Online Accounting and Bookkeeping Services

Wednesday, 10 February 2021

Advantages of Outsourced Accounting Services

Would your business benefit by using outsourced accounting services instead of an internal accounting department or a CPA firm? Good accounting provides your business with the information it needs to make better decisions, stay in compliance with regulations, and maintain your company's image with employees, potential investors, and the public. It also helps you manage cash flow, ensure employees get paid on time, and keep up with accounts receivable. Very often, the difference between thriving and struggling companies lies in their accounting practices.

At the same time, most executives and business owners need to balance these benefits against their budgets. Outsourced Outsourced Online accounting services have grown much more popular lately with companies off all sizes because they can provide an affordable, scalable, and effective way to enjoy the benefits of good accounting practices. Take just a moment to explore the pros and cons of outsourced accounting services to see if they can benefit you.

Benefits of Outsourced Accounting Services

Accounting needs change over time. For many companies, they can even vary wildly by the season. This underscores many of the benefits of outsourced accounting for many businesses.

For instance:

With an internal accounting department, you will need to spend time and money on hiring and overhead. Declining needs might require layoffs and of course, the associated unpleasantness and potential damage to your brand.
If you call upon a CPA firm, they may focus upon taxes, compliance, and financial statements but offer limited resources for such important tasks as bookkeeping and managerial accounting. During certain seasons, such as tax time, you may struggle to access any resources at all.
If plan to keep the books for your own small business, the effort of managing standard accounting processes or running payroll can distract you from your core business. That will limit your ability to either do a good job or attend other vital tasks.

Is Outsourced Accounting the Best Choice for Your Business?

For a scalable, cost-effective, and reliable way to manage your accounting department needs, you should consider outsourced accounting for your business. Many small business owners may not even know exactly what services they need, and good accounting services can provide direction with this as well. Finally, whether the world continues to embrace the “new norm” of virtual permanently or just for the foreseeable future, outsourced accounting services have the structures in place to manage accounting without the limitations and considerations of physical office space.

Top Accounting Mistakes in Real Estate Business

If you are a real estate agent or investor, chances are high that you have already got your hands in innumerable operational issues. Decision making, cashing in on slim opportunities and sales and marketing are some of the core activities that you cannot afford to ignore.

Add to these the importance of keeping a finger on the pulse of rising and fall of real estate prices and tracking new statutory regulations governing the real estate scenario and you are hardly left with any breathing space.

With all these core issues to reckon with you do not have much elbow room to focus on non-core yet crucial activities such as bookkeeping. In any industry, this is always a repetitive, mundane and tedious task, one that mainly involves processing operational data and figures to generate reports based on which current state of affairs can be evaluated.

As such bookkeeping will definitely not be a priority item for maintaining it yourself at the cost of more important tasks. It is therefore always preferable to spin off this component of your business to professional real estate bookkeeping services and get on with the more central tasks at stake.

Bookkeeping Mistakes in Real Estate Business:

1. Poor maintenance of records

This is very common amongst real estate agents and investors not because you don’t know how to keep proper records but because you don’t have the time to be meticulous about it.

Back of the envelope, calculations can be quite uncomfortable for you at tax time when the smallest receipt has to be shown for verification, especially if there is an IRS audit. Producing accurate records maintained by real estate bookkeeping services will give you peace of mind.

2. Wrong employee classification

You will have a lot of people working for you when you are in the real estate industry. There will be employees working full time in administrative roles; there will be market analysts working part-time helping you make better investing decisions.

Each segment has its own specific tax structure and not adhering to it will lead to wrong calculations and paying excess taxes.

3. Not segregating bank accounts

Most real estate agents tend to have one bank account – personal and business clubbed together. So at the end of the year, during tax calculation when you have to account for your real estate activities there will be a problem of gigantic proportions untangling your business expenses from your personal expenses.

Have two separate accounts and entrust the responsibility of maintaining your trade account to real estate bookkeeping.

All these points in one direction – instead of making these mistakes as an investor and agent in the real estate industry, you’ll do well to entrust the responsibility to real estate accounting experts.

Do you wish to avoid any of these real estate bookkeeping mistakes from affecting your finances, reputation, or business growth? If yes, join hands with the accounting experts of MAC and free yourself against any bookkeeping headache. Contact us now!

Top 5 Bookkeeping Mistakes in Real Estate Industry

Bookkeeping Mistakes in Real Estate Business:

1. Poor maintenance of records

This is very common amongst real estate agents and investors not because you don’t know how to keep proper records but because you don’t have the time to be meticulous about it.

2. Wrong employee classification

Each segment has its own specific tax structure and not adhering to it will lead to wrong calculations and paying excess taxes.

3. Not segregating bank accounts

Have two separate accounts and entrust the responsibility of maintaining your trade account to real estate bookkeeping.

Friday, 5 February 2021

Step by Step Guide of Payroll Process

Remember, this post is for Spcific purposes. For specific advice, make certain to consult knowledgeable or you can hire MyaccountsConsultant for your payroll processing.

You can find out how to try to to payroll yourself. There are several payroll options to settle on from. counting on which option you select , there are different tasks, time commitments, and costs involved.

Step by Step Process Payroll Yourself:

Step 1: Have all employees complete a W-4

Step 2: Find or sign up for Employer Identification Numbers

Step 3: Choose your payroll schedule

Step 4: Calculate and withhold income taxes

Step 5: Pay taxes

Step 6: File tax forms & employee W-2s

If you follow this step for your payroll processing, then its lots of help you with payroll processing, but these are the some main point, but if you want to do it yourself then you have to so some research by yourself about the financial and business rules.

Payroll Process: The Complete Guide

Payroll for your company doesn’t to be an impossible task. If you’re looking to find out the way to do payroll yourself, you've got some options.Below, we walk you step by step through what each process entails, also as which option could be best for your business. Payroll Services for small business is crucial and needed to manage business run smoothly.

Remember, this post is for Spcific purposes. For specific advice, make certain to consult knowledgeable or you can hire MyaccountsConsultant for your payroll processing.

Step by Step Process Payroll Yourself:

Step 1: Have all employees complete a W-4

Step 2: Find or sign up for Employer Identification Numbers

Step 3: Choose your payroll schedule

Step 4: Calculate and withhold income taxes

Step 5: Pay taxes

Step 6: File tax forms & employee W-2s

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?