Handling payroll in-house is a responsibility that should be handled with the utmost care. Among all of your bookkeeping tasks, payroll has the potential to produce some of the most negative repercussions for your business. The main reasons for this increased risk are: 1) you are submitting payments to your employees whom are a part
Read MoreAccuraBooks serves typical small businesses that gross approximately $5m or less in annual revenues. Most typical small businesses within this income range can get by with outsourced (contracted) bookkeeping services to handle recurring tasks. The most common among these tasks include bank/credit reconciliations, payroll, sales tax filings, and job-costing. Some additional tasks at this level
Read MoreAlmost every time I work at monthly or quarterly cash and credit reconciliations, there are inevitably transactions that I will have questions on and therefore need to obtain further clarification before booking to the appropriate account in the client’s financial database. I always like to book transactions to relevant accounts that have a useful purpose;
Read MoreTracking sales tax in QuickBooks can be made very easy or more difficult, depending on your needs. Very Easy Method – The relatively simple sales tax tracking in QuickBooks is best for those who do not invoice their clients directly from the QuickBooks software. For example, let’s say you are a retailer with an in-house
Read MorePaper investments, such as stocks, bonds, mutual funds, money market accounts, etc., are probably best tracked in a personal financial software such as Quicken because the auto-feeds capability of Quicken can handle and book these sophisticated entries to recognize events such as reinvested dividends, capital gains and interest income. However, not all of us are
Read MoreThere are lots of financial reports in QuickBooks you can process or create to assist you in your business analysis. Some reports are standard across the board and some reports can be customized to an individual’s desire. Once I verify which accounting method (accrual-based or cash-based) is typical for the client, I can create reports
Read MoreBoth QuickBooks Online and QuickBooks Desktop versions offer tools for processing automatic bank feed downloads. QuickBooks Online has a good advantage over QuickBooks Desktop with its intuitive user interface and the flexibility of its renaming and allocation rules for auto bank feed downloads. When trying to set up renaming and account allocation rules, however, the
Read MoreMulti-user access is a great option if you need two or more users accessing your QuickBooks company file at the same time. You must begin by assessing how many simultaneous users your QuickBooks software license will allow. To find this information, press the F2 key within your QuickBooks Desktop file. Your information will be displayed
Read MoreNearly every time I begin working with a new client, I have to modify their Chart of Accounts. There is generally a lack of proper organization and a misuse of Balance Sheet and Income Statement type accounts that requires my assistance. There are usually three issues found in the misuse of the accounts: Redundancy –
Read MoreA popular question that is often asked by small business owners is whether they should pay themselves through a taxed payroll system or simply take the money from the business through Owner Distributions. My CPA recently answered a client as follows: “As long as you are NOT a C Corporation, then you can withdraw funds
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