Tag: bookkeeping

by Incredible Planet Staff

Electronic Logging Devices for Entrepreneurs


Business

When you use your car for either private and business purposes, be sure to keep a digital record of all your business trips, especially if you’re an entrepreneur. This is true for many reasons, a few being that you as a business owner have a number of responsibilities on top of the personal ones, with regards to compliance and taxation. By keeping an electronic log over your travels, you not only make life easier for yourself when filing tax reports, but you also have solid proof in terms of what counts as private driving, and what is for business.

Chances are that if you’re reading this, you’ve been told you need to use an electronic logging device because you’re in the trucking business, an entrepreneur with many hours on the road, or something similar. Especially insurance companies require vehicles to use ELD Devices, and some companies won’t offer you any type of insurance on your leased vehicles without such a device. Not only do the modern ELD’s track milage, but the more advanced also have traffic crash information, sort of like a black box on the airplanes.

An electronic logging device can therefore also help with insurance claims, as there will exist a record of how fast you were going when the accident took place for instance. And while the initial cost of acquiring and installing an ELD can be prohibitive for those not required by law to use them, there’s actually another good incentive for entrepreneurs to install one. Seeing as how a large portion of the accounting aspect will be automatically taken care of, over time ELD’s save money on bookkeeping and by storing all data electronically, saves on storage or archiving costs as well.

And for vehicle fleet owners and operators, using ELD’s can be a crucial aspect in managing a successful business. In addition to documenting the use of each car, it also provides fleet administrators with a unique tool to continually monitor the mileage of the cars in the fleet automatically, outputting costs for fuel and maintenance along the way. This gives the fleet administrator, a unique and real-time overview of the internal fleet, that in turn allows the fleet to be optimised on the basis of live data. This can ultimately help to free up capital and reduce the balance of the individual car dealership, rental company or any other company operating a fleet of automobiles or trucks.


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by Incredible Planet Staff

How Bookkeeping Differs From Accounting And Why It Is Important


Business

Are you in search of account management services for your business, and want to know if Bookkeeping is ideal for your needs? You may be uncertain as to precisely what Bookkeeping is and need more information before you make your decision. The following guide will assist you in learning the difference between accounting and bookkeeping, and determine if you should be outsourcing bookkeeping services within your organization.

What Is Bookkeeping?

Bookkeeping is a process by which a professional analyzes, records and interprets an individual’s or business’ financial transactions. It falls under the heading of accounting, in that it makes up the bulk of the process itself.

A bookkeeper works to put together financial statements for an accountant. The accountant then takes these statements to perform his or her tax and legal management in a manner that is proper and timely.

It is necessary that the bookkeeper create the appropriate financial records that serve to help the business keep track of details about its financial activities. It makes good business sense to have these records on hand, so that management can look over them and also have them for the purpose of remaining transparent with their financial status and practices.

Also, the records are required by law. According to legislation, businesses need to stay up to date on their financial records. This is especially the case when it comes to showing that they have paid their taxes.

Accurate and timely record documents are necessary to be kept by a business for a certain period from the point at which they were prepared. The period may differ based on what type of records they are, such as a longer amount of time for holding onto payroll documentation.

A professional bookkeeper should be able to conduct the following tasks:

  • Enter into transactions
  • Perform any reconciliations, checks, and end-of-year processes for the business
  • Conduct any necessary payroll duties and compliance with regulations
  • Make certain the business is up to speed with all of the management reports and legislative requirements
  • Put together BAS returns as an agent trained in BAS, or under supervision of someone who is a registered BAS agent
  • Offer up general support for business administration

Would You Benefit from Having Bookkeeping Services

You might be surprised to learn that all businesses should receive at least some basic bookkeeping services. No matter what type of business you are in and how busy you are, it is crucial you look into this for the sake of remaining in compliance with standards.

The difference between large and small businesses is that small businesses often will have a bookkeeper serve various roles. In addition to the above tasks, he or she also may perform Human Resource duties. This is a good way to save money, and also cuts back on having extra employees and departments that are not needed.

Bookkeeping is a growing business that has changed a great deal over the last few years. Now, nearly all of the work is computerized. Specialized software exists to do bookkeeping, and the role has been more clearly differentiated from accounting.

Reach out to us today to find out how bookkeeping can help your business.

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by Incredible Planet Staff

Online bookkeeping software features and effect on small business


Business

Online bookkeeping software is more and more a great alternative for small businesses nowadays, as it permits them to save money in place of regularly considering a specialized accountant for each monetary checking task.

Next to the cost-saving benefits of online bookkeeping software, greater expediency is an additional striking benefit. Consider all the trips to your bookkeeper that you will save as you can easily consider a number of your accounting computations via your personal system.

Accounting or bookkeeping software is reachable and offered via cloud. It authorizes small businesses to keep record of the whole thing from their bookkeeping and documents to their normal accounting requirements.

Not all small business bookkeeping software are developed uniformly. Neither is every solution the best match for your particular business requirements. That is why it is informative to know what every one’s potencies are over others.

Before we enter into that, it is also very useful to understand what the best and most widespread features of this kind of software are.

  • Basic Accounting Functions – This is a classification that includes the fundamentals such as income and expenditure checking, invoicing, monetary report dispensation, and client or vendor administration.
  • Task Automation – Any honest online bookkeeping software should allow you computerize billing, previous-unpaid notifications, and frequent payments, hoard the time and make you more prolific.
  • Contact Administration – You need software that maintains your client contacts or flawlessly incorporates into your present contact management software.
  • Creating Taxes – This feature involves smaller divisions like involuntary tax computations, tax and numerous tax rates’ details, and the ability to email any appropriate information and files to your bookkeeper in seconds.
  • Mercantile Account Support – You want to be capable of seamlessly accepting credit card payments, and this is the feature to make sure that.
  • Estimation and Quote Development – Your online bookkeeping software will characteristically have different pre-made and customized templates present to allow you create both estimates as well as quotes for your customers. Changing these into invoices involuntarily is a guarantee.
  • Payroll Processing – Your software should allow you do fundamental tasks like feeding timesheets, calculating pay, printing checks, and, definitely, paying your staff.

Here are some extra features that can assist in differentiating your selection:

  • Mobile Utilities – Probabilities are that you employ mobile more than computer nowadays, as many people do. It is useful and suitable to be able to deal with your accounting functions anywhere you are, whether on holiday, transportation, or just outside. This is very helpful if you are a business holder who takes trips a lot for work.
  • Incorporation into Third-Party Applications – Various businesses nowadays is about incorporation because your small business relies on details from different applications and tools. Any high-quality accounting software for small businesses should offer incorporation with POS arrangements, card-processing devices, different Google applications, inventory tools, ERP, and e-commerce solutions.
  • Multi-User Support – It is general for this software to give access to both you and your bookkeeper, so you are always on the similar page and do not have to do all on your own (you are still reimbursing your bookkeeper, finally).

Inquire yourself the below things when evaluating which software is best for your small business:

  • Does it offer a free trial?
  • Can it simply range with your increasing business?
  • Does it work effectively with your bank’s arrangement?
  • Can you limit access for definite users?
  • Does it direct you on even if or not you are complicit with usually established accounting standards (GAAD)?

Online accounting software makes your life simpler, but it is not going to assist if you do not know some fundamentals, initially. With that, here are a few tips to increase your profits from accounting applications:

  1. Give Software a Complete Trial Run – Various applications have free trials, which is your possibility to know even if it’s the best match for you, at no price to you.
  2. Know Accounting Fundamentals – Make known to yourself with fundamental accounting ideas before employing these applications like job costing, accounts receivable and fixed advantages.
  3. Double-Verify to Know if Your Bookkeeper Understands the Software – These applications don’t signify that you not require your bookkeeper anymore! They will just help in streamlining things and add to your output, but it is always prudent to inquire your bookkeeper if he or she is previously recognizable with the software you aim to employ, for efficiency’s point of view.

Online bookkeeping software will make your life as a small business holder simpler. It is not a complete alternative for your bookkeeper, however.

By keeping this in mind, do your study to know which featured app is the best to fulfill your business requirements, and initiate saving time, enhancing output, and concentrating on increasing your business in place of handling accounting issues.