Online Accounting: Flexibility for Your Online Book Keeping Business

Accountancy may have started during the earliest days of civilization when humans needed to maintain records of quantities and relative values of agricultural products accurately. During those times, accounting was a very tedious process. Physical documents and paper trails are essential parts of the process.

 

These days, accounting is a fundamental value peculiar to people of any culture. This means that accounting should not be a very difficult process for anybody. People don’t have to drive across the next city to look for accountants for simple accounting needs.

 

This is where online accounting comes in. Online accounting is a simple guide for anybody to understand an accountant’s language while maximizing their profits. Online accounting offers simple worry-free and paperless accounting.

 

Online accounting services can help a person manage his small business with ease and flexibility. A businessman knows the importance of performing a regular review of his company’s financials. With online accounting, books and finances are organized in a central place. A businessman may now track his company’s income and expenses at the same time evaluating its financial status by creating a simple balance sheet. The balance sheet can determine not only the profits but also the losses of the company every month. This will pinpoint if there are any overspending in any part of the business for budget purposes.

 

Online accounting can also assist in keeping track of collectibles and delinquent customers. Instituting online accounting may help you find how big your margins are. You can maintain organized records of receipts, invoices, cancelled checks and other business documents to avoid multiple payments of bills. This will also be helpful during audits.

 

When choosing a company which offers online accounting, choose one that offers an easy to use (user friendly) system while being accurate. For people with other responsibilities on their plate, difficult programs are not for them. Choose one that won’t make you spend a lot of time and effort just trying to figure it out. There are programs that don’t even require a lot or even any accounting experience. A person just needs 3 basic things: debits (paid outs), credits (money coming in) and ledgers (records of all transactions). Online accounting services should also be available to you at all times, meaning 24 hours a day, 7 days a week. It should organize your accounts quickly and accurately. Remember, there should be no need to change your business set-up nor your accounting styles and preferences.

 

Staying on top of the business finances helps ease the process of actually having your business run smoothly. You’ll see how to manage inventory, report income, evaluate business strengths and weaknesses, and manage budgets for a better bottom line.

 

With online accounting, you’ll be able to create invoice and bill customers anywhere, anytime. You may check on you customers’ activities and tracks expenses and print checks to pay them.

 

Net-Accounting is a company that offers online accounting services. Net-Accounting specializes in small business accounting. They handle payroll, accounts receivable and payables, bookkeeping, tax returns and vat. Net-Accounting will provide you with personalized service when it comes to your accounting needs. So for worry-free, paperless, and simple online accounting, you can visit Net-Accounting now. You’ll be speaking your accountant’s language in no time and minimize confusions while maximizing your profits.

 

Rodman & Rodman PC Warns that ?Use Tax? Audits are on the Rise

 

BRAINTREE AND NEWTON, MASS…  

Rodman & Rodman Certified Public Accountants and Business Strategists alerts taxpayers to a significant rise in use tax audits. Massachusetts has stepped up enforcement and collection efforts, including tax audits, on taxpayers who purchase assets (such as computers, furniture and equipment) from out of state vendors.

 

In many cases auditors are assessing use tax for up to six years prior. This can lead to a substantial assessment as Massachusetts can impose not only the use tax but penalties and interest as well.

 

The law requires that taxpayers pay a Massachusetts use tax (similar to a sales tax) on the purchase of out of state items if the vendor does not collect Massachusetts sales tax and the item is used in Massachusetts.

 

The most typical instance of this usually involves a taxpayer purchasing computers from an out of state vendor and using such equipment in Massachusetts.

 

It is important to review your records for these types of expenditures, complete the appropriate use tax form available on the Massachusetts Department of Revenue website and pay the necessary tax.

 

Rodman & Rodman recommends that taxpayers file a use tax form even if they owe no tax as it reduces the risk of an audit. Additionally, a filed use tax return starts the clock running on the statute of limitations.

 

According to Thomas Astore, Tax Director at Rodman & Rodman, “Generally, the state can assess use tax for three years; however, the statute of limitations remains open indefinitely if you do not file the necessary tax returns. We recommend that you consult your tax advisor if you have questions.”

 

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

 

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

The cultural grounding of tax issues: Insights from tax audits

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Application of SAS No. 82 to audits of small businesses. : An article from: The National Public Accountant

Product Description
This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on May 1, 1998. The length of the article is 4752 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The use of the Statement on Auditing Standards (SAS) No. 82 ‘Consideration of Fraud in Financial Statement Audit’ in small businesses requires customization. SAS No. 82 helps auditors consider material fraud by listing the fraud risk factors, responses to the assessment of such risk factors, and evaluation and documentation of audit evidence. The single owner-manager system, internal controls, operation, under-reporting of income or assets, unrelated risk factors and the risk of fraudulent financial reporting complicate the application of SAS No. 82 on small businesses.

Citation Details
Title: Application of SAS No. 82 to audits of small businesses. (Statement on Auditing Standards)
Author: Thomas A. Radcliffe
Publication: The National Public Accountant (Magazine/Journal)
Date: May 1, 1998
Publisher: National Society of Public Accountants
Volume: v43 Issue: n3 Page: p22(6)

Distributed by Thomson Gale

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Working For Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants

Product Description
Whether you’re an independent contractor, freelancer, or consultant, it all adds up to the same thing: you need to be more aware of laws and taxes than the average person.

Fortunately, Working for Yourself provides all the information you need to stay on top of it all. An independent contractor himself, author Attorney Stephen Fishman shows you everything you need to know to:

*meet business start-up requirements *set up home or outside offices *comply with strict IRS rules *establish sound business relationships *avoid unfair contracts *draft good agreements *get paid in full and on time

The 5th edition now provides information on leasing space for work, Health Savings Accounts and solo 401(k) plans. It also examines how to choose a business name, deal with audits, take a home office deduction — and much more.

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