Mobile application ‘ONE UP’ automates accounting for small businesses

Accounting is considered one of the most frustrating aspects of small businesses, forcing millions of business owners into heartburn-filled sleepless nights as reported by Cheyney Group Accounting Software Blog. Simply because they know they must be knowledgeable and in control of their cash flow, margins, sales figures and inventory levels.

Recently, a mobile application called ONE UP claims to lessen the amount of time used to manage accounts to just a couple of minutes each month. It is the result of 4 years of development and recommendations from customers.

It automatically synchronizes with banks and provides suggested entries that can be authenticated with one click. It is considered as “hands-free” accounting that can automatically update your inventory, handle your Customer Relationship Management (CRM) and invoicing modules.

CEO of ONE UP, Francois Nadal said that it’s as if you had a Certified Public Accountant (CPA) on your shoulder. It is an effective app for small business, and with the accounting solution they literally provide hands-free bookkeeping. Simply just after 3 months most of your data entry is eliminated as the app learns about your business.

The app is designed to perform routine tasks automatically for small businesses ranging from a sole proprietor up to those with twenty employees. It is also developed for active business owners that are on the go, so they can manage their business from anywhere using their mobile phones.

The application includes several convenient features such as the ONE UP Inventory, which will synchronize with the Point of Sale (POS) so the inventory information is updated automatically and re-ordering can be done with a single click. It can generate packing lists or delivery notes from sales orders and even updates the status of orders.

ONE UP Accounting allows your accountant to log in from another location to audit your books or export your financial records to their location.

ONE UP’s CRM will track your chats, calls and task to help you organize your time so you can increase your opportunities with new customers or repeat sales.

Using the application is quick and simple, you just need to setup your bank account information, categorize your bank entries (expense, sale, and transfer), experience easy bank reconciliation, look at Cash Flow and Profit Reports and close out the year in a shot.

When an order comes in, the app’s invoicing will begin the process and you can even customize your invoices.  It will automatically email your customer when their invoice is ready and you’re able to keep track of your invoices with notifications sent out to your customers just before their payments are due. Sales are posted automatically with no hassle on your part.

The cost for ONE UP application starts up to $9 each month for a single user, but you can sign up for a 30-day trial at their website. ONE UP has clients in over 50 countries, and its software is used by 300,000 small business users. The app is based on the highly successful business suite myERP.com, and is recognized as a major partner with Google Apps and Square, Inc.

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Cheyney Group Accounting Software Review: County Board OKs Accounting Software

After tabling discussion last month, members of the Montgomery County Board unanimously approved spending $57,875 on new financial and payroll software as part of their regular monthly meeting on Tuesday morning, Feb. 10, at the Historic Courthouse in Hillsboro.

Board members Mike Webb and Bob Sneed were absent from the meeting.

Finance Committee Chairman Megan Beeler said she tabled the motion last month because she felt there were some details that still needed to be ironed out. This month’s motion featured an approval to purchase both the financial and payroll software from Zobrio, but the committee decided to hold off on the human resource and time keeping modules. Zobrio has agreed to lock in the same price for up to six months if the county decides to add the human resource or time keeping modules.

Board member Heather Hampton+Knodle asked if that price lock was included in the contract, and Beeler said it’s not because it’s not part of the proposal. Dave Penrod of Zobrio was present at the meeting and guaranteed to board members he would offer them that same price.

Board member Ron Deabenderfer asked about the advantages of the new software program. Beeler said the county is currently paying for a software system, and this one will improve the county’s accounting ability and improve efficiency.

“It offers better payroll and inventory tracking,” said Treasurer Ron Jenkins. “It brings us out of the Stone Age.”

Board Chairman Roy Hertel said the county employees tried two new software companies and they preferred the Zobrio software, and Jenkins added that it’s very user friendly.

Board member Mike Plunkett said the software does have an annual maintenance agreement, but will cost $9,000 a year less than maintenance on the current software.

“Basically, it will pay us back in six years,” Plunkett said.

He added that the board budgeted $80,000 for the project and will come in well under that.

Consent Agenda

Under the consent agenda, Supervisor of Assessors Ray Durston reported he hired a new GIS technician, Cassidy Younker of Stonington. Durston said she is catching onto the new job very well and will attend training next week.

County Clerk Sandy Leitheiser said her office has been collecting fees under the Rental Housing Support Program. The state charges $9 for every recorded document and the county has collected $430,326 since the law’s inception in August 2005.

“The intent was to serve low income housing,” Leitheiser said. “I have been trying to advocate to get those dollars returned to Montgomery County.”

She said that the CEFS program and CEO Paul White applied to receive some of that funding, and has brought $117,168 back to Montgomery County since 2012.

“We’d like to see it all come back here, but this is a good start,” Leitheiser said.

Cheyney Group Marketing: Essential Accounting Tips for Small Businesses

Simple and rudimentary bookkeeping measures will go a long way to maintain your small business’ viability for years and keep your investment growing. It will also help you prepare early on for filing a realistic tax return. Take a look at these following tips:

  1. Hire a bookkeeper

Small-business owners normally take more roles than they can handle, for instance, as manager for accounting, sales and marketing all-in-one, in order to save on salaries. At times though, getting a full-time or part-time bookkeeper might be the better and wiser option as the task requires a deeper and more extensive understanding of accounting books. A freelance bookkeeper can help you save on salaries more as you pay only when you actually need the service. Nevertheless, the U.S. Small Business Administration can likewise help you manage your expenses on your own to save even more. Or you can avail of free accounting software from GnuCash.org and do it yourself as efficiently as others might do it.

  1. Separate your accounts receivables and borrowed funds

This seems obvious; but many fail to practice this simple step. Small-business owners require financial assistance to cover their start-up capital or operating expenses and other initial business expenses. Make sure you use software that does not incorporate income with your loan proceeds. The goal is to always know what belongs to you and what does not. Unlike magnets, positive and negative funds do not attract or mix. Keep your eyes on the former (Be Positive!) in order to cover, that is, remove the latter.

  1. Follow-up on clients who have payables

Receivables look good on paper; but they are useless until you have them in your bank account. Make your clients pay regularly, as much as possible. You can enforce this by not delivering materials or services until outstanding balances have been settled. Your personnel in charge with collection have to stay firm and uncompromising in order to keep your business viable.

  1. Itemize your daily expenses for the coming weeks

Detailing your expenses on a daily basis (taxes, professional fees, advertising, utilities, etc.) will help you become more aware of what is happening in your finances. That is the role that accounting does for business. So, instead of the bi-weekly computation of salaries, daily or weekly itemized expenses will let your budget ahead more accurately and prepare you for any unforeseen expenses or deficits.

  1. Determine a reasonable monthly profit

It takes great effort and patience to operate a business and to maintain a proper accounting system. Develop an efficient accounting strategy which will monitor your expenses and payables in order to compute for an acceptable minimum income on a monthly basis. Stick to that minimum profit target for your business. Once set, you can concentrate on what needs to be done to achieve that goal on a regular basis.

These are tried and tested steps any beginning small-business owner can put into good use. A simple, well-maintained and practicable accounting system is all one needs to learn the essential tricks of the trade and grow from there to more fruitful gains.

Cheyney Group Accounting: How to Choose Business Accounting Software

From QuickBooks to NetSuite, there’s plenty of accounting software out there to choose from. Here’s how to pick the best one to serve your company’s needs.

It used to be that keeping “the books” for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business’ essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business that you couldn’t see in paper form — such as generating sales forecasts for the next quarter, determining which items are overstocked, and pinpointing your least profitable service.

Business accounting software can be the source of all this information. But finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. In order to choose a business accounting software program, you need to understand some business accounting basics, take a good look at your business and its accounting needs, and assess the products available today.

“It’s real important to get this right. In a lot of cases, it can make the difference between businesses that are profitable versus not profitable,” says Mike Budiac, president of Find Accounting Software, an independent website affiliated with CPAOnline. The website allows you to complete a two-page survey about your software needs which it will match to qualified vendors. “I think it’s pretty essential for everyone these days. And the product prices are so low in some cases, that the smallest businesses can be helped by using software. As they grow, larger the impetus to do it is even stronger.”

The following pages will detail what types of financial software products exist today, what you need to know about your business before considering accounting software, and ultimately how to decide what business accounting software is best for your business.[…]

Cheyney Group Accounting: How to Choose Business Accounting Software

It used to be that keeping “the books” for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business’ essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business that you couldn’t see in paper form — such as generating sales forecasts for the next quarter, determining which items are overstocked, and pinpointing your least profitable service.

Business accounting software can be the source of all this information. But finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. In order to choose a business accounting software program, you need to understand some business accounting basics, take a good look at your business and its accounting needs, and assess the products available today.

“It’s real important to get this right. In a lot of cases, it can make the difference between businesses that are profitable versus not profitable,” says Mike Budiac, president of Find Accounting Software, an independent website affiliated with CPAOnline. The website allows you to complete a two-page survey about your software needs which it will match to qualified vendors. “I think it’s pretty essential for everyone these days. And the product prices are so low in some cases, that the smallest businesses can be helped by using software. As they grow, larger the impetus to do it is even stronger.”

How to Choose Business Accounting Software: Business Accounting Software Options

Types of accounting products available

The range of accounting software products available for small and mid-sized businesses has been growing steadily. Right now, there are a few general categories to choose from: small business payroll and accounting packages, more full-service business management programs, online Web-hosted applications, and free programs. Here is a run-down of each category and some of the popular products available for small to mid-sized firms:

Small business payroll and accounting. There are several top-selling accounting software programs you can buy off the shelf, or over the Web, that will meet most small business needs by providing the accounting tools and reports you need to use your financial data. These include the best-selling QuickBooks series by Intuit, which is available in a variety of tiered editions and for which there are add-ons, such as a cash-flow calculator. Other popular products include the easy-to-learn drag-and-drop formatted Simply Accounting by Sage Software, which is available in up to 20-seat licenses. Sage also makes Peachtree Complete Accounting Software, which comes in tiered offerings serving from 1 to 40 users and has targeted modules for construction, distribution, and manufacturing businesses. Other popular options include Cougar Mountain Software and MYOB Accounting.

Business management software programs. These are higher-priced and more full-features accounting programs that may also include other financial functions you need to track in your business, such as point of sale, inventory control, customer relationship management (CRM), billing, purchasing and even enterprise resource management (ERP). Some popular picks in this category include Everest’s Business Management Software, which integrates all business processes into one solution, and NetSuite — the latter of which boasts that it’s “everything you need in one powerful solution.”

Web-hosted accounting applications. A new breed of online financial management applications has emerged in the last few years, taking advantage of the growing confidence that businesses are developing in the Web as a safe business environment. Now that entrepreneurs are indeed becoming comfortable with the ‘software in the cloud’ model and the inherent benefits it offers, they are in growing numbers starting to look beyond e-mail or office productivity to more sophisticated and sensitive applications like financials. The heavyweight of small business accounting, Intuit, has launched an online alternative called Quickbooks Online. Peachtree also has debuted a well featured online version. Some vendors offer online-only accounting packages, including Clarity Accounting, Less Accounting, NetBooks, and NetSuite, which has a more comprehensive business management package online.

Free accounting software programs. Most small businesses need to be skeptical of “free” programs, particularly when it deals with the financial data of your business. But a free version of QuickBooks lets you create invoices, print checks, handle payroll, and manage up to 20 customer accounts. There are plenty of free bookkeeping tools on the market, but QuickBooks is the best option for growing companies, because it’s easy to step up to the paid version, which lets users track more than 10,000 customers.

How to Choose Business Accounting Software: Understand Your Accounting Needs

The first step you need to take in choosing accounting software for your business is to undertake a good needs analysis, which will address both managerial and financial needs. It should be broad, exploring both obvious questions and ones that really make you think. Take your time with this important step, since the last thing you want is to have to repeat this process within the next two years. If you experience unexpected growth that forces an upgrade, terrific, but good planning at this stage can help you avoid having to change software too soon. Get some help before you buy anything.

What you need to know about your business

The first step you need to take before deciding on accounting software is to make sure that you are somewhat financially literate. “One of the mistakes businesses make when they buy accounting software is in believing that they don’t need to know anything at all about financial accounting because the software will just take care of it for you,” says Linda Pinson, author of Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business(Kaplan Business 2007). “They need to understand small business accounting.”

There are several ways that an entrepreneur or small business executive can become proficient in understanding what data their business needs to keep (in order to make better business decisions) and what reports they need to generate (for the Internal Revenue Service and state tax authorities). You can read books. You can take classes. You can do research on the Internet. “You can’t use any accounting software if it’s like garbage in and garbage out,” Pinson says. That’s what the result is “if you don’t understand what you’re putting in.”

Another consideration is the type of business you operate. Several different sectors have specialized modules or add-on packages because they need to keep specialized data. If you are a manufacturer, for instance, then you may need to have an understanding of inventory and handling of parts and labor. If you are a retailer, you may also need to have an understanding of your inventory through a point-of-sale program. A doctor’s office needs specialized programs for billing insurance companies, although many may farm this function out to middleman and/or consultants.

Talk to your accountant and staff

If your business has an accountant — either an outside consultant or an in-house accountant — you would be wise to consult that expert before you take the plunge into accounting software. Your accountant may be able to recommend software that works with programs they have. In fact, Pinson says, some accountants may help you set up your accounting software so that it gathers the data that they need to help you file your taxes, as well. “They know what kind of business you have and what you need,” Pinson says. “Most accountants work with a particular software. Frequently it’s QuickBooks. They’ll want you to use that same accounting software.”

Your IT department is just as important as your accountant. You also need to understand your hardware situation. Business accounting software packages use big databases, usually consisting of many different data tables all working together, so take a good look at your disk space. As your accounting data grows, which happens quickly, the more room it will need. This is the most important item to review, but not the only one. You will need to evaluate the age of your system, as well as your back-up procedures and storage media.

How to Choose Business Accounting Software: What to Know Before You Start Shopping

Know your budget limitations

A key consideration is your budget. Off-the-shelf software, such as QuickBooks, Peachtree, and MYOB, are all very affordable. However, when you start focusing on industry-specific accounting software, also referred to as vertical software, the costs go up and up and up.

Most vertical business accounting software is sold through a value-added reseller (VAR), so they can demonstrate the program and assist you with the installation, set-up, and training. The software has a higher price tag since it has a smaller market than generic accounting software, and annual maintenance fee are required for you to receive updates and upgrades as they are produced. You also have to pay for the VAR’s services. These costs need to be factored into your budget, if you go that route.

Reach out to other businesses and software consultants

Find out what everyone else is using in your industry. Okay, maybe not everyone else, but a least a few of your competitors. Business association meetings are a great place to chat about this, and you can also ask your accountant, since they should have at least one other client in your industry.

There are also consultants and/or services that will help you narrow down your options for the best financial accounting software for your business. FindAccountingSoftware.com operates independently of any software vendors but will help match your business needs with suitable software programs after you fill out an online questionnaire. The site promises to get back to you within days with appropriate selections. “We work with about 1,500 different companies in the U.S. and Canada. They are sometimes software resellers or software developers,” Budiac says. “What we try to do is be the grease between the wheels.”

You may also want to check software product review websites, such as CNET and PC Magazine.

Create your wish list

Now that you have gotten a lot of input, it’s time to sit down and document what you want the business accounting software to do for you. Of course you probably won’t find a business accounting software that meets every item on your list, so you should also decide which ones you can live without.

It is important to balance the information you have received from everyone you have spoken to with some factual information and objective views. Software vendor websites, such as QuickBooks.com or Cougarmtn.com, will include detailed lists of features and functionality, and objective reviews can be found at trusted sites such as Inc.com.

Some business accounting software can be used on a trial basis, giving you a feel for the interface and the functionality. Some of them are full programs that either allow a limited number of uses or a limited number of days of use. Other programs offer limited functionality in their trial versions. In either case, it’s great to be able to try before you buy. But Budiac points out that it can involve a lot of work to test out an accounting product so be sure to only trial products that have made your final cut.

Make your business accounting software decision

Now it’s up to you. The journey ends here. You’ve talked to many people, inside your organization and out, and you’ve read vendor literature and third-party reviews. You have used a few of the programs, or a least had a tour of the screens. So what is the deciding factor? That’s up to you. Prioritize your needs analysis and make sure the software you choose meets most, if not all, of the features that are important to you. There is no ‘best’ business accounting software package, but there is one that’s best for your business.

Cheyney Group Accounting: 6 Pros of Time and Attendance Systems

Time and attendance systems do a lot more than just track how many hours your employees log each day.

These systems also keep employees informed of how much paid time off they have left, help streamline the payroll process, cut down on overtime costs and let managers easily create work schedules.

Additionally, time and attendance systems give businesses added financial insight into their companies by churning out a variety of reports on employee hours and provide an audit trail for all daily time entries, timesheet corrections and approvals.

To highlight the benefits of these tools, several time and attendance experts offer some specific plusses of using such a system.

Improve workforce productivity

In a business environment, where people are asked to do more with less, repetitive manual and administrative tasks strain resources and slow down day-to-day operations, said Frank Moreno, director of product marketing at Kronos Incorporated, which offers its own time and attendance system. Without automated time and attendance systems, he said, employees often have to fill out time sheets that managers or payroll departments must then re-key in a different system so employees can get paid.

“With a time and attendance system, you can manage by exception instead of having to review every timecard,” Moreno said. “In a matter of minutes, you can find and correct missed punches, respond to time-off requests, and even access and react to labor data in real-time to have a positive effect on your business.”

Extra insight

Digital time and attendance systems give a business added financial insight into how the company is being run, said Matt Rissell, CEO of TSheets Time Tracking, a time and attendance system.

“The insight into labor expenses, project costs and overall financial analysis are true benefits to businesses using a quality time and attendance system,” Risell told Business News Daily. “Compiling time-tracking data in real time is critical to payroll reporting, invoicing and job-costing accuracy.”

Saves money

Moving from a manual system to a digital time and attendance solution will save businesses money, which is one of the biggest reasons to make the change, said Jim Wacek, president of the time and attendance division for Insperity, which offers TimeStar, a time and attendance solution.

“Organizations that implement time and attendance systems typically save 3 to five 5 of payroll costs, because the system automates time tracking processes and increases payroll accuracy,” Wacek said.

Lowers frustration

Using a time and attendance system that makes sure employees are getting paid on time and properly helps keep frustration at low levels for everyone in a company, Rissell said. That includes hourly employees, managers, payroll staff, human resources professionals and the owner.

“Inaccurate and slow payroll, manual and error-prone duplicate entry, and the inability to track performance, labor costs, job costing and financials is frustrating for everyone within the company,” Rissell said.

Minimize compliance risk

Businesses that use time and attendance systems benefit from ensuring they are complying with the numerous labor laws and regulations that apply to them, such as the Fair Labor Standards Act and Family Medical Leave Act, as well as any union regulations and company-specific work and pay rules, Moreno said.

“Maintaining compliance can be time-consuming, costly and sometimes lead to morale-busting employee grievances,” Moreno said. “Automation also helps ensure you create a culture of compliance with centralized labor policies that keep pace with changing regulations, while ensuring compliance by taking work rule interpretation out of the hands of local managers and administrators.”

Higher employee morale

Time and attendance systems can also boost morale by giving employees the ability to clock in and out, request vacation days and monitor how much time off they have left, Rissell said.

“A boost in productivity, a mutual respect between managers and employees with realistic expectations, and workplace flexibility are just three of the major contributing factors to employees experiencing an increase in morale when given control over tracking their time,” Rissell said.

Originally published on Business News Daily

Gibraltar Accounting firm marketing by Cheyney Group: Accounting

As a business owner, time is your most valuable asset. The more time you have to develop and manage your business, the more successful it will be. At Baker Tilly Gibraltar we help develop and improve accounting systems and controls, comply with industry and fiscal requirements, as well as changing regulations, and we account for complex transactions.

We can provide you with regular and reliable accounting information enabling you to monitor the progress of your organisation and make informed business decisions. We believe in working together with our clients to deliver a tailor made service that meets your individual needs and provides solutions so you and your business succeed.

Whatever the size of your business, give yourself more time for what you do best – running your business. We can help with the rest!

 

Bookkeeping

Our dedicated accounts team will undertake all aspects of your bookkeeping. Whatever the size of your business, we are here to help you run things smoothly according to your own particular needs.

Accounting information is sent directly to our Management Accounting services department for recording in your accounting records on computer.

Our bookkeeping services include:

  • Purchase and sales ledger
  • Trial balance
  • Bank reconciliations
  • Control account reconciliations
  • Customer statements, as required.

 

Management Accounting

We provide businesses with all aspects of your management and financial accounts according to your individual requirements.

Management accounts can include the following reports:

  • Profit and Loss – for the business and analysed by department if required.
  • Balance sheet
  • Cash flow statements
  • Analysis of any profit and loss or balance sheet captions if required.

Our advisers can:

  • Put the figures into perspective. We’ll be able to discuss them with you to determine what the management accounts actually say about the state of your business.
  • Develop reports on all the vital aspects of your business so you know where you stand and can make decisions quickly.
  • Help you establish effective budgetary and cash flow processes so you know how much money you have to run your business.
  • Identify with you the key performance indicators for your business and together decide what other factors are significant.

Other Services

For clients with an in-house accounting function we Can assist with :

  • Management accounts preparation
  • Review and monitoring of accounts and control account reconciliations.

 

Preparation of Accounts

We can prepare year-end statutory accounts from the management accounts system in readiness for the annual audit and filing at Companies House.

The year- end statutory accounts and the accounts for filing purposes (if applicable) would be the logical conclusion to our involvement in the bookkeeping and/or preparation of management accounts.

We follow strict controls and procedures to assist you in your responsibilities to ensure that the statutory accounts, including group accounts (if applicable), comply with relevant laws and regulations and generally accepted accounting practices in Gibraltar.

We can also assist in the preparation of accounts for filing in Companies House.

Financial statements can be drafted in accordance with Gibraltar Accounting Standards (Gibraltar Generally Accepted Accounting Practice), UK GAAP, US GAAP or International Financial Reporting Standards.