Free Payroll Software

Posts Tagged ‘Bookkeeping’

The only Small Business Bookkeeping and Accounting Software on the planet today which was created by Small Business for Small Business… You can download and sample EasyAs on a FREE 30 Day Trial, just by visiting their website.

Hello!

I was wondering what types of services Bookkeeping and Payroll companies offer (specifically) and what some average rates are for these services.

Also, what are the most sought out services?

Thanks so much!!

In today’s society we are constantly being presented with opportunities and suggestions that we can do everything ourselves and that it will save us money. This extends to business as well. Software companies are selling bookkeeping software to run your business, there are web site offering free advice for managing your business, and you can go to hundreds of websites to become incorporated at a fraction of the cost of going to a qualified professional.

Does a small business actually save money by doing these tasks themselves or do they inevitably cost themselves money, time and opportunity. A small business owner has to wear multiple hats including being the president and owner, the sales and marketing team, financial and accounting specialist, administrator, HR guru and technician.

The key to success for any business owner is to identify those tasks that are essential and productive to growing their business and seeking assistance for other tasks. The two most essential functions in any business are sales and operations – finding customers to sell to and providing them with the goods and services you are delivering.

All other functions of a corporation are non-core functions. This is not to say that they are not important. In fact having a good solid financial and accounting system is essential to understanding the performance of your business and then using this information to effectively manage your business and make informed decisions is crucial to your success.

Most business owners do not have the knowledge, expertise and/or training in these disciplines to perform these functions correctly. If they do have this knowledge and expertise, is their time better spent on growing their business and managing their operations or is it performing bookkeeping and financial administrative tasks?

I submit to you that the value of their time is best spent growing and managing their business. The realty is, when an owner is spending time away from focusing on the core functions of the business he or she has a direct cost that is associated with performing those tasks as well as indirect costs.

The direct costs are quantifiable and can be measured. The cost of an employee or the business owner managing his or her own books, running his payroll, filing sales tax or payroll tax reports, running financial reports, etc. multiplied by his or her hourly wages.

If a business owner spends 15 hours per month on bookkeeping, accounting or payroll tasks and their time is worth $50 per hour or more then the direct costs are more than $750 per month. If an employee is performing these tasks then all wages including benefits and payroll taxes have to be factored in as well as the time an owner spends managing and training the employee.

If the hourly wages for an employee including benefits, equals $25 per hour and a business owners has to spend an additional 2 hours each month managing and training the employee then the direct costs are $475.

The indirect costs are not as transparent or as easily measured but may be even more significant. The indirect costs can include lost sales opportunity, decreased efficiencies and higher expenses in operations, a decrease in customer service or overall quality of services or products being sold, simply due to the business owner having less time to spend managing the operations side of the business.

Indirect cost may even include mistakes due to an insufficient understanding of the subject matter, laws or filing deadlines. It may also include in an inability to access financing due to an improper corporate structure or poor financial reports that lack supporting backup documentation.

It has been our experience as a professional CPA firm that has looked at thousands of owner prepared financial statements that the vast majority of them are incorrect and in many instances have contributed to the failure of a business.

Finally, lawyers, CPAs and other professionals will typically spend more than a hundred thousand dollars investing in their education and learning to practice in their respective fields. They then have to pass a rigorous exam showing a proficiency and understanding of the knowledge in there respective fields. Most likely they will have dealt with hundred of clients and thousands of unique situations. This experience should not be minimized or dismissed.

When the investment of hiring a professional CPA is matched against the direct and indirect costs of not hiring a professional CPA, the decision will be a “no brainer.” By hiring a professional CPA firm a business owner realizes the following benefits: he or she frees up valuable time to manage their business; the bookkeeping is done correctly so that the owner has accurate timely financials to make informed decision; financials are available to a banker or venture capitalist when financing is required; the business owner stays in compliance with the tax laws.

At the end of the day a CPA firm will end being one of your most inexpensive but most valued members of your team. Not tapping into this knowledge and experience puts the business owner that is not utilizing these services at a disadvantage to their competitors who are making use of these services. The competitors that are utilizing these services and tapping into this experience are saving time, money and capitalizing on opportunities that will contribute directly to increasing both the top line – sales and bottom line – net income.

If you are not currently using a CPA and trying to go it alone, give a CPA firm a call and learn how they can put their experience and knowledge to work for you.

Get the right small business bookkeeping software and you will save time, money and stress. Now up to a point a manual bookkeeping system is all you need. One good manual system is the Dome Simplified Monthly Bookkeeping Record. You can pick this up at Office Depot or Office Max. That will even work OK with a couple of employees. But if you’re ready to step up to a computer system, you face a flood of products to pick from. Following are 7 tips to help you choose the best bookkeeping system for your small business.

Tip 1: Decide what you want.

If you’re upgrading from a manual system or switching from a bookkeeping service, there must be a reason. Decide what you want from a bookkeeping system and you’re more likely to get what you need. The best system should save you money.

Tip 2: Free might work.

A free system might work. Microsoft offers a free version that’s limited, but may be good enough. Usually if you have any employees a free system isn’t for you. But if you don’t have employees, consider the Microsoft free option.

Tip 3: Simple will work.

Buy more system than you need and you’ll pay hidden costs. Learning any system and using it is part of the continuing cost of software. An overly complex system will cost you as long as you try to use it. Simple is good if that’s what you need.

Tip 4: Software in a box.

Look at the major accounting software suppliers like QuickBooks and Peachtree. They sell software in huge volumes and there are thousands of users who have gone before you. No need to be a pioneer.

Tip 5: Easy upgrades.

Cheap software may be a dead end. If you ever need to upgrade, is there an upgrade version or do you get to start all over with a new software vendor? Maybe you can’t even easily transfer your records to the new software. Oh my!

Tip 6: Online for less stress.

Online software may be an option. Especially for payroll, you can forget about keeping up with endless regulation changes and just let the software people worry about that. Lots of bookkeeping automation is available really cheap with online accounting software.

Tip 7: Who can you call?

What happens when you have problems? Who can you call? Software has been known to just lock up and there you are. So know who can help you if you get in trouble, because trouble will come with any software.

The right small business book keeping software makes running a business easier and less stressful. The problem in choosing the best software is you have so many choices. Think through what your real needs are before you buy anything. Pick overly complex software and you’ll pay too high a price in learning and using the programs. But on the other hand, buy too little system and you may find yourself stuck and forced to learn a whole new system. The good news is that you have several options from major companies that are already used by thousands. You can easily buy a proven product that will do the job.

Product Description
Industry Market Research Synopsis

This Industry Market Research report from IBISWorld provides a detailed analysis of the Accounting, Tax, Bookkeeping & Payroll Services in the US industry, including key growth trends, statistics, forecasts, the competitive environment including market shares and the key issues facing the industry.

Industry Definition

Companies in this industry provide a range of financial services, such as auditin… More >>

Accounting, Tax, Bookkeeping & Payroll Services in the US – Industry Market Research Report

I want to stay small for starters because I want to stay on a one on one basis with any and all customers. When any clients have a question they get me not an answering service. And to top the things off. I want to keep it all affordable. Can anyone help me on maybe a flyer for promotion and some ideas? I’ve been doing this for 13 yrs. and been on my own for 2 yrs. So far my business is word of mouth. However I would like some more cliental. I will greatly appreciate any assistanc enad advise. Thanks

Product Description
If you want to become a bookkeeper, start your own company, refresh yourself on things you learned, or maybe didn t learn, in college this product is for you. It is overflowing with over 4 hours of practical knowledge about running a business, keeping the books, what to watch out for and how to know how your business is doing. Are you financially illiterate? All our tutorials start out with premise of a novice taking his/her first class in accounting. We hold your h… More >>

Bookkeeping 101 & Beyond Using Peachtree Accounting Software

Product Description
Your hands-on guide to keeping great records and keeping your nonprofit running smoothly Need to get your nonprofit books in order? This practical guide has everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP) – from documenting transactions and budgeting to filing taxes, preparing financial statements, and much more. You’ll see how to stay organized, keep records, and be prepared for an audit. Beg… More >>

Nonprofit Bookkeeping & Accounting For Dummies

Product Description
Industry Market Research Synopsis

This Industry Market Research report from IBISWorld provides a detailed analysis of the Accounting, Tax Preparation, Bookkeeping and Payroll Services in the US industry, including key growth trends, statistics, forecasts, the competitive environment including market shares and the key issues facing the industry.

Industry Definition

This industry comprises establishments primarily engaged in providi… More >>

Accounting, Tax Preparation, Bookkeeping and Payroll Services in the US – Industry Market Research Report