Tag Archives: Bookkeeping

Bookkeeping Is Imperative For Large And Small Companies

Keeping accurate records and well organized data is important to the financial well being of companies big and small. Good bookkeeping may not directly contribute to the profits of a business, though some bookkeepers would argue this, it important to the to their fiscal well being. Besides the possibility of increasing profits, there are many important reasons to maintain accurate and organized records.

One of the most important reasons to maintain accurate records is in case the business needs to borrow money for an opportunity to grow or for other expenses. Lenders expect to see solid bookkeeping and to fully understand the solvency of a business before granting any loans. Bookkeepers must keep track of the money that the company or small business has, but also be able to determine whether the owner will qualify for funds in the future. Additionally, companies or small businesses that rely on outside financing to survive must regard this as a top priority.

Accurate bookkeeping is also important in generating data for owners and managers to make management decisions, whether this is on a daily, monthly or quarterly basis. Current ledgers will indicate accurately whether a customer is past due and which are carrying balances on their lines of credit. Without this information, the company cannot effectively respond to patterns of late payments or nonpayment of customers. Additionally, these losses over time will eventually hamper a companies ability to stay in business or have enough to grow.

Businesses also use their records to determine their financial stability. They can see if their gross profits are in line with their projections. Large or small business bookkeeping helps owners decide if the prices of their products and services are sufficient to cover their costs. Additionally, this information is critical at tax time. Accurate income and expenditures are a must for a company to figure their tax liabilities for the IRS.

Via EPR Network
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Wisteria Formations Releases New Complete Company Formation Guide

Wisteria formations, the UK’s leading online company formation agent, confirms the release of their complete company formations guide. Following an increasing number of enquiries from clients, Wisteria Formations can announce the release of the complete company formations guide. Wisteria Formations is one of the UK’s leading company formation agents. The company is backed by Wisteria Chartered Accountants, the accounting, tax and business plan specialists. They have been able to draw on all of this knowledge to produce a complete guide to incorporating a company in the UK, available for free download on their website, www.wisteriaformations.co.uk.

Andrew Millet, Director of Wisteria Formations and Wisteria Chartered Accountants, explains what prompted the release of the guide, “We often receive enquiries from clients regarding what they need to think about when setting up a company, as well as more specific queries. There is a lot of information available on the internet, but it was not easy for clients starting out for the first time to know where to look for it. In addition, you can’t always get all of the information you need in one place. The aim when producing our new company formation guide was to help our clients understand the process of forming their company and the things they need to think about. We have ensured it is easily found by placing a PDF version of it on our homepage in an accessible format.”

The company formations guide is designed to help people in a wide range of situations, from complete beginners to those who may have incorporated a number of companies before. It deals with issues arising at the conception of the business such as which business structure to use and takes you through the formation process step by step dealing with the issues you need to consider after formation. The majority of the guide is about how to go about forming a limited company and responsibilities you take on by doing so. This is useful for many new company formations as often people start a limited company without being fully aware of the responsibilities that they will take on as a director of a company.

Other information on the internet comes from many different sources and you will often find conflicting advice which can easily lead to a misunderstanding. The complete company formation guide aims to rectify this problem by taking people step by step through everything you need to consider when forming a limited company.

Wisteria Formations are happy to offer free support and advice when working through the online company formation process, through their UK customer support team. This, along with this the creation of the new company formations guide, will hopefully help to improve the understanding of limited companies in the future.

Via EPR Network
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BT Business Has Launched A New Web-Based Accounting Application, To Replace The Complex Software Blighting Smaller Firms

BT Business has launched a new web-based accounting application, to replace the complex software blighting smaller firms, forcing their employees to work longer hours.

xero-online-accounting

The launch of Xero, a new online tool designed for firms and their advisors, is supported by new research by BT Business which finds that almost 50 per cent of smaller business staff work extra hours to clear their current workloads, with 41 per cent admitting that they actually waste work time because of poor technology and systems.

Accessible f r o m any internet or mobile connection, Xero is aimed at helping businesses access, update, review and control their finances in the downturn anywhere, f r o m any device. The simple, software-as-a-service (SaaS) package will provide customers with 24/7 secure online access to bank transactions, invoices, reports, VAT returns and management reporting.

Chris Lindsay, general manager at BT Business applications, said: “Customer feedback is that traditional accounting packages are complicated to use, and can only be accessed while in the office. As a result, managers put book keeping off and spend too many late evenings or weekends in the office. Owner managers tend not to be finance experts, and dread having to file their accounts with these systems. The research shows that employees are working harder and longer during the downturn anyway, so we hope that Xero users will instantly be more productive and redress an often dire work/life balance.”

Xero is available as a free 30 day BT Business trial. Features include a real time dashboard of a firm’s transactions, online accrual to keep book-keeping up to date, daily bank reconciliation function, web-based accounting f r o m anywhere with an internet connection, expense claim processing and reporting for financial advisors.

Andrew Sandiford, head of Business Advisory and Assurance at Target feels that Xero eliminates all the problems of not feeling ‘part of the client’s business’ for his accountants: “With Xero, you can access a client’s accounts at any time. More importantly, you know you are looking at the same ‘version’ of the accounts as the client because there is only one ledger. Xero is fantastic for us, as it means we can offer ‘real-time’ advice, basing our recommendations on the up-to-date financial data we can see.”

Delivered as SaaS, Xero can also be implemented quickly without the upfront licence fees, maintenance or upgrade costs associated with on-premise software. Cloud computing applications like Xero reside online and are accessed by a simple web browser. Businesses only pay for the resources they use.

BT Business provides everything f r o m hands e t s to applications to help smaller firms work, share and manage common operational processes including Ribbit for Salesforce which is designed to improve sales team productivity, eSignature and CRM systems salesforce.com, Netsuite and SugarCRM.

About BT
BT is one of the world’s leading providers of communications solutions and services operating in 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.

In the year ended 31 March 2009, BT Group’s revenue was £21,390 million.

British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and a s s e t s of the BT Group. BT Group plc is listed on stock exchanges in London and New York.

Via EPR Network
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BalanceLogic – accounting & bookkeeping – Formed an Alliance with POCmarketing

Team Up To Provide More Comprehensive Services to Small and Medium-Sized Clients.

BalanceLogic LLC, a business support service provider for small and medium businesses has forged an alliance with POCmarketing, a full service marketing communications company. The partnership enhances both company’s services to help clients fill in the missing pieces of the business puzzle.

BalanceLogic focuses on providing the core business operational needs of small and medium size businesses – accounting & bookkeeping, IT support, HR, web design, and administrative services. The new partnership with POCmarketing adds marketing communications as the missing piece of puzzle for business growth.

“Our business support services enable our clients to concentrate on building their businesses, now we’re able to offer them marketing services to help them reach that next level of growth. After reviewing several companies, we find POCmarketing as the best fit for our clients” said Bill Campbell, President & CEO of BalanceLogic.

“We’re excited to become part of BalanceLogic’s network of business partners,” according to Molly Chen of POCmarketing. “Our clients are as aggressive as any business in growing a successful business. While our marketing services help them reach their goals quickly and cost-effectively, we want to make sure they are not slowed down by attending to time consuming day-to-day business needs such as bookkeeping and IT problems. BalanceLogic is a natural fit for us and for our client needs.”

About BalanceLogic, LLC
BalanceLogic LLC, is a provider of business support services to corporations and government agencies, with a strong focus of aligning business objectives. BalanceLogic, LLC offers the widest range of business support services by any single company. This powerful support force allows small businesses to gain a competitive edge over their competition. Our support force includes the following divisions; Financial Services, Technology Services, Web Services, Human Resources Services, & Administrative Services.

About POCmarketing
POCmarketing is a full service marketing communications company. Services provided include marketing strategies, collateral development, public relations, creative campaign, and web programs. The company helps small to mid-size businesses create and deploy high impact, high quality, yet practical and cost-effective marketing strategies.

Via EPR Network
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Welcome to EPR Accounting News

EPR Accounting News is a new blog, part of EPR Network, that is going to be focused on and will be covering the accounting news and stories from press releases published on EPR Network.

EPR Network (EPR stands for express press release) is one of the nation’s largest press release distribution networks on Web. The EPR’s nationwide network includes 12 State based PR sites, one major PR forum and a number of industry specific PR blogs and what started as a hobby on Internet years ago turned out to be a rapidly growing business today. EPR Network is also known as one of the most trusted (human optimized, published, edited and monitored, spam/scam/low quality PR content free) PR sites on the web with more than 10,000 company and individual press releases distributed per month. EPR Network is putting your press releases on top of all major search engines’ results and is reaching thousands of individuals, companies, PR specialists, media professionals, bloggers and journalists every day.

EPR Network has thousands of clients around the world including global 500 corporations like Hilton Hotels, Barclays Bank, AXA Insurance, Tesco UK, eBay/Skype, Emirates, just to name a few. The network’s PR web sites are currently reaching from 150,000 to sometimes 500,000 unique visitors per month while our viral reach could possibly go to as much as 1M people per month through our presence across various social media sites. EPR Network was established in 2004 and as of May 2008 it had more than 800,000 press releases (pages) published on its network.

If you have a press release to be distributed, you can do it over here: press release distribution