase related product pricing to customers. This feature protects profit margin and revenues with less chance for error.
QuickBooks Review - Accounts Receivable Management Made Easy
"Always On" audit trail
Perhaps some of the most impactful improvements of Enterprise over previous versions are in the accounts receivables management area. The software will alert the AR team when customers' payments are due, or almost due, and provide options as to how and when to contact the client.
Easier navigation / user interfacing
Clicking the Collections Center button will show the customer name and beneath it, a link to each overdue or almost due invoice. QB can open the invoice on the screen and display the balance of each overdue invoice, and days overdue. This screen includes the customer phone number as well as an option to add day & time stamped notes for any collection calls.
Greater customization of customer, employee, and vendor accounts
The AR team can elect to send an email to each customer notifying them that they are overdue, and automatically attach a PDF of each overdue invoice. Or, QB can transfer vital information to third-party software which will contact the customer with the correct information regarding balance the need to pay. If it becomes necessary, QB can also send the appropriate data to a pre-collections or collections firm electronically to conduct phone and/or written follow-up.
An overview of QuickBooks Enterprise reveals a number of enhancements over the "Pro" and "Premier" versions, some of which are as follows:
AR management, using QuickBooks, is easy, measurable, and effective. QuickBooks also offers flexibility, plus detailed accounting of customer accounts, inventory management, vendors, and employee payroll. In addition, the ability of QuickBooks to integrate with auto-call vendors and third parties for enhanced collections activity can save time and money for the company when a more focused collection effort becomes necessary.
We can integrate directly with your Quickbooks software for the easiest accounts receivable management around. Just bill once and deposit your customers' payments.
Choosing The Right Accountant For Your Business
If yours is a growing business, it's recommended that you hire an outside accountant or an accounting firm that can offer you financial advice. By using an outside firm, you can save more money than you would by hiring a full-time employee, plus you'll be working with individuals who have a higher level of experience. An accounting firm will be able to help you with tax return preparation, financial analysis and financial statement preparation.
When your business transactions start to become more complicated, it might be time for you to bring in either a full- or part-time inside accountant. Bear in mind that an outside accountant's fee will increase along with the size of your business, so you might be better off breaking down and hiring an in-house employee if your business continues to grow. An in-house accountant's duties include: daily financial transactions, fixed asset accounting, cost accounting, payroll, cash management and variance analysis, among other tasks.
An accounting firm can not only help your company with tax returns, they can also help you develop a sound business plan and provide assistance with long-term tax planning and personal tax planning. Since there are so many choices out there when it comes to accounting firms, it's vital that you keep in mind that you'll be trusting the accountant your hire with the financial future of your business. One thing you should ask yourself is if your business needs to hire an inside accountant or an outside accounting firm.
No matter which kind of accountant you decide to go with, there are a few qualifications that you'll want to check before you make any final decisions. Make sure that the accountant is a Certified Public Accountant with all of the required schooling and continued education. Your accountant should also have experience in your particular industry and be able to handle the complexity of your business.
basics accounting'>basics accounting - Having a successful business requires making the right choices, like selecting an accountant with the right qualifications and experience necessary to take good financial care of you and your business. "How to choose an accountant" is a question that many business owners ask themselves when they want to get a better handle on the financial functions of their business. Either that or their current accounting software simply isn't getting their business where they want it to go. In any case, it's best if you allow a licensed accounting firm to handle all of the financial aspects of your business, even if you don't think that you need an accountant.
Now that you know more about how to choose an accountant, you can get back to focusing on running a successful business and leave the financial complexities to someone who knows what they're doing.
When your business transactions start to become more complicated, it might be time for you to bring in either a full- or part-time inside accountant. Bear in mind that an outside accountant's fee will increase along with the size of your business, so you might be better off breaking down and hiring an in-house employee if your business continues to grow. An in-house accountant's duties include: daily financial transactions, fixed asset accounting, cost accounting, payroll, cash management and variance analysis, among other tasks.
An accounting firm can not only help your company with tax returns, they can also help you develop a sound business plan and provide assistance with long-term tax planning and personal tax planning. Since there are so many choices out there when it comes to accounting firms, it's vital that you keep in mind that you'll be trusting the accountant your hire with the financial future of your business. One thing you should ask yourself is if your business needs to hire an inside accountant or an outside accounting firm.
No matter which kind of accountant you decide to go with, there are a few qualifications that you'll want to check before you make any final decisions. Make sure that the accountant is a Certified Public Accountant with all of the required schooling and continued education. Your accountant should also have experience in your particular industry and be able to handle the complexity of your business.
basics accounting'>basics accounting - Having a successful business requires making the right choices, like selecting an accountant with the right qualifications and experience necessary to take good financial care of you and your business. "How to choose an accountant" is a question that many business owners ask themselves when they want to get a better handle on the financial functions of their business. Either that or their current accounting software simply isn't getting their business where they want it to go. In any case, it's best if you allow a licensed accounting firm to handle all of the financial aspects of your business, even if you don't think that you need an accountant.
Now that you know more about how to choose an accountant, you can get back to focusing on running a successful business and leave the financial complexities to someone who knows what they're doing.
Find Out the CFO's Key Accounting Process Challenges and Solutions
basics accounting'>basics accounting - The simple and yet stubborn accounting process challenge for many CFOs isn't bound by land or sea: 90 percent of each European and American finance employees in a recent money close benchmark survey reported, they're fraught for a faster monthly close.
On the other hand, only 28 percent said they really trust the balances carried down which were a result of their financial close process. Moreover, 39 percent reported that they were not satisfied with the financial close process, unbelievable nearly a fifth of European finance departments are without a second approver!
- All of these statistics create an ominous omen for the dream of both a fast as an accurate close process, since speed and quality appear mutually exclusive qualities of a financial close.
So let's have a more in-depth cross-check these all too common financial close challenges faced by CFOs...
Challenge 1: Speed
The pressure on closing faster is harder, since around three-quarters of the 90 percent within the financial close benchmark survey were not able to file their monthly report within the first three days passed the due date.
- This shows that the monthly close process is taking longer than needed even without the pressure of closing quicker.
So what's holding up the process?
In many cases, it'll merely be the reconciliation process. Adaptive account reconciliation sheets can take days, especially if using a spread sheet approach. As well as taking a long time, manual account reconciliations cause a risk to the reliableness of your reported numbers. Typically, spread sheets accompany a miscalculation rate of between 0.8-1.8 percent - partly owing to human mistakes, partly owing to errors in formulae.
Often the account close process is also held up by the lack of summary of the process and its approval. When you are extremely busy it may be tough to follow-up on approvals requested by the money accounting team, slowing the complete process down and resulting in the monthly close. It absolutely was described quite appropriately by one respondent as 'a mad dash'. Excel isn't a lot of help on aspects like these.
So an ideal account close process ought to include speedy and accurate account reconciliation furthermore as streamline the approval process for a timely monthly close.
Challenge 2: reliableness
All financial accounting professionals desire a reliable monthly close, otherwise what's the point? If you can't depend on the reported balances carried across being right, then they're simply make-believe.
But shockingly, seventy two percent of finance employees surveyed do not trust the reported numbers... and it gets worse: when the surveyors compared the opinion of CFOs and front-line financial accounting staff doing the particular reconciliations, it was revealed that just 16 percent of front-line employees trust the reported numbers compared to 30 percent of CFOs and FDs.
But 'reliability' doesn't simply mean trusting that the numbers are correct, it also applies to the entire monthly process.
the survey also found that 19 percent of European financial departments didn't have a second approver - meaning virtually a fifth of European businesses are leaving the door open for regulative criticism.
An ideal account close process has to give accurate numbers with clearly isolated duties so as to actually meet the challenge of reliableness.
Adramatch are a leading supplier of reconciliation software, get in touch with Adra Match to discuss professional automated reconciliation solutions.
On the other hand, only 28 percent said they really trust the balances carried down which were a result of their financial close process. Moreover, 39 percent reported that they were not satisfied with the financial close process, unbelievable nearly a fifth of European finance departments are without a second approver!
- All of these statistics create an ominous omen for the dream of both a fast as an accurate close process, since speed and quality appear mutually exclusive qualities of a financial close.
So let's have a more in-depth cross-check these all too common financial close challenges faced by CFOs...
Challenge 1: Speed
The pressure on closing faster is harder, since around three-quarters of the 90 percent within the financial close benchmark survey were not able to file their monthly report within the first three days passed the due date.
- This shows that the monthly close process is taking longer than needed even without the pressure of closing quicker.
So what's holding up the process?
In many cases, it'll merely be the reconciliation process. Adaptive account reconciliation sheets can take days, especially if using a spread sheet approach. As well as taking a long time, manual account reconciliations cause a risk to the reliableness of your reported numbers. Typically, spread sheets accompany a miscalculation rate of between 0.8-1.8 percent - partly owing to human mistakes, partly owing to errors in formulae.
Often the account close process is also held up by the lack of summary of the process and its approval. When you are extremely busy it may be tough to follow-up on approvals requested by the money accounting team, slowing the complete process down and resulting in the monthly close. It absolutely was described quite appropriately by one respondent as 'a mad dash'. Excel isn't a lot of help on aspects like these.
So an ideal account close process ought to include speedy and accurate account reconciliation furthermore as streamline the approval process for a timely monthly close.
Challenge 2: reliableness
All financial accounting professionals desire a reliable monthly close, otherwise what's the point? If you can't depend on the reported balances carried across being right, then they're simply make-believe.
But shockingly, seventy two percent of finance employees surveyed do not trust the reported numbers... and it gets worse: when the surveyors compared the opinion of CFOs and front-line financial accounting staff doing the particular reconciliations, it was revealed that just 16 percent of front-line employees trust the reported numbers compared to 30 percent of CFOs and FDs.
But 'reliability' doesn't simply mean trusting that the numbers are correct, it also applies to the entire monthly process.
the survey also found that 19 percent of European financial departments didn't have a second approver - meaning virtually a fifth of European businesses are leaving the door open for regulative criticism.
An ideal account close process has to give accurate numbers with clearly isolated duties so as to actually meet the challenge of reliableness.
Adramatch are a leading supplier of reconciliation software, get in touch with Adra Match to discuss professional automated reconciliation solutions.
Thứ Hai, 17 tháng 6, 2013
Various Types of Tax Service Providers
Finance Lawyers
Professional Service Providers
While attorneys can appropriate themselves in a different field of expertise, there are some who turn out to be finance lawyers. There are various laws involving finance and tax that can be a very worthwhile sphere for such legal representatives. Finance lawyers guide clients with issues regarding their returns, tax refuge and drawing official procedures for communal tax and a lot more.
There are companies who go for well-known tax service providers. These groups operate to further put in order annual revisiting for a cost. Most of the time, they cater refund advance loans. These often survive all over the country and are staffed with expert auditors, accountants and financial analysts. They are also able to hire very promising non-professionals and accounting students, whom they train to develop skills for various types of finance reporting and analysis. However, it would be best to require a licensed preparer to ensure they know the fundamentals of tax codes.
These are effective and efficient workers. They are the most typical professional service providers. CPA's have the degree in accounting and shall be accredited by their state. They need to acquire annual education classes for re-certification.
They are not the ones who file the returns but they are superior in a corporation in the sense that they offer recommendations in empowering the viability of reports. They also provide suggestions on subtractions that the business will benefit from. For any company who wants to hire finance lawyers, try to coordinate with your local Bar Association to verify the attorney you are considering for the position
basics accounting'>basics accounting - Every year, when the month of April comes, everyone's in a hurry to finish preparing his or her returns. While a lot of people are capable of planning and strategizing for their own returns, business leaders and other people with notable assets and reserves hire professional help from tax service providers. There are different types of homework services for these professionals planning returns for such people. There are registered agents, accountants and attorneys who make sure everything is kept at its best form in handling returns for their client.
While there are a lot of people thinking they just organize returns, CPA's actually take charge of financial dealings, business and planning suggestions and proposals. The CPA does these recommendations during their full-time or part-time work, whichever they prefer. Hiring a CPA is necessary for bulky businesses.
Certified Public Accountants
If you are looking for a Sacramento tax services provider to audit and account your finances, then be sure to check out Capital Tax Services Inc first and consider whether their top quality service fits your company needs!
Professional Service Providers
While attorneys can appropriate themselves in a different field of expertise, there are some who turn out to be finance lawyers. There are various laws involving finance and tax that can be a very worthwhile sphere for such legal representatives. Finance lawyers guide clients with issues regarding their returns, tax refuge and drawing official procedures for communal tax and a lot more.
There are companies who go for well-known tax service providers. These groups operate to further put in order annual revisiting for a cost. Most of the time, they cater refund advance loans. These often survive all over the country and are staffed with expert auditors, accountants and financial analysts. They are also able to hire very promising non-professionals and accounting students, whom they train to develop skills for various types of finance reporting and analysis. However, it would be best to require a licensed preparer to ensure they know the fundamentals of tax codes.
These are effective and efficient workers. They are the most typical professional service providers. CPA's have the degree in accounting and shall be accredited by their state. They need to acquire annual education classes for re-certification.
They are not the ones who file the returns but they are superior in a corporation in the sense that they offer recommendations in empowering the viability of reports. They also provide suggestions on subtractions that the business will benefit from. For any company who wants to hire finance lawyers, try to coordinate with your local Bar Association to verify the attorney you are considering for the position
basics accounting'>basics accounting - Every year, when the month of April comes, everyone's in a hurry to finish preparing his or her returns. While a lot of people are capable of planning and strategizing for their own returns, business leaders and other people with notable assets and reserves hire professional help from tax service providers. There are different types of homework services for these professionals planning returns for such people. There are registered agents, accountants and attorneys who make sure everything is kept at its best form in handling returns for their client.
While there are a lot of people thinking they just organize returns, CPA's actually take charge of financial dealings, business and planning suggestions and proposals. The CPA does these recommendations during their full-time or part-time work, whichever they prefer. Hiring a CPA is necessary for bulky businesses.
Certified Public Accountants
If you are looking for a Sacramento tax services provider to audit and account your finances, then be sure to check out Capital Tax Services Inc first and consider whether their top quality service fits your company needs!
Factors Tax Preparer Needs to Consider When Resolving Dependency Claims
basics accounting'>basics accounting - A tax preparer needs to be very alert especially whenever there are dependency claims. In most cases, conflicts arise when disagreements about sharing the custody of the child after a nasty divorce. Dependency exemption is questioned in such situations. There are also some instances when parents who were never married try to dispute these dependency claims.
The most essential approach in these kinds of problems is to explain the information through a tax preparer course about dependency claims. It is much easier to obey the rules first before submission of returns. You wouldn't want the IRS to enforce these guidelines for exemption for the same person due to dependency claims.
There are two kinds of dependents - both of which are at the major study area for someone who files and plans returns.
The first criteria are for a qualifying child - who takes priority over another for relative criteria. Most of the time, when a person meets the rules for qualifying child for two or more, that parent prevails for dependency claims. But, professionals find more benefit for grandparents claiming qualifying child dependency. The bureau accepts this so long as both payers resolve this prior to filing returns.
To make sure that everyone is aware about the situation, there is a need to for the tax preparer to coordinate that only one return list is eligible for any qualifying child. If none of the parents claim, the person with the greatest gross income succeeds the usage of the exemption.
The most typical case is for both parents who are filing for dependency claims for a qualifying child. In this case, the parent who resided with the child the most nights gains the exemption. In a rare case that the nights are exactly equal, parent with higher adjusted gross income will get the exemption.
The process in breaking the tie is very critical for any accountant, and someone needs to gain expertise in doing so. One needs to make sure that the payers have to be aware of the methods of determining who is entitled to claim dependency exemption. Similarly, the IRS uses these approaches to determine the rightful person to use the dependency claim.
If a client mistakes claiming dependency for someone else, this can be very expensive. Thus, as one who plans the client returns, one needs to make sure accurate data is generated. Erroneous claims force additional payment and forfeiture of credits connected on dependency claims.
If you're in the hunt to find a tax preparer in Sacramento who has vast knowledge of the field, it would be best for you to check out Capital Tax Services Inc now and see whether their services would be the best for your business.
The most essential approach in these kinds of problems is to explain the information through a tax preparer course about dependency claims. It is much easier to obey the rules first before submission of returns. You wouldn't want the IRS to enforce these guidelines for exemption for the same person due to dependency claims.
There are two kinds of dependents - both of which are at the major study area for someone who files and plans returns.
The first criteria are for a qualifying child - who takes priority over another for relative criteria. Most of the time, when a person meets the rules for qualifying child for two or more, that parent prevails for dependency claims. But, professionals find more benefit for grandparents claiming qualifying child dependency. The bureau accepts this so long as both payers resolve this prior to filing returns.
To make sure that everyone is aware about the situation, there is a need to for the tax preparer to coordinate that only one return list is eligible for any qualifying child. If none of the parents claim, the person with the greatest gross income succeeds the usage of the exemption.
The most typical case is for both parents who are filing for dependency claims for a qualifying child. In this case, the parent who resided with the child the most nights gains the exemption. In a rare case that the nights are exactly equal, parent with higher adjusted gross income will get the exemption.
The process in breaking the tie is very critical for any accountant, and someone needs to gain expertise in doing so. One needs to make sure that the payers have to be aware of the methods of determining who is entitled to claim dependency exemption. Similarly, the IRS uses these approaches to determine the rightful person to use the dependency claim.
If a client mistakes claiming dependency for someone else, this can be very expensive. Thus, as one who plans the client returns, one needs to make sure accurate data is generated. Erroneous claims force additional payment and forfeiture of credits connected on dependency claims.
If you're in the hunt to find a tax preparer in Sacramento who has vast knowledge of the field, it would be best for you to check out Capital Tax Services Inc now and see whether their services would be the best for your business.
Chủ Nhật, 16 tháng 6, 2013
When You Don't Have a Bookkeeper
basics accounting'>basics accounting - These days, if you don't have a bookkeeper, you're missing a lot. Running a business can be very hard but if you have an accountant to manage all your finances - more so, if you hire a company for a more efficient job handling, everything can be taken lightly. There are a lot of advantages in hiring people to do auditing, tax preparation, accounting, financial reporting and analysis helping you ensure that your financial status is stable and profit is increasing.
Expert Opinion
Your Financial Transactions' A Mess!
If you don't hire someone who will make sure everything is organized and systematically arranged, your financial reporting team may lose important documents along the process. If you decide to carry out the financial undertakings, you will definitely find it hard to come up with an accurate analysis of your data. Thus, this will certainly reflect on your prediction trends and can curve your decision-making schemes.
Another thing you may want from people who work tediously on your finances is their expert opinion and recommendations when it comes to matters that needs to be decided immediately.
Errors in Your Tax Returns
One of the major tasks of any bookkeeper is to prepare necessary financial documents for filing of tax returns. They are the ones tasked to sort through the entire list of financial transactions and find the ones, which are valid for declaration. They are also the ones who take in charge in documenting every financial report essential to provide balance with the statement of accounts and tax declaration.
Here are some of the things that might happen when you don't hire a bookkeeper immediately.
If you do this yourself or you rely your tax computation to online software or another person with a different expertise, the chances are you'll be filing inaccurate reports. This can get you into a lot of trouble especially when the bureau notices discrepancies in your declarations. Once this happened, they can charge you with tax evasion and the business in operation will be put into a state of crisis. This might start your business downfall.
While there are risks involved, they can help you formulate your plans and decide on the things that can definitely provide you the ignition for your next projects. All in all, it is safe to stay that when you hire a professional bookkeeper, whether individually or from an accounting firm, you're sure to have a lot of benefits.
Expert Opinion
Your Financial Transactions' A Mess!
If you don't hire someone who will make sure everything is organized and systematically arranged, your financial reporting team may lose important documents along the process. If you decide to carry out the financial undertakings, you will definitely find it hard to come up with an accurate analysis of your data. Thus, this will certainly reflect on your prediction trends and can curve your decision-making schemes.
Another thing you may want from people who work tediously on your finances is their expert opinion and recommendations when it comes to matters that needs to be decided immediately.
Errors in Your Tax Returns
One of the major tasks of any bookkeeper is to prepare necessary financial documents for filing of tax returns. They are the ones tasked to sort through the entire list of financial transactions and find the ones, which are valid for declaration. They are also the ones who take in charge in documenting every financial report essential to provide balance with the statement of accounts and tax declaration.
Here are some of the things that might happen when you don't hire a bookkeeper immediately.
If you do this yourself or you rely your tax computation to online software or another person with a different expertise, the chances are you'll be filing inaccurate reports. This can get you into a lot of trouble especially when the bureau notices discrepancies in your declarations. Once this happened, they can charge you with tax evasion and the business in operation will be put into a state of crisis. This might start your business downfall.
While there are risks involved, they can help you formulate your plans and decide on the things that can definitely provide you the ignition for your next projects. All in all, it is safe to stay that when you hire a professional bookkeeper, whether individually or from an accounting firm, you're sure to have a lot of benefits.
Contracting Profession Gaining Momentum
The 2013 budget was in fact met with a pinch of misunderstanding, a touch of distain and a hefty dose of boredom, as the tax paying public were met with a relatively unsympathetic speech and not much to get excited about afterwards. While politicians are very much people that the public love to hate, the extreme scrutiny under which George Osborne, David Cameron and Ed Milliband were put after the event was nonetheless surprising. Thousands took to the internet, blogging and tweeting their views, from commenting on the Chancellor's budget announcements, to predicting when the Prime Minister will go bald.
Many limited company professionals had expected an update and announcement concerning 'office holders' in terms of IR35 and those who had expected further guidance in this area were left disappointed with what HMRC offered, the promised 'clarity' remaining undelivered. 'Announcements' relating to the contracting profession are usually of great importance to those in the field, the self-employed area of work being one that comes with both boundaries and limitations. In recent years, the state of contracting has seen a number of changes and alterations occur following government statements, more so than in the previous decade. From changes made to the IR35 legislation to revenue issued self-help business tests, contractors have been subjected to a great deal during the past year and a half and it isn't surprising why.
basics accounting'>basics accounting - Following the much discussed and greatly anticipated budget last month, many professionals were left confused as little appeared to have changed at the hands of the country's most powerful (besides a slight reduction of the price of beer) and contractors especially were left gnawing at their fingernails as any mention of their predicted tax status changes were brushed over in a single sentence. Any government or revenue announcements are awaited with baited breath, and with a history of nasty surprises, this year's annual budget was poised to be a belter.
So what are the reasons for this upsurge in government interest in contractors? Instead of gritty tax nonsense, the answer in fact lies with the sheer number of people entering the profession of limited company trading. As a professional route, being a contractor would have seemed highly out of the ordinary during the 90's and even throughout much of the 'noughties', but in today's society, becoming a contractor and trading through limited companies has become a prominent and competitive line of work.
As Her Majesty's Revenue and Customs never miss a trick, with a vast influx of professional tax payers leaving the PAYE system and entering contracting, their grip on limited companies has been increasingly tightening. Through the IR35 legislation, the revenue have been monitoring and investigating potential tax avoiders since the year 2000, but it has only been in recent years that an IR35 upsurge has occurred. From oil riggers to IT consultants, contractors from every profession are all at risk to HMRC's legislative regulations, and with the government interest gaining momentum (despite the recent budget) it looks as though contracting is becoming progressively more prominent.
Many limited company professionals had expected an update and announcement concerning 'office holders' in terms of IR35 and those who had expected further guidance in this area were left disappointed with what HMRC offered, the promised 'clarity' remaining undelivered. 'Announcements' relating to the contracting profession are usually of great importance to those in the field, the self-employed area of work being one that comes with both boundaries and limitations. In recent years, the state of contracting has seen a number of changes and alterations occur following government statements, more so than in the previous decade. From changes made to the IR35 legislation to revenue issued self-help business tests, contractors have been subjected to a great deal during the past year and a half and it isn't surprising why.
basics accounting'>basics accounting - Following the much discussed and greatly anticipated budget last month, many professionals were left confused as little appeared to have changed at the hands of the country's most powerful (besides a slight reduction of the price of beer) and contractors especially were left gnawing at their fingernails as any mention of their predicted tax status changes were brushed over in a single sentence. Any government or revenue announcements are awaited with baited breath, and with a history of nasty surprises, this year's annual budget was poised to be a belter.
So what are the reasons for this upsurge in government interest in contractors? Instead of gritty tax nonsense, the answer in fact lies with the sheer number of people entering the profession of limited company trading. As a professional route, being a contractor would have seemed highly out of the ordinary during the 90's and even throughout much of the 'noughties', but in today's society, becoming a contractor and trading through limited companies has become a prominent and competitive line of work.
As Her Majesty's Revenue and Customs never miss a trick, with a vast influx of professional tax payers leaving the PAYE system and entering contracting, their grip on limited companies has been increasingly tightening. Through the IR35 legislation, the revenue have been monitoring and investigating potential tax avoiders since the year 2000, but it has only been in recent years that an IR35 upsurge has occurred. From oil riggers to IT consultants, contractors from every profession are all at risk to HMRC's legislative regulations, and with the government interest gaining momentum (despite the recent budget) it looks as though contracting is becoming progressively more prominent.
Can Social Media Generate Sales Leads For CRM Software?
basics accounting'>basics accounting - We have all heard about the power of social media, of how it can open doors for your business, and how it can spread information really fast to your intended audience. Because of this quality, a lot of businesses are using social media channels for their B2B lead generation campaigns. They hope that this is the solution they are looking for in increasing the number of sales leads that their business will need. But is it that really a good idea? Will solely relying on social media assist you in your b2b appointment setting efforts? To be honest, that would be a very bad marketing move. Why is that so?
First of all, we must understand how social media actually functions. Social media is a marketing tool that opens doors and engages prospects in a discussion - just that. Being social can only do so much for your B2B leads generation efforts. You cannot use social media in a much more aggressive manner. Due to the very nature of this medium, any overt acts of selling or promotions get automatically banned or shunned by the community. Yes, social media can help you communicate and interact with everyone you want to reach, but if you need to convert these contacts into qualified sales leads, you will need another method.
Actually, there are many other marketing tools that you can use. For example, you can employ email marketing blasts, where you send targeted business emails to your prospects. It may have a low return rate, but at least it is cheap enough and quantifiable enough for you to use. Another strategy you can employ is through telemarketing. With the use of an updated calling list from a reliable business database, you can create a targeted call campaign, reaching out to prospects, offering the best of what your CRM software business can offer. There are also other means of promoting your business, like trade fairs, symposiums, and even social activities like golf or dinner parties.
As for the skills involved, if you have doubts on your own abilities in CRM software B2B lead generation, it all right to ask for help. Outsourcing to reliable lead generation services, with experience in appointment setting and lead nurturing, can help your CRM software firm greatly. Think about it, you can work to your heart's content in perfecting or improving your products and services, while you leave the marketing work to those who know it better. That would be a much more ideal arrangement. It would help you save more time and effort for yourself while still getting the sales leads that you need.
So, how does social media fit in the picture here? In the first place, social media is an excellent marketing tool, as long as it is paired with another marketing medium. Engaging in social communities is great for finding prospects and opening doors, but if you want to get more concrete results for your lead generation campaign, you should get more promotion tools like telemarketing or email.
First of all, we must understand how social media actually functions. Social media is a marketing tool that opens doors and engages prospects in a discussion - just that. Being social can only do so much for your B2B leads generation efforts. You cannot use social media in a much more aggressive manner. Due to the very nature of this medium, any overt acts of selling or promotions get automatically banned or shunned by the community. Yes, social media can help you communicate and interact with everyone you want to reach, but if you need to convert these contacts into qualified sales leads, you will need another method.
Actually, there are many other marketing tools that you can use. For example, you can employ email marketing blasts, where you send targeted business emails to your prospects. It may have a low return rate, but at least it is cheap enough and quantifiable enough for you to use. Another strategy you can employ is through telemarketing. With the use of an updated calling list from a reliable business database, you can create a targeted call campaign, reaching out to prospects, offering the best of what your CRM software business can offer. There are also other means of promoting your business, like trade fairs, symposiums, and even social activities like golf or dinner parties.
As for the skills involved, if you have doubts on your own abilities in CRM software B2B lead generation, it all right to ask for help. Outsourcing to reliable lead generation services, with experience in appointment setting and lead nurturing, can help your CRM software firm greatly. Think about it, you can work to your heart's content in perfecting or improving your products and services, while you leave the marketing work to those who know it better. That would be a much more ideal arrangement. It would help you save more time and effort for yourself while still getting the sales leads that you need.
So, how does social media fit in the picture here? In the first place, social media is an excellent marketing tool, as long as it is paired with another marketing medium. Engaging in social communities is great for finding prospects and opening doors, but if you want to get more concrete results for your lead generation campaign, you should get more promotion tools like telemarketing or email.
Outsourced Client Profiling, Every Deal Is A Done Deal For Accounting Firms
basics accounting'>basics accounting - Although almost all businesses in every industry need to have a bookkeeper by their side round the clock or a financial consultant to ensure a sound financial health, some companies will have a hard time trying to keep the records straight when it comes to finance and accounting matters. Since most of these companies would love to hire somebody from the outside to do accounting works like bookkeeping, auditing, give them sound and sensible financial advices, they will end up in a blank wall trying to find the right finance and accounting firm to help them out. This is where these accounting firms will come into play. It is up to them to find these qualified leads that have the need of their accounting services.
What they can do is they can hire somebody in their own ranks to do the client profiling and if there is ample time, they can also find someone among their ranks to do telemarketing to get these leads to nod and approve face-to-face appointments or do appointment setting tasks so that they can come face to face with the decision makers of a company that has the need to avail their accounting and financial services.
However, those are not easy tasks. They need to train someone do to all of these responsibilities wherein that someone will just have to do a lot of client profiling as it is important for accounting offices to keep a profile of each of their existing clients and can also provide all the useful and vital information of potential clients. Client profiling is also like searching for a needle in the haystack. If an accounting firm don't have the right system for client profiling and even for telemarketing and providing themselves with targeted call lists that has all the right and warm financial and accounting qualified leads, they will just have to tire themselves to death.
But, if they will outsource client profiling, every deal is a done deal for these accounting and financing firms. They can assign a lead generation company to hire somebody who will be a professional appointment setter and somebody else to do the client profiling using the right and effective methods. These B2B lead generation services companies have properly trained people like these to be personal and yet professional and objective in their approach in talking with decision makers on their behalf and come up with all the important and vital information of the potential client.
If an accounting or financial firm can outsource these effective methods for client profiling, telemarketing and other lead generation campaigns, they can cut through the competition clutter and come out strong and be ahead from the others that's because they can now have a strong base of satisfied customers and a strategic business partner so that can deliver high-quality and qualified financial services leads so that they can now solely focus and channel their energy in getting to these appointments and find out the needs of their clients.
What they can do is they can hire somebody in their own ranks to do the client profiling and if there is ample time, they can also find someone among their ranks to do telemarketing to get these leads to nod and approve face-to-face appointments or do appointment setting tasks so that they can come face to face with the decision makers of a company that has the need to avail their accounting and financial services.
However, those are not easy tasks. They need to train someone do to all of these responsibilities wherein that someone will just have to do a lot of client profiling as it is important for accounting offices to keep a profile of each of their existing clients and can also provide all the useful and vital information of potential clients. Client profiling is also like searching for a needle in the haystack. If an accounting firm don't have the right system for client profiling and even for telemarketing and providing themselves with targeted call lists that has all the right and warm financial and accounting qualified leads, they will just have to tire themselves to death.
But, if they will outsource client profiling, every deal is a done deal for these accounting and financing firms. They can assign a lead generation company to hire somebody who will be a professional appointment setter and somebody else to do the client profiling using the right and effective methods. These B2B lead generation services companies have properly trained people like these to be personal and yet professional and objective in their approach in talking with decision makers on their behalf and come up with all the important and vital information of the potential client.
If an accounting or financial firm can outsource these effective methods for client profiling, telemarketing and other lead generation campaigns, they can cut through the competition clutter and come out strong and be ahead from the others that's because they can now have a strong base of satisfied customers and a strategic business partner so that can deliver high-quality and qualified financial services leads so that they can now solely focus and channel their energy in getting to these appointments and find out the needs of their clients.
Thứ Bảy, 15 tháng 6, 2013
Profitability by Type of Customer
This report does not show all the expenses in your business - just the ones charged against a customer. But this can still be very helpful - especially if you have lots of costs associated with certain types of customers.
basics accounting'>basics accounting - When evaluating what's working well in your business and what's not, one of the aspects I like to view is what Types of customers are most profitable for me. If I can narrow down the types of customers that are profitable, I can streamline my workflow, simplify my marketing, become known in those industries, and increase my bottom line.
Some businesses actually use Classes to look at the different types of customers they have. An example might be Commercial versus Residential or Nonprofit versus Business. In my business, I prefer more detail about my clientele (I want to know what industry they represent). Since I find numerous classes cumbersome to review, I use the Customer Type field in QuickBooks to describe clients' industry (the QuickBooks default is how clients find you) and a Custom Field for Source of Lead. You can assign only 1 type to the customer, but you can assign a different type if you have multiple jobs for a customer. Other examples of Customer Types could be type of residence (condo, townhome, single family home, estate) or location (city, county, subdivision) or type of manufacturer (biotech, pesticides, cold cut meats), type of business (defense agency, non-profit, medical facility) or size of business. Think about what helps you identify your ideal client and that may give you ideas.
While you can get reports to show you Sales by Customer Type, that's not always the total picture. You may find that in some cases where the revenue is high, so are the costs. So having the ability to look at the profitability of a type of customer is helpful. If you look at the standard P&L reports, you will not see the ability to do a Profit and Loss by customer type. However if you go through the custom reporting, you can create a report that will let you see Profitability of Customer Type in the same format as your P & L. Here are the steps:
Click on Reports> Custom Reports> Summary
On the Display Tab, select your date range and Report Basis (cash or accrual)
This report can provide interesting insight into your business. After all, it's not just the total dollar that these various types of customers bring into your business but the overall profitability of the different types. And that's really what it's all about isn't it?
Leave Display Rows by Income Statement as is
You might also want to see Percent of Row - this will let you compare different Types not only by dollar amount, but by the percent of your business
If you have lots of customer Types and sub-Types as I do, you might find this report will be easier to view and examine if you export to Excel.
In the Column section, select Customer Type from the drop- down menu
Muir & Associates helps businesses use their Intuit products more efficiently and more effectively so businesses can focus on their business and make more informed decisions. We provide sales and support services. Monica Mitchell Muir has been helping businesses with their QuickBooks products since 1996.
basics accounting'>basics accounting - When evaluating what's working well in your business and what's not, one of the aspects I like to view is what Types of customers are most profitable for me. If I can narrow down the types of customers that are profitable, I can streamline my workflow, simplify my marketing, become known in those industries, and increase my bottom line.
Some businesses actually use Classes to look at the different types of customers they have. An example might be Commercial versus Residential or Nonprofit versus Business. In my business, I prefer more detail about my clientele (I want to know what industry they represent). Since I find numerous classes cumbersome to review, I use the Customer Type field in QuickBooks to describe clients' industry (the QuickBooks default is how clients find you) and a Custom Field for Source of Lead. You can assign only 1 type to the customer, but you can assign a different type if you have multiple jobs for a customer. Other examples of Customer Types could be type of residence (condo, townhome, single family home, estate) or location (city, county, subdivision) or type of manufacturer (biotech, pesticides, cold cut meats), type of business (defense agency, non-profit, medical facility) or size of business. Think about what helps you identify your ideal client and that may give you ideas.
While you can get reports to show you Sales by Customer Type, that's not always the total picture. You may find that in some cases where the revenue is high, so are the costs. So having the ability to look at the profitability of a type of customer is helpful. If you look at the standard P&L reports, you will not see the ability to do a Profit and Loss by customer type. However if you go through the custom reporting, you can create a report that will let you see Profitability of Customer Type in the same format as your P & L. Here are the steps:
Click on Reports> Custom Reports> Summary
On the Display Tab, select your date range and Report Basis (cash or accrual)
This report can provide interesting insight into your business. After all, it's not just the total dollar that these various types of customers bring into your business but the overall profitability of the different types. And that's really what it's all about isn't it?
Leave Display Rows by Income Statement as is
You might also want to see Percent of Row - this will let you compare different Types not only by dollar amount, but by the percent of your business
If you have lots of customer Types and sub-Types as I do, you might find this report will be easier to view and examine if you export to Excel.
In the Column section, select Customer Type from the drop- down menu
Muir & Associates helps businesses use their Intuit products more efficiently and more effectively so businesses can focus on their business and make more informed decisions. We provide sales and support services. Monica Mitchell Muir has been helping businesses with their QuickBooks products since 1996.
4 Ways You Can Save Money By Hiring an Accountant
basics accounting'>basics accounting - If you are running your own business, you are probably doing your best to save money wherever possible. If so, you may be putting off hiring an accountant because of the extra expense, but this is the wrong way to look at it. An accountant can not only make the running of your business easier, but they can also save you more money than you spend on their services. Here are four ways in which a trained accountant could save you money.
Hiring an accountant is one of the most sensible decisions that you can make when you are running your own business. Not only can an accountant save you lots of time and effort, which you can then focus on other areas of your business, but they can also lead to significant savings. So if you have yet to hire an accountant, consider all the ways that they can save you money and then find a qualified accountant to help you run your business even more efficiently.
1. Reduce Your Tax Bill
If you do not have access to specialist financial advice, the simple fact is that you could be paying more in tax than you should be. Qualified accountants are specialists at helping you to minimise your tax liability legally so that you never have to pay more than you are legally supposed to. If you are just starting out your business and working from home, your accountant may be able to provide you with details of tax reliefs that can really help you get your business off the ground.
If you cannot get all of your records in order in time to file them with HM Revenue & Customs, there is a good chance that you will be fined. Additionally, if you make a mistake this could also lead to a fine, even if you did not realise where you went wrong. By hiring an accountant you can avoid such mistakes, as well as avoiding a visit from the tax inspector.
My name is Rob Hurren and I invite you to save money using our accounting services!
You will have to make important financial decisions when running a business, so it makes sense to have access to specialist advice in order to make the right decisions. Making a bad decision could seriously affect the profitability of your business, and having your own advisor can enable you to make better decisions that lead to more growth and profitability.
If you are spending hours and hours working on your accounts, you have to ask yourself whether this could not be better spent elsewhere. If you are able to hand over your accounts to your accountant, you can immediately forget about the stress and time involved in sorting them out yourself. This means you will have more time and energy to invest in doing what you do best, which includes generating more income.
Conclusion
Our services come in many forms - payroll, tax returns, bookkeeping, business plans, tax returns, Vat returns, Annual and Management Accountants.
Save Money and Hire an Accountant
2. Avoid Fines
4. Invest Time and Energy Elsewhere
3. Make Better Financial Decisions
More than just efficient and professional accountants, we are also human. Friendly and approachable advice with no jargon and no accountant speak... guaranteed.
Hiring an accountant is one of the most sensible decisions that you can make when you are running your own business. Not only can an accountant save you lots of time and effort, which you can then focus on other areas of your business, but they can also lead to significant savings. So if you have yet to hire an accountant, consider all the ways that they can save you money and then find a qualified accountant to help you run your business even more efficiently.
1. Reduce Your Tax Bill
If you do not have access to specialist financial advice, the simple fact is that you could be paying more in tax than you should be. Qualified accountants are specialists at helping you to minimise your tax liability legally so that you never have to pay more than you are legally supposed to. If you are just starting out your business and working from home, your accountant may be able to provide you with details of tax reliefs that can really help you get your business off the ground.
If you cannot get all of your records in order in time to file them with HM Revenue & Customs, there is a good chance that you will be fined. Additionally, if you make a mistake this could also lead to a fine, even if you did not realise where you went wrong. By hiring an accountant you can avoid such mistakes, as well as avoiding a visit from the tax inspector.
My name is Rob Hurren and I invite you to save money using our accounting services!
You will have to make important financial decisions when running a business, so it makes sense to have access to specialist advice in order to make the right decisions. Making a bad decision could seriously affect the profitability of your business, and having your own advisor can enable you to make better decisions that lead to more growth and profitability.
If you are spending hours and hours working on your accounts, you have to ask yourself whether this could not be better spent elsewhere. If you are able to hand over your accounts to your accountant, you can immediately forget about the stress and time involved in sorting them out yourself. This means you will have more time and energy to invest in doing what you do best, which includes generating more income.
Conclusion
Our services come in many forms - payroll, tax returns, bookkeeping, business plans, tax returns, Vat returns, Annual and Management Accountants.
Save Money and Hire an Accountant
2. Avoid Fines
4. Invest Time and Energy Elsewhere
3. Make Better Financial Decisions
More than just efficient and professional accountants, we are also human. Friendly and approachable advice with no jargon and no accountant speak... guaranteed.
Some of What You Wanted to Know About PCI DSS
• A Best practises program for the security of the IT processes, that including masking and encryption of card data, hardening of the configuration, scanning for vulnerabilities, penetration testing, and regular updating of passwords, with regular reviews of the system security.
Since much of the data was stored in databases that were accessible online, the measures were focused in three areas:
• It also includes an implementation and overview of the best practises for physical and external security, such as building and personnel security measures.
basics accounting'>basics accounting - The PCI DSS was originally developed by the payment card companies such as MasterCard and Visa in response to the expanding number of occurrences of misuse and theft of payment card details. PCI DSS is the Payment Card Industry Data Security Standard that includes a list of the preferred practises, and best measures for transmitting, processing, handling and storing payment card data. The original PCI DSS was released in December of 2004 and mandated a wide range of measures to ensure that payment card data was protected.
PCI DSS has now evolved, and the PCI Security Standards Council has now been established by the major credit card brands. It has adopted the responsibility for education, management and development of the 12 point PCI DSS, which in turn explodes into more than 250 points. The standard can be viewed at pcistandard.org and summary of some of the salient points follow. Firewalls should be used in configurations where data processing of card data is operated separately from corporate networks. Internet facing data must also be separated from card processing data. Systems should be made secure and hardened as much as possible, with the use of non-default passwords, Secure Socket Layer /TLS and Secure Shell for any system access. Unnecessary services and protocols should be disabled, to prevent unwanted access. Regular file integrity and penetration-testing should become a normal part of the operating procedures. Results should be carefully analyzed by independent parties.
Storage of all cardholder data should be minimized and encrypted to render it unusable if it is lost or stolen. Access to card holder data must be managed, monitored, tracked and restricted to users on a need to know basis. All access should also be logged and backed up in the case of audits.
• Implementing of technological security measures, such as intrusion detection systems, strong firewalls, data encryption, file-integrity and anti-virus software.
Each user should be assigned a unique user id with a strong authentication procedure. Access to cardholder data should be monitored and tracked. It also encourages much stronger physical security procedures, with restricted access to certain areas, and the inclusion of video monitoring, door locks, badge readers and even some biometric identification.
The organization also recognizes that the policy become meaningless if procedures are not followed, and encourages adoption and implementation of the policy at the highest levels. In many instances, it may require a cultural change to ensure that all employees appreciate the importance of the objectives of the policy.
Since much of the data was stored in databases that were accessible online, the measures were focused in three areas:
• It also includes an implementation and overview of the best practises for physical and external security, such as building and personnel security measures.
basics accounting'>basics accounting - The PCI DSS was originally developed by the payment card companies such as MasterCard and Visa in response to the expanding number of occurrences of misuse and theft of payment card details. PCI DSS is the Payment Card Industry Data Security Standard that includes a list of the preferred practises, and best measures for transmitting, processing, handling and storing payment card data. The original PCI DSS was released in December of 2004 and mandated a wide range of measures to ensure that payment card data was protected.
PCI DSS has now evolved, and the PCI Security Standards Council has now been established by the major credit card brands. It has adopted the responsibility for education, management and development of the 12 point PCI DSS, which in turn explodes into more than 250 points. The standard can be viewed at pcistandard.org and summary of some of the salient points follow. Firewalls should be used in configurations where data processing of card data is operated separately from corporate networks. Internet facing data must also be separated from card processing data. Systems should be made secure and hardened as much as possible, with the use of non-default passwords, Secure Socket Layer /TLS and Secure Shell for any system access. Unnecessary services and protocols should be disabled, to prevent unwanted access. Regular file integrity and penetration-testing should become a normal part of the operating procedures. Results should be carefully analyzed by independent parties.
Storage of all cardholder data should be minimized and encrypted to render it unusable if it is lost or stolen. Access to card holder data must be managed, monitored, tracked and restricted to users on a need to know basis. All access should also be logged and backed up in the case of audits.
• Implementing of technological security measures, such as intrusion detection systems, strong firewalls, data encryption, file-integrity and anti-virus software.
Each user should be assigned a unique user id with a strong authentication procedure. Access to cardholder data should be monitored and tracked. It also encourages much stronger physical security procedures, with restricted access to certain areas, and the inclusion of video monitoring, door locks, badge readers and even some biometric identification.
The organization also recognizes that the policy become meaningless if procedures are not followed, and encourages adoption and implementation of the policy at the highest levels. In many instances, it may require a cultural change to ensure that all employees appreciate the importance of the objectives of the policy.
Thứ Sáu, 14 tháng 6, 2013
Tokenisation Makes Compliance Easier
Tokenisation is used in the Payment Card Industry to protect sensitive and confidential cardholder information. Since the actual data is not stored, but replaced by the token, merchants and processors remain compliant with the PCI DSS while adhering to regulation as stipulated by the government.
basics accounting'>basics accounting - Since compliance to PCI DSS stipulates the recording but not storing of sensitive data, such PII or Personal Account Numbers, a solution was needed for merchants and handlers to take advantages of the conveniences of processing a multiple number of transactions to the same invoice, as in the case of hotel accommodations, restaurants, auto rentals or in the application of recurring billing.
The tokens can be represented in many different ways. Some applications and providers will create token strings, that may be the same length as the original data. In some cases when the token is formed, it may contain some of the same elements of the original, such as the last four digits of the telephone or bank card number.
When requests for verification are sent for authorization of the transaction, instead of the credit card number being returned, along with the authorization code, a token may be sent instead. The token can be stored in the system, while the actual data associated with the cardholder, is secured in a token storage system that complies with PCI standards.
The process of tokenisation was introduced to the financial industry in August of 2005, and it allows merchants to substitute sensitive data with non-decryptable strings called tokens. Tokenisation has now been adopted to safeguard sensitive information such driver's licenses, loan application, bank accounts, criminal and medical records and other types of Personally Identifiable Identification.
Tokenization is a cost effective method of protecting data, while it complies with the required PCI standards. It is now a bit more difficult for hackers to gain illegal access to cardholder information data that is stored outside of the token storage system. Compliance to PCI DSS is now a much simpler process, as the system that store the sensitive data is represented as tokens that are not included in PCI audits.
Implementation of tokenisation is not a difficult process. Small changes are required in the Point of Sale and merchandising processes. The ability to store the token as well as to make the request is needed. The Tokens can easily be stored in the same field as the card number, as the token can contain the last four digits of the bank or credit card number, there is very little modification needed as both the PMS and POS reports will still be fully functional and representative. The implementation is a seamless process, that can be completed, with pending sales or tickets that are still open.
Tokenisation can be used to reduce the inherent risks involved with storing sensitive data such as credit or payment card information. The process is almost similar to the end to end encryption process that is used when sensitive data is transferred, however it is applied when data is stored.
basics accounting'>basics accounting - Since compliance to PCI DSS stipulates the recording but not storing of sensitive data, such PII or Personal Account Numbers, a solution was needed for merchants and handlers to take advantages of the conveniences of processing a multiple number of transactions to the same invoice, as in the case of hotel accommodations, restaurants, auto rentals or in the application of recurring billing.
The tokens can be represented in many different ways. Some applications and providers will create token strings, that may be the same length as the original data. In some cases when the token is formed, it may contain some of the same elements of the original, such as the last four digits of the telephone or bank card number.
When requests for verification are sent for authorization of the transaction, instead of the credit card number being returned, along with the authorization code, a token may be sent instead. The token can be stored in the system, while the actual data associated with the cardholder, is secured in a token storage system that complies with PCI standards.
The process of tokenisation was introduced to the financial industry in August of 2005, and it allows merchants to substitute sensitive data with non-decryptable strings called tokens. Tokenisation has now been adopted to safeguard sensitive information such driver's licenses, loan application, bank accounts, criminal and medical records and other types of Personally Identifiable Identification.
Tokenization is a cost effective method of protecting data, while it complies with the required PCI standards. It is now a bit more difficult for hackers to gain illegal access to cardholder information data that is stored outside of the token storage system. Compliance to PCI DSS is now a much simpler process, as the system that store the sensitive data is represented as tokens that are not included in PCI audits.
Implementation of tokenisation is not a difficult process. Small changes are required in the Point of Sale and merchandising processes. The ability to store the token as well as to make the request is needed. The Tokens can easily be stored in the same field as the card number, as the token can contain the last four digits of the bank or credit card number, there is very little modification needed as both the PMS and POS reports will still be fully functional and representative. The implementation is a seamless process, that can be completed, with pending sales or tickets that are still open.
Tokenisation can be used to reduce the inherent risks involved with storing sensitive data such as credit or payment card information. The process is almost similar to the end to end encryption process that is used when sensitive data is transferred, however it is applied when data is stored.
Tokenisation Simplifies Life for Merchants and Providers
Different solutions with different levels of security can be developed with the use of token can be modified by replacing them with tokens, which further reduces the need to implement requirements for PCI DSS requirements.
basics accounting'>basics accounting - Tokenisation is a relatively simple process technology which enables both vendors of payment application system, processors and merchants to enjoy the highest possible levels of security without expending a lot of resources. It allows both merchants and vendors to comply with the Payment Card Industry Data Security Standard. The technology which was introduced to the industry in August of 2005, is freely available and is relatively easy to implement.
PCI DSS states that cardholder data cannot be stored, after the transaction has been authorized, but merchants needed a method to offer consumers of eliminating the need to re-enter data when transaction are repeated on the same accounts. Tokenisation protects customer data, while the merchants ' providers, and processes remain compliant.
There are several methods that can be used for generating tokens, and there are an equally large number of ways that the process can be implemented.
The transaction purchase remains the same as usual. The payment card is swiped and data is encrypted and transferred to the processor. If the transaction is approved, the data is converted to a token, which is a randomized string of 16 characters that represent the payment card data. Only the tokens can be stored in place of the data to remain compliant with the Payment Card Industry standard.
• There are a few important keys for successful implementation of tokens as it pertains to PCI DSS.
• The need to maintain to validate and maintain compliance to PCI DSS is not eliminated, but it is simplified by a reduction in the number of components that are normally required.
• It is still necessary to verify that the tokenisation process is effective, and that includes a rigorous testing to ensure that PII cannot be retrieved from the components that are out of the scope of the PCI DSS.
Tokenisation transfers the liability for protecting the payment card data to the gateway, where it should be. The process is not patented, and is readily available for implementation with a few minor changes, required for existing POS and PMS systems.
• The system must be protected by robust controls, security and monitoring procedures that ensure continued efficacy.
The Token remains alive, and is stored in the Point of Sale system after the transaction is completed, and can support repeated incremental authorizations to the same account. The Token will represent a specific payment card transaction and data, that is translated and sent to the processor who returns an authorization code. The code is now transformed into a token and is sent to the merchants with an approval code. The entire process can be completed without the storage or transfer of sensitive payment card information.
• As the system can be different for different applications, a thorough evaluation and risk analysis must be performed to identify any unique characteristics of the process.
basics accounting'>basics accounting - Tokenisation is a relatively simple process technology which enables both vendors of payment application system, processors and merchants to enjoy the highest possible levels of security without expending a lot of resources. It allows both merchants and vendors to comply with the Payment Card Industry Data Security Standard. The technology which was introduced to the industry in August of 2005, is freely available and is relatively easy to implement.
PCI DSS states that cardholder data cannot be stored, after the transaction has been authorized, but merchants needed a method to offer consumers of eliminating the need to re-enter data when transaction are repeated on the same accounts. Tokenisation protects customer data, while the merchants ' providers, and processes remain compliant.
There are several methods that can be used for generating tokens, and there are an equally large number of ways that the process can be implemented.
The transaction purchase remains the same as usual. The payment card is swiped and data is encrypted and transferred to the processor. If the transaction is approved, the data is converted to a token, which is a randomized string of 16 characters that represent the payment card data. Only the tokens can be stored in place of the data to remain compliant with the Payment Card Industry standard.
• There are a few important keys for successful implementation of tokens as it pertains to PCI DSS.
• The need to maintain to validate and maintain compliance to PCI DSS is not eliminated, but it is simplified by a reduction in the number of components that are normally required.
• It is still necessary to verify that the tokenisation process is effective, and that includes a rigorous testing to ensure that PII cannot be retrieved from the components that are out of the scope of the PCI DSS.
Tokenisation transfers the liability for protecting the payment card data to the gateway, where it should be. The process is not patented, and is readily available for implementation with a few minor changes, required for existing POS and PMS systems.
• The system must be protected by robust controls, security and monitoring procedures that ensure continued efficacy.
The Token remains alive, and is stored in the Point of Sale system after the transaction is completed, and can support repeated incremental authorizations to the same account. The Token will represent a specific payment card transaction and data, that is translated and sent to the processor who returns an authorization code. The code is now transformed into a token and is sent to the merchants with an approval code. The entire process can be completed without the storage or transfer of sensitive payment card information.
• As the system can be different for different applications, a thorough evaluation and risk analysis must be performed to identify any unique characteristics of the process.
Importance Of CPA Accounting For Every Business
• Level four merchants are those who process less than 20,000 transactions, and all Visa merchants who process up to one million transactions annually, should complete annual security scans in addition to the self assessment.
basics accounting'>basics accounting - Merchants appear to have little choice but to comply with the requirements of PCI DSS. There is very likely to be a cost involved, but the burden of the proof of compliance can vary with the amount of transactions that are processed. Any merchant storing, processing or even transmitting primary account numbers are obliged to comply with the PCI DSS.
One of the key factors, is how the data is processed, even where a PC is used to access the data, the process is considered to fall within the scope of the standard, which means that even smaller businesses must be compliant. The primary account number should be encrypted, while other data such as the name of the cardholder, expiration date, and service code, can be readable.
• The PCI DSS stipulates that some data should not be stored, and includes:
• All of the data stored in the magnetic stripes and chips embedded in the card.
• The CVV or card verification value which is the 3 digits printed on the signature strip.
• The Pin, which is used to authorize transactions.
It may be difficult to put the cost of compliance into proper perspective, but according to recent reports, the cost of reported online frauds in 2011, was estimated to be close to $80 billion. For Visa merchants, the costs are even more interesting, as failure to report a loss of transaction data, can result in a penalty of $100,000. It can be as high as $500,000, and depends on the egregiousness of the incident. When compared with costs of remediation, the situation is favourable as the cost of remediation is estimated to be between $90 and $300 for each incident. The most difficult part of the process for merchants, may understand how PCI DSS can be implemented effectively.
For Visa:
• Level One merchants, who process in- excess of 6 million transactions annually, must have an on-site PCI Security Assessment and complete network scans every quarter. The assessment may be completed by an independent QSA, or done internally.
• Merchants processing between 20,000 to one million annual e-commerce transactions are considered Level three merchants, and must complete the Self-Assessment in addition to performing quarterly network scanning.
Merchants are characterized by the level or number of transactions that are processed annually, and the requirements for compliance may differ according to the level.
• Level two Merchants that process between 1 million to 5,999,999 annual transactions, must perform network scanning every quarter and complete the self-Assessment evaluation.
It may take some time and careful planning may be required, but it may be much simpler than expected, as many of the processes can be implemented with currently available software. Some of the software may need adapting to suit your purpose, but the critical parts are appreciation and acceptance.
basics accounting'>basics accounting - Merchants appear to have little choice but to comply with the requirements of PCI DSS. There is very likely to be a cost involved, but the burden of the proof of compliance can vary with the amount of transactions that are processed. Any merchant storing, processing or even transmitting primary account numbers are obliged to comply with the PCI DSS.
One of the key factors, is how the data is processed, even where a PC is used to access the data, the process is considered to fall within the scope of the standard, which means that even smaller businesses must be compliant. The primary account number should be encrypted, while other data such as the name of the cardholder, expiration date, and service code, can be readable.
• The PCI DSS stipulates that some data should not be stored, and includes:
• All of the data stored in the magnetic stripes and chips embedded in the card.
• The CVV or card verification value which is the 3 digits printed on the signature strip.
• The Pin, which is used to authorize transactions.
It may be difficult to put the cost of compliance into proper perspective, but according to recent reports, the cost of reported online frauds in 2011, was estimated to be close to $80 billion. For Visa merchants, the costs are even more interesting, as failure to report a loss of transaction data, can result in a penalty of $100,000. It can be as high as $500,000, and depends on the egregiousness of the incident. When compared with costs of remediation, the situation is favourable as the cost of remediation is estimated to be between $90 and $300 for each incident. The most difficult part of the process for merchants, may understand how PCI DSS can be implemented effectively.
For Visa:
• Level One merchants, who process in- excess of 6 million transactions annually, must have an on-site PCI Security Assessment and complete network scans every quarter. The assessment may be completed by an independent QSA, or done internally.
• Merchants processing between 20,000 to one million annual e-commerce transactions are considered Level three merchants, and must complete the Self-Assessment in addition to performing quarterly network scanning.
Merchants are characterized by the level or number of transactions that are processed annually, and the requirements for compliance may differ according to the level.
• Level two Merchants that process between 1 million to 5,999,999 annual transactions, must perform network scanning every quarter and complete the self-Assessment evaluation.
It may take some time and careful planning may be required, but it may be much simpler than expected, as many of the processes can be implemented with currently available software. Some of the software may need adapting to suit your purpose, but the critical parts are appreciation and acceptance.
Thứ Năm, 13 tháng 6, 2013
Importance Of CPA Accounting For Every Business
In fact, each and every aspect of the financial analysis of your business is part of CPA Accounting, and will be easily managed by the companies to which you outsource the work. There are several companies that can help you in this context, but you should always select the right company, so that your business needs are rightly catered. In addition to that, these companies will also offer you complete audit support along with handling the matters of taxes. The combination of all these different factors together will definitely help your business to grow and develop in the near future.
basics accounting'>basics accounting - It is very important to understand that effective CPA Accounting is the key to success for any business. The business owner needs to keep a track of all the transactions and other financial activities of his business throughout the year. Without proper accounting, it will not be possible for him to understand the overall profits or losses incurred in the year. This is the reason why it is best to give emphasis on bookkeeping and other aspects of accounting by means of which the transactions can be kept in track. If you are a business owner, it is wise on your part not to handle the task alone.
Valuable Management Tool:
Understanding The Needs Of Your Business:
Whether you business is small or large, the needs of your business is huge. Moreover, there are several different aspects within your business that needs to be managed well. There was a time when professional accountants were hired to manage these activities. However, today, with the expansion of business activities, these tasks are simply outsourced to different reputed and experienced companies. They can well understand the needs of your business, and therefore help in increasing the profitability by preserving limited capital and managing time better. This in turn, can certainly be of immense help to you.
Since accounting is a valuable business management tool, you should not try to sort things alone. On the contrary, it will be of course best if you can seek the help of the professionals that are experienced in skilled in the entire process. In fact, when you outsource the entire task of accounting to another company, you can be relieved from your hassles, while at the same time you will also be able to focus on the other aspects of your business development. This will definitely help you and your business to flourish.
Outsourced CPA Firm offers CPA Accounting and Online Accounting Services with the aim to provide practical, innovative and high quality accounting services that save money and time and help to improve the way people do business.
basics accounting'>basics accounting - It is very important to understand that effective CPA Accounting is the key to success for any business. The business owner needs to keep a track of all the transactions and other financial activities of his business throughout the year. Without proper accounting, it will not be possible for him to understand the overall profits or losses incurred in the year. This is the reason why it is best to give emphasis on bookkeeping and other aspects of accounting by means of which the transactions can be kept in track. If you are a business owner, it is wise on your part not to handle the task alone.
Valuable Management Tool:
Understanding The Needs Of Your Business:
Whether you business is small or large, the needs of your business is huge. Moreover, there are several different aspects within your business that needs to be managed well. There was a time when professional accountants were hired to manage these activities. However, today, with the expansion of business activities, these tasks are simply outsourced to different reputed and experienced companies. They can well understand the needs of your business, and therefore help in increasing the profitability by preserving limited capital and managing time better. This in turn, can certainly be of immense help to you.
Since accounting is a valuable business management tool, you should not try to sort things alone. On the contrary, it will be of course best if you can seek the help of the professionals that are experienced in skilled in the entire process. In fact, when you outsource the entire task of accounting to another company, you can be relieved from your hassles, while at the same time you will also be able to focus on the other aspects of your business development. This will definitely help you and your business to flourish.
Outsourced CPA Firm offers CPA Accounting and Online Accounting Services with the aim to provide practical, innovative and high quality accounting services that save money and time and help to improve the way people do business.
Flexible Invoicing To Relieve Month End Pressure
Every invoice that goes out can be branded with its own design and you can set other preferences depending on the amount of information you want to include.
basics accounting'>basics accounting - Money is tight for everyone these days. No matter the size of business you have, sometimes waiting for the end of the month to invoice for all the work performed, can be a financial strain.
With the ability to bill your clients in real-time, right from the time a job or service is completed, that gracious 10, 20 or 30 day period you offer your clients starts right then.
This means that you will see monies coming in throughout the whole month. You can create a steady cash flow with flexible invoicing.
How can you do this? With an all-in-one web-based system!
Using an all-in-one flexible invoice procedure allows you to have your company logo in place for your invoicing, which gives your company more branding opportunity.
The jobs are entered in real-time at the client's site or as the project is completed at your office or on-site. With all the necessary information in one place, you are able to invoice immediately.
There is no need to hold everything until the end of the month and cause undue stress in the last few days. Now you can gather all the paperwork and information from your sales people and project managers and compile a report or enter the information manually in the system.
When information is entered in real-time and on the go, the chances of forgetting charges or miscalculated figures are greatly reduced.
Live time flexible billing gives you the confidence to know that your numbers are right the first time, every time.
Flexible invoicing eliminates the need to re-invoice or credit clients later in the month when month-end numbers don't correspond.
Flexible invoicing also allows you to create the invoices to match the job or project situation that's on hand.
Abtrac Software is the project management and invoicing software of choice for construction, architects, engineers, surveyors and planners.
Flexible invoicing allows you to set up invoices to bill exactly the same each month for a repetitive service.
There are many other applications which can make the job easier, including changing the remittance address, method of payment, terms and more. These can be changed with each and every invoice.
When you have worldwide clients this is very beneficial if you have issues with accepting payment from other countries.
While you've provided your clients with a 30 day window for payment, you are paying out weekly, sometimes daily, for the expenses of running your business and providing the products or services.
You can set up a structured project fee that invoices at hourly rates, invoices by percentage or you can simply create an invoice on the fly from scratch.
Manage projects efficiently to ensure your projects are completed on time and on budget with this billing software solution for your business anywhere in the world.
basics accounting'>basics accounting - Money is tight for everyone these days. No matter the size of business you have, sometimes waiting for the end of the month to invoice for all the work performed, can be a financial strain.
With the ability to bill your clients in real-time, right from the time a job or service is completed, that gracious 10, 20 or 30 day period you offer your clients starts right then.
This means that you will see monies coming in throughout the whole month. You can create a steady cash flow with flexible invoicing.
How can you do this? With an all-in-one web-based system!
Using an all-in-one flexible invoice procedure allows you to have your company logo in place for your invoicing, which gives your company more branding opportunity.
The jobs are entered in real-time at the client's site or as the project is completed at your office or on-site. With all the necessary information in one place, you are able to invoice immediately.
There is no need to hold everything until the end of the month and cause undue stress in the last few days. Now you can gather all the paperwork and information from your sales people and project managers and compile a report or enter the information manually in the system.
When information is entered in real-time and on the go, the chances of forgetting charges or miscalculated figures are greatly reduced.
Live time flexible billing gives you the confidence to know that your numbers are right the first time, every time.
Flexible invoicing eliminates the need to re-invoice or credit clients later in the month when month-end numbers don't correspond.
Flexible invoicing also allows you to create the invoices to match the job or project situation that's on hand.
Abtrac Software is the project management and invoicing software of choice for construction, architects, engineers, surveyors and planners.
Flexible invoicing allows you to set up invoices to bill exactly the same each month for a repetitive service.
There are many other applications which can make the job easier, including changing the remittance address, method of payment, terms and more. These can be changed with each and every invoice.
When you have worldwide clients this is very beneficial if you have issues with accepting payment from other countries.
While you've provided your clients with a 30 day window for payment, you are paying out weekly, sometimes daily, for the expenses of running your business and providing the products or services.
You can set up a structured project fee that invoices at hourly rates, invoices by percentage or you can simply create an invoice on the fly from scratch.
Manage projects efficiently to ensure your projects are completed on time and on budget with this billing software solution for your business anywhere in the world.
The Use of Social Media for Accounting Firms
Most accounting firms use social media due to the fact that it is very cost-effective. Business handlers use YouTube and blogs to create videos and notes, which can be shared through various social networking sites such as Facebook and Twitter. This works really well as marketing budgets are not necessary to implode trends and achieve a network. They are able to build relations with their customers through this medium and are able to establish authority and expertise in such field.
Living in an era of modern technology has a lot of advantages. These new methods on how to handle things have definitely saved a lot of time and effort for a lot of people. Even accounting firms have already employed such schemes in their system to provide the best quality service for their clients. In fact, they have already instituted the use of social media for online advertising, as well as main communication vehicle for their prospective clients and present clients.
Through online means, anyone can search for anything. This makes social media a great platform for marketing solutions. Accounting firms recommend advertising solutions through social media marketing to their clients simply because this creates a ripple effect while not spending too much amount. Contrary to popular belief, auditors and bookkeepers have embraced the social media atmosphere. In fact, almost 90% of finance analysts and marketing strategists have already employed the use of social networking sites to build customer relations, aside from connecting with their family and rebuilding ties with prospective clients such as old friends and colleagues.
While this is a new technology, registering in such websites isn't too complex. One just needs to open their mind to explore the possibilities in making things big for their company using such social media applications. These systems are there to make things a bit easier for everyone. If put into good use, people will learn how to appreciate and value the benefits these social networking sites can offer.
While it can be confusing, the best thing to do is know your market and where your competition dwells. Identify these networks and choose the brand that works for your prospective clients. You may want to hire a social media manager for your accounting firms or recommend this to the business clientele you're working with in order to provide bigger sales for their products and services. One thing's for sure: social media's here to stay, so why not use it to the fullest! Make the most out of it and reap profit from these very cost-effective solutions in marketing.
Living in an era of modern technology has a lot of advantages. These new methods on how to handle things have definitely saved a lot of time and effort for a lot of people. Even accounting firms have already employed such schemes in their system to provide the best quality service for their clients. In fact, they have already instituted the use of social media for online advertising, as well as main communication vehicle for their prospective clients and present clients.
Through online means, anyone can search for anything. This makes social media a great platform for marketing solutions. Accounting firms recommend advertising solutions through social media marketing to their clients simply because this creates a ripple effect while not spending too much amount. Contrary to popular belief, auditors and bookkeepers have embraced the social media atmosphere. In fact, almost 90% of finance analysts and marketing strategists have already employed the use of social networking sites to build customer relations, aside from connecting with their family and rebuilding ties with prospective clients such as old friends and colleagues.
While this is a new technology, registering in such websites isn't too complex. One just needs to open their mind to explore the possibilities in making things big for their company using such social media applications. These systems are there to make things a bit easier for everyone. If put into good use, people will learn how to appreciate and value the benefits these social networking sites can offer.
While it can be confusing, the best thing to do is know your market and where your competition dwells. Identify these networks and choose the brand that works for your prospective clients. You may want to hire a social media manager for your accounting firms or recommend this to the business clientele you're working with in order to provide bigger sales for their products and services. One thing's for sure: social media's here to stay, so why not use it to the fullest! Make the most out of it and reap profit from these very cost-effective solutions in marketing.
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