Saturday, October 25, 2008

Accounting Software Strengths

Easy to use by non accountants requiring no previous Accounting knowledge and is basically a list of sales and a list of purchases on preset excel spreadsheets. Each workbook is arranged as 12 monthly spreadsheets with preset columns and uses an entry code letter to analyse both sales and expenditure.

Cash and bank spreadsheets are included as optional extras for those businesses that require them with a built in automated bank reconciliation. The sheet is designed to be completed by copying the figures from the bank statement into the bank spreadsheet and the bank reconciliation is achieved by also entering the statement total which is automatically checked against the entries made.

Thursday, October 23, 2008

How to Choose Accounting Software For Big Business

When deciding to go for accounting software, it must be understood that the best accounting software is not necessarily the most expensive, but the one that performs the entire core accounting functions quickly and accurately. All additional features are secondary to the basic functions. Don't forget, it is the rigid rules of accounting that makes the software so consistent throughout.

The most elaborate business accounting software provides very in-depth financial information. These numbers can be so detailed that it takes a professional accountant days to interpret. On the flip side, some software can give a general summary with a few clicks of the mouse.

The greatest business accounting software cannot convey what an increase in bank transactions and a decrease in sales volume means for any specific business. So, even with great software, accounting knowledge is required to forecast corrections to be made or areas to focus on with accounting figures.

When dealing with large business accounting, it is always a good idea to employ a controller or accountant even if software is utilized. It is very important to the future profitability to make sure the numbers are accurately displayed. A professional bookkeeper can confirm the relevancy, accuracy, etc. and explain what those numbers mean for the company's situation.

So, even with simple software that calculates an overview summary of the accounting functions, at least a background knowledge of accounting predictability is necessary to be successful.

Some small companies may not want comprehensive software that computes double-entry bookkeeping, because the business does not keep a balance sheet to require the double-entry method. While small businesses do not need double-entry software, virtually all big businesses must use the double entry method to comply with audit and tax laws.

The double-entry concept works on the principle that for every debit, there has to be a credit. Accounting software comes in handy to prepare Trial Balance, which demonstrates the accounting accuracy of the involved transactions. The Trial Balance has a Debit and a Credit side.

To find out if the double-entry transactions have been recorded properly or not, the sum total on Debit side should equal the Credit side. If the tally is accurate, it indicates that the transactions have been accurately recorded.

In bigger companies it is useful to separate the different accounting tasks to different departments. For instance, accounts receivable and collections can all be handled by different groups. Accounts receivable and collections are similar, but a major difference is that receivables are generally voluntarily flowing in, whereas collection is the active pursuit of gathering payments due.

Another delegation of processes can be accounts payable and purchasing. Accounts payable is generally monthly bills and issuing checks for tabs or credit offered and purchasing is deciding what and how many to purchase, like office supplies.

A database accounting software system not only produces high quality financial records but offers numerous financial control alternatives for both junior and senior business management. The accounting function also has the security of producing trial balances, periodic profit and loss accounts, balance sheets and other financial and statements for tax and control purposes.

Tuesday, October 21, 2008

Pay-as-you Go Online Accounting Software Pays Off In Difficult Times

Investing in pay-as-you go online business services like web-based accounting a smart choice in tough economic times.

Edinburgh, United Kingdom ( ) - Online business services like web-based accounting software offer numerous benefits above traditional software. But in the current economic climate one particular benefit is becoming more and more relevant – price. “With mounting fears of an economic slowdown, most businesses are taking a good hard look at the numbers and working out where they can make savings,” says Hamish Edwards, Founder and UK MD of Xero online accounting software. Unlike traditional accounting software where you buy a license to install a program on specific machines, using Xero online accounting software.

(http://www.xero.com/features/) involves paying a monthly fee which enables you to do your accounts online using a web-browser, with an unlimited number of users. Says Edwards, “Moving to online accounting requires a very low upfront investment, you pay as you go, and someone else worries about hardware to store the data.

This is pretty appealing to anyone with an eye on the bottom line - low maintenance, low cost, low resource profile.” Fans of online accounting (http://www.xero.com/freedemo) note other benefits include not having to worry about software updates or backing up of financial data. Because you are doing the accounts online you always access the latest version of the software confident Xero’s technical team is there offering full support. Meanwhile Xero’s extremely secure storage and back up procedures mean it’s unlikely a small business could keep their data safer using an in-house solution. And of course, in tough times the fact that online accounting makes it possible for everyone who needs to, to access the latest financial data in real time from wherever they are – key business decisions can be made quickly and in direct response to market changes. Yet another significant argument in favour of moving to web-based accounting software.

Monday, October 20, 2008

Beneficial of Bookkeeping Business Software

Accounting Software is very useful in the small business and this is requiring purchasing such kind of various bookkeeping software. You will really acquire to the expenses of purchasing these kinds of new bookkeeping software. Is it going to be over your head?

A bookkeeping software packages are needful in different communication and setting your financial records. The bookkeeping software will provide the data that point to specific task related to particular company. There are many accounting transaction occurred in any organization and bookkeeping software can transfer business related financial tracks of the business from owner’s fingertips. The bookkeeping software is containing accounts payable procedures, accounts receivable management, inventory control, online payroll services and permanent assets accounting. Some tracks of transaction records can saw you by general ledger accounting software in the various categories.

Fore more details contact us at: Bookkeeping software

Saturday, October 18, 2008

Product Review DIY Accounting Small Business Accounting Software UK

Accounting Software Strengths
Easy to use by non accountants requiring no previous accounting knowledge and is basically a list of sales and a list of purchases on preset excel spreadsheets. Each workbook is arranged as 12 monthly spreadsheets with preset columns and uses an entry code letter to analyse both sales and expenditure.

Cash and bank spreadsheets are included as optional extras for those businesses that require them with a built in automated bank reconciliation. The sheet is designed to be completed by copying the figures from the bank statement into the bank spreadsheet and the bank reconciliation is achieved by also entering the statement total which is automatically checked against the entries made.

Monthly profit and loss account also includes a financial health check based upon an automated tax forecast to enable businesses to monitor their financial performance. By entering drawings the package then compares the net profit made with the likely tax liability plus the drawings.
Quarterly vat returns are generated for vat registered business and is also suitable for non vat registered business. To produce a vat return clients simply go to the vat file and select the quarter end date from a drop down menu and the figures for the vat return are automatically generated.

The vat calculations can be disabled by non vat registered small businesses by simply changing the standard vat rate from 17.5 to zero making the accounting software suitable for both vat registered and non vat registered businesses.

The accounting package includes a stand alone sales invoice generator which requires invoices generated to be manually input into the sales sheet.

The fixed asset schedule is preset with the capital allowance tax rates to automatically calculate capital allowances when fixed assets are entered. Depreciation is also automatically calculated with preset percentages that can be changed as required.

A major benefit of using this small business bookkeeping software is the templates are arranged in such a way to automatically generate an excel copy of the self assessment tax return. The excel self assessment tax return is arranged in the same layout as the official inland revenue form with the same box numbers making it easy to copy the figures from one to the other for submission.

Accounting Software Weaknesses
The Self-employed accounting software UK is based upon single entry of transactions and does not produce a balance sheet which is an optional requirement for self employed and therefore not a problem for the vast majority of businesses. DIY Accounting actually recommend clients who are self employed and wish to produce a balance sheet to use their Limited Company accounts package which does produce a balance sheet being based not on single entry but on double entry principles. The small business accounting software is suitable for a single tax year, the latest being 2007-08 and does not cater for accounting periods other than April to April. There are benefits in anyone self employed adopting the standard April to April financial year as this avoids tax allowances from two separate years being a feature of the accounts. When used by small businesses using the cash accounting system the bookkeeping entries to the sales and purchase sheets must be entered according to the dates money is paid or received rather than the dates invoices were issued. At the end of the financial year any invoices not yet entered require to be listed to adjust the final profit and loss account figures. This a major disadvantage if using the vat cash accounting scheme rather than the Accounting Software being reviewed.

Thursday, October 16, 2008

High quality financial accounting services in India

Outsourcing bookkeeping services is a leading financial Accounting and Bookkeeping Company in India. That provides different types of services like:

• Bookkeeping services
• Financial services
• Financial accounting services
• Bookkeeping accounting software
• E-accounting and accounting services

Financial accounting company innovative business solutions give a competitive advantage, letting the clients focus on their core activities. Customer satisfaction is our goal.To get more information regarding financial accounting services, online bookkeeping services

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Monday, October 13, 2008

DIY Accounting Small Business Accounting Software Questions And Answers

DIY Accounting small business accounting software package is a series of accounting templates written on excel accounting spreadsheets, suitable for UK self employed business whether producing an automated monthly profit and loss account and self employed tax return form. These notes detail the typical questions and answers by clients.

Why is the monthly profit and loss account not updating from the sales and purchases entered.
Updating the profit and loss account in the financial accounts file is automated. If the financial accounts file is not updating automatically the links from the sales spreadsheet and or the purchase sheet are not working. This may be because the file names have been changed which breaks the links between the files.

The most common reason is the way the files were originally saved when initially downloaded from the website by opening the files first before saving them. When a file is opened first before saving the computer stores that file in a temporary internet folder and changes the links to temporary links within that temporary folder.

When that file is then saved it is those temporary links which are being saved and not the original links. Temporary links creaqted in a temporary internet folder are not recognised by the other accounting files that have the original lionk structure. The recommended action is to replace the existing files by overwriting the accounting files without opening them first to preserve the original links. Accounting entries on sales and purchases appear on the profit and loss account but do not appear on the list of expenses on the self employed tax return.
The self employed tax return required to be completed in the UK is dependent upon the sales turnover. Small business with total sales turnover exceeding £64,000 for the 2007-08 financial year complete the full self employed tax return while self employed business whose gross income is less than £64,000 complete the short self employed tax return.. Coincidentally the threshold is the same as the vat threshold.

In addition if the sales income is less than 30,000 pounds then it is not necessary to complete all the individual expense classifications. The excel formulae within the financial accounts file automatically fill in the short or full tax return and only fill in the detailed expense classifications if required to do so.

Does the package produce my quarterly vat returns when a vat flat rate scheme is being operated.

The user guide contains notes on how to enter the value added tax flat rate percentage on the sales bookkeeping spreadsheet. The bookkeeping single entry of the flat rate vat percentage on the sales sheet updates throughout the package including the subsequent months on the sales sheet and also each month on the purchases bookkeeping spreadsheet automatically calculating value added tax at the flat rate percentage and expenses value added tax paid on purchases at the zero vat rate producing a quarterly vat return. Does the self employed accounting software package produce a balance sheet.

Producing a balance sheet is optional for self employed small business and not an essential requirement of completing the self employed tax return. The self employed package is based upon single entry bookkeeping and does not produce a balance sheet which requires double entry bookkeeping while the limited company package does produce a balance sheet as it is a legal requirement for a limited liability company.

As the self employed accounting software includes sales and purchase spreadsheets and also cash and bank spreadsheets it is possible to manually produce a balance sheet if required but the accounting software does not produce it automatically. Do I purchase new accounting software each year or can the accounting software be updated and be used for a second set of accounts.
As the accounting software and payroll packages include the current financial year tax rules that enable the financial packages to automate the production of that years tax returns then each year has new tax rules embedded and being on excel rather than an accounting database then it is necessary to purchase a new accounting or payroll package each year.
Source: Free Articles from ArticlesFactory.com

Tuesday, October 7, 2008

Balancing A Budget Made Easy With Personal Finance Software

Money is an issue on everyone’s minds: from the CEO sitting at the top to the entry level employee living paycheck to paycheck. This is why it is so important for those who are struggling in these hard economic times to be able to afford the basic essentials. In order to do that, you must create a budget you can stick to.

Creating a budget is probably the easy part. Sticking to it make take getting some used to, because many people on a budget will have to cut out many of the little extras and comfort items they have grown used to, such as the daily latte or the morning paper. But with personal finance software, it can be easier than ever to create a budget that works for your life and one that you can easily integrate into your life.

You will have a chance to buy of download personal finance software from a variety of different companies. Instead of just blindly picking a software program that sounds good, you will want to do your research on which program will best suit your needs. First, you will want to check out the special features in the program, such as online access to your bank accounts, tools to manage everyday spending, bill payment reminders, and connecting to those other accounts that you put money into, such as a 401(k) or mortgage accounts.

Personal budget software varies in price range, but you can find programs that are relatively cheap and will help you with all of your budget balancing and bill payments. And with a proper budget, you will not only be able to pay all of your bills(and on time) but you will also be able to save money for the future, even if it is as little as putting back ten dollars a week into a savings account. There’s only one way to find out if a budget can work for you, and that’s to get a program that will set it up and help you stick to it.

And if you work a different operating system such as Mac of Linux, you can still find compatible personal finance software. All it takes is a little shopping around to find the perfect program for you. You will want to pay attention to all of the money management tools and features that the program offers, plus you will want to look to see if you can get access to all of your online accounts through the program. This will allow you to make real time transactions and see the final balance on any account linked to the program. This helps when you have a lot of bills to pay and only a little time to do it.

And if you are worried about linking your online accounts to your program, you will find that many programs will offer a protection guarantee that keeps your personal information from being shared to the software company or any other third party that is associated with the software program. So all you have to do is enter the numbers and watch your budget work for you.

Jordan McPelt is writer who specializes in green office solutions. Go to www.software.com for more info.

Wednesday, October 1, 2008

Bookkeeping Software: Small business Accounting Bookkeeping Solutions Review

In the organization, huge amount of transaction found to maintain in daily task. Now Bookkeeping services offers the efficient bookkeeping accounting software development in the way bookkeeping working as simple as possible to handle number of activity in this field. With many accounts work include account receivable, account payable, payroll services and billing, financial reports with financial statements preparation. Bookkeeping Accounting Software has enables to do these tasks in very less effective time and save your precious time and effort.

Today Bookkeeper uses many bookkeeping software available in the market at very wide range of rates. The followings are various bookkeeping financial and accounting software features are described:

NetSuite

The NetSuite Bookkeeping Accounting is one of the single, integrated suites with advance accounting bookkeeping, ERP, CRM and e-commerce abilities. Using NetSuite Bookkeeping Accounting software we can handle all types of accounting services like account receivable, account payable and general ledgers within others advance tools. The NetSuite bookkeeping Accounting software includes many facilities like productivity management, e-commerce, financial management and statement and employment resources. It is useful for easy to use with real time decision making problem so we can find out more easily way to solve the problem.

QuickBooks

One of the simplest ways to manage the bookkeeping financial software is Quickbooks Bookkeeping Software. The Quickbooks software is segmented to different part, same as to help segment, customer segment and vendor segment. It is simple to use navigation bars, windows interface, different toolbars and user-friendly menu option. Whenever any confusion in mind of the user so that he or she can find FAQ or help button in header of the every page of Quickbooks Bookkeeping Software so quick solution also provided in this financial accounting software. Thought, user can find out very easy functionality of this software and offers flexibility on a variety of way of task about to accounting services such as banking task, account payable, account receivable, payroll and inventory. There are many other features available in it like general ledger and job casting tools.

Quicken

In the latest version of Quicken provides you to advance benefits make it the bookkeeping accounting software preferred among bookkeeper and accountants. User can see more effective workspaces and various reports at the same time in this latest version of Quicken software. And User can easily find out Financial Accounting Data as quick as more accuracy. The Quicken enable users to access the tabs in different functionality at the same time. And more easily way user can see financial flow, cash flow center, investment flow and Quicken account bar, so it is the best.

Peachtree

In Peachtree advanced option and responsible for to keep accurate records perfectly. Bookkeeping Accounting Software can easily produce reporting and introduce input and output data. An Accountant can synchronize all data with setup this bookkeeping software without and difficulty. It is favorable among bookkeepers.

Thus now Business Owner will enable to operate and manage the entire process flaw of Bookkeeping needed. Also it is save your time and efforts of manpower. Software provides you error reduction accurate data to minimize the labor work of the bookkeeper in the organization.


Contact For more Details: Bookkeeping Software