Accounting

7 Questions You Must Ask Before Purchasing Accounting Software

Posted on 02/03/2017

Accounting software these days is considered as a must-have to meet the requirements of small business mainly. Plus, it also acts as a vital tool facilitating your decision making process since you get regular updates of your finances and there are tools to analyze your budget. Not only do they provide you with all the details you require but also most importantly, they provide the same on-the-go. But the question is in a sea of accounting software available online, how you can choose the right accounting software suitable for your business.

Accounting firms - Velan

Below are some of the questions you must ask the service provider before signing up for the product.

1. Can the software meet all your requirements?

First of all, you must be clear and precise in what you want in your accounting software; second of all, you must know what you don’t want your software to do. This self-understanding will put you on the right perspective in deciding your vendor.

To understand your requirements better you can start asking questions like:

  • What are the features that I need? For example, payroll processing, bookkeeping, invoicing, customer information, inventory, etc.
  • Is the software scalable based on your requirements?
  • What would work for you? Cloud based online setup or local?
  • Is this software compatible with your computer and other software in use?

2. What is the potential of the software for ROI?

Once you have fixed the functionalities you require, the next thing you should do is think about the pricing of the product. You would like to have accounting software only reduce some of your operational costs and not hinder them. Plus, you should also ensure that you don’t spend much on this so-called solution for your problem. One main thing you should understand besides your requirements is what is the most you can spend on this software.

Bear in mind, you are looking for functionality and not how slick this application is. The application must be two things

  • Serve the purpose and cost and
  • User-friendly

3. What do the reviews say about this software?

Today, the rate at which information reaches many people is very high. Thanks to the technological advances. Online forums and social media play a vital role in delivering information to the needy people. Online forums do talk about products and their reviews. These forms are straightforward and it is where the credibility of the product or software lies. It is imperative to know what these customer reviews and other third party websites tell about the software you are planning to purchase.

There are third parties who would examine the product and give an unbiased review.

4. How does their customer support work?

Technological failure is unavoidable. But what if this failure, for instance – account inaccessibility, or a software malfunction occurs at an inopportune moment? What you can do is, find out the customer support services they provide. Some of the things you may consider knowing are:

  • Support included: you need to inquire what kind of services are covered. Some companies charge you for providing one-on-one support or for providing 24/7 support.
  • Expertise: a problem can be identified by experts who have comprehensive knowledge in the field. How quickly they resolve becomes imperative when you are dealing with a customer on live.
  • Forums: do they maintain any forums where any frequently occurring problems are discussed by other users. This will give you some knowledge on resolving the issues without the help of the support team.

5. Is the software customizable to cater your needs?

Before purchasing software, you must ensure if they provide customizable solutions. We all know, requirements keep changing and if you do need some customizations, you cannot pay more than one-third of the total price of the software. Negotiations are inevitable. Make sure that both the parties are benefiting out of the deal. Sometimes it is good to talk to the top managers rather than go through gate keepers who will drag their feet most of the times.

6. How secure is your data?

Most software is available online. Though the online availability of all your records may sound fancy, remember it comes with a price. The major price you would have to pay for this convenience is compromising your data security. Even a minor breach in data can cause a major threat to the small business owners. This may come in terms of theft of credit card details and customer details, and other vital information.

One way to be alert is to read the customer review about the software’s security, find out if there are any complaints on data breach, and finally check the company security policies to know if there are any vulnerabilities.

7. Is migration of your data and customer’s data possible?

Anybody can have the necessity to upgrade their older computer or for some reason change their system. The last thing you would want to deal with is the unavailability of data migration option. Truly, it is time-consuming to enter all the data all over again. Hence, data migration is one of the important aspects you will have to make sure that it is available in the software you would like to purchase. Plus, there are vendors who can lend you a hand with migration. This will come in handy when you don’t have time for data migration.

It is imperative to look for vendors who provide you all the above said things and at competitive prices.

Call @ +1-860-215-4997 to know more about the best fit for your business and also to handle your accounting needs.

Topics: Accounting


Tax Tips For Small Business Owners

Posted on 25/01/2017

Find out what you can and what you cannot deduct..

New Year 2017 has just begun. It does not only mean a new beginning; it also marks the Tax Tips For Small Business Owners season. It’s about time you started prepping your files. We know at this point in time you will be handling plethora of papers and bills. It can get over the top to handle both business bills as well as personal ones. You might also be simultaneously wondering what can get you some savings through tax deductions and what can’t?

tax preparation services1. Office at home

Many small business owners out there do not claim their “home office” deductions, for they fear the auditing involved. This fear should not cease you from claiming what is legitimate. Ensure that you have all the supporting papers, and you are able to prove that all the expenditure mentioned are for your business and you will do just fine. Everything you need to know about home offices:

  • Ensure that you have a distinct office area besides the living area and the office space is not used for personal stuff.
  • Owning and claiming only one computer that you have at home as your business computer can be very difficult. Either don’t claim the computer as a business property or don’t place it in the office area.
  • Calculate what percentage of the home area goes to office space and claim the rent & other bills in the said area and nothing more.

2. Purchase of technology

Striving and thriving businesses need to stay up-to-date with the contemporary tools and technology pertaining to the business. Section 179 under the tax code allows you tax exempt on gadgets like printers, computers, and up to some amount business vehicles are tax exempt. Not only gadgets, software and subscriptions to articles, newsletters, etc. Pertaining to your business also give you the tax exemption. All you need to do is know the amount that can be deducted as it changes yearly. Therefore, do not hesitate to invest in the technology you need for your business.

3. Cost of travelling

Some small businesses involve a lot of travelling which means a lot of expenses. Since this travelling is required for the business expansion, one cannot avoid that. Little do people know that this travelling expense is tax deductible. This exemption writes off the expenses including airfare, hotel, car rentals and mileage, other expenses like laundry, and fifty percent of the food costs. Bear these points in mind before adding your travelling expenses for deduction:

  • You can always take your family on your business trip, but only the business related travel and other costs can be deducted.
  • You get a 50% deduction for meals you treat your clients. Just ensure that you name the bill, so it doesn’t get lost among your sea of other personal bills.
  • Tax deductions also include conference fees as long as they are useful for your business directly. Note that conferences that yields a side income, lectures, and other events that are based on entertainment will not qualify for tax deductions.

Call @ +1-860-215-4997 to explore more about tax tips, tax preparation, bookkeeping and accounting assistance.

Topics: Accounting , Taxation


Why bring QuickBooks accounting into play?

Posted on 20/10/2016

QuickBooks, a product of Intuit, is one of the best selling software for bookkeeping and accounts. QuickBooks is very easy to install and use – as it does not have any prerequisites to start using it. QuickBooks outsourcing is incredibly useful for small business accounting as it provides top-notch professional services.

Outsource bookkeeping

There are plethoras of benefits on using QuickBooks, some of which are mentioned below:

  1. Time saving: It saves a lot of time for small business owners by having all your finances in one place. A glance is all it takes to know your financial position. Some business owners might not have the time or interest to engage in accounting activities. QuickBooks Outsourcing is their go-to place.
  2. Convenient: Most of the small business owners out there do not have the kind of potential to take dedicated resources for bookkeeping. This holds true especially with the small business owners who are in the beginning stages, would greatly appreciate the help of a dedicated resource who will be available round the clock. The most convenient and feasible solution to this problem will be QuickBooks accounting.
  3. Cost effective: It is legally compulsory for the business owners to maintain accounting records. Quickly do these business owners realize that some services like bookkeeping, though mandatory, do not add value to the business; plus, they are costly. The worst part is, this section of your business is not something one can get rid of. In such cases, QuickBooks is the best choice one can make to save money and to focus more on customers and other things that add value to the business.
  4. Well recognized: The Revenue Agencies in the US recognize QuickBooks and it is totally compatible with these agencies. This gives you added advantage to switch over to QuickBooks. It is also too easy to upload records to these agencies from the application.

All you need to do is choose the right kind of service that caters your needs. Velan Bookkeeping offers a wide range of accounting and bookkeeping services and is comprised of QuickBooks certified professionals. Contact @ +1-860-215-4997 to know about transition to Quickbooks.

Topics: Accounting