Looking For An Online Accounting Software

Looking For An Online Accounting Software

Cloud accounting refers to the delivery of accounting services via the internet. These services may be in the form of storage, data analysis, or accounting.

Cloud accounting is a type of accounting that uses a computing system that can be accessed over the internet. It performs similar functions to desktop accounting software, but it goes above and beyond by offering a slew of additional features.

With the growth of cloud computing and the ease of online working, having cloud accounting software that works with an online database is essentially seamless for any business big or small.

If your company needs to provide invoices or receive statements in electronic form, then cloud accounting will be essential for the success of your company.

Whether you’re a small business or big business, just starting out, or are already seasoned, when you consider using cloud accounting software, these 5 questions are what you should be asking yourself.

How is online accounting beneficial for my business?

An intelligent cloud accounting software will help your business scale to new heights and expansion to new markets. There are many benefits to using cloud-based accounting solutions over traditional accounts such as paper or computerized bookkeeping, including:

It helps auto-sync data in real-time. This helps save a lot of time by eliminating unnecessary steps.
It creates a paperless environment which would definitely help your business to establish a green initiative.
Cloud-based accounting has a central database where you can keep records and master accounts.
You don’t have to worry about the hardware or operating system of the computer you use because cloud accounting software is available from various platforms.
You can access cloud-based accounting software from any computer, tablet, or smartphone in the world at any time.
If these benefits suit your business needs then don’t miss out on checking today’s innovative accounting apps on the cloud. These are easy-to-use software as a services applications providing dynamic solutions for general accounting, inventory, and payroll.

Will my data be secure on an online server?

Contrary to the prejudiced notion that it might not ensure 100% safety, a cloud server tends to be the safest option. Some feel that cloud accounting software are vulnerable to hacking and virus, but it’s false. They guarantee maximum safety.

An Accountant’s Perspective

An Accountant’s Perspective

Accounting is a blend of science and art. On one hand, you need to abide by the accounting principles and on the other, you need skills that help clients like landlords minimize their payable taxes. From the perspective of a landlord, you are in-charge of significant properties and managing these accounts can often become overwhelming. In such situation, even a single financial misstep can result in significant losses. With effective and accurate accounting process for rental property, you as a landlord can maximize returns on rental property without putting in extra efforts. Right tools, processes and knowledge can not only provide you with accurate accounts, it will further ensure that any deductible expenses are not missed.

Recent Section 24 Updates

A recent change from the Government is expected to have significant impact on managing rental properties. From April 2020, the facility provided to the landlords for offsetting their financial or lending costs against the rental income started to phase out for the private landlords, as per the section 24- Finance Act 2015 (No. 2).

For the present tax year, the S-24 change in taxation suggests that 25 percent of the finance costs is no longer available for offsetting against the rental income. Rather, the process will include inclusion of tax credit equalling 20 percent of the financial costs, applicable to the tax bill.
The restrictions are expected to increase by 50 percent of the financial costs, increasing 75 percent in 2019 and 100 percent from 2020 onwards. This is indeed a bitter truth for all landlords out there.
For majority of the landlords in the high-rate tax-payer category, the current changes mean paying additional taxes which is equal to almost 20 percent of their financial costs.
Newer legislations are expected to push several landlords within the higher-rate tax bracket.
This means when the taxable income which includes disallowed financial costs will exceed 100,000, these landlords will start losing their personal allowances!

Planning your taxes as per prevailing provisions is only possible with support from an accountant. The process starts with determining your expected revenue and then discovering avenues whereby these revenue can be channelized to obtain maximum tax benefits. Accountant for landlords assists their clients with a robust plan that help them minimize tax burden under the scope offered by HMRC.

Implications on Capital Gains, Stamp Duty & Refinancing costs

Landlords owning properties based on company structure are expected to remain unaffected. Even though there are certain speculations surrounding this area, it is most likely to remain unchanged. At the same time, landlords considering transferring their assets into private company will need to look into three major considerations:

Capital Gains Tax: This tax is realized on the profits from sales of non-inventory asset. Common capital gains realised are from sale of bonds, stocks, precious metals, property and real estate.

How to Enable a Safe Paperless Office in 2021

How to Enable a Safe Paperless Office in 2021

For decades paper documents and filing cabinets have been organizing information in an office. Today, they do not seem like the best option. As more and more businesses realize that paper is not just inefficient but also an expensive way of managing information, therefore they are embarking on transitioning from physical to electronic document and information management systems to process and secure their data.

The ‘Paperless Office’ motto was initially coined by IBM as a marketing strategy for their computers. But most businesses haven’t adopted the trend despite the fact that every employee has to access the computer terminal or mobile device for their day-to-day work deliveries. To create environment-friendly paperless offices, it is absolutely imperative to espouse practical strategies to significantly reduce overall paper usage.

Large companies including Mobile Service Providers, Electric utilities, Banks, etc. are encouraging users to opt for e-bills and e-statements while some are out to even incentivize the paperless drive. So how to create a paperless office?

Here are a few steps that will ensure a smooth transition for your business from being a paper file-office to a paperless office.

1. Discourage paper usage

Emphasize the extravagance of paper usage within the business premises. There are a variety of low-cost initiatives that can stress the seriousness of the drive. One of the biggest reasons for not going paperless is the lack of management mandates. While the entire office may be willing to do so, there are no tools and no management directives to take employees to the next level. Improvised life at work invites employee loyalty and retention while maintaining an efficient office. Stipulating departmental goals while encouraging a transition from paper to paperless and discouraging paper usage should come with some kind of a reward. Request service providers for electronic communications and make a conscious effort to pay bills online and reduce envelopes and paper checks to improve overall productivity and ease of doing business.

2. Re-engineering business processes

There are particular business processes that have the ability to reduce paper usage substantially. Re-architect business processes that make a needless practice of paper. Review reports generated in digital formats on a laptop, tablet, or smartphone.

Particularly for internal documentation, do away with the practice of signing them physically. Signatures have historical precedence when it comes to legal requirements. But now, there are other ways of validating documents through electronic signatures that are legally effective and considered as good as hard copy contracts.

Ways in Which an Accountant Can Save Your Business Money

Ways in Which an Accountant Can Save Your Business Money

Have you ever considered trying to hire a chartered accountant to help you with your business? Even if your business is relatively small, an accountant for small business is a great investment. They can assist you in various ways, not only save your hefty amount of money in the long run but also help you sort many accounting problems within few minutes, especially when you just start or plan to start a new venture.

Ways an accountant could save your business money

1) Tax planning – Tax laws can be confusing enough even when things are simple and straightforward. However, when it comes to business taxes, things become significantly more complicated. Laws are constantly changing and adjusting as well. That is why it is essential that you must take a help of a professional accountant who helps you stay informed about the latest changes.

Personal Tax accountant can assist you in developing an efficient tax strategy for your company and avoiding costly mistakes. Additionally, accountants are aware of certain tricks to lower your tax liability and increase your investment returns.

2) Cash flow and financial forecasting – While it is critical to managing your cash flow effectively, many organisation struggle in this area. An accountant can assist you in developing systems for tracking your business revenue and expenses.

By getting into the discipline of updating your cash flow each week, you will have a much better grasp on how your company works and which operational areas drain cash from the business. If you understand how your cash flow looks, it’s much easier to track where your income comes from.

Indeed, your accountant should assist you in establishing a system that allows you to always track and understand where money is coming from at any given time. You should be able to quickly glance at your records and determine whether or not you are operating at a loss.

3) Growing business – Every business requires a plan to grow, but in order to forecast your future accurately, you must track everything now. How does your accountant assist you in making the best choices? By assisting you in identifying your most valuable clients and establishing your objectives. They can assist you in making sound business decisions in the future, and once you’ve identified your areas of greatest profit, you can concentrate your efforts on those areas and accelerate business growth. Taking the right steps could be the difference between boosting your profits and curtailing your business development and potential investments which helps in growing the business.

4) Time-saving – It takes time to balance your books, prepare your taxes, and manage all of your business’s financial aspects. This is especially true if you have to learn everything from scratch, which can take significantly longer than usual when you’re already running a business. Some people are also not adept at self-education and would require additional time spent in classes. Thus, an accountant can save your business a significant amount of time.

Marketing Ideas for Your Small Business

Marketing Ideas for Your Small Business

Small business marketing aims to increase brand awareness and create a pipeline of qualified leads that can be converted into sales. Due to a lack of visibility and resources, getting the word out about a small firm can be difficult (like budget or time). However, there are a few important methods that might help you scale your marketing efforts for your small firm.

A marketing plan that’s suited for your firm can provide guidance as you scale, whether you’re working with a limited budget, time constraints imposed by a smaller staff, or even a lack of direction.

Know who you’re talking to.
A common blunder is to believe that “anyone” can be your buyer. Larger enterprises may be able to appeal to a larger market, but there’s a reason why they say “the riches are in the niches.” As a tiny business, you’ll have the most clout in a specialty. And you must grasp their pains, difficulties, triggering events, and priorities in order to build a niche and appeal to buyers within it.

What is it that is driving them to make a purchase? What would it look like if they achieve their goal? Knowing these things will aid you in crafting message that resonates with your target audience and creates a convincing argument for your solution.

Begin by considering who you currently work with and who you’d like to work with in the future. Then, to begin the process of getting inside the mind of your potential client, establish a buyer persona.

2. Make your value proposition stand out.
There’s no reason for a buyer to feel obligated to deal with you if there’s no difference between you and your competitors. Your value proposition is what will set you apart from the competition and convince your prospects that you are the right provider for them. What can you do better than anybody else in your field? It’s a powerful argument if you can convey it.

3. Maintain a laser-like focus on a single set of goals and objectives.
If you’re new to the world of marketing, you’ve probably seen that there are a million different paths you can take. It’s tempting to try to accomplish everything at once and build a complex machine in the hopes of covering all your bases, but it’s also easy to take on too much.

Instead, figure out where you’ll have the most influence. Where in your marketing do you have the biggest blind spot that’s preventing you from growing? Set a performance objective centred on that one critical area, and devote your resources to the activities and approaches that will help you meet that goal. When you’ve made more progress toward that single goal, you can broaden your efforts or pivot to other activities.

4. Make the most of short-term opportunities.
Begin by being scrappy. It’s crucial to show ROI sooner as you scale. This will provide you with the momentum and cash flow to invest in larger initiatives, long-term investments, and more long-term growth strategies.

A Guide to Yearend Accounting Procedures

A Guide to Yearend Accounting Procedures

Yearend accounting is a tedious process that gives severe headaches to employers and entrepreneurs. Along with the hike in sales and services, small businesses also have to give their full attention to the end of their accounting period. If you feel like yearend accounting is like dodging a bullet, then this article is for you!

Yearend accounting involves a series of processes. Transferring customer bills, merging bank accounts, fixing financial documents, filing taxes are only some of those chores that you need to get done by a year close. While preparing, you might realize that your book is not in order, you may find mistakes in entries, there will be some bills that are omitted while filing, reports will be difficult to formulate, and God knows what! However, let us take a look at a guide to yearend accounting so that we can maintain our calm even at these busiest times. Follow these steps based on whichever business sector you are in and prepare your filings beforehand to avoid loading data at the last minute.

Things you need to include
While adding the accounts, you need to include the following information;

1. Income and expense recoveries – If you have rendered a service or delivered a product, you have to keep the recovery records while filing.

2. Expenses – Your department or company has received any goods or if you have made many purchases before April 30, add those details as expenses.

3. Accruals – If you have recorded an expense but haven’t received it as a supplier’s invoice, then you can add it as accruals. The intention behind accruals is not to record accurate data, instead estimates.

4. Deferrals – This is needed when you have incurred an expense but only partially received the service or product by the yearend. In such cases, you can add it to the next fiscal year.

5. Pre-billing – All invoices get processed at the end of the year. This is a prevailing rule that prevents you from processing a bill in the next fiscal year. In pre-billing, these invoices will appear as deferred income accounts. So, you can calculate them at the beginning of your next fiscal year.

6. Existing purchase orders and commitments – Make sure to submit your purchase orders to Procurement Services for adjustments.

Data management activities
Goods that you have acquired and proceeded against a Purchase order
Outstanding rejects
Parked documents
New fund centres
AMS system availability
Things you must take care of specifically during the yearend
1. Finish all invoicing
Before yearend approaches, make sure you have attended to all your clients and sent them statements. It is also pivotal to reconcile all the invoices and bills. If there are any outstanding or pending statements, don’t hesitate to remind your clients about them. You also need to check if there are any open Sale orders or ongoing projects that are still standing to the bill. Settle them all on time to avoid any contingencies.

2. Follow up on any outstanding bills.
It is crucial to send reminders to customers if they haven’t paid you yet. This measure will ensure that your cash flow is intact and finished on time. Doing this will save your time and boost your accuracy. Many accounting ventures have the facility to send automatic reminders and follow-up emails to your clients in a timely manner. As you reach the end of the fiscal year, prepare all the accounts and deal with payments that you have not received yet.

3. Write off pending bills
As you know in businesses, not all clients are going to pay you on time. If this happens, you can enter such bills as bad debts; particularly, if you think they are not going to pay you at all. To find out such customers, you can check the Aging Details that are available on the reports and keep a note of their due invoice time frame or send a final reminder before closing. If they haven’t responded yet, you can write it off as an overdue invoice.

Business Tax Issues

Business Tax Issues

Small businesses have to wear multiple hats and crunch their finances, so it will save your company money in the long term by investing in a quality accountant early on. As their expertise and knowledge will help boost the finances, their services go beyond bookkeeping – be it for growing businesses or existing businesses.

In addition to learning the tricks of their industry and staying up to date with the ever-changing tax rules, accountants will also accelerate corporate success by leveraging years of experience to increase the financial stability of your corporation in combination with cutting-edge technologies. Conversely, the list below discusses other aspects in which an accountant can unlock your company’s true potential.

Step 1: Preparing the tax
Tax rules have been in constant flux for years and navigation can be a tricky puzzle. With reliable accountants at your side, their vast experience in a variety of alternatives for tax planning will help improve the productivity of the annual preparations of your business.

Since they know the rules like the back of their hand, they will promise that the tax proposal is by the current norm to minimize the risk of making expensive errors. Knowing the tips and tricks behind tax preparation also helps the corporation to reduce your payments along the way and increase your investments.

Step 2: Cash Balance Control
A vital aspect of your activities is handling the cash flow of your business, but many companies fail to get a good overview of the ins and outs of their finances. As a result, your cash flow can be tracked and useful insights offered by an accountant, all of which contribute to greater control over your expenses.

Having a comprehensive description of the bookkeeping activities of the company also makes it easier to recognize patterns in your sales and outgoings, enabling detailed financial predictions.

Step 3: Control of Errors
As it incorporates multiple industry-level expertise, accounting goes beyond plain math, which is why you need to invest in a dedicated accounting team to streamline the financial operation. You are stopped by skilled accountants from having costly slip-ups, which saves you time and increases your bottom line efficiency.

Step 4: Save Time
Accounting and bookkeeping will eat up a large chunk of the resources of the workers. You can assign duties correctly by recruiting an accountant and be on top of the books without struggling with bottlenecks in other areas of your business. This is because it will save you time to have an expert run the books for you and encourage you to concentrate on what you do best: your business!

Dental CPA Help You In Becoming Wealthy

Dental CPA Help You In Becoming Wealthy

The job of a dentist is well-known but also comes with an abundance of responsibility. Being an owner, you will always wish to be well-known for your work and continue growing your business.

This is accompanied by pleased customers providing positive feedback on your work in the world. It sounds like a lot of work, isn’t it? That’s certainly the case.

In the effort to establish yourself as a highly regarded dentist, what are you doing to find the time to keep your accounts in order? So, you’ll need dental accountants who can help.

There are many dental CPA with years of experience. Accountants are among the top accountants in Maryland. They have managed the accounting of many companies ranging from small to mid-sized.

How Can Accountants Help You With Your Dental Practice?
There are a lot of CPAs in Maryland who can do these things for you:

1. Accounting:
From the basics to complex levels, accountants can take care of every aspect of your accounting. As a dentist and in the role of an owner, you must enhance your business knowledge and experience.

The process of learning how to handle accounting will only take up your time, as you can use the time to do things that will benefit your practice.

It’s not a smart idea to start learning the basics of accounting when you can get professionals to help you with it for an expense that is less than the cost of an hourly wage.

Dental practice accounting will ensure your finances, accounting and bookkeeping, allowing you to concentrate on growing your business.

2. Payroll:
While it’s easy as it might appear, payroll isn’t as simple and even small mistakes can cause problems which mean you must pay fines. The Government State Regulations are a bit confusing yet are required to be implemented.

For instance, there have been certain deducts to be included on the pay of employees. An error could make both the employer as well as the employee be harmed.

It is important to care for your employees because they are the ones who do all the effort to help you. If they do not, it can trigger discontent in them, and their work efficiency could be impacted.

Paychecks should be paid promptly, and it is properly calculated concerning all the hours they work and their overtime. It is important to remember that payroll errors can be expensive, as you could have to pay penalties.

When you’re subject to tax authorities, they’ll examine your financial records repeatedly and cause you to suffer a lot of stress that you don’t want. Dental CFO for doctors can handle your payroll needs with ease without worrying about one thing.

3. Separating Your Personal And Business Transactions:
No matter how big your company is, your personal and business transactions must be separated. Since tax planning for dentists has been accountants for doctors for a long time, we will handle all financial transactions regardless of whether they are for personal or business.

Factors to Consider When Opening a Savings Account

Factors to Consider When Opening a Savings Account

For many individuals, their savings account is their primary mode of relation with a bank or monetary foundations. These acts as a spot to save cash for future requirements and objectives. A savings account grants you to store your money safely for some time and moreover gives revenue on your balance. There’s another thing to savings accounts other than people might think – everything from the different kinds of savings accounts available to added ways of increasing your cash. Here are the different types of savings accounts that are available.

Regular or Basic Savings Account: A regular savings account offers some key facilities and offers but provides the most flexibility. This requires a minimum average balance and failure to meet this may result in a penalty.

Salary Account: A majority of the employers use this to deposit the employee’s monthly salary and bonuses directly. This special type of savings account can only be opened by a salaried individual. However, it has a few additional benefits such as zero balance, free cheque book/draft and a higher interest rate on deposited amount, etc. The important thing you should keep in mind is that, if the salary does not credit for consecutive 3 months then it is considered as a basic savings account.

Savings account for seniors: This type of savings account is designed for individuals over 60 years. With this account seniors can avail some key benefits that are not available in case of regular accounts, such as higher interest rate, a waiver of minimum balance requirements and special offers on term deposits.

Joint Account: It is the type of savings account where more than one person can operate. With this account you can give your loved ones an access to the shared pool of funds. Here, either of the account holders can withdraw the money deposited and debit cards can be issued separately.

Women’s Savings Account: As the name suggests, it is designed especially for modern, financially independent women, keeping in mind their different needs. With this account women can enjoy some of the key benefits like special discounts on bank products, higher interest rate, complimentary personal insurance coverage, etc.

Minor Account: This is a joint account for children managed by the parent until the child turns 18. Children need a parent or guardian to set up this joint account.

How Savings Accounts Work

Savings accounts and other deposit accounts are the source of assets used by banks and financial institutions for loans. You can open a savings account at a bank or credit union and deposit cash into that. The interest rate of savings accounts you procure can vary from one bank to another. Savings account deposits are generally easy to access and it offers exceptional flexibility, but it has some limitations on how often you can withdraw funds. The minimum balance requirement and interest rate will vary depending on the type of savings account you choose.

The Hotel Industry Can Regenerate Revenue During Covid-19

The Hotel Industry Can Regenerate Revenue During Covid-19

The hospitality industry is the one that is affected the most by the pandemic situation. With series of lockdowns imposed and heavy travel restrictions, hotels are finding it hard to survive and thrive in the industry. Moreover, with the cut-throat competition of competitors slashing rates has made things more difficult. Especially with growing hygiene and capacity restriction requirements, hotels are facing the pressure of additional expenses with also losses of no travelers or customers booking with them. So at times like these we recommend adopting a strong revenue management strategy that helps hotel businesses cope with situations like these. Covering more on this and providing expert advice here is what we suggest the hotel industry for improving their business.

Dynamic Pricing Strategy

In this time of COVID-19, measures for maintaining hygiene are costing the hotel industry huge. With capacity constraints, distancing regulations, hygiene maintenance, and unpredictable demand have resulted in complete chaos. This has resulted in hotels randomly slashing their hotel prices with a belief that they would earn short-term revenue. However, this has an impact on the pricing levels in the market causing a strain on the industry. But we as experts of the industry recommend hotels to brace themselves and hold on to a dynamic revenue management strategy. Hotels should rather keep their pricing strategies constant and focus on re-positioning themselves in the market. While maintaining the service quality, hygiene standards measures and customer benefits must be used for their marketing strategy. On the other hand setting, dynamic pricing using revenue management strategies and tools hotels can enjoy the flexibility of evolving with changes in the market.

Managing the Varying and Unexpected Demand

All hotels are facing a varying demand with changing COVID-19 rules, lockdowns, and other related regulations. However, everything has a pattern and trend. Identifying this is possible with having a strong revenue management system in place that helps analyze such trends. Recognizing the demand is the key to setting up the right pricing strategy at the right time, by the right distribution channel. Set a strategy in place that accommodates unexpected dip in demand with probably adding additional ancillary services like spa and gaming to make up for the lost income. Using demand forecasting in revenue management to predict the times throughout the year when consumer demand rises and falls, one can accordingly adjust and build a strategy around it. Forecasting demand is crucial for building a strong revenue management business model and for achieving the operational and business goals based on your budget.

Right Positioning

Positioning your hoteling services right especially at times like this is crucial for your business. Adopting a holistic revenue management approach with a blend of right pricing, right positioning, and marketing the USP will surely boost your business and sales. Further, this could contribute towards a long-term maximization of the hotel’s profits. Knowing your customers and understanding their needs for this is also crucial. Based on the requirement you must bring an overhaul in the marketing strategy and position the business right to gain maximum benefits. Hotels must come with unique ways to meet customers’ demands while restricting their budget to a certain limit rather than randomly lowering the prices.