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) Slash Your Accounting Costs By Converting To A Modern Accounting Model
Price comparisons show that small businesses can save up to 78p in every £1 spent on traditional accounting software packages - such as Sage, Quickbooks and IRIS – by converting to online accounting software (see end for price comparison table).
For many small businesses the saving associated with switching to online accounting is almost £600 in the first year. However, if total cost of ownership of the software is also included (i.e. the cost of a server to host the software, upgrades, back ups and maintenance) then savings could easily reach thousands of pounds per year. Then, in addition, there are further savings to be made from the increased efficiency gained from being able to work more closely with your accountant in an online system.
Mark Davies, managing director of e-conomic, commented: “Almost everyone has been affected either directly or indirectly by the credit crunch. More>> - (
) Tough Economy is No Time to Lose Sight of the Books
When switching from paper books to computer software or switching between accounting software packages, do so at the end of the quarter. Run both systems for the next quarter simultaneously to make sure both systems are equal before disposing of the old method.6. Don�t over-categorize
When categorizing expenses, don�t make it harder than it needs to be. For example, when categorizing office supplies, you don�t need to separate fax paper, copy paper, letterhead, printer cartridges, etc. All of these items can be listed under �office supplies�.
7. Separate Accounts
Have a separate checking account and credit card for your business. Not only will you be able to track expenses more efficiently, but, in the event that something goes wrong or the IRS wants to review your books, you will only need to review the one account. More>>
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) PayCycle Smoothes Path To Online Payroll
Also included in the latest release is an export manager that allows users to move data to accounting software, including QuickBooks, and, in play for more business, support for companies with up to 100 employees (increased from the previous 20), and multistate support.With all the talk of economic bailouts, PayCycle has garnered attention of late for the findings of a survey that found roughly a third (34%) of the clients surveyed favored a stimulus packages specifically for small business when president-elect Obama takes office. The survey, conducted in last month, captured input from more than 300 of PayCycle 75,000 clients.
Also among the findings was a ranking of the issues with the most impact on small business. On this front, 32% pointed to the current financial crisis, more than a fifth (21%) cited the credit and housing crunches, while 18% noted the summer spike in gas prices. More>>
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) VAT changes: HMRC issues guidance for businesses
HMRC believe that most till packages and accounting software will be able to accept the new 15% rate without any difficulty otherwise business will need to contact their software supplier. HMRC say they will be supportive of businesses making the change and won't expect them to put everything in place overnight.
With regards to VAT returns, when the period covered by the return crosses over the December 1 2008 whoever is doing the return simply adds the VAT on sales at the old rate to the VAT onto the new rate. This total goes into Box 1 of the VAT return.
If you've a payment has been received or an invoice sent out before December 1 for goods/services which will be delivered after December 1 then the business can choose to pay VAT at the new rate on the amount already received or invoiced, simply issuing a credit note for the overpayment to the customer. More>> - (
) Michael Binnion: Wildcatting in Quebec's St. Lawrence Lowlands
His father Larry, also an accountant, worked in Imperial Oil's first computer data centre, then launched a software company that sold licence administration packages to American state governments. His equally entrepreneurial son came to the oil patch by an exceptionally roundabout route involving golf and movable office walls.After graduating (B.Comm-University of Alberta), Binnion spent seven years as a Toronto-based specialist in tax-assisted corporate financings with a major accounting firm since. He then worked for Bruce Strongman, founder of the paint store chain Color Your World. "After Bruce semi-retired, he stayed active by buying Nevada Bob's and I managed it under his direction," Binnion says. "From 1988 to 1992, I looked after golf stores and strip plazas, and oversaw development of a couple golf courses. More>>
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) Software Development Lead
The software development lead position will be responsible to continue the existing development activities for a financial and accounting management system. This person will also manage appropriately development requests from accounts department against development schedule, document all requests. Responsible for technical system design which includes proposal of program solutions as per specifications and requirements. Finally the role will participate in the complete software development life cycle – requirements gathering and analysis, design, coding, unit testing, integration testing and maintenance for all products. This product is part of our growing portfolio of software offerings. Our organization offers competitive salaries and compensation packages, and all qualified applicants will be considered. More>>