Accounting Software vs. Manual Accounting

Any type of business cannot survive without an efficient system of managing finances. The business accounting model that the business owner chooses sets the foundation for effective or ineffective management of finances.

Business AccountingThere are different models for business accounting. Each one has its own pros and cons. In fact, the success is when one is able to find a model that is well suited to the business needs. When divided into broad categories, there are two types of business accounting. The first one is the good old manual accounting and the second one is the computerized accounting.

In the manual accounting, both the records are maintained and the calculations are done manually; whereas, in the computerized accounting, as the name suggests, some particular accounting software takes care of all the matters of business accounting.

The small-scale businesses having 2 to 5 employs usually rely on the manual accounting. However, as the business expands and the head count increases, it is very hard to keep the track of financial matters manually. This is the time when the accounting software is required.

For the business accounting, having the software offers many significant advantages. For example, the software is able to manage a large head count from different departments. The software is quick and reliable as compared to the manual accounting. It also provides an easy solution to storage of all the finance related records.

Any company can get rid of manual taxes management in the presence of accounting software. The software is usually capable of handling very complex mathematics. The manual business accounting eats up a lot of man-hours and effort, which can be put to better use in presence of software.

The software ensures that the business accounting is free from errors, which saves the company from many losses that might be possible otherwise. The quickness of the accounting software also ensures that all the employees in any particular company get their salaries and other dues (if any) well in time. When the work force is satisfied, the work environment automatically becomes better and thus the business thrives.

Outsmart The Competition With Online Accounting Services

The priorities of business in the past were quite different from the present business trends. In the past people looked forward to develop a business. Now the trends are toward the perfection of business.

Now day’s businesses are looking forward to get the assistance of online accounting services to get maximum efficiency and achieve strategic goals for a company. As a result of which new accounting services are coming into existence to support the companies looking for help on the books of accounts.

Companies of the modern business world have reached a conclusion that hire an accounting service can be more beneficial for then therefore they have weighed out the disadvantages which are very few in numbers.

Big names in the market have gained much from this practice in monetary and productivity terms. Some of the companies just give away a part of this department such as tax services to other companies, the rest outsource this department completely to a third party. Online accounting services can offer you the following services:

  • cash flow statements
  • payroll management
  • accounting reconciliation
  • inventory reconciliation
  • Tax services,
  • VAT services,
  • Budget planning
  • bank reconciliation statements
  • Rectification of errors.
  • Financial reporting etc.

The businessmen of the present time have reached a conclusion that they want to spend more time towards the core functions of a company rather then spending time on the non core ones for make in the business more profitable.

Once a company has chosen to work with an accounting service they don’t have to spend some extra bucks on hiring house staff or rent/buy office promises.

Some of you think that accounting services that are new in the market can be one of the options available for maintenance of accounts and other financial services. But according recent research we have found out that the accounting services in the market have more experience and qualified staff to deal with financial problems faced by companies. On the other hand they offer cost effective solution.

Not only they have experts to take care of financial solutions but they also have latest techniques and technologies to take care of books of accounts and other financial matters.

Once the efficiency of a company is improved competition can be leaded by a company. The companies indulged in the practice of in house process end up in losing there concentration on the core issue and re left behind in the competition. By in-house accounting department have to face the following issues:

  • Increase hiring cost
  • Increase training cost.
  • Increase other operation cost

5 Benefits of Hiring Accounting and Payroll Services

Payroll ProcessingIn the present time where everything seems to be so expensive for the users sellers are try to minimize there cost as much as possible. They have adopted new ways to get cost effective solutions for the non core issues of business.  Departments such as accounts and payroll processing are now preferred to be outsources to a third party serving as professional in the market.

Experts have concluded from research that outsourcing these processes can be advantageous in means of efficiency, productivity and cost. You can find a number of cost effective and professional accounting services that suit the requirement of your business. Here are a few reasons why you would want to outsource a department to a third party:

1. Efficient preparation of taxes:

Professionals dealing with outsourced process are aware of new tax regulation and amendments in tax laws. If these laws are not known by the ones preparing payroll and taxes, it can get businessmen into legal complications. This not only is stressful but also is expensive. This increases the expense of the company. For this purpose payroll and tax services have qualified, and experienced staff with loads of information to help you decrease your cost.

2.      Direct deposits:

Payroll services can help you transfer the payroll in the bank directly. This is done timely and doesn’t waste much of the time of employees or get them frustrated. Due to this feature the employees do not get frustrated and accurate deductions are made to ease them further. This also overcomes the safety issues.

3. Cost effectiveness:

Hiring employees for an in-house process is expensive. Professional who are qualified enough to deal with taxes, accounts, and payroll processing charge a lot if they are kept on a monthly pay. Apart from that you would have to pay for office premises and software that would be updated by you every now and then. Therefore it is not efficient in means of cost.

4. Accuracy rate:

Companies that are serving in the market as professionals for dealing outsourced processes are fully equipped with latest technologies to give you a perfectly accurate preparation of payroll. If this process is kept in house the result would be that the manager who is not giving time can give out inaccurate payrolls and the lead to legal complications. On the other hand these companies are aware of the labor laws. Therefore they know how to help you create a legal payroll system where the rights of the employee are not violated.

5. Fraud:

The best feature is that outsourcing is that a company is answerable to you for any in accurate results thus frauds are eliminated the function becomes smooth for the businessmen to handle.

Outsourcing is the best way to deal with financial matters. It not only saves time but also saves financial resources. These resources can be utilized in other operations and can be quite productive for a business.

Accounting Services can be a good relief for Accountants

accounting servicesAccountants are the company’s representatives that handle the accounting information of the organization.  Account information is the data that is the main clock work of the whole organization so a special attention is required to handle such sort of sensitive information. Accountants are normally people with accounting background that can work on some softwares but the treatment of certain accounts is still very hard to maintain. And these treatments are not really something that the accountants are able to understand properly.

Accounting services are the firms operated by chartered accountants with a skilled and experienced staff that normally accepts the outsourced accounting services. These outsourced processes are handled with extreme care and quality results are generated. We would look into why these services are so relieving for company accountants.

  • Accuracy

Accuracy is one major reason why these accounting services are so preferable by companies. The account information is sensitive in regards to the company’s financial situation. So the employer is very particular about the handling of this information. Accounting services manage these accounts and keep the confidentiality of the information intact. The true picture that they report signifies the current status of the company and this information has other uses than just showing the financial position.

  • Meeting deadline

Accounting services are known for meeting deadlines on the report formation. Time is one thing that they are strict about. With the extensive knowledge, the task is not that complicated for these teams and with time, they effectively complete the task in less time than anticipated.

  • Confidentiality

These accounting services are very reputable and are appointed by the organizations based on the reputation that they hold in the market. So they take extra care of the confidentiality clause of the contract. They keep the information confidential and avoid any sort of leaks. If they fail to do so, there can be legal allegations against them, and pressing charges means that the company will not be able to do business again, so they try to safeguard themselves from that by religiously maintaining the confidentiality clause of the organization that has appointed them.

You can’t handle your work without payroll services

Payroll-Services

In every business, time is of the essence. There are lists of processes that are being taken care of. Every department has its focus areas. Human resource is a very busy department, with constant changes in the human resource of the company, the operations of the human resource department runs all year long.

Human resources department heads other small departments namely training and development needs assessment and payroll. And since its all about the human capital, every person of the company is connected directly to the human resource department.

Payroll services provide some assistance to the human resource department of the company by helping them out in the setting up of payrolls and salaries as required by the company.  Payrolls are maintained in real time to avoid any mistake at eh time of the transfer of salaries and wages.

Employees work on their own capacity and the company might have employed different systems at the same time. Daily wage, weekly salaries, monthly salaries, commission based pays, pay per hour etc. all these systems are hard to keep a track of.

That’s where payroll services come in. as they specialize in the field. They can categorize the list for you and perform calculations on the basis of overtime and bonuses and incentives. In the department, it would be taken care by a group of individuals that constitute the payroll wing. To reduce the cost of the human effort employed by the company for this purpose, companies hire Payroll services to simplify it for them, with a strict check on the confidentiality clause.

We, at Avicenna Accounting provide complete payroll preparation and processing for businesses that require quality execution of payroll management tasks, so that your employees get paid on time.

No mater, how large your workforce is, but failing to make the salaries on time can give rise to legal implications so we make sure that all the work is completed before time so we can help you facilitate your employees.

Find Bright Future of Your Company from Avicenna Accounting

Accounting Services

Accounting Services

Many business owners are left with no option other than managing finances of their company and this is somewhat shouldn’t be happening just for the reason they might or not be financial accountants or best person to carry on with the business requirements as the entire idea to this is the provision of utilizing the right resource in the appropriate manner which enables your business to maximize the return on your investment.
The fact remains that accounting is considered to be a tedious job which normally consist of preparing of financial statements, tax and payroll preparation and book keeping. These are some of the extensive terms within the main titles and often require extensive experience and professional registration with the authorities to perform and offer accounting services. On addition, accounting is considered to be an important aspect of the business which the entire idea of business will rely upon as it provides the accurate standing of the business and its resources which are being utilized and yet the left over’s one which are free to be consumed.
The position of profit or loss or other important analysis with accordance of the accounting results will determine the standing of the company/business with their objectives, last year’s standing and competitor’s average. This is where you are to understand the importance of outsourcing Accounting Services which is better left with professional, qualified and expert people to fulfill your accounting requirements and make things work for you in a much better way and certain pre-determined benefits will start to flow.
Be sure that by acquiring professional services will provide you with accurate, reliable and up to the required standards application of accounting policies and other aspects which cover, frequent reports to measure the course of the business as budgeted and other things which involves handling of cash and accounting policies to determine the best return on your investment.

Many business owners are left with no option other than managing finances of their company and this is somewhat shouldn’t be happening just for the reason they might or not be financial accountants or best person to carry on with the business requirements as the entire idea to this is the provision of utilizing the right resource in the appropriate manner which enables your business to maximize the return on your investment.
The fact remains that accounting is considered to be a tedious job which normally consist of preparing of financial statements, tax and payroll preparation and book keeping. These are some of the extensive terms within the main titles and often require extensive experience and professional registration with the authorities to perform and offer accounting services. On addition, accounting is considered to be an important aspect of the business which the entire idea of business will rely upon as it provides the accurate standing of the business and its resources which are being utilized and yet the left over’s one which are free to be consumed.
The position of profit or loss or other important analysis with accordance of the accounting results will determine the standing of the company/business with their objectives, last year’s standing and competitor’s average. This is where you are to understand the importance of outsourcing Accounting Services which is better left with professional, qualified and expert people to fulfill your accounting requirements and make things work for you in a much better way and certain pre-determined benefits will start to flow.
Be sure that by acquiring professional services will provide you with accurate, reliable and up to the required standards application of accounting policies and other aspects which cover, frequent reports to measure the course of the business as budgeted and other things which involves handling of cash and accounting policies to determine the best return on your investment.

Accounting Services at Low Cost

accounting-services

To make certain things more appropriate and benefit you at the most in the competitive environment we are required to explore the market in such a fashion where we carve our way to success. Such a technique or a strategy that is said to provide us with certain benefits, acquiring the services of accounting services is thought to be helpful in business especially in the case of small or medium sized business.

This is one and only kind of an accounting provision that is considered to save businesses their useful resources and for such a reason a small business will be able to save considerable cost by hiring a professional accounting service rather than hiring a team of professional accountants for their business.

Well, when it comes to accounting and its benefits the most you are expected is to value their services which might not give you the appropriate results, but the provision of such expertise are of utmost importance and cannot be ignored in whatsoever case. The simple accounting processes from book keeping, ledger maintenance, payroll services, tax calculation and all the relevant accounting requirements is as important as any other thing.

These are just some basic accounting requirements which each business needs to maintain for evaluation and achieving their business objectives. Businesses who are more in to a competitive environment are expected to take one step further and benefit from the professional expertise of the accounting services to help you with certain reports which you can evaluate and assess the market such as compiling annual reports, statement of changes in equity, cash flow statements, working capital changes, ratio analysis and important aspects related to investment decisions.

There is nothing that will limit you when acquiring such outsourced professional services for your cost effective, reliable and quality with accurate provision of accounting services.

Recession and Fraud – The Hottest Accounting Concerns

The month of April is here. Accountants are loaded with work, filing taxes, and answering several IRS questions related to taxes and their submission.

What if something bad happens to these poor fellows? You may be asking, “Is there anything worse than preparing taxes?” well yes there is! Going through all the trouble and ending up with a financial fraud is the last thing a hardworking accounting services provider would ever want.

Recession and Fraud

Currently, the economic recession and financial news have played havoc with accountants and accounting firm, and many accountants have become careful as to which company they should be working with and which not. They have become aware that financial fraud caused by recession is on the rise and many clients are unable to pay them the desired fees or thrust them into financial fraud, leaving their hard efforts simply useless along with the risks of imprisonment.

According to an accountant of a large Miami-based accounting firm, ““At the end of the day, I’d rather lose the client than get sued……The lawsuit would be a lot more costly.” Reputable accountancy firms are looking more to work with the clients they already have, rather than taking chances on new ones and raising their level of doubts.

Fraud is not always easy to locate, even for the experienced accounting firms. However, if you feel that a certain client is not providing you complete tax details or is leaving out something, it’s better to drop the client than adopt the risk of heavy fines along with clearance to the IRS.

The current time calls for accountants to take specialized training in locating fraud, or else pay heavy fines for partnering with the wrong clients – the choice is yours!

Tips For Filing April 2010 Taxes

Broadly categorizing, there are two kinds of tax filers. First kinds are the ones who receive their tax returns shortly after having their W-2’s and 1099’s. And second ones include the “last minute filers” who wait till the very last moment for recording their taxes. Although the last minute filers get their returns, but are unable to feel all satisfied due to their messed up records. The Consumer Reports National Research Center verified that only 40% of the US citizens are able to find a certain document at the final moment and are thus besieged by this complicated process.

Get rolling with your taxes today, so that you don’t have to suffer from the tax burden till April 15. Assemble and organize all the info and required data and lessen your last moment troubles.

How To Organize?

Here’s a list of to-do’s that’ll make you completely ready way before the final hour, check out:

1. One place, problems sorted

    Collect all your tax based papers and receipts at one place. You can use a box, an empty drawer, or even an envelope for the purpose. Gathering things together will save you from the anxiety of “oh man! I can’t find this and that and this and so on…”

    2. Software help!

      Smart tax preparers use software to monitor their expenditures and remaining balances. There are a number of software programs like MS Money, Quicken, and Quick Books which can be used for the purpose. These software will help you in categorizing your expenses, however physical receipts is still to be monitored by your own self.

      3. Last year – a good referral

        If you are blank and can’t remember all those things you’ll require for tax filing this year, then consult your last year’s income tax forms for help. Many people simply forget the entire tax filing process since it’s uninteresting and boring; therefore instead of sitting vacuously, recalling your past option is a better idea. You can even consider seeking help from a professional tax services firm.

        4. Preparation Before Meeting Tax Preparer

          If you are thinking to seek help from professional tax preparers, prepare a list of things that are important and your tax preparer must be aware of. Making a list will help you not to forget the important little details and will save you and the tax professionals from wasting unnecessary time.

          5. Tax Relief For Haiti Donators!

            Finally your good deeds have been repaid. Individuals and businesses that made financial donations and endowments for Haiti disaster between January 11, 2010 and March 1, 2010 can be included in your 2009 taxes. In addition, if your income is below $57,000 AGI, you may be eligible for free help regarding tax preparation and filing. You can know more about this on the IRS official website.

            Working on your taxes gives the best results when started today instead of tomorrow. So buckle up and start organizing so that this year you can file taxes right on time, with accuracy, and without complications.

            2010 Rental Property Tax Tips Which Can Save Your Thousands Of Dollars

            Looking for effective tax services to save you from paying thousands of dollars? It’s good to consult professionals, but here are some self-performing rental property tax tips to minimize your taxes this year:

            Precautions While Listing Rental Income

            A good way to reduce your taxes is to decrease your rental income. The catch is simple, lower your rental income, lower will be your payable tax charges. By this we don’t intend to stop you from gathering decent amount of rents from your property, rather we mean to stop you from stating the exact figures in your taxable rental income.

            Don’t Overlook Sale Expenses

            Many property owners ignore the deductions like closing costs, commissions paid to dealers, title charges, recording and transfer charges and other contract costs when they sell their property. In order to minimize your tax burden, don’t forget to report these sales expenses you had to bear. You can seek help from professional tax and accounting services to learn more about saving money on taxes.

            Vacations – The Best Time To Purchase Property!

            If you’re on a vacation or any business tour, it’s the best time to purchase a property since you can add the travel fare when recording taxes. You can accumulate costs of travel, accommodation and other services you utilized and subtract your taxes.

            Don’t Forget To Include Advertising Expenses

            For the sale of your rental property, you must have spent some money on its advertising. While listing income taxes, be sure to include these advertising costs and lessen your tax amount. These ads can be in the form of radio announcements, newspaper classified listing, banners, flyers, posting etc.

            Deducting Renter Utilities Paid By Proprietor

            Another tax deduction comes in the form of utilities and maintenance costs which your tenants consumed and which you paid being the landlord. If paying utility bills of gas, water, power, cable and internet is a part of the contract between you and your property boarder, then these are fully deductable expenses.

            Sell Property To Your Own self

            Selling property to your own self is advantageous under certain conditions. For instance, after living in a property for three years, you rented it out for the next five years. Now since the property is not your primary dwelling, so you can’t avoid the capital gain. In order to reap additional benefits, move out by selling the property to yourself and eliminate the capital gain.

            Business Set-Up Expenses

            Another effective way to minimize your tax burden is by accounting for the expenses you incurred while establishing your business or investing in a property. These include:

            • Accounting and bookkeeping costs
            • Costs incurred while studying market trends
            • Costs of hiring candidates
            • Costs of buying new equipment and furniture
            • Transportation expenses
            • Advertisements costs
            • Money spent on training of employees

            Involve Your Children

            If your tax chargers are still higher, involving your children would be a good idea. Instead of putting money in your own and your spouse’s already overcrowded IRA account, deposit money in IRA accounts for your children and avoid paying additional taxes.

            In the end, it’s always safe to hire professional tax services for the job. In order to avoid heavy tax fines, tax payers should always consult tax advisors before making any move, or else the errand of minimizing taxes could even reverse!