There is always news in the accounting and financial world. Intuit to buy online payroll co PayCycle for $170M - News Wires - CNBC.com
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This is great news for the small business that wants to bring their payroll process inhouse. The use of an accounting software like QuickBooks to performs payroll procedures may help cut cost to a small business with only a few employees. In today's economy the idea of cutting cost is one that can help you remain viable during these times.
About Me
Sunday, June 7, 2009
Thursday, June 4, 2009
3 Reasons Why Accounting Is Important
| There are many reason why accounting is important. Accounting is a language that needs to be understood by today's business owner. I have been guilty of speaking the accounting language only from an accountant's standpoint and not that of the business owner. Accounting is important because:
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Sunday, May 31, 2009
Everything You Wanted To Know About Accounting
| Accounting is a subject that is not easy for everyone to grasp. Recently I shared tips for busnesses and publishers on the basics of accounting. Most business owners' given the attention they need can grasp the basics of accounting. The strageties for suceeding in busisness start with an analytical view of there accounting system. Ask your self the following questions. Check out the podcast that will give you the answer to these questions. http://motownwriters.blogspot.com/2009/05/podcast-authors-access-announcement.html |
Wednesday, November 26, 2008
In These Times Be Thankful In All Things
On the eve of Thanksgiving Day let us be thankful in all things. As a business owner over the years I have encountered many challenges. I have seen business colleagues have to delay their dreams of expanding their businesses. Recently I have seen businesses close due to reduced revenue.
As we look ahead let us begin by being thankful for what we have. As a business owner I can be thankful for the next opportunity to serve a new client. Every client is important and should be viewed as such. The clients we choose to serve should be those we truly feel we can help take their business or organization to the next level.
We can also be thankful for the challenges we face in helping clients. As an accountant my biggest challenge is in getting clients to realize how important it is to review financial statements regularly. Especially in the early days of my business clients were only happy if they had money in the bank. I use the review of financial statements as a time to educate my client.
We can also be thankful for the situations that appear to be setbacks. Maybe the business deal you thought would go through is delayed. That could be a blessing in disguise. We all sometimes encounter what we think is a delay in our plans. Did you ever think that now might not be the time for that deal?
Take a look around and see what you do have. A business you can nurture, even in these seemingly turbulent economic times. Let me remind you all things will work out to your good if you are patient and look up.
Take a look around and be thankful. Give thanks in all things!
As we look ahead let us begin by being thankful for what we have. As a business owner I can be thankful for the next opportunity to serve a new client. Every client is important and should be viewed as such. The clients we choose to serve should be those we truly feel we can help take their business or organization to the next level.
We can also be thankful for the challenges we face in helping clients. As an accountant my biggest challenge is in getting clients to realize how important it is to review financial statements regularly. Especially in the early days of my business clients were only happy if they had money in the bank. I use the review of financial statements as a time to educate my client.
We can also be thankful for the situations that appear to be setbacks. Maybe the business deal you thought would go through is delayed. That could be a blessing in disguise. We all sometimes encounter what we think is a delay in our plans. Did you ever think that now might not be the time for that deal?
Take a look around and see what you do have. A business you can nurture, even in these seemingly turbulent economic times. Let me remind you all things will work out to your good if you are patient and look up.
Take a look around and be thankful. Give thanks in all things!
Wednesday, November 12, 2008
New Insights Into Life & Business
The time has come for us to take it to the next level. This past weekend I had the pleasure of speaking at the Essence of Motown Literary Jam. This conference was for readers, writers, authors & poets. While I don't consider myself a writer I was delighted to take part. This conference helped me to realize several things. Number one: We can all learn from each other. Number two: We all have something of value inside. For some it's the value of sharing a struggle we have faced and overcome. For others its sharing how we have loved and lost and loved again. I am inspired to share the struggles I have faced in life with others so that they might have hope.
From a business standpoint the conference allowed me to share my accounting and tax knowledge. It was encouraging to share my business experience and knowledge. While many of the tax regulations are straight forward many are not. While being creative, business owners should be careful not to go beyond the basic IRS guideline.
For example, the IRS has guidelines for separating personal and business expenses. The IRS has determined the following :
For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.
To find out information about the Essence of Motown Literary Conference go to http://essenceofmotown.com/. Also checkout the following.
http://www.hubbooks.biz/ , http://www.sylviahubbard.com/ , http://motownwriters.com/
From a business standpoint the conference allowed me to share my accounting and tax knowledge. It was encouraging to share my business experience and knowledge. While many of the tax regulations are straight forward many are not. While being creative, business owners should be careful not to go beyond the basic IRS guideline.
For example, the IRS has guidelines for separating personal and business expenses. The IRS has determined the following :
Personal versus Business Expenses
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.
For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.
To find out information about the Essence of Motown Literary Conference go to http://essenceofmotown.com/. Also checkout the following.
http://www.hubbooks.biz/ , http://www.sylviahubbard.com/ , http://motownwriters.com/
Wednesday, November 5, 2008
An Analysis Of The New Tax Plan
A new day has dawned. One many thought they would never see in their lifetime. The day an African American would be elected President of the United States. There is still work to do. Our President Elect has unveiled a tax plan that will affect us all.
The basics of the plan is as follows:
• Cut taxes for 95% of workers and their families with a tax cut of $500 for single workers or $1,000 for working married couples.
• Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
• Eliminate capital gain taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
• Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
These items as outlined in the President's Tax Plan are designed to bring fairness to our current tax regulations. In times past, the tax regulations seemed to benefit the wealthiest of individuals at a higher rate than the low income individual.
For many low-income Americans, the tax plan will completely eliminate their federal income taxes. This is an idea that many may find hard to fathom. In my opinion, we need to have a change in the income tax system. For many people the regulations are difficult to understand and even harder to determine how to apply them.
Another point of the tax plan is:
President Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate taxes for 7 million seniors-- saving them an average of $1,400 a year-- and will also mean that 27 million seniors will not need to file an income tax return at all.
This part of the plan, when it comes to fruition, will be a welcome change for many seniors. I believe seniors have been most negatively affected by many of the current tax regulations. I believe the current proposed plan will offer seniors relief that is well overdue.
A new tax plan for a new day!
The basics of the plan is as follows:
• Cut taxes for 95% of workers and their families with a tax cut of $500 for single workers or $1,000 for working married couples.
• Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
• Eliminate capital gain taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
• Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
These items as outlined in the President's Tax Plan are designed to bring fairness to our current tax regulations. In times past, the tax regulations seemed to benefit the wealthiest of individuals at a higher rate than the low income individual.
For many low-income Americans, the tax plan will completely eliminate their federal income taxes. This is an idea that many may find hard to fathom. In my opinion, we need to have a change in the income tax system. For many people the regulations are difficult to understand and even harder to determine how to apply them.
Another point of the tax plan is:
President Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate taxes for 7 million seniors-- saving them an average of $1,400 a year-- and will also mean that 27 million seniors will not need to file an income tax return at all.
This part of the plan, when it comes to fruition, will be a welcome change for many seniors. I believe seniors have been most negatively affected by many of the current tax regulations. I believe the current proposed plan will offer seniors relief that is well overdue.
A new tax plan for a new day!
Friday, July 4, 2008
How Do You Prepare Payroll Using QuickBooks?
How Do You Prepare Payroll? One of the features of QuickBooks software is the payroll feature. You can prepare your payroll using the software. Many businesses are opting to have payroll in-house. The payroll process starts with the creation of your employee list. Who are your employees? Do you have all the personal information you need? You should have the following information for your employees: SSN, Date of Birth, number of dependants, marital status, and address information.
How do you set up your payroll items? A payroll item includes the following: salary wages, hourly wages, commissions, bonuses, State withholding tax, Local withholding tax and any other tax. You can set up payroll items at any time. The most convenient time however is when your company information is set up. This process may take time; so perhaps listing all your payroll items first may ensure you have them all.
What’s Next? Next, create the accounts necessary to pay the taxes you withhold from your employees. You will need to set up accounts for federal, state and local governmental agencies. Your accountant can assist you with setting up those accounts. Once the accounts are established, make a schedule for paying them. Most payment schedules depend on your total payroll and your payroll frequency. Many companies run into problems with payroll when the withheld amounts are not paid in a timely manner. Many times the penalties for paying late may be more than the payment itself.
What are your options? QuickBooks software provides for various payroll options. Let your QuickBooks Solutions provider know what you need. If you need basic payroll help, online payroll, or assisted payroll. QuickBooks software provides the necessary options for you. Once you are setup properly the rest of the work is less time consuming.
How do you set up your payroll items? A payroll item includes the following: salary wages, hourly wages, commissions, bonuses, State withholding tax, Local withholding tax and any other tax. You can set up payroll items at any time. The most convenient time however is when your company information is set up. This process may take time; so perhaps listing all your payroll items first may ensure you have them all.
What’s Next? Next, create the accounts necessary to pay the taxes you withhold from your employees. You will need to set up accounts for federal, state and local governmental agencies. Your accountant can assist you with setting up those accounts. Once the accounts are established, make a schedule for paying them. Most payment schedules depend on your total payroll and your payroll frequency. Many companies run into problems with payroll when the withheld amounts are not paid in a timely manner. Many times the penalties for paying late may be more than the payment itself.
What are your options? QuickBooks software provides for various payroll options. Let your QuickBooks Solutions provider know what you need. If you need basic payroll help, online payroll, or assisted payroll. QuickBooks software provides the necessary options for you. Once you are setup properly the rest of the work is less time consuming.
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