Online Accounting and Bookkeeping Services

Friday, 5 February 2021

Tips to Convert MYOB to QuickBooks Online

It is possible to transfer from MYOB to Quickbooks, though not as straight forward as either company would have you believe.

The first point to consider is that the Australian versions of MYOB and Quickbooks are different from the USA versions. A basic difference is that our tax year runs 1 July – 30 June whereas the USA the fiscal year is from 1 October – 30 September apparently.

There is a software program that costs around US $400 – then the time taken to extract the data from MYOB into the software and extract out into Quickbooks – not worth the time/trouble based on the budget – for what result?

How often would your client need to refer back to their previous MYOB files? Do they own the MYOB software, in which case they could still have it if/when they needed to refer to them?

Why not just refer back to the hard copies as /when required?

Read More: https://www.myaccountsconsultant.com/bookkeeping-tips-transfer-myob-to-quickbooks/

Transfer MYOB to Quickbooks : The Step of Business Success

Kathy sent us an email: ” Hi. I’m located in the United States. I have a client who wants to transfer his books from MYOB to QuickBooks. I’ve had no luck finding a way to do it in the US. Can you do this? Would you take on a one-time job if I send you the backup file from MYOB, and finally, how much would you charge? His is a very tiny graphics design company; he can’t afford to pay too much, otherwise I would just re-enter everything for the last 15 months or so.”

It is possible to transfer from MYOB to Quickbooks, though not as straight forward as either company would have you believe.

When transferring from MYOB to Quickbooks, you may consider the following:

1) You can transfer card files – suppliers customers etc very easily between MYOB and QuickBooks – ask us how if you don’t know

2) If you need detailed transactions recorded, i.e itemised invoices to be transferred, then that’s where the expense occurs

3) we suggest to clients that they start a new file on the new software at the beginning of the new financial year

4) If it’s only a small company with not much money then you could just do journal entries to get the balances up to date in the new file rather than re- enter all the previous data

We’ve not found a cheaper way to do it – we’ve looked at this problem many times before

How often would your client need to refer back to their previous MYOB files? Do they own the MYOB software, in which case they could still have it if/when they needed to refer to them?

Why not just refer back to the hard copies as /when required?

Wednesday, 3 February 2021

Why Everyone Should file a tax return this year regardless of income ?

Tax season is coming up, and this year, in particular, there’s a big reason for everyone to file a return, regardless of how much money they made last year.

That’s because the coronavirus pandemic has ushered in some key changes that make filing a return critical, even if you aren’t likely to get a large refund.

“This tax season is not going to look like any other,” said Tania Brown, a certified financial planner and coach at SaverLife, a nonprofit focused on helping low-income Americans save.

You may need to file to claim your stimulus checks

The most important reason that low-income Americans who previously didn’t need to file a tax return should do so this year is to claim the economic impact payments that they’re eligible for, according to Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center.

Non-filers — generally single, low-income adults without children — likely didn’t receive any of the stimulus payments that have gone out so far, as the federal government used IRS data to send them to Americans. Those who didn’t receive payments can claim them as a recovery rebate credit by filing a 2020 tax return.

“This will be a significant payment for people,” said Maag, adding that individuals could get up to $1,800 —$1,200 from the first payment and $600 from the second.

Having a tax return on hand will also help if there is further stimulus, said Maag. Those who have filed will have provided the IRS with either their mailing address or direct deposit information, so the agency will know where to send any future payments.

It’s also important that people who didn’t get the full amount of stimulus payment that they were eligible for file a tax return to claim the recovery rebate credit, said Maag.

This includes people who had a significant drop in income in 2020 from 2019 that would have meant a larger payment, as well as those who have a dependent child in their household that they didn’t have last year or a new baby eligible for a check.

You may be eligible for more credits this year

In addition, Americans may be eligible for different credits this year due to the coronavirus pandemic.

Most important, low- to medium-income Americans are generally able to take advantage of the earned income tax credit, a tax break which can be used to lower the amount families owe and potentially lead to a bigger refund. In 2020, the maximum credit for someone with no qualifying children is $538, and the most a family with three or more children could receive is $6,660, according to the IRS.

Some Americans who didn’t previously claim the earned income tax credit may be able to this year, depending on how much money they made. And, non-filers who submit a return for the first time for 2020 can look back over the last three years to see if they were eligible and retroactively file to claim the credit, said Maag.

Other changes will also ensure that families get the maximum credit they need, even if they lost income because of Covid. If you claimed the earned income credit in 2019 but had lower income in 2020, you can use your 2019 income again to claim the credit.

There are other credits that families may be eligible for or can use their 2019 income to claim in 2020, such as the child tax credit.

Tuesday, 2 February 2021

Top 5 Accounting Firms in US For Small Businesses

Accounting is one of the essential services of any business, be it small or big.

Businesses are often forced to spend a lot on the accounting department. There are various approaches that a business can take when it comes to their accounting needs. It is a good idea to go through the different options and choose the one that will provide the most benefits without having to cost your business a lot of money.

One of the most common options people take is hiring an accounting firm.

The accounting firms take care of all the tax and accounting needs of the business and give you the chance to focus on important tasks that help increase sales and grow your company.

What Is An Accounting Firm? Why is it important for your business?

An accounting firm mainly offers services like accounting, bookkeeping, payroll, accounts payables & receivable and auditing for your business. It produces financial records, so that you can easily track your revenues and expenses. Providing consulting on your business’s overall financial health is yet another important service that an accounting firm offers.

It helps you with long-range planning, such as buying property or upgrading your infrastructure. You will be, hence, able to determine how to break even and what your cash-flow needs are.

Accounting firms conduct audits by examining not only financial records, but also the processes and controls in place to ensure records are being properly kept, policies are being adhered to, and your financial practices help support your business goals and are the most efficient way to do so.

Many accounting firms offer a range of T ax Preparation services. The firm’s accountants can help you figure out a new tax code to help ensure your financial reporting practices are in compliance with current IRS regulations, determine your company’s tax liability, and make sure you meet filing requirements and deadlines.

With these services, you can plan your next moves, figure out whether you are making a profit and make decisions about your company’s growth.

1. ORBA

Located in Chicago, Illinois, Ostrow Reisin Berk & Abrams (ORBA) is a full-service accounting, tax, and financial services consulting dedicated to helping clients achieve their goals and build success.

ORBA provides ongoing accounting services in the form of tax consultation and other advisory roles. They offer tax planners to make the filing process as simple as possible.

Ultimately, you need an accounting firm that listens and invests in the relationship. At ORBA, their clients turn to us as their number one advisor for almost every financial need. They help clients reach their financial objectives through experienced, resourceful and proactive relationships — Relationships built on their ability to be a comprehensive knowledge resource, provide industry-leading face time with clients and maintain a firm-wide culture of dedicated, creative and client-focused professionals.

2. MyaccountsConsultant

MyaccountsConsultant offers a range of accounting, bookkeeping, payroll, accounts payables & receivable, accounting software migration and tax services to private sector companies, not-for-profit organizations, individuals, and fiduciaries—provided by experienced CPAs and QuickBooks certified professionals.

Their underlying goals are to help clients comply with all relevant laws and regulations—and at the same time, maintain their focus on the ongoing strategic and operational issues that only they can address.

MAC – Online Accounting Firm’s services include:

Accounting
Bookkeeping
Payroll Preparation
Accounts Payables & Receivable services
CashFlow Management
Tax Planning

MAC’s mission is to provide financial personalized service and attention for their clients and to assist them in achieving their financial and business goals.

3. CapActix Business Solutions

Located in New York, CapActix offers exclusive solutions for Accounting & Finance for small businesses. CapActix brings businesses to the next level by making its functioning smooth & efficient.

CapActix takes the utmost care of the confidentiality and security of their clients’ confidential data. They have taken appropriate measures for security related issues as they firmly believe in data security. Moreover, since exchanging information via emails or any public channel involves some inherent risk, they use a SSL encrypted document management portal which also has document processing module.

4. NCheng

Founded in 1989, NCheng provides a full range of services in audits, accounting, and financial management support to a diversified client base

Their experience and professional resources have been tailored through the years to assist their clients achieve their goals. Their mission is to help businesses achieve their goals and to help them grow and succeed in the long term through sound, strategic management decisions.

Their innovative use of technology, including cloud-based accounting, our understanding of the complexities of the business world, and their creative solutions have all helped to make them respected leader in the business community.

5. Westside Financials

Located in Los Angeles, Westside Financials specializes in helping clients manage their monthly close requirements and staying on top of their complete accounting cycle. Whether it be basic bookkeeping services like reconciling bank and credit card statements, managing payroll, or fractional CFO services like financial forecasts, planning and reporting, Westside Tax works to promote solutions that fit the specific needs of the business.

Final Words

An accounting firm is crucial aspect in your business. You need a firm that is experienced, reliable, and ready to be there for you whenever a need arises. They will not only manage the accounting tasks but also offer practical business advice to support your business planning and growth. Good accounting firms help companies grow, by managing complex financial work and offering advice on practical business issues. This will be guaranteed to save you money in the short and long term. If you choose an accounting firm based on these tips, you reduce your risk of making the wrong choice for your small business.

5 Best QuickBooks Alternatives in 2021 (Free & Paid)

The best QuickBooks alternative has all the necessary bookkeeping features small businesses need but is often easier to use and comes at a lower cost. Whether you’ve become frustrated with your current QuickBooks subscription or you’re looking for accounting software for your new business, there are plenty of software for you to consider, including some free QuickBooks alternatives.

Best QuickBooks Alternatives

Xero: Best overall QuickBooks alternative for small business accounting software
FreshBooks: Best alternative for invoicing and ecommerce software
Zoho Books: Best alternative for freelancer accounting software
Sage 50Cloud: Best alternative for multi-company accounting software including consolidations
Quicken: Best alternative for individuals with rental property

Finally, we considered industry-specific software for industries where QuickBooks lacks certain features that will help with the accounting and overall management of companies.

Xero: Best Overall QuickBooks Alternative

Xero is included in our list of best small business accounting software and has similar features to QuickBooks at a lower price with unlimited users, making it our best overall alternative to QuickBooks. If your primary complaint about QuickBooks is the price or the limited number of users, then Xero is likely your best choice for an alternative software. You can try Xero free for 30 days with no credit card required.

FreshBooks: Best QuickBooks Alternative for Invoicing and Ecommerce

FreshBooks is a complete bookkeeping system that emphasizes great-looking invoices. Like QuickBooks, FreshBooks allows you to track hours and expenses and automatically add them to invoices. For a complete comparison with QuickBooks, read FreshBooks vs Quickbooks. FreshBooks is good for ecommerce businesses with integrations for Squarespace, Shopify, eBay, BigCommerce, and WooCommerce. New subscribers have the choice between a 30-day free trial and 50% off for three months.

Zoho Books: Best QuickBooks Alternative for Freelancers

As your business grows, Zoho Books grows with you via integration with Zoho’s other apps, providing a complete solution to your unique needs along your path to success. Ideal for freelancers, Zoho Books starts at just $9 per month after a two-week free trial. Read Zoho Books vs QuickBooks Comparison.

Sage 50Cloud: Best QuickBooks Alternative for Multicompany Accounting

Sage 50Cloud is great compared to QuickBooks Online if you need to keep the books for multiple companies. While a single QuickBooks Desktop license can be used for multiple companies, QuickBooks Online requires separate subscriptions, which can become very expensive. Not only can Sage 50Cloud account for multiple companies, but it can consolidate the companies into a single entity and prepare consolidated financial statements. You can evaluate Sage 50Cloud by clicking “Take a test drive” from its website, which will allow you to access a hosted version of 50Cloud with sample data.

Quicken: Best QuickBooks Alternative for Individuals With Rental Property

Individuals owning rental property might be better served with Quicken compared to QuickBooks, a full-fledged bookkeeping software. Unlike double-entry bookkeeping software, Quicken keeps things simple by focusing on only your income and expenses instead of tracking assets and liabilities. Quicken can also be used to track your personal finances, including your retirement accounts, which provide a lot of value beyond simply accounting for rental income. You’ll need the Home & Business edition to manage your rental property, which costs $103.99 per year.

If you are currently working with the anyone of software from the above and looking for the QuickBooks migration services, then you do it now because of the time business need to more function and space and these all are not handled these all.

Bottom Line

QuickBooks dominates the market for small business accounting, but it is not always the best answer, and there are many alternatives to QuickBooks to consider. Depending on your budget, features desired, and industry, you might find an alternative software will meet your needs better.

Friday, 29 January 2021

Next Level of financial success : Business Cash Flow

Business Cash Flow is certainly the lifeblood of your growing business even your business small or large size enterprice. In fact, it's what keeps you in business. To be a hit in business, you want to be ready to keep your finger on the heart beat of this lifeblood – it are often the difference between growing stronger in your niche or faltering and falling by the wayside. income must be monitored and forecasted at the initial beginning of the business or during the start-up phase, when the business sees a rise of sales, and when the economy is during a downturn. Simply put, cash flow management analysis are often a beneficial instrument for measuring your business’ activity.

Identifying Potential Land Mines

You can easily identify potential financial land mines which will set your business back by developing a income spreadsheet. There are computerized spreadsheet programs that you simply can use to make a income analysis, otherwise you can build your own employing a basic program like Excel. There also are templates which will be used for your income analysis that you simply simply populate with the proper figures. The income analysis tool that you simply prefer to use should be utilized then monitored regularly. Most business owners report doing a weekly analysis of their business’ income , but you'll choose a special schedule if you would like , like bi-weekly or monthly. The important thing is to be consistent and regular. As a business owner, you ought to fill out this analysis yourself, or you can hire an quickbooks accountant.

How to Prepare a Cash Flow Analysis

The formula for cash analysis is: beginning balance for the amount + income = ending balance. The ending balance will allow you to spot when and for a way much your income are going to be deficient, if at all. Identifying cash shortages and once they will occur will allow you to combat the matter and take steps to usher in additional cash to the business while halting the outflow of money wherever possible. If you discover that your business may experience a cash shortage when doing all of your income analysis, you'll take steps like posing for interim payments or deposits from clients, utilizing the utilization of a retainer if your business model involves it, and invoicing customers directly when a service is rendered or a sale is formed. Business Cash flow analysis is a valuable tool for all business owners and its nessasary for the all the business.

Business Cash Flow management is next level of business success

How to Prepare a Cash Flow Analysis

To begin preparing your cash flow analysis, start your spreadsheet by adding the cash-on-hand at the period’s beginning with the cash that's anticipated to be received from other sources. this may be a projected total of income, including receipt of assets and cash sales.