Today’s small businesses use outsourcing more than ever to get projects done. Whether you’re hiring a marketing consultant, design freelancers or an attorney on an as-needed basis, keeping track of billable hours can take away valuable hours that could be spent on growing your business. TransparentBilling.com allows businesses to efficiently manage all outsourced projects, improve contract employee performance and catch any overbilling that may occur (either accidentally or purposely). Business owners can see progress, earnings and expenses for any given day, or for any other time period needed.
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Posts Tagged ‘small business accounting’
Small Biz Resource Tip: QuickBooks 2012
September 30th, 2011 :: Maria Valdez HaubrichThe newly released QuickBooks Pro and Premier 2012 from Intuit contains new features to help small businesses manage their finances and save time on accounting. The new version includes a calendar to help users not only keep appointments, but also manage invoice and bill deadlines. The program helps organize and track customers, centralize inventory, create timesheets and store important documents. Users can also integrate SalesForce with QuickBooks to synchronize customer data for the sales team and so data doesn’t have to be entered more than once.
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Small Biz Resource Tip: Neat.com
September 28th, 2011 :: Maria Valdez HaubrichHow do you stay organized when running a business makes it a constant challenge to squeeze out every available minute of every day? The Neat Company may be able to help! Neat sells a variety of integrated software and scanning solutions to help simplify tasks such as keeping track of receipts, business cards, documents and more. For scanning small items on the go, mobile scanners can help you digitize and keep track of important paperwork (these are also great for employees whose job requires them to be on the road frequently). A larger desktop version, the NeatDesk, will keep you organized back at the office.
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Small Biz Resource Tip: BizExpense
September 23rd, 2011 :: Maria Valdez HaubrichNeed a simple way to keep track of your business’s expenses and receipts? BizExpense, a free app for iPhones, can help. Scan receipts on your phone and export the file directly to your Excel file, so you won’t forget what the purchase was for. Get the app for all your employees to help keep track of their expenses and do away with wasted time spent trying to remember what they did on their business trip. Also, keep track of expenses you need to bill to clients by project. BizExpense generates a simple expense report and breaks down expenses by budget categories. Download the app free from iTunes.
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Small Biz Resource Tip: Financial Analysis Software from Sageworks
September 14th, 2011 :: Maria Valdez HaubrichFinancial Analysis Software from Sageworks
Sageworks has announced a free version of its financial analysis software to help small business owners compare their numbers to those of industry peers and competitors. The software will give business owners a report showing benchmarks on profit margins, cash flow statistics, sales growth rates and expense control numbers. The data will include important stats ranging from competitors’ operating costs to suppliers’ working capital, and can help reduce uncertainty. Sageworks’ goal is to provide a financial health check for businesses that shows an easy-to-understand financial status as well as possible areas of improvement.
Google+How Direct Deposit Can Save Your Business Money
September 8th, 2011 :: Maria Valdez Haubrich
By Maria Valdez Haubrich
Are you looking for a way to put several thousand dollars a year in your business’s bank account—without doing any additional work? A recent survey of small business owners by NACHA — The Electronic Payments Association showed that the average business could save from $2,000 to $7,000 annually by using direct deposit.
Cutting and processing a hard-copy check cost a business up to $2, compared to $.35 or less for direct deposits.
However, the same survey also showed that many businesses aren’t taking advantage of the benefits of direct deposit. Some 48 percent of survey respondents do not use direct deposit for payroll.
Direct deposit has other benefits besides saving your business money. It’s a nice perk for employees, who prefer not having to schlep to the bank and wait in line to deposit their paychecks. It also helps the planet by cutting down on paper waste.
According to the NACHA survey, the 10 industries least likely to use direct deposit are repair and maintenance services (plumbing, pest control, etc.); food services (deli, fast food, restaurants); personal care services (hair, nail, spa); retail (all types); construction; wholesale trade; arts / entertainment; real estate sales / rental / leasing; agriculture / fishing / mining; transportation.
The survey also showed:
- 18 percent of small businesses with revenue between $10 and $20 million still do not use direct deposit.
- Businesses with less than 75 percent salaried employees are more likely to not use direct deposit.
- 20 percent of small business owners that don’t use direct deposit go to their financial institution 15 or more times per month, wasting valuable time.
Direct deposit isn’t the only way to go paperless. Using direct payment (that is, paying your vendors and suppliers via electronic funds transfer) can save an average of 11.5 percent per payment and three days of employee work time annually. The average small business pays 96 vendors by check each month – which when switched to direct payment, could save thousands annually.
If you’re interested in using direct deposit or payment, talk to your bank. The steps you need to take are simple, and businesses of any size can use direct deposit. Curious about how much you’d save and how much you would help the planet? NACHA and PayItGreen, an organization that educates businesses about savings from going paperless, have created a simple calculator to reveal any business’ carbon footprint savings by switching to direct deposit.
Image courtesy Karen Axelton
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Small Biz Resource Tip: Outright
July 25th, 2011 :: Maria Valdez Haubrich
For entrepreneurs, tracking the business’s income and expenses is priority number one, or at least near the top of the list. Outright is an online service that can help you get your finances organized and pay estimated taxes, track cash flow and see overall how your business is doing. Designed for sole proprietors and single-member LLCs who file a Schedule C tax form, the service is free for the first 30 days and it’s easy to get started immediately. Outright makes sure your data is secure and puts your accounting tasks on “autopilot” so you don’t have to think about them.
Google+IRS Changes Can Help Business Struggling With Taxes
June 30th, 2011 :: Maria Valdez HaubrichBy Maria Valdez Haubrich
Is your business struggling with unpaid taxes? You’re not alone, and since the recession began, the IRS has taken steps to help individuals and businesses that owe taxes get a fresh start with their tax liabilities.
This year the Fresh Start program made several changes to IRS collection practices to help taxpayers, including:
1. Significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens. A federal tax lien gives the IRS a legal claim to a taxpayer’s property for the amount of an unpaid tax debt.This includes property owned at the time the notice of lien is filed as well as any property purchased after that. Since a lien can hurt a taxpayer or business’s credit rating, it’s crucial to pay taxes as quickly as possible to have the lien removed.
Currently, liens are automatically filed at certain dollar levels for people with past-due balances. The IRS will significantly increase the dollar thresholds at which liens are generally filed. The new dollar amount is tied to inflationary changes since the number was last revised. The IRS plans to review the results of the lien threshold change early next year.
2. Making it easier for taxpayers to have liens withdrawn after paying a tax bill. Liens will now be withdrawn once taxes are paid in full, if the taxpayer requests it. The IRS has also streamlined its internal procedures to speed the lien withdrawal process, and will withdraw liens in most cases where a taxpayer enters into a Direct Debit Installment Agreement.
3. Creating easier access to Installment Agreements for more struggling small businesses. The IRS has made streamlined Installment Agreements available to more small businesses by raising the dollar limit so that additional small businesses can participate. Formerly, only small businesses with under $10,000 in liabilities could participate; the new program raises the limit so small businesses with $25,000 or less in unpaid tax can participate. Small businesses now have 24 months to pay.
In addition, streamlined Installment Agreements are now available for small businesses that file either as an individual or as a business. Small businesses with unpaid taxes of more than $25,000 will qualify for the streamlined Installment Agreement once they reduce the balance to $25,000 or less. Small businesses must enroll in a Direct Debit Installment Agreement to participate.
4. Expanding the streamlined Offer in Compromise program to cover more taxpayers. An OIC is an agreement between a taxpayer and the IRS to settle the taxpayer’s tax liabilities for less than the full amount owed. In most cases, an offer will not be accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The OIC program has been expanded to allow taxpayers with annual incomes up to $100,000 to participate. Participants must have tax liability of less than $50,000 (an increase from the former limit of $25,000 or less.)
Will any of these changes help your business? You can find out more about the changes and get necessary forms at the IRS website.
DISCLAIMER: The information posted in this blog is provided for informational purposes. Legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. The information presented here is not to be construed as legal or tax advice. Network Solutions recommends that you consult an attorney or tax consultant if you want professional assurance that the information posted, and your interpretation of it, is appropriate to your particular business.
Image by Flickr user MoneyBlogNewz (Creative Commons)
Google+How Direct Deposit Can Save Your Business Time, Hassles and Money
June 6th, 2011 :: Rieva LesonskyBy Rieva Lesonsky
Are you looking for ways to simplify your life, streamline your small business and keep your employees happy at the same time? Then one option you should consider is using direct deposit for payroll.
A recent survey by NACHA — The Electronic Payments Association found some surprising news: 48 percent of small business owners do not use direct deposit for payroll. That can be a big mistake, because direct deposit is an easy way for your small business to save thousands of dollars, increase your employees’ satisfaction and reduce your business’s impact on the environment each year.
The top 10 industries that NACHA found are least likely to use direct deposit includes many typically small businesses: Repair and maintenance services (plumbing, pest control, etc.); food services (deli, fast food, restaurants); personal care services (hair, nail, spa); retail (all types); construction; wholesale trade; arts / entertainment; real estate sales / rental / leasing; agriculture / fishing / mining; transportation.
The survey additionally reveals:
- Even as small businesses get bigger, many of them still don’t use direct deposit. Eighteen percent of small businesses with revenue between $10 million and $20 million still do not use direct deposit.
- Businesses where less than 75 percent of workers are salaried are less likely to use direct deposit.
- Small businesses that don’t use direct deposit waste a lot of time. One-fifth of small business owners who don’t use direct deposit in their business visit their financial institution 15 or more times per month.
Direct deposit isn’t just for your employees—you can also use it to pay vendors. According to the NACHA survey, small businesses pay an average of 96 vendors by check each month. Switching these to direct payment could save the average business thousands of dollars annually when the cost of cutting and processing checks as well as employee work time is taken into account.
Here’s how the savings from direct deposit breaks down:
- It costs a business up to $2 to cut and process a hard-copy check vs. $.35 or less for direct deposit.
- A business with 25 employees would save at least $2,000 a year. A business with 100 employees would save at least $7,000.
Of course, there’s also the savings in terms of printer ink, paper and envelopes that you won’t be mailing. NACHA and PayItGreen have created a simple calculator that helps you determine your carbon footprint savings of switching to direct deposit:
Many employees expect direct deposit these days—and offering them this convenience is one way your small business can compete with bigger employers.
My company uses direct deposit; we wouldn’t have it any other way. Switching over is simple—just talk to your banker or financial institution.
Image Courtesy: Karen Axelton
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