Best Practices for QuickBooks Online

 

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions.

“Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they found everything they were looking for. This serves two purposes: It conveys a feeling of concern for the customer’s shopping experience, and it may also lead to increased sales.

Reconcile accounts regularly.

One of QuickBooks Online’s most useful features is its ability to connect to your financial institution’s websites and download cleared transactions. QuickBooks Online also offers tools to help you keep your accounts reconciled online, like you used to do every month when your paper statement came. Reconciling accounts can help you uncover errors. It gives you a truer picture of your cash flow, and it improves the accuracy and timeliness of some reports.

Clean up your lists.

Some lists in QuickBooks Online aren’t overly lengthy. You don’t have to worry about, for example, Payment Methods, Terms, or Classes. Your lists of customers and vendors, products and services, on the other hand, can grow unwieldy over the years. This means it can take more time than it should to scroll through lists when you’re using those entities in transactions. It also puts unnecessary stress on your company file. If you can’t delete any, at least make them inactive.

Keep track of 1099 vendors.

Whether your company uses 10 vendors or a hundred or more, you may have to supply at least some of them with an IRS Form 1099 at about the same time you’re preparing W-2s for employees. Your 1099-related tasks will be much easier if those individuals and/or companies are earmarked. If you think vendors might need 1099s when you create their records in QuickBooks Online, click in the box to the left of

If you’ve been using QuickBooks Online for a while, you could probably come up with your own list of best practices. If you’re new to the site, consider scheduling some time with us to go over more of them. Develop good habits from the start, and there won’t be nearly as much need for troubleshooting down the road.

Contact us here for Quickbooks Bookkeeping Services for Small Business.

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 Tax 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

• Cash Flow 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.

Top 5 Accounting Mistakes in Real Estate Industry

 

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!

What type of Virtual bookkeeping service

 

Virtual bookkeeping services can be a great option for small businesses who want to save money on overhead or don't have the resources to hire an in-house accountant. Over time, these types of services have grown more and more popular due to their convenience and low cost. But how do you know which virtual bookkeeper is right for your business?

With so many options out there, it can be tough to find the best one that will suit all your needs. This will go over some tips on what type of Virtual Bookkeeping Service Providers are most appropriate for your company's specific needs.

Virtual bookkeeping service Included with:

• General Ledger Accounting

• Accounts Receivable Management

• Accounts Payable Processing

• Fixed Asset Account

• Bank & Credit Card Reconciliations

• Financial Reporting etc.

What can you expect from a virtual bookkeeping service?

Virtual bookkeeping service that brings the convenience of working with an accounting professional without ever having to leave your desk. What can you expect from virtual bookkeeping?

Let's take a look at some of the benefits:

-Online, anytime access to your financial records

-Free consultation on organizational and management systems

-Accounting expertise for any size business, no matter where in the world they are located.

We are a virtual bookkeeping service that provides you with peace of mind. You can expect to have your books in order, accurate financial statements and tax files ready when they're due, and reliable data for decision making. Our service is affordable, easy to use, and we'll always be available when you need us!

Contact us here for Best Virtual Bookkeeping Services on affordable pricing and solution.

How do I do Bookkeeping in QuickBooks

 

Bookkeeping tasks can be tedious and time consuming. Fortunately, there's a way to this process with QuickBooks Online. In this blog, we will go over how you can use the software to generate financial statements as well as know what transactions are sitting in your account waiting for bookkeeping.

This is going to provide you with tips on how you can do your own bookkeeping using the accounting software QuickBooks Online. You'll learn about features that help make doing your books much easier and quicker than before - like invoicing and bills reminders! We also have some handy hints on making sure all of your information is backed up properly so you never lose anything important again! Quickbooks Bookkeeping helps you in manage all your financial tasks.

What’s include in Our Bookkeeping in Quickbooks?

QuickBooks Setup

QuickBooks Setup is a task that can be time-consuming and tedious. If you're not someone who's set up QuickBooks before, then you can professional firm who help you get started with the process. We'll take you through how to QuickBooks from Intuit, what your company file should look like before getting down to business, and finally we'll go over setting up your payroll taxes for the first time.

QuickBooks Cleanup

The best way to keep your QuickBooks data organized and up-to-date is with a cleanup. A recent survey found that 40% of small businesses don't conduct regular data cleanups in their accounting software, which leads to inaccuracies, mistakes, and lost productivity.

QuickBooks Bookkeeping

If you are already working on QuickBooks, we can help you in continuing the and will also recommend any improvements in the process.

We provide the following bookkeeping services:

• General Ledger Accounting

• Accounts Receivable Management

• Accounts Payable Processing

• Fixed Asset Account

• Bank & Credit Card Reconciliations

• Financial Reporting etc.

QuickBooks Migration

QuickBooks is a powerful software for small to medium size businesses. As your business grows, it becomes more and more important to have an in-depth understanding of the intricacies of QuickBooks.

Contact us here for Bookkeeping on QuickBooks.

Benefits Of QuickBooks Salesforce Integration

 

QuickBooks Salesforce integration provides many benefits for companies of all sizes. It integrates your sales and accounting data, which eliminates any discrepancies or errors in reporting. It also generates reports on the fly, so you always know where your company stands financially. This saves you time and money from having to manually generate those reports every day or week. QuickBooks Salesforce integration also helps you manage risk by giving you a clear view into what's going on with your finances at any given moment in time.

Do you find managing your business's data in two separate systems to be time-consuming and inefficient? QuickBooks Salesforce Integration can make this process simpler. In this blog post, we will discuss the benefits of integrating these two platforms and how it can help businesses grow.

This integration allows for seamless information transfer between both programs so that customers, inventory, and sales are all up-to-date across the board. This also makes it easy to share information with employees who may not be privy to one or the other system due to their job function. If you would like more information about how QuickBooks Salesforce Integration could benefit your business, please contact us!

If you are looking for the same for your business financial services then Contact us here for the seamless data integration solution.

Best Online Accounting Software for Fashion Businesses

 

Fashion is one of the most popular industries in the world, and it's hard to keep up with everything. You may be thinking about outsourcing your accounting services for a fashion business because you don't have time, or that it's too complicated. But what if we told you there was an easier way?" "The solution is easy: use online accounting software! It will help simplify your life and make managing finances even more seamless.

Zip books:

The fashion industry has changed dramatically in the last few decades. As it continues to evolve, so does the accounting software for fashion. With Zip Books, you can create professional invoices and track payments all within one platform.

Zip Books is a cloud-based accounting software that makes it easy for designers and merchandisers of clothing to manage their finances from start to finish. From creating professional looking invoices with just a few clicks of your mouse, tracking sales using powerful analytics tools, or managing inventory in Excel like never before - ZipBooks provides everything you need to take control of your business' finances.

QuickBooks:

Fashion designers and retailers have a lot of financial information to track. They need to know how much inventory they have, what their total revenue is from sales, what it costs them to produce the items for sale in their store, and more. Fashion businesses also often work with outside manufacturers who may want reports on production or other aspects of the business. These are all tasks that can be performed using QuickBooks Online's robust accounting features - which allow you to create invoices, bills of materials (BOMs), purchase orders (POs) and more - so you don't need separate software just for your fashion business! Read on for an overview of some key features we think will help make managing your fashion business easier than ever before. QuickBooks Accounting also help you in Fashion Business.

Wave:

Wave is a new accounting software designed for fashion designers. Wave offers features that allow users to track the manufacturing process from materials sourcing, production, and fulfillment. Designers can also use Wave's dashboard to monitor their finances in real-time. If you're interested in reading more about this topic or would like to test out the software before investing.

Profit Books:

If you are looking to expand your business, Profit Books is the answer. It manages all aspects of accounting from payroll and tax preparation to inventory management and reporting. The software integrates seamlessly with Quickbooks and Xero so that you can also manage your finances. With automated functions such as email notifications for upcoming bills or reminders about unpaid invoices, this program is perfect for Fashion businesses on-the-go! Inventory management in particular has been optimized to make it easier than ever before to keep track of what’s available and what needs replenishing without having to manually enter data into a spreadsheet or other system. Plus there’s no more need for expensive spreadsheets because Profit Books automates the process entirely!

Oracle NetSuite ERP:

The Oracle NetSuite ERP system is a scalable, comprehensive solution for retailers and wholesalers. It allows organizations to manage their business in one place, with all of their financials, inventory management and customer relationship management capabilities available on demand. You can also customize it to meet your specific needs. Learn more about how the NetSuite ERP system can help your fashion organization succeed today! Fashion is a multi-billion dollar industry, and it’s not just clothes. Fashion also includes accessories, beauty products, shoes and more. With the rise of ecommerce, fashion startups are popping up left and right to sell their goods online. One challenge these companies might face is accounting for themselves or for other businesses in the same space with no idea where to start. There are many different types of accounting software out there that can be customized according to your business needs—and they don't have to break the bank either. In this blog post we will discuss all things related to accounting software for fashion companies so you can find the best fit for your company's budget and preferences!

If you are still confuse about the the accounting software for fashion business then contact us here for choosing best accounting software for fashion.