Small Business Solutions

Are you a business leader? A financial manager? An IT manager? Holding a management position of a company is not an easy task. If you are in such a position, what you need to help with your tasks is a program like QuickBooks Enterprise.

What is QuickBooks Enterprise?

•    QuickBooks Enterprise is a finance-oriented software designed to provide automated accounting and business management practices for businesses.

•    The program is offered by business solutions provider Intuit.

•    It can help you expedite your various business processes such as inputting sales, recording expenses, tracking tax payments, processing purchase orders, managing payroll and inventory, and preparing business documents such as invoices, reports, and financial statements.

•    With the QuickBooks Enterprise, you can do all your business processes online but without deviating from your actual processes. In a nutshell, the QuickBooks Enterprise can hold your entire business in one reliable and accurate program.

The QuickBooks Enterprise Solutions Package

The basic Enterprise QuickBooks program also integrates with a series of other useful functionalities that make up an overall QuickBooks Enterprise Solutions package, which includes:

•    web-based features

•    remote tracking capabilities

•    integration with third-party providers such as:

1.    Google Maps for remote mapping

2.     Outlook Express for e-mail connectivity

3.    Microsoft Excel for various recording needs

Aside from that, the package includes other key factors that make up the overall strengths of the QuickBooks Enterprise offer.

•    Flexibility. The QuickBooks Enterprise Solutions are designed to run on Windows, Mac, and Linux computers. So whatever system your company is using, you can easily insert the Quick Books Enterprise into the process.

•    Ease of Use. The program, though highly functional and full-featured, is affordable, exceptionally user-friendly, and streamlined, so it is easy and economical to maintain and operate unlike other more complex systems that can be quite taxing for you to operate.

•    Customizable. Availing of the QuickBooks Enterprise Solutions package gives you access to a free needs assessment procedure to check whether the program can work for your business.

•    Capable. The Quick Books Enterprise system can be used by up to 30 users simultaneously. It is also capable of tracking up to 100,000 inventory items, customer purchases, and vendors.

•    Up-to-Date. The package also automatically affords you with special upgrade packages and data conversion in case you need to switch from other systems such as Net Suite, Microsoft, Timberline, Oracle, SAP, Acc Pac, Peachtree Quantum, Dac Easy, and so on.

•    Supportive. You can also avail of additional products and services such as remote hosting, consulting, and bookkeeping.

Why QuickBooks Enterprise is No. 1

There are several business and accounting software that work similarly as the QuickBooks Enterprise package, but QuickBooks is a leading program mainly due to its flexibility and upgrade capability.

Thus far, QuickBooks Enterprise is the number 1 business-oriented solutions software, especially in the market segment comprised of mid-range firms with up to 50-500 employees. The system is now in use in more than 50,000 companies, most of which are mid-size companies at the peak of their growth who would like to capitalize on the massive growth level of their business by entailing the help of QuickBooks.

If you are running such a business or company, having the QuickBooks Enterprise on your side will definitely make it easy for you to manage your business efficiently and further the growth of your business.

With such a system in place in your company, you, as a business leader, can easily determine the state of your business and keep all your business records in check. You can be sure that all your business documents are accurate and organized, as well as every business transaction recorded well. The streamlined and efficient system can also save you a lot of resources, such as time, labor, and money – savings that can translate to profits. You can help cut down costs and keep your business in top shape all the time. Having the QuickBooks Enterprise around is just like having a business partner.



By: mike faraone

About the Author:

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The QuickBooks Enterprise Solutions package is possibly the best decision you make in your business and the best business partner you can have. But if you are new to the system and you are not familiar with how it works, you’ll be glad to know that you can get help with the use of the program if you need it.

The QuickBooks Enterprise Solutions promises a wealth of benefits for your business. With such a system in place in your company, you can:

* Save a lot of time and effort

* Cut costs and labor

* Enjoy a more streamlined business process

* Enjoy organized and easily understandable financial reports and other business documents

* Enjoy organized business books

* Detailed tracking of all business processes

* Up-to-date business records

* Data security

* Easy access to data

Plus a lot more!

But to maximize the use of your QuickBooks Enterprise Solutions package and to reap its full blast of benefits, you need to know exactly how to operate and maintain the system best. The system can be customized to meet your specific needs, but for some companies and business leaders, such a system can be difficult to set into motion in a business that has been running using manual practices for a long time.

In order to get the help you need in handling the QuickBooks Enterprise Solutions system, you should get help with QuickBooks Enterprise bookkeeping or get access to consulting services that can help you maximize your Enterprise QuickBooks investment.

Why avail of a QuickBooks Enterprise bookkeeping service?

Bookkeeping is a daunting task; many companies have failed due to poor bookkeeping. Unfortunately, as your business grows (which is a positive development), bookkeeping becomes even more challenging. By the time that your business is at its peak performance, your paperwork will probably be one complete mess if you don’t know how to properly handle it.

It’s a good thing there are outsourced bookkeeping offers that can help you keep your business books in proper order. However, if you are using the QuickBooks Enterprise business system, you should find an outsourced bookkeeping service that specializes in the QuickBooks Enterprise. QuickBooks Enterprise bookkeeping, due to the unique practices and the many streamlined processes offered by the «a href=”http://qualityconsultingandbilling.com/quickbooks_enterprise.htm”»QuickBooks Enterprise Solutions«/a» package, is different from regular bookkeeping.

Choosing a QuickBooks Enterprise bookkeeper

But what should you consider in finding a QuickBooks Enterprise bookkeeper?

1. Find a firm or bookkeeper with specialization in the use of the «a href=”http://qualityconsultingandbilling.com/quickbooks_enterprise.htm”»QuickBooks Enterprise Solutions«/a» system.

2. Find a firm of bookkeeper with adequate experience especially in the handling of growing businesses like yours.

3. Your outsourced QuickBooks Enterprise bookkeeper should be reliable and trustworthy.

4. Look for a QuickBooks Enterprise bookkeeper that can work fast and finish tasks in less time than most. This will help you save, not only time, but also money. The right choice can lead you to a bookkeeper that can finish the tasks at 1/3 of the time it would take any ordinary bookkeeper.

5. Your outsourced bookkeeping firm should assign at least two of their staff to your account, so there will always be a backup bookkeeper in case the primary handler of your account is not available.

6. Check the terms, conditions, and policies of your outsourced QuickBooks Enterprise bookkeeper.

What outsourced bookkeeping can do for you

* Reduced bookkeeping costs

* Optimized bookkeeping perfect for the size of your business

* Full-charge bookkeeping services

* Regular reconciling (preferably on a monthly basis)

* Regular tax reviews (preferably on a quarterly basis)

* Financial reviews



By: mike faraone

About the Author:

bookkeeping

Setting Up Quickbooks Part 3 What to Do with the (rest of the) Tax Lines

 By David Roberts

 I have to apologize as there are some lines here that would cause an entirely separate article, and yet are not used by 90% of the companies using Quickbooks as their accounting software. I am sorry that these definitions are so brief but should you need clarification please don’t hesitate to email me.

 •I. K-1 Tax Lines

 The K-1 tax form is a little bit like a mutt form on the tax return. Mainly it concerns the division of profits and expenses in a partnership, trust or corporation so if your company is not a partnership or corporation these particular tax lines won’t apply to you. Some people receive a K-1 because they are part of a group of people who own a trust or portfolio that generates income through the year. That income is split up into the designated percentages amongst those in that group. One example of this would be the trust left to a group of siblings that generates income through the year, the eldest receiving 60% and the one or more siblings receiving an equal share of the remaining portion. Each sibling would receive a 1065B which would then be used to fill in the K-1 form.

 

Schedule K

 

•1. Rentals Income – Used when a partnership or corporation earns income from rental property.

 

•2. Rentals Expenses – Self explanatory but make sure you can break down what your actual expenses are versus what you think you are spending. Ads, Management fees, mileage to go collect rent or inspect problems with the home, all play a part in reducing your income and tax liability.

 

•3. Portfolio – Interest – CD’s – when a CD is part of an investment it earns a special place on the K1 form apart from interest from the US Treasury which is the next category.

 

•4. Portfolio – Interest – U.S. Treasury (bonds) etc. Many of these bonds are non-taxable income and many of these non-taxable bonds pay decent interest rates.

 

•5. Portfolio – Dividends – What would normally be on a 1099 DIV form in the case of a partnership, corporation or trust that owns stock will go on the K1.

 

•6. Portfolio – Royalties – Income received from copyrights, patents, oil, gas or mineral properties. Check your portfolio to see if your mutual funds are being invested in these type of companies.

 

•7. Other Income – the all-purpose IRS junk category. Other. If you can’t fit it into one of the other categories, put it here.

 

 

Deductions -

 

•1. Charitable – yes, partnerships, corporations and trusts can donate to worthy causes and receive the same benefits of writing off these donations to offset income and to foster goodwill in their communities.

 

•2. Other – If you can’t fit a deduction anywhere else, put it here.

 

 

Investment Interest

 

 

•1. Foreign Tax – Some mutual funds invest globally and thus you end up paying some foreign taxes. Sometimes these foreign taxes are deductible, that is a completely different article I haven’t written as of yet.

 

•2. Reduction in Available Taxes – another category put on your 1099DIV at the end of the year. Most companies will not use this category, I have been doing this for 9 years and have yet to service a client that uses this category.

 

 

•II. Balance Sheet Tax Lines

 

 

While a lot of the lines that have been covered can easily go into this income or that expense category, the balance sheet covers the accounts that would be considered assets, liabilities or equity.

 

 

•1. Cash – this would be your bank accounts, your cash on hand or petty cash accounts. It would include any account that is immediately available as liquid assets.

 

•2. Accounts Receivable – If you accept payment on credit terms, all amounts that you are waiting to be paid would be classified as A/R. There are companies out there now who will pay cash for your receivables, which in cases of extreme cash flow restrictions would be an option. The percentage you get however will be significantly reduced and isn’t an option for a lot of smaller business owners.

 

•3. Allowance for Bad Debts – This is the method I discussed earlier about figuring in advance that .5 – 2% of your A/R will never pay and being able to claim that as such against your A/R.

 

•4. US Government Obligations – Rare to be used, but if you have back taxes or debts owed to the government on a payment plan or regular payments, use this box.

 

•5. Tax Exempt Sec. – If the company owns any bonds or tax exempt securities, these are assets that pay out based on the ‘loan’ made to the payor.

 

•6. Other Current Assets – These are assets that can be easily and quickly converted to cash within a year’s time, CD’s, Bonds, etc.

 

•7. Loans to Shareholders – Just as it is feasible for a shareholder in a corporation to loan money to the company, it is also feasible for the shareholder(s) to borrow money from the company. Keep in mind that this kind of loan is strictly regulated and is one of the reasons that the Enron executives were more closely scrutinized and prosecuted, because the loans were below market value for excessive amounts that could never have been repaid.

 

•8. Mortgage Real Estate Loans – If your business involves the collection of loan amounts for real estate purchases, this would be the account to put those payments into.

 

•9. Other Investments – Are there any other investing activities that your company participates in that generates income either directly or through depreciation or amortization of assets?

 

•10. Buildings – Your building will be included on the balance sheet as being a positive addition to your assets and their value, the loan for the purchase of the buildings however will be on the liability side. There should be a separate fixed asset account showing the original cost of the building.

 

•11. Accumulated Depreciation – the yearly amount deducted from the VALUE (not the COST) of the building, vehicle, etc. Accumulated means all the previous year’s accumulated deductions for this asset. This amount if added correctly will appear on the chart of accounts as a negative figure.

 

•12. Land – Land does not depreciate, however the cost of the land is an asset and should be included in the accounting.

 

•13. Accumulated Amortization -

 

•14. Other Assets – Assets that cannot be put into any of these categories. Intangible assets, like goodwill, etc.

 

 

 

 

 

Balance Sheet Liabilities

 

•1. Accounts Payable – These are the accounts you owe that are on credit. This is for products, services or merchandise you purchased on credit.

 

•2. Short Term Mortgages Payable – In a time of extreme cash flow need, sometimes a business owner will take out a short term mortgage with collateral. Short term means it should be paid within 12 months.

 

•3. Other Current Liabilities – All liabilities that will be paid off within 12 months.

 

•4. Loans from Shareholders – When the company is strapped for cash and the owners/shareholders are not the money is put here so that when it is taken out it is done so as a repayment on the loan from the shareholders, with interest, and is not taxable, apart from the interest gained personally to the shareholder.

 

•5. Long Term Mortgages/Notes – Mortgages on property, notes payable to companies or individuals that don’t expect payment within a years’ time.

 

•6. Other Liabilities – All liabilities not fitting in other categories go here.

 

•7. Capital Stock – The number of shares authorized for issuance by a company’s charter, including both common and preferred stock. Generally the value assigned to each share is $1 but that is up to the individual business owner.

 

•8. Paid In Capital – capital received from investors for stock, also called contributed capital.

 

•9. Treasury Stock – stock reacquired by a corporation to be retired or resold to the public. Not to be considered when calculating an earnings per share ratio, dividends or for voting purposes.

 

Numbers 7,8 and 9 are usually meant for companies with the intent to sell their stock or go public. For these categories I would suggest getting guidance from a CPA before attempting to undergo that process yourself.

 

 

M-1

 

The M-1 is a form used for corporations with income or assets over $250,000. It is a comparison to the beginning years balance sheet to the end of year’s balance sheet. The use of Quickbooks makes this preparation easier as the information flows easily from the Quickbooks file to many different types of tax preparation software. (Lacerte, ProSeries, etc) The cost of these tax preparation software is usually prohibitive for a company that doesn’t specialize in tax preparation, so seek out a preparer that uses one of these two systems.

 

 

1. Net Income Per Books – the income minus expenses on books flows through to here.

 

2. Depreciation Per Books – ditto.

 

3. Expenses on Books not on Return – consult a tax professional before putting any of your accounts into this category!

 

4. Income on Books not on Return – again, consult a tax professional before using either of these categories.

 

 

 

 

8825A-E

 

If your corporation or partnership owns one or more rental real estate properties, the income and expenses are assigned to one of these accounts. The A, B, C etc are for separate rental properties so you can keep track of up to 5 different properties.

 

 

Gross Rents – how much rental income did you receive for this property. Advertising – how much did it cost you to advertise this property as being for rent? Auto and Travel – how many times did you travel to the property for maintenance, collection of rent, etc. Cleaning and Maintenance – tenants can sometimes make a mess, how much did the carpet cleaning, painting, etc cost you? Commissions – did you hire someone to help you rent the place? Pay them and deduct it here. Insurance – this would be for property and casualty insurance on the property in case you get sued or someone hurts themselves while living on or exploring your property. Legal and Professional Fees – did you have an attorney draw up the rental paperwork? Interest Expense – generally reported on the 1098 of the property. Repairs – outside of regular cleaning, was anything damaged that needed repairs? Taxes – Real estate taxes, county taxes, etc Utilities – Are you paying utilities to keep up appearances while you are trying to rent the property? Are you paying utilities for the tenant? Wages – do you have someone on staff who is your “property manager”? Split up their wages amongst the properties for accurate bookkeeping! (but pay them with one check. Misc. Expenses – pest control, security, etc would all go here.

 

Hopefully this article has helped you further your Quickbooks education on tax lines. Remember the old adage, “Garbage in, Garbage Out!” Put in correctly, your reports will be more accurate, and decidedly more helpful to you and your accountant.

 

 

 



By: David Steven Roberts

About the Author:

quickbooks training

QuickBooks Hosting is a part of a growing trend of Cloud Hosting services. As cloud computing gets more accepted as a platform for virtualization of your IT infrastructure the relevance of Application Service Providers are gaining more recognition, for their efforts at simplifying the way, in which we manage our IT resources. This technology is especially relevant for small and medium businesses, who want to cut their start up time or those, who don’t want to invest heavily in their IT infrastructure and to bear further cost, in their management. This process of Cloud Hosting gains more importance, as IT may not be the core business of a firm and hence, to leave it to specialized application providers is never a bad option especially if it cost much less in terms of cost.

Technology forecasters such as Gartner and Foresters have predicted a very rosy picture about the cloud hosting phenomenon and an estimate by Gartner Inc. forecasts that around 80% of Fortune 1000 enterprises will get some sorts of services based on cloud computing until 2012. It is not without reason that Microsoft, IBM, Google, Amazon and Yahoo have pushed for cloud company in a big way.

In the context of Cloud hosting let us see what benefits it accrue to the small businesses .One is the easy implementation, as you need not purchase any additional hardware or software for cloud computing implementation. Further ,this is very fast as it comes ready made. So, Hosting services are more reliable as huge data centers and technical experts allow full proof security and a glitch free operation of your IT infrastructure.

Now we will look into the benefits of Cloud hosting in the context of Bookkeeping requirements of Small business and see how an Application Service Provider can really make its implementation easy not only for the CPAs but also for their clients. One thing you must understand is that in QuickBooks Hosting your licensed software ,instead of running on your infrastructure is installed and run on the ASP servers. This means that it is managed by them as well , and what you access is a service at your terminal as a simple desktop application, which is just like a file on your desktop. This makes your work really easy as you don’t have to invest in the IT infrastructure requirements and security aspect of the backup, which is now responsibility of the service provider.

With enhanced security provided by QuickBooks Hosting comes reliability and with the facility of full always on technical support you just admire the way, your day to day technicalities regarding the troubles in your IT infrastructure have vanished. Of course QuickBooks Hosting comes at a price but you must also compare the huge cost you would have incurred in installing all the versions of the software and manning it.

By going for Hosted QuickBooks CPAs save considerable time, by having anywhere connectivity, multi user remote access facility and simultaneous access of files by both the client and the CPAs is immensely useful in growing your business and at the same time making it more efficient.

For QuickBooks Hosting data security aspects can’t be overlooked. Application Service Providers have more expertise in providing for security of your file transfers that the technical skills an in house specialist can have and this is in addition to dual backups of your data on the fully protected ASPs datacenters.

Besides QuickBooks Hosting , you get additional security facilities such as port monitoring, system security services, operational security services, security assessment with client reporting. And Application Service Providers do not provide just one service .They provide many associated facility all of them of which may be useful to a small firm. For example besides QuickBooks Hosting ASPs may also provide Tax software hosting, server hosting and many managed services which can be helpful to a Small firm in integrating all its IT related needs than to mange them separately.

James Zachman is co-founder of Real Time Data Services. Mr. Zachman holds a degree in Business Administration from the University of Kansas and has been actively consulting Small and medium businesses and CPAs regarding adoption of efficient Book keeping platforms such as QuickBooks Hosting. Real Time Data Services, is one of the leading Application Service provider having immense technical expertise in hosting a number of applications such as QuickBooks Hosting, MyOb Hosting,PeachTree Hosting and Tax Software hosting. RTDS provides QuickBooks hosting, supports all versions of QuickBooks and QuickBooks add-ons.

Technical experts at Real Time Data Services ensures that the client receives the most valuable support services, ensuring 24×7 remote technical support via Phone, chat and email for troubleshooting. As customer satisfaction is our primary concern we are always ready to go ‘that extra step’ in terms of interaction with our clients in resolving their problems and this has enabled us to emerge as a market leader in respect of QuickBooks Hosting and Tax Software hosting. Real Time Data Services also provide dedicated servers for Tax Application Hosting such as Proseries, Lacerte, UltraTax, ATX etc as well as Managed IT Infrastructure services for small and medium businesses.



By: James Zachman

About the Author:

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The QuickBooks Enterprise Solutions package is growing. Aside from the basic QuickBooks packages, there are other QuickBooks products as well, such as QuickBooks Online and QuickBooks POS or QuickBooks Point of Sale. But as with any new technology introduced, especially in the business world which is teeming with critiques and where there is little space for error, the QuickBooks Enterprise Solutions package and its other supporting products such as QuickBooks POS are under attack of various misconceptions and myths.

In order to appreciate the full benefits of the QuickBooks Enterprise system, you should first bust the myths that surround it. Here are some of the myths that hinder a lot of companies from benefiting greatly from the QuickBooks Enterprise system.

1. QuickBooks is only suitable for small businesses.

This is a myth! The QuickBooks Enterprise Solutions package is custom-fit for mid-sized companies. Although it can be used for small and large companies alike, the system has exhibited optimized performance and best results when used in mid-range settings. It is perfect and is currently the number one financial management system in use in majority of companies with anywhere from 20 to 500 employees. The features and capabilities of the QuickBooks Enterprise Solutions system match the needs of these mid-sized but rapidly growing companies.

1. QuickBooks is only financial management software; you still do the work.

This is a myth! QuickBooks Enterprise Solutions is not called QuickBooks Financial Management Software, and it’s not just to make the product sound better. It is called such because it is an overall business solution that can streamline the processes involved in your business, from point of sale to recordkeeping and everything in between.

And you don’t have to do all the work. The QuickBooks Enterprise package can take a huge weight off your shoulders, but the system does need maintenance, upgrades, and operation. However, the best thing about the QuickBooks is that you can seek product installation services, data migration, data recovery and backup, and several other support services in using your software. You can also avail of outsourced QuickBooks Enterprise consultations and bookkeeping. These services are now widely offered by an entire network of Intuit-certified providers.

1. Your existing business applications become useless.

Again, this is a myth! QuickBooks Enterprise Solutions is possibly the most hassle-free financial management software you can come across. The system easily adjusts to your existing business practices instead of requiring you to make adjustments for it. Your QuickBooks Enterprise package can easily accommodate switches from other market applications such as Sage MAS 90 or Microsoft Great Plains. And many companies have already made such switches as these applications are deemed very expensive and complicated compared to the economical and streamlined process offered by QuickBooks Enterprise.

1. QuickBooks Enterprise is not perfectly secure.

For a growing mid-sized business, security becomes even more important as its status and forecasts can determine the direction of the business. In such a make or break situation, security often becomes the key difference. A lot of people carry the misconception that «a href=”http://qualityconsultingandbilling.com/quickbooks_enterprise.htm”»QuickBooks Enterprise Solutions«/a» is not perfectly secure. This is, however, completely untrue. In fact, QuickBooks Enterprise offers up to 115 different user permissions so you can control every bit of access allowed to your system users. These 115 user permissions are applied to various reports, bank accounts, and other financial activities of the business. QuickBooks Enterprise, therefore, is actually meticulously secure.

1. QuickBooks Enterprise is an accounting software.

Again, as previously clarified, there is a reason why QuickBooks Enterprise is called a solution. It solves all your business problems by offering all-around benefits that make



By: mike faraone

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