How Do You Know, What They Do Not Know?

How Do You Know, What They Do Not Know?   by Laurie O'Neil

in Accounting   (submitted 2010-01-04)

0

votes

vote

One of the hardest tasks as an owner of a bookkeeping firm is to find a qualified bookkeeper. You are out marketing like crazy when suddenly you realize you are at capacity. You need to bring on another bookkeeper to handle all the work you've brought in. So what do you do? You place an ad for the position and get some great responses. You schedule some interviews; you do all the right things. During the interview you ask all your normal interviewing questions. Afterwards you decide that you liked the candidate and feel like they are qualified for the job so you check out their references. They all check out and you end up hiring them, then what happens? After you hire them you find out they lied. They don't know QuickBooks at all, even though they answered all your questions correctly. So how do you know what they do not know?
This has taken some time to perfect. At first, the thought of bringing on another staff member would put a knot in my stomach. This was an intricate process with a no win scenario, because no matter who I brought on I would have to groom them into the position. Initially I started asking detailed questions about QuickBooks and bookkeeping but I found that just wasn't enough. Job candidates can give you all the right answers and still not be qualified enough for the job. I realized that I needed a way to test their skills upfront, something more concrete than just their answers to my questions.
I started investigating different resources to get me out of this dilemma. One of the first resources I found that you should take the time to check out is the American Institute of Professional Bookkeepers. They offer a free comprehensive bookkeeper hiring test for employers that checks their knowledge on the practical applications of accounting. You can find the test right on their homepage. The test is based on the national Certified Bookkeeper Exam. It is twenty questions based on journal entries, depreciation, pre-paid expenses etc.
My favorite resource is McWilliam and Associates, Inc. I give this test to all new hires. It is 78 questions of all aspects of practical QuickBooks usage. It tests on General QuickBooks Knowledge, Payroll, Inventory, Banking, Accounts Receivable etc. The average grade is about a 50 because it tests on everything. They also have some other cool tools for other purposes as well. One that I like and have gotten a lot of use out of, is their Knowledge Base Subscription. It is an online troubleshooting guide for QuickBooks. They also have a great Diagnostic tool for when you are doing clean up work, which allows you to put a report together to give to your client on the work that needs to be completed.
So now that you have some trusty resources to help you out next time you find yourself involved in the hiring process, don't cringe at the thought of bringing on another staff member. Just do your homework and you will know what they do not know upfront. Test their actual bookkeeping knowledge, don't just take them at their word. It'll save you a lot of frustration later on, not to mention a whole lot of your time.

Minimizing Receivables in a Tough Economy

Minimizing Receivables in a Tough Economy   by Laurie O'Neil

in Accounting   (submitted 2010-01-04)

0

votes

vote

Many of us are currently being faced with tough economical times. So how do you protect yourself as a business owner from a down turn in the economy and prevent yourself from being burdened with large Accounts Receivables?
A few years back, I was doing some deep soul searching. I was not happy with my business model. I was not making the money I thought I should be. My Accounts Receivable Aging report was sometimes over $30,000. Here I was providing onsite bookkeeping services and I was finding myself having to wait as much as 45 days from the date of the services to finally get paid. I was billing bi-weekly, but I was still having cash flow issues. My client's payment terms were really putting me in a cash flow crisis. The idea of spending lots of money on credit card fees definitely did not appeal to me, so what was I to do? I was trying to grow my company, but continually felt like I was chasing my clients to get payments in the door. I was tired of this.
I needed to make some big changes in order to fix my cash flow situation and feel more financially secure. I started by changing the terms of my payment policy. A good friend of mine at the time was working for a company called Alliance Payment Technologies. She opened my eyes to something called an Automatic Clearing House. After doing a little research, I realized that this was exactly the solution I was looking for in order to minimize my accounts receivables, without having to go down the dreaded road of accepting credit cards. So what, you ask, is an Automatic Clearing House? In plain English, according to Google, an Automatic Clearing House is a secure, private electronic payment transfer systems that connects all US financial institutions.
Using an Automatic Clearing House helped me to make the changes I needed to stop having large Accounts Receivable balances. So how did they do this exactly? Companies like NetDeposit who specializes in Accounts Receivable Truncation, Direct Deposit, Electronic Check Conversion, Web Check and my favorite Recurring Billing. The Recurring Billing enabled me to have my flat fee monthly recurring projects taken out of my client's bank account automatically on a monthly basis - no invoicing and no waiting. I also changed how we handled our onsite bookkeeping clients by setting a weekly minimum based on an estimated number of hours worked that would be taken out of the client's bank account on a weekly or bi-weekly basis. On top of all of this, I also changed my billing to be monthly in order to reflect adjustment bills from if we had gone over/under the minimums in the month for onsite clients set up as recurring. Even though I had changed my billing to be done on a monthly basis instead of biweekly, with this new automatic payment system in place, my receivables would be minimal.
This turned out to be exactly the solution that I had been looking for to solve all my collection and cash flow problems. It made a dramatic impact on my cash flow situation and minimized my collections almost completely. It enabled me to be able to budget and manage my cash flow issues on a more regular basis. So if you have ever found yourself in the position of feeling strapped for cash while you're waiting on your clients to finally get around to paying you for the services you have rendered, this may be exactly what you're looking for. In this tough economy especially, you may want to consider minimizing your accounts receivables by using an Automatic Clearing House to collect your fees for you.

Importance of Bookkeeping for Small Business

Importance of Bookkeeping for Small Business   by Bookkeeping Services India

in Accounting   (submitted 2010-01-05)

1

vote

vote

Bookkeeping is an important for all small and large business. The significance of bookkeeping should not be underestimated, and paying concentration to books is a sure fire way to maximize benefits, avoid severe mistakes and earn back cash on taxes. Bookkeeping after that is one of those savings of time that will earn back sufficient money to ensure they are worth the time put in.

Bookkeeping means keeping track of all cash that comes in and also out of the company, and filing and maintenance documents such as bank statements, receipts and letters pertaining to the companies finances. The most observable reason to do this is that it's a legal condition and that companies are instructed to maintain all of their legal documents for at least five years and thorough records of their incomes. This will then come in very helpful in accounting-tax inspections, and at the end of the financial year when they will be necessary to declare all their earnings to be taxed. Keeping all your records secure and also all your receipts together will allocate you to claim back tax on equipment, supplies and more production bookkeeping more than meaningful.

At the same time though bookkeeping include other improvements from a business point of view. It will allow the company to maintain records of their revenue and spending for their own purpose - allowing them to look for tendency and create projections. For instance by analyzing how revenue has gradually increase all the way through the year, you should be capable to expect with some correctness what you are probable to be earning by the end of the next year. These preserves then allow you to create other plans based on that potential revenue and measure your achievement over the next twelve months with a source for comparison.

Unfortunately on the other hand bookkeeping is remarkable that many companies, like larger companies as well as smaller companies think they can get away without. It's all to frequent to see small start ups and the self employed squirreling away legal and financial documents only to dig it out weeks before their tax report is due and to then rush and move the records mutually. This means they won't advantage from the money saved by the tax deductions, or from the additional approaching they'd have garnered from detailed reports. It is also a big error as any mistakes in that report could land a company in difficulty if they can't back up their claims or are consideration to be evading their taxes.

It's understandable on the other hand that this happens to companies, as bookkeeping can be a full time profession and get pretty complex. It is for this cause then that so many companies appoint an external bookkeeping service to take care of their financial data for them. This method the company gets all of the reimbursements with none of the work, and if the service is good quality they won't lose anything moreover - all of the money such a service charge be supposed to be earned back in tax deductions.

Outsourcing Accounting Services to help your Small Business

Outsourcing Accounting Services to help your Small Business   by Hi-Tech Accounting Services

in Accounting   (submitted 2010-01-05)

1

vote

vote

The accounting responsibilities of your business to protect time-consuming and complicated if you do not have a proper system in place. Accounting tasks can not is avoided and pretty important to maintain your business up and running. Other than now you do not have to be troubled as the outsourcing accounting services can be outsourced to the companies that are dedicated in doing accounting work and you can improve business presentation while focusing on the core activities of business.
Maintenance the accounts books properly managed requires a good amount of time, thoroughness and skillfulness. If the business finances don't add up correctly, you might run into a lot of difficulties. You are at the loosing end if you don't find out the inconsistency and accurate them. But don't be troubled outsourcing accounting services can offer resolution to all these troubles.
Outsourcing accounting services consist of keep all the financial documents, Generating invoices, Tallying profit and loss accounts or balance sheet, Checking out daily expenses bill and much more. Outsourcing accounting services can prove highly advantageous for those business houses that find it pretty complex to handle financial accounting tasks.
If you prefer outsourcing accounting services, you can focus more on additional significant activities bringing out more performance from profit venturing features of the business.
When are you considering outsourcing accounting services so, you get more benefits such as:

• Accounts Receivable


• Accounts Payable


• Budget Process


• Cash Flow Statement


• Cash Management


• Financial Reporting


• Inventory Reconciliation


• Payroll Administration


• Quarterly Tax Filing

But all these advantages will be carried out only if the company chooses a well reputed and professional accounting provider. They actually must have to observe the provider whom they look for partner with. Moreover, it would be improved if they will be able to get in touch with a few of the existing customers of the company as an effect they will know about their experience and proficiency. Obviously, they should decide the provider the one that they think has both the honesty and principles to do their job well and precisely.

Affiliate Site Conte

Affiliate Site Content Management Made Easy: Affiliate Site Content Management Made Easy   by Wilmer Streed in Blogs &nbs.. *

Discover How To Make

Discover How To Make Automated Blog Posts: Discover How To Make Automated Blog Posts   by Wilmer Streed in Blogs   (.. *

No Time For Bookkeeping? Outsource To The Professionals

No Time For Bookkeeping? Outsource To The Professionals   by Loretta Valero-Smith

in Accounting   (submitted 2010-01-05)

0

votes

vote

Why Outsourcing Your Bookkeeping is a Good Idea,Is it tax time already? It always seems like the fiscal year goes by so fast, and it is hard to get your books together on time. Businesses get so caught up in the bottom line, and just trying to stay afloat in today's tough economy, that sometimes bookkeeping can take a second base.
Unfortunately, this can be a tragedy, because bookkeeping and having an accurate record of profits and expenses can really make or break your business, just as much as other areas.The real problem is that a lot of people just don't know how to do proper bookkeeping. Even with the multitude of different accounting courses available, some just don't have the patience to either take the class, or really grasp the amount of information that is required. Other people, no offense, have a hard time getting all the new math that is required for accurate record keeping.So what is a business supposed to do in order to keep up?
Many people turn to outsourcing their bookkeeping to others. This is a really good idea for those who don't have the time, patience, or know how to do it themselves, and turn to qualified people to do it for them. There are many people who have the skills not only to do taxes during this time of year, but also keep records for businesses all year round. Some are individuals who are looking to make some extra cash during tax time, or even permanent year round income, and there are companies that you can turn to for help.There are many different resources online and locally that you can turn to for all of your bookkeeping needs.If you have someone in your company with these kinds of skills, you can use them as well, and there is an abundance of soft ware available that is simple and easy to use.
Paying your own employees can be a little less expensive, but in some cases, even your own people are too busy to do this.What are some of the advantages of outsourcing your bookkeeping? Well for one thing, accounting services are staffed by qualified people who have the latest training and technology to do it properly. It can be more cost effective because of this training, and you need to cut down on your overall costs wherever you can.
How can you find reliable people to help you with your bookkeeping? Just like anything else, you need to shop around for the best rates. While some services may be a little more expensive, in many cases they provide extras like going directly to your business to help you get organized. There are other things you need to take into consideration as well, to make sure that the accounting service is right for you.You need to ask many questions. One of them is if they are qualified to do accounting for your particular business. You need to ask for references, and check these carefully. If they are online, how secure is their accounting software and computers? Are they willing to set up a contract, and how flexible are they in case your needs change?

Enabling Do Follow C

Enabling Do Follow Comments On Your Blog: Enabling Do Follow Comments On Your Blog   by Martin Fister in Blogs   (su.. *

How to Maximize Your

How to Maximize Your Hosted Blog Site With a Shoe String Budget: How to Maximize Your Hosted Blog Site With a Shoe String Budget &n.. *

Starting A Blog: Sta

Starting A Blog: Starting A Blog   by Chris Jerrett in Blogs   (submitted 2010-01-05) 0votesvoteStarting a blog can.. *

The Best Web Hosting

The Best Web Hosting Solution for Your Blog: The Best Web Hosting Solution for Your Blog   by Dave McLovin in Blogs  .. *

Do It Yourself Accounting Softwares To Lessen Your Workload?

Do It Yourself Accounting Softwares To Lessen Your Workload?   by Loretta Valero-Smith

in Accounting   (submitted 2010-01-05)

0

votes

vote

With the growth of work at home professionals, do-it-yourself accounting software has become popular. They long have replaced the pencil and paper. In just seconds, you can quickly calculate your taxes and expenses. There is no need for the middle man. Not only are they fast, but they are relatively easy to use. You don't have to take accounting classes in order to have do-it-yourself accounting software. But are they really good to use? There are many risks to consider before you decide to have your own do-it-yourself accounting software.
One risk to consider is the price. Do-it-yourself accounting software can become pretty costly. They could run up to hundreds and hundreds of dollars. You should always do some comparison shopping when looking for accounting software. Weigh out the pros and cons of all the software, and see if they are worth spending your money on. That way, you won't be stuck with expensive do-it-yourself accounting software that you may not even like.
You also don't want to sacrifice price for performance. You may encounter glitches and freezes with your do-it-yourself accounting software. This could cause you to lose your information, or for the software to combust. If you are lucky, a computer tech could fix the problem for you. You could get back your software, but not your information. In this case, you should always back up your information. You can do this by keeping both forms of handwritten and computerized documents.
There is also one last thing to consider before purchasing do-it-yourself accounting software. This is the most important as well, so pay attention! If you don't protect your computer from outsiders, spyware, and viruses, then your software could be at greater risk. You should make sure to have the most up to date anti-virus and anti-spyware software protection. Without you knowing it, predators can attack your accounting software and other important files. Your information will suddenly show up in their hands. It's always best to become protected. You never know what could happen to your important files.
As with any form of technology, there's always going to be great risks. But, do-it-yourself accounting software could be the best purchase you've ever made. Including for those who have a home based business. Just take the following guidelines in mind when shopping around for do-it-yourself accounting software. You want to make sure that you back up all of your information in case anything happens. Not doing so will become a big loss for both you and your wallet. And lastly, be sure that your computer is fully protected. You wouldn't want anyone else gaining access to your important information. This could pose great danger for you and those that are involved.

Tumblr, the Easier V

Tumblr, the Easier Version of Wordpress: Tumblr, the Easier Version of Wordpress   by Josiah Staggs in Blogs   (subm.. *

Stop Loss Orders and Forex Trading

Stop Loss Orders and Forex Trading   by dbFX

in Accounting   (submitted 2010-01-04)

0

votes

vote

With today's technology, investors now have the ability to trade in the foreign exchange markets with real-time information via the Internet. As with any investment class, having a strategy is key to success. With the tools currently available on forex trading platforms, you can easily implement your forex trading strategy. A basic strategy consists of three components: the price you are entering the market, your target profit levels and the maximum loss you can sustain on this trade.
With dbFX, for example, when you open a trade you have the ability to link a profit target and a maximum loss level to that trade. The direction of the limit or stop loss orders will be in relationship to your original trade or position and the current market.
Let's look at an example. If you have bought EUR/USD at 1.4695, then your profit target or limit order will be to sell the EUR/USD at 1.4745 above the current market and your maximum loss or stop loss order will be 1.4670 selling below the current market. Conversely, if you have sold the EUR/USD at 1.4695, then your profit target or limit order will be to buy the EURUSD at 1.4650 below current market and your maximum loss or stop loss order at 1.4717 will be to buy above the current market. In both of these examples, half of the profit target has been risked using a 1 to 2 risk reward ratio, for every 1 in risk we are targeting 2 in profits.
Many forex brokers offer trading platforms that allow you to link a stop loss orders on your open positions. If a currency rate reaches a certain level - the level you designated - you will be automatically exited from your position. It is also important to note that you cannot place a stop loss order below the usable margin amount (margin being the amount of capital loaned by a broker to supplement your trade). If you do and you have insufficient margin in your account, your positions will be closed out despite your stop loss.
Additionally, you can use a trailing stop loss which is a special type of stop loss order. Some forex brokers, including dbFX, the online forex trading platform from Deutsche Bank, offer this order type. A trailing stop loss automatically adjusts in increments on a tick-by-tick basis, allowing the level of your stop loss to move or trail as the market moves in your favor. This allows you to limit your maximum loss as the market moves in your favor.
You should realize, however, that forex brokers do not guarantee stop loss orders. While they try to fulfill them as directed, moves on the forex market can be so swift and sudden that your position goes beyond the level so quickly that nothing can be done.
To learn more about the advanced order types available with dbFX, visit www.dbfx.com to access the trading platform videos.

Teach newbs make money online

Hello world!


Instead of selling you a book you're not going to read and is not going to help you out, I'm offering you today a nicer thing (only if you are a newb in the MMO = make money online world).

I am going to give you direct consulting/advice/lessons online *STEP BY STEP*...