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: 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

Cheyney Group: Gibraltar Accounting firm marketing

Gibraltar Accounting

1.1 Requirement to produce financial statements

Requirement to maintain the books and records in the local jurisdiction

There is no requirement for Gibraltar funds to maintain their books and records in Gibraltar. However it should be noted that management and control of the fund needs to be in Gibraltar and usually the administrator will maintain the accounting records. A Gibraltar administrator must be appointed.

Production of financial statements by collective investment funds

UCITS schemes and non-UCITS retail schemes (public funds) are required to produce annual and semi-annual financial statements under the Financial Services (Collective Investment Schemes) Act 2005.

Experienced Investor Funds are required to produce annual financial statements under the Financial Services (experienced investor funds) Regulations 2005. The audited financial statements must be submitted to the FSC within six months of the period end.

If the fund is structured as a corporate entity, there are also annual accounts requirements under the Companies Act and the Companies (Accounts) Act 1999.

For corporate vehicles, the directors are responsible for the preparation of the financial statements and two directors are required to sign balance sheet of the annual financial statements. For trusts, the trustee takes responsibility for the preparation of the annual financial statements. Two trustees sign the balance sheet.

A statement of compliance should be submitted to the Commissioner within four months of the end of the accounting period. The Statement of Compliance is un-audited.

Choice of period/year-end for collective investment funds

Gibraltar funds can choose their own year-end. Once chosen, public funds cannot alter the year-end without the prior approval of the Financial Services Commission.

Requirement for comparatives

Comparatives are required for the financial statements.

Restrictions on the currency under which financial statements must be prepared

There are no restrictions. The base currency is specified in the formation documents of the fund.

Accounting publications specific to the funds industry (as issued by accounting bodies or the regulators)

There are no accounting publications specific to the funds industry in Gibraltar as IFRSs or U.K. accounting standards and any technical material issued in the

United Kingdom are generally followed.

In relation to public funds, the Code of Practice issued under the Financial Services (Collective Investment Schemes) Regulations 2006 provides details of the contents and disclosures for the annual and interim accounts together with disclosure requirements for auditors, managers, and trustees/custodians.

Use of short-form accounts

Short-form accounts are not permitted under Gibraltar law and regulations.

Umbrella schemes

For corporate entities, financial statements must be prepared for the company as a whole. There is also a requirement to produce separate financial statements for each sub-fund.

For unit trust umbrella funds, there is no requirement to produce financial statements for the umbrella, however, they are permitted. There is a requirement to produce separate financial statements for each sub fund.

In all cases, information on each sub-fund as stipulated by legislation should be included within the report of the manager.

Classes of shares

Financial statements are required which incorporate all classes of shares.

There is no requirement to produce financial statements for each class of share, unless each class of share represents a separate sub-fund (such as, protected cell companies) in which please refer to umbrella funds above.

Read full details in this article…

Gibraltar Accounting firm marketing by Cheyney Group

GIBRALTAR SOCIETY OF ACCOUNTANTS

EXPLANATORY FOREWORD TO GIBRALTAR ACCOUNTING STANDARDS

Introduction

1. This foreword explains the authority, scope and application of Gibraltar Accounting Standards (GASs) issued by the Gibraltar Society of Accountants (GSA) and the circumstances whereby other internationally recognised accounting standards may instead be followed. The scope of GAS extends to entities licensed or authorised by the Financial Services Commission (“FSC”) unless the applicable legislation requires or the FSC permits the adoption of alternative accounting standards. This foreword also considers the procedures by which the GSA issues GASs and their relationship to accounting standards adopted or issued by the Accounting Standards Board (ASB) in the United Kingdom.

Accounting Standards in the United Kingdom

2. Accounting Standards issued by the ASB are “accounting standards” for the purpose of United Kingdom legislation which requires accounts, other than those prepared by small or medium sized companies (as defined by the UK Companies Act), to state whether they have been prepared in accordance with applicable accounting stansdards and to give particulars of any material departure from those standards and the reasons for it.

3. In addition the Consultative Committee of Accountancy Bodies (CCAB) is committed to promoting and supporting compliance with accounting standards by its member bodies and by their members, whether as preparers or auditors of financial information.

4. United Kingdom accounting standards, however, are not intended to apply to financial statements of overseas entities prepared for local purposes.

Gibraltar Legal Requirements

5. The GSA notes that Gibraltar Company law makes reference to, but does not define, the terms „Appropriate Accounting Standards‟, „Generally Accepted Accounting Principles‟ and „Accounting Rules‟ (collectively referred hereafter as “GAAP”). In absence of any statutory definition of GAAP, the GSA recommends that members follow the recommendations set out in paragraph 8 below. In addition Gibraltar Company law permits the use of International Financial Reporting Standards.

Authority

6. The GSA, whilst recognising that it does not have the authority to require its members to observe a particular GAAP, wishes to promote a formal framework for the preparation of accounts.

7. The GSA also notes that, commensurate with Gibraltar‟s status as an international offshore finance centre, there will be circumstances whereby internationally recognised accounting standards will be more appropriate. As mentioned in paragraph 5 above, Gibraltar Company law specifically permits the use of International Financial Reporting Standards.

8. Therefore, the GSA strongly recommends that its members who assume responsibilities in respect of financial statements do observe GASs or, where appropriate, follow instead internationally recognised accounting standards, as referred to in paragraph 11 below, whether in their capacity as preparers or auditors of financial information.

Scope and application of Gibraltar Accounting Standards

9. The GSA consider that GASs are applicable to the financial statements of Gibraltar reporting entities that are intended to give a true and fair view of the state of affairs at the balance sheet date and of its profit or loss (or income and expenditure) for the financial period ending on that date. GASs need not be applied to immaterial items.

10. Financial statements are normally prepared and presented annually and are directed principally toward the information needs of an entity‟s shareholders, proprietors or equivalent body of persons.

11. Where these information needs are such that they would be better met through the use of standards other than GASs then it is entirely appropriate to depart from GAS and a local entity‟s financial statements may in such circumstances be prepared in accordance with internationally recognised accounting standards such as International Accounting Standards, UK GAAP or US GAAP.

Compliance with accounting standards

12. Accounting standards are statements of how particular types of transactions and other events should be reflected in financial statements, and are formulated with the objective of ensuring that the information resulting from their application faithfully represents the underlying commercial activity. The GSA envisages that only in exceptional circumstances will departure from the requirements of GASs (or where appropriate internationally recognised  5accounting standards) be necessary in order for financial statements to give a true and fair view.

13. In applying accounting standards it is important to be guided by the spirit and reasoning behind them. The spirit and reasoning are set out in the individual GASs and are based on the ASB‟s Statement of Principles for Financial Reporting.

14. If in exceptional circumstances compliance with the requirements of a GAS is inconsistent with the requirement to give a true and fair view, the requirement of the GAS should be departed from to the extent necessary to give a true and fair view. In such cases informed and unbiased judgement should be used to devise an appropriate alternative treatment, which should be consistent with the economic and commercial characteristics of the circumstances concerned. Particulars of any material departure from an accounting standard, the reasons for it and its financial effects should be disclosed in financial statements.

The issue of Gibraltar Accounting Standards

15. The GSA has agreed to formally adopt United Kingdom accounting standards as issued by the ASB, which will be accompanied by Interpretative Notes (ITN’s). The principal purpose of ITN‟s is to cite the recommended practice in situations where Gibraltar and United Kingdom legislation conflict and also in situations where reference is made in the ASB‟s accounting standards to United Kingdom legislation and no corresponding Gibraltar legislation has been enacted.

16. The ITN, issued by the Society, together with the ASB‟s accounting standard is referred to as a Gibraltar Financial Reporting Standard (“GFRSs”) or Gibraltar Statement of Standard Accounting Standards (“GSSAPs”). GFRSs together with GSSAPs are collectively referred to as Gibraltar Accounting Standards.

17. GASs are circulated as an exposure draft by the GSA‟s Technical Committee. An exposure draft is published to allow an opportunity for all interested parties to comment on the proposals and for the Technical Committee to gauge the appropriateness and level of acceptance of those proposals.

18. Although the Technical Committee weighs carefully the views of interest parties, the ultimate content of an ITN must be determined by the Committee‟s judgement, in conjunction with the Society‟s President, based on research, public consultation and careful deliberation about the

Cheyney Group Marketing: Work Smarter-Not Harder!

We are Exclusive to the Accounting Industry

CHEYNEY GROUP MARKETING is a firm providing website and practice development services to the accounting industry. The website development services operate efficiently by generating leads through optimization of search engine. Our practice development system serves as training ground for accountants at higher profit margins to realize higher fees every hour and operate a less stressful trial.

Also, CHEYNEY GROUP MARKETING offers various professional education programs like marketing, selling, and practice management to numerous accountants every year.

Our core Accounting Marketing Services include:

  • Website Development (all types of accounting practices)
  • Accounting Marketing
  • Outsourced Marketing and Coaching
  • Enhanced Selling Skills for Accountants
  • Practice Management
  • CPE Webinars offered for free

To teach tax accounting firms how to market their accounting practices and to help them operate at profit margins nearly double the average of the industry were the rationales of CHEYNEY GROUP MARKETING when it was founded in 2003. So, if you want to improve your accounting practices, you may contact us and ask for our assistance any time at 1-800-345-4832.