If your small business’s accounting system leaves something to be desired, you might want to check out the Ezy Invoice software program. Ezy Invoice is an invoicing, accounts receivable and inventory program all rolled into one, and can work for any kind of business, whether it’s service- or product- based. There is a wide variety of reporting options, and it’s simple to import your existing customer, vendor and inventory lists over to the new program seamlessly. Choose from a variety of software options and packages depending on what your needs are.
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Posts Tagged ‘accounting’
Small Biz Resource Tip: PaySimple
March 21st, 2012 :: Maria Valdez HaubrichGetting paid quickly and being able to accept all types of payments are crucial for any small business watching the bottom line. The new mobile app from PaySimple (for iPhones and Android phone users) combines payment acceptance and customer management tools to streamline your business’s receivables procedures. You can collect payment by mobile phone, website, phone or mail with a credit card, debit card or eCheck. Repeat customers? No need to collect their payment information again: Because PaySimple is cloud-based, you have access to your customer profiles and history wherever you go. The system is especially helpful for mobile entrepreneurs whose jobs take them on-site to customer’s homes or businesses.
Google+Business Bankruptcy Rates Down, D&B Reports
April 12th, 2011 :: Karen AxeltonBy Karen Axelton
There’s some good news for U.S. businesses in the most recent survey from D&B, CFO Magazine reports. Business failures are declining overall, with formal bankruptcy filings in 2010 down more than 5 percent compared to 2009.
What industries are most likely to suffer bankruptcies? In 2010, transportation had the highest failure rate, followed by construction, financial services (pushed by the high number of bank failures), automotive and manufacturing.
The percentage of business payments that are delinquent (more than 90 days past due) stabilized at around 5 percent for all of 2010. There’s good and bad news there, according to Andrew Lobsenz, senior vice president of global D&B risk-management solutions: “Things overall have stabilized, but they’re still much worse than they were prerecession.”
While delinquent payments accounted for about 2% of all payments in mid-2007, they hit a high of 6% at the end of 2008, when the recession was in full swing. The industries with the highest delinquency rates were manufacturing, automotive, telecommunications, construction and wholesale.
When it comes to states, Nevada had the highest rate of both delinquency and business failure, thanks to steep declines in housing value and tourism. California had the second-highest business failure rate, while Arizona and Utah high delinquency rates.
What do these trends mean to you? If you have customers in one of the industries with high delinquency rates, be more cautious about whom you extend credit to. Stay on top of your collections process and work to keep accounts receivable coming in in a timely fashion.
If you’re in an industry with high failure rates, keep an eye on your competition. What weaknesses do they have that you could take advantage of? What challenges might push them over the edge? When a competitor fails, you might be able to grab their customers if you’re poised to move quickly.
If you’re seeking financing for your business and are in one of the industries at risk for failure, or have customers at risk of delinquency, be aware that lenders or investors will be looking at your business’s financials even more critically than usual. It’s already tough to get financing these days, so you’ll need to work extra hard to make sure your loan package is impeccable.
View the full D&B U.S. Business Trends Report for more details about failure and delinquency rates in specific industries and states.
Image by Flickr user Ashley Middleton (Creative Commons)
Google+Simple Secrets to Getting Paid Faster
February 18th, 2011 :: Rieva LesonskyBy Rieva Lesonsky
Last week I wrote about e-billing and how it can save you money and save the planet. One of the side benefits of e-billing is that it can also help you get paid faster. I thought this week I’d delve a bit more into ways to get paid faster. After all, getting the cash flowing is every small business owner’s goal, right? Here are some tips to help you get payment when payment’s due.
Invoice on time. It may sound like a no-brainer, but sometimes business owners get so tied up in delivering the work, they forget to invoice in a timely manner. When you mail the shipment or deliver the completed project, make sure you invoice at that time as well. Using one of the many simple invoicing software products out there, like QuickBooks, can streamline and automate this process.
Make it simple. If your invoice design is busy and confusing, the customer may struggle to find out what is wanted and when. Keep it simple with your logo and a clean, straightforward design. Use bold or red type to highlight the important parts of the invoice, like amount and date due.
Keep it clear. Be sure you and the customer have already determined payment terms and amounts before you invoice. If a customer is surprised or confused by the amount you’re invoicing, that leads to lots of back-and-forth to clarify the issue…and that wastes time.
Target the right person. Find out specifically who in the customer’s organization should receive the invoice, and get the person’s e-mail and mailing address. Especially if you’re dealing with corporate clients, many delays in payment are due to invoices getting shuffled among departments. Before sending the invoice, clarify who receives it and, if sending by e-mail, get a “read receipt” so you know when they opened it.
Make sure your contact information is on the invoice. If the customer has any questions, they should be able to easily figure out whom to contact at your company. Put your company’s name and address, as well as the name, phone number and e-mail of the person who handles your billing, where it’s clearly visible.
Clarify partial payments. In a case where you’re invoicing for a partial payment, such as a deposit or work that’s completed in stages, make sure that the invoice clearly explains this so that the customer isn’t surprised by later invoices.
Offer incentives. If you can afford to do so, consider adding incentives for customers who pay early. Typically, this is a percentage off the total.
Give them choices. Your invoices should clearly state how you accept payments. Offering a range of options–check, credit card, PayPal, money transfer, etc.—improves your chances of getting paid faster.
Follow up. The best-designed invoice in the world won’t help if you don’t follow up immediately on late payers. The day after the payment was due, politely send a friendly reminder e-mail. If you receive no response, escalate to a polite phone call. Most late payments are due to simple oversight and clients will appreciate your follow-through—but if there is a bigger problem, this strategy can enable you to nip it in the bud.
Image by Flickr user Andres Rueda (Creative Commons)
Google+Small Biz Resource Tip: Paychex
January 19th, 2011 :: Maria Valdez Haubrich
One of the biggest mistakes entrepreneurs make is when it comes to filing the correct employee paperwork, paying the right taxes, etc. Hiring a professional is the smart way to make sure you’re not raising a red flag to the IRS. Paychex Payroll Specialists offers payroll services, HR administration and compliance, 401(k) and employee benefit management, and other HR solutions. Paychex also partners with insurance companies to offer group health insurance to customers. You get a dedicated payroll specialist who will be your contact person when you have questions and will handle your employee issues. Paychex can also help you understand new health-care reform requirements.
Google+Choosing the Right Accountant for Your Small Business
December 15th, 2010 :: Rieva LesonskyBy Rieva Lesonsky
It’s that time of year…time when an entrepreneur’s thoughts turn to year-end tax planning. And that’s a good time to think about your business’s accountant. Do you have one? If you’re still doing your own books or taxes, it’s time to reconsider. A good accountant can quickly recoup the money you spend on him or her by making smart choices on your taxes. Beyond year-end taxes, a good business accountant can help your business in innumerable other ways:
- Setting up accounting systems and training you and your staff to use them
- Keeping up to date on tax changes throughout the year
- Offering business advice
- Assisting with strategic planning issues
So how do you find a good accountant? Ask around and get recommendations from other small business owners, your banker or your attorney. Once you’ve gotten a shortlist of names, arrange to meet with each. At these meetings you’ll want to know:
- What kinds of services does the accountant offer? Most accountants offer tax planning and preparation, but they may also offer bookkeeping, consulting, investment management and estate planning services. Some accountants prepare and audit financial statements, prepare documents for loans or other forms of business financing, and manage company retirement plans.
- How well does the accountant know your industry? Look for an accountant who not only has experience in your industry, but also works with lots of businesses of your size.
- How does he or she charge? Accountants may charge by the hour or offer a monthly retainer. Be sure you understand the costs for the specific types of services you’re interested in.
- Is it a good match? Your accountant will be a key partner in your business, so it’s important that you think alike. Ask the person how he or she would handle some situations your business is now facing. What do you think of the answers? A good accountant should be ethical, explain all your options and offer in-depth advice.
Get references, and call them after your meeting. You should also check the accountant’s credentials at the American Institute of Certified Public Accountants website and by contacting your State Board of Accountants.
To benefit from your accountant’s experience, meet with him or her regularly and seek advice as your business grows.
Photo Courtesy: Karen Axelton
Google+Small Biz Resource Tip: Zachary Systems
December 14th, 2010 :: Maria Valdez Haubrich
When you’re trying to reconcile your bank accounts with your small business accounting system, you may think it’s as easy as entering a few numbers a month–that is, until you try to actually reconcile for every entry, expense and payment. Meet Zachary Systems, a financial integration software company specifically for small businesses needing to coordinate bank accounts with their accounting software (like Intuit’s QuickBooks and Microsoft’s Small Business Accounting). Zachary also has programs to reconcile your credit card statements with your accounting system. Most banks and credit cards make this service available, but it may be worth your valuable time to hand the problem over to someone else.
Google+Small Biz Resource Tip: Amazon.com Corporate Accounts
December 13th, 2010 :: Maria Valdez Haubrich
If you freqeuently find yourself on Amazon.com buying office products and corporate gifts (especially during the holiday season), it makes sense to check out the option to open an Amazon.com corporate account. Although the account doesn’t mean you’ll be getting bulk discounts (prices on Amazon.com are already comparatively low), an Amazon.com corporate account does allow other members of your staff to order their own supplies, while giving you a detailed report of their purchases. You may also sign up for an Amazon.com Corporate Credit Line. If your business’s accounting system uses purchase orders, Amazon.com makes the ability to purchase by P.O. number available.
Google+Great Small Business Backoffice Tools
March 23rd, 2010 :: Steven FisherI recently came across this amazing list of 90 useful freelance resources at http://www.underworldmagazines.com/90-useful-freelance-tools/ and it struck me that many of these tools would be great for any small business backoffice. I picked a few and have showcased them below:
Time Tracking Tools
getharvest.com – Harvest is a service of Iridesco, a New York City-based web software company with big ideas. Founded in 2003 by designers Danny Wen and Shawn Liu, Iridesco has its roots as a creative agency. In 2006, the company evolved from its consulting model into a software service provider with Harvest as its flagship offering.
14dayz.com – We are drivers in the movement for better software. Too many features make software complex and tedious to use, install or maintain.
lesstimespent.com – As a freelancer your time is how you make money. You must be dilligent in tracking and billing for this hours. Minor lapses in time tracking will cost you thousands at the end of the year. Not only track your time but record what you accomplished during those times.
Invoicing Tools: Make invoice to send to your clients
Simplybill.com – Simplybill brings simple invoice management to all. Instead of wrestling with overly complex accounting software or trying to mash-up a spreadsheet into some sort of design, begin sending attractive invoices in minutes.
blinksale.com – Blinksale is perfect for anyone who needs to invoice clients for services or products sold. Blinksale is an excellent choice for attorneys, accountants, designers, IT professionals, software developers, journalists, contractors, engineers, architects, videographers, and more. Basically, if you need to send invoices, Blinksale can work for you
quickbooks.intuit.com – Instant invoices and expense tracking—get organized
freshbooks.com – Send, track and collect payments quickly. Great for teams, freelancers and service providers.
lessaccounting.com – Less Everything, Inc is based out of Jacksonville, Florida. The company has been a successful web firm for several years and began pursuing Ruby on Rails product development in 2007. In the beginning, we struggled with accounting, because accounting is scary, accounting is boring and quite simply, no one likes accounting.
Project Management Tools: Keep Your Projects On Time.
rememberthemilk.com – Managing tasks is generally not a fun way to spend your time. We created Remember The Milk so that you no longer have to write your to-do lists on sticky notes, whiteboards, random scraps of paper, or the back of your hand. Remember The Milk makes managing tasks an enjoyable experience.
activecollab.com - activeCollab is a project management & collaboration tool that you can set up on your own server or local network. Work with your team, clients and contractors in an easy to use environment, while keeping full control over your data. Now improved with Invoice and Source Modules.
Projects.zoho.com – Looking for Tasks and Milestones? We do that too. But above all, Zoho Projects is about helping teams get their projects done.
5pmweb.com – 5pm can be your central location for project and task management, team collaboration, time tracking, reporting and more
planzone.com – As Information Workers, we all spend a great deal of time working with others on projects of one kind or another. We all have experienced the frustration of trying to collaborate with team members and manage our own task lists, email messages, files and schedules with basic desktop tools. It’s not working. Because we are experienced project management specialists at Planzone, we know that a successful project requires a good project management tool. And, a good project management tool is one that helps you spend less timemanaging information and more time acting on it. It’s that simple.
comindwork.com – Assign tasks, share files, discuss ideas, involve clients. Zero-investment and flexible pay-as-you-go pricing. Secure and reliable SaaS platform. Fully customizable.
worketc.com – We combine CRM, Projects, Billing, Documents, Time sheets and more with a powerful automation engine to help take your small business to the next level. The only complete small business management software solution.
proworkflow.com - ProWorkflow helps your company manage projects, tasks, time tracking, staff and contacts at anytime from anywhere. All you need is a web browser or iPhone!
Other Business Tools
campaignmonitor.com – Campaign Monitor is a small software company right near the beach in southern Sydney. We build email marketing software for designers and their clients and are lucky enough to have lots of passionate customers.
feelbreeze.com – Breeze is another sophisticated yet simple web product from Element Fusion. Since 1999, we’ve grown our company with a reputation for rising above the competition.
Google Apps - google.com/apps
Google Wave - wave.google.com
gotomeeting.com - Citrix Online is a fast-growing division of Citrix Systems, Inc. (Nasdaq: CTXS), based in Santa Barbara, California, with satellite offices and data centers around the world. Every month, more than 17,000 new customers start using Citrix Online’s services to work from anywhere with anyone – using our remote-connectivity tools to save time, get more done and connect to others around the world.
wufoo.com – Wufoo strives to be the easiest way to collect information over the Internet.
paypal.com – PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing.
That should get you started. If you want to see the larger, more comprehensive list, check out the Underworld Magazines article.
Google+Nine Things I Want in a Great Web-Based Accounting System
January 27th, 2010 :: Steven Fisher
I don’t know if it is me because I have a degree in accounting or am super picky about technology, but I gotta say that the web-based accounting systems on the market today have a ways to go to be great to use. When I was shopping for a new accounting package last fall I went looking at the software that you could install on the Mac and those that were web-based. I looked at the usual suspects, Quickbooks, Peachtree and their online counterparts QuickBooks for the Web and ePeachtree. I also looked at web-based solutions like Outright, Less Accounting and Freshbooks. Since Freshbooks was strictly invoicing software I took that out of the running.
AllBusiness.com describes online accounting systems as “a basic service that generally includes double-entry general ledgers, invoicing, accounts payable, accounts receivable and financial reporting. Some applications also include time sheets and expense reports, as well as payroll, check writing, credit card and inventory features.”
Now I am not here to do a compare and contrast of those products because each small business has their own requirements and things that I call “deal breakers” which is a feature that they must have in the solution they choose. As I went through this selection process many had the basics and a few had some great functions but not all had the right mix that would make it the natural choice. So I thought about it and wanted to share what I thought should be in a web-based accounting system. I came up with nine things and here they are:
1.) Sync with major invoicing and payroll systems – We all need to send invoices and the fact that many of the online accounting systems have invoicing systems that stink on ice is an understatement. I use an invoicing system separately because I can customize it and sync with my web-based project management system.
2.) Automatically have a 2 user package – I have an accountant and the fact that many of the accounting packages have this only available as a premium is a bit of a stupid thing. Give me greater functionality and more reasons to upgrade and I will, not out of reluctance because I need to give access to my accountant.
3.) Real and Useful Mobile application – No I am not talking about a mobile web page version, a real app I can use on an iPhone, Android or Blackberry system. This is not just a browse and tell you stuff app but something that I can actually enter a transaction or track expenses.
4.) Online Sync with my Bank Account – Now I am not an international financier with 1oo’s of off-shore and complex accounts and what I really want is to be able to connect with my bank, download the transactions and then categorize them quickly. A few wanted you to download a QFX file and import it which is a pain and something my bank doesn’t offer anymore. I am not going to switch banks to fit my software, that is usually the other way around.
5.) Work with all the major business models – There was one package I loved but it wasn’t really designed for corporations but rather the product was for sole proprietorships and keeping it simple. I can respect that and the product is new so I hope they plan to increase the functionality for those of us that have LLC and S Corporations and would love to use that system.
6.) Time sheet entry for a bunch of employees – One thing that I didn’t understand is that for some of these web packages I had to pay for a license for access just so a person could do a time sheet entry. This almost seems like the feature that everyone says they have but no one seems to execute well. Here is the functionality – login, see time sheet, enter time matching with projects/tasks/department and click submit. Yeah, that is really all we need to give people access for and if you can give us unlimited or up to 25 or 50 contractors you would have people beating down your door.
7.) If not time entry then API connectivity to my project management system – Ok, so right now my setup is a web-based project management system, web-based invoicing system and installed accounting software. What I really want to do is keep my people submitting their time on the project management system and pull that into an accounting system to do invoicing. If those connections were available, you could have a ton of new customers.
8.) Synchronization with the offline installed software version – I know this might be asking much but it would be fantastic if I could connect to a central stored database that held my accounting system it would allow me to go between installed software and web versions. I know this is a stretch, but I do want it.
9.) Integration with my e-commerce system and merchant account – All of the installed software versions have this in some fashion but this is something that should really be a big focus for the development roadmap. Many people, including me, have small accounting needs but much of our business is driven by online sales. Trying to reconcile that is challenging.
Remember, this is just a wish list
I am sure that over time many of these products will continue to mature and some of these functions will be added and they will improve. My only hope is that a few product managers will read this and become inspired.
What things do you want in a great web-based accounting system?
So was this list good? A good start? What did I miss? What has frustrated you when you have been evaluating these packages? We would love to hear from you so leave a comment.
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