Posts Tagged ‘accounting’

A Great Article on When a Small Business Should Hire a CFO.

November 28, 2011

Growth of a small business is no easy task.

It takes strategic planning, market research and personal investment, both financial and emotional. There are so many questions small business owners have in regards to expansion and growth. Armed with the facts, good timing, and long term knowledge and support a company can go to the next level of production, income, and profit. It is important to choose leaders with the appropriate skill set to achieve the business goals. If you are wondering when your business should hire a Chief Financial Officer, or CFO, in order to take the next steps towards your company’s long term success then check out this article:

When Should a Small Business Hire a Finance Chief?

New York Times writer Darren Dahl, broaches this question in his October 26th, 2011 piece. This article clearly explains the role of the CFO and how it differs from the role of CEO. It is important these two positions be defined individually and not identified as exactly the same.

Accountants and bookkeepers are often asked for opinions regarding company finances, revenue, taxes, payroll and expenses. It is important to consult with an accounting and bookkeeping expert when making choices about business growth and development.

 

 

 

Snap Accounting Services Returns after a summer break!

September 2, 2011

Returning After a Productive Summer – We Are Still Offering High Quality Accounting and Bookkeeping Services You Can Trust

As a small business owner it is important sometimes to take a break and relax. This summer we focused on rebranding, changing our name and optimizing our website as much as possible. Check out our website – Snap Accounting Services – and you will see our new name featured. The new name will also soon be added to our blog. We still offer the same great accounting, bookkeeping, payroll and Quickbooks services.

As we move back into the fall and winter months we will focus again on providing our readers with online resources we feel are educational and useful for small and medium businesses in Asheville and the surrounding area. Thanks for reading and for being a part of our  online community. Keep reading and always ask questions when you need to.

Auditing Quickbooks – A How To for Small Business

April 25, 2011

quickbooks financial software Understanding Quickbooks – Bookkeeping Basics

Many small businesses struggle to keep up with the books without even thinking of how much time it will take to  review, evaluate and confirm their bookkeeper or accountants’s work. That is why there are a few basic things any small business owner can review and know in order to be sure their books are accurate and sound. Auditing your Quickbooks file can seem like a daunting task, but if you understand the power of Quickbooks as a tool you can learn to use it to empower and strengthen your business.

NerdEnterprises.com Tutorial on How to Audit Your Quickbooks File Simply and Easily

A great site for anyone looking to learn how to manage their own bookkeeping is NerdEnterprises.com. There are many blogs written about various bookkeeping and accounting topics, as well as video tutorials for various Quickbooks actions and features. The blog titled:

How To Audit Your QuickBooks File – 5 Things EVERY BUSINESS OWNER SHOULD KNOW how to do in QuickBooks is an excellent source of information when it comes to auditing the basic information in your Quickbooks file. According to NerdEnterprises.com when it comes to small businesses “there are 5 things you should know how to do in QuickBooks to be sure your bookkeeper(s) are doing their jobs properly.” NerdEnterprises lists these 5 things as follows:

  1. Run key reports including: detailed Balance Sheets, Accounts Receivable, and Accounts Payable Reports
  2. Drill into a transaction from a report.
  3. Drill around a transaction to see related transactions.
  4. Run the audit trail report
  5. On any transaction detail report, show “Last Entered/Edited (and by whom).

Watch the video included in the blog and find out how to do this in a practical way. The goal according to NerdEnterprises.com is to “protect yourself against costly mistakes as well as dis-honest employees. In smaller companies the management, particularly the ownership ARE the internal control of the company. This means they are the ones who protect the assets of the company.”

Learn how to maintain quality control when it comes to your bookkeeping and accounting. Be able to have a clear conversation with anyone helping you maintain  your financial data and expect them to speak openly, honestly and in detail to you about their work.

To find out more tips and tricks about accounting and bookkeeping for small business visit our website www.WNCSnap.biz.

To find out more great tips from NerdEnterprises.com visit their website and blog.

Bookkeeping Tips: Commmon Tax Questions

March 25, 2011

Every year tax questions pile up, not only for individuals but also for businesses. It is essential that you complete thorough research and if necessary consult an expert, such as a bookkeeper or accountant.

The IRS website provides a list of frequently asked questions for anyone to review and use as a guideline when working on personal or business taxes.

FAQs from the IRS

Find answers to the following questions:

What are the tax changes for this year?
What are itemized and standard deductions?
How to manage Social Security Income?
What are child care credits?
Earned Income Tax Credits explained.
Information on IRAs.
Electronic filing how to’s.

 

Bookkeeping Tips: Filing Your Taxes after April 15th

March 25, 2011

Protocol for Filing Taxes After the 15th

What do you do if you can’t meet the IRS filing deadline? How to file an extension on your 2010 tax return.

The federal tax return filing deadline for tax year 2010 is Monday, April 18, 2011

If you miss the deadline and do not file for an extension, it’s very important to file your taxes as soon as possible. One way to file that is fast and easy is to use TurboTax. TurboTax offers some great tips on how to file your extension and what details you must remember in order to comply with IRS requirements.

Why file for an extension?

Filing an extension automatically pushes back the tax filing deadline until the fall and helps you avoid late-filing fees.

If you file an extension by April 18, 2011 you have 6 months. The late filing deadline is October 17, 2011. Keep in mind an extension of time to file does not mean you are not responsible for paying your taxes. If you owe money you are expected to pay by the April deadline, but paperwork can be filed as late as Oct. as mentioned above.

If you don’t ask for an extension the consequences differ depending on whether you owe the IRS money or the IRS owes you a refund.

If you expect a refund and are correct there is no penalty for failing to file your tax return by the deadline, even if you don’t ask for an extension.

Ask your accountant or bookkeeper if an extension is right for you and be sure and make your payments on time if you owe the IRS.

To learn more visit TurboTax and read their article on tax filing extensions for 2011.

Don’t miss Quickbooks News on Twitter

August 2, 2010

If you are looking for a fast and easy way to get answers to your Quickboooks questions make sure you follow @QuickbooksNews on Twitter. Keep up with all the latest news and find out about new versions of Quickbooks and other complimentary financial tracking and bookkeeping tools.

WebCPA.com Tools and Resources that Professional Tax, Accounting and Bookkeeping Experts Use

July 21, 2010

Some business owners are comfortable managing their own financial tracking and bookkeeping once they have the right financial tracking system set up and they have been trained to properly use it. WebCPA.com is an excellent resource for anyone interested in learning more about the latest bookkeeping and accounting technology.

WebCPA.com also provides access to credible, well respected accounting and financial tracking sources for advice on any number of bookkeeping skills.

Video Tips for Quickbooks Online

June 22, 2010

Why Choose Quickbooks Online?

Generally speaking for any business, whether small or large, the best choice when it comes to Quickbooks is to use the desktop version. However, for some companies that are regularly on the go Quickbooks Online may be a useful tool. The online Quickbooks can be accessed from any computer, but it does not offer the robust suite of customized options the desktop version can provide. However, as long as business owners are aware of the limitations of the Quickbooks Online system it can still function as a key part of financial tracking.

DIY Video Tutorials Provided by the Quickbooks Online Team

If you are using Quickbooks Online and need some assistance in understanding your options and the location of various system features you can easily watch a collection of online videos created by members of the Quickbooks Online team. Take a general tour of the system or find the answers to specific questions so you can save time.

Here is a sample video that will give you an idea of what is available for free on YouTube.com.