Posts Tagged ‘bookkeeping’

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.

 

 

 

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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: Tax Preparation Checklist

April 1, 2011

It is that time of year again and it is so important to have a plan in place when you file your taxes. You may need to consult with an accountant or bookkeeper. You may need to inquire about which deductions are the most advantageous for your situation. You may need to make sure you are not missing important pieces of paperwork. The simple tax preparation checklist below will get you started and on track.

1. Do you have copies of your W-2’s or 1099’s? There may also be additional paperwork related to investments of any kind that must be filed. If you are not sure ask an expert. .

2. Don’t wait until the last minute to schedule time with your accountant or bookkeeper. This time of year is crazy for people in the financial industry and you will want to make sure they have time to assist you. Last minute pressures can sometimes lead to hasty decisions.

3. Keep up on any tax credits you can take advantage of or ask an expert. New tax bills are always being passed and it can be confusing. The IRS website is a great resource for helping you stay up to date on the current tax laws. Of course there is no substitute for hiring a trustworthy accountant to stay on top of all the details.

4. If you are a W-2 employee there are deductions you can take advantage of. Ask your accountant about these and what you need to do. If you are self-employed there are a wide variety of deductions that can work for you. Be sure and keep all business related receipts and ask your accountant or bookkeeper what expenses can be used as deductions.

5. Compare itemizing your deductions vs. not itemizing them and see which scenario provides the best result for you. Again if you don’t know how to evaluate this then hire an expert.

6. Double check any exemptions you are claiming.

7. Check your eligibility for tax credits such as the child tax credit, adoption credit, education credits, etc.

8. Will you file electronically? Make sure you have everything you need in order to do so.

9. If you are a business or self-employed be prepared to make your tax payments on time.

10. Have a massage or night off planned once your taxes are done! Nothing is complete without a celebration. Enjoy that fact that another year has gone by and you have managed your finances.

Happy tax season!

 

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.

Purchase Quickbooks through WNCSNAP and Save $!

January 15, 2011

In 2010 WNC Snap Bookkeeping went through many changes. Our staff, location and service list evolved during the year but there is one thing that stayed the same – our commitment to providing high quality, affordable bookkeeping and financial tracking services for small and medium sized businesses.

In order to serve our customers WNC Snap is dedicated to sharing deals and passing along the savings to our cherished clients. As an Intuit Certified ProAdvisor, WNC Snap can help you save money when you buy Quickbooks 2011 online from our team. Get up to 20% off and free shipping when you order through our website, just click the banner on the WNC Snap homepage to get your savings today!

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Test Drive the Latest Versions of Quickbooks

December 26, 2010

Are you thinking about purchasing the latest Quickbooks software for your small business?

Then visit the Intuit website and test drive the demos of everything from Quickbook Enterprise to Quickbooks Payroll. In order to be sure this kind of software is something your business can properly implement  it is best to test drive the software. If it seems confusing, you may want to employ a Quickbooks expert or specialist to help you create a system that can track all of the important financial data you need in order to grow your company.   You can also search the Internet for online tutorials and look in your local area for local Quickbooks trainings and classes.

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.