Archive for December, 2010
Accounting Software – Which One Should You Choose
Who hasn’t heard of accounting? I guess, nobody. This is the part any normal, functioning business should have to deal with the company’s money and investments. Its history goes back to ancient Greece, where a primitive type of accountants existed. Accounting’s modern history dates back to the beginning of the 19th century, when the big companies emerged. Initially, and by initially I mean up to twenty years ago, the entire process was done by hand and pencil. This changed with the emerging of personal computers. They changed the way people looked at accounting and accounts. But as the PCs evolved so did the accounting software. I will try to help you in your search for the best accounting software, by noting a few sites and a small review of their software.
www.accsoft-ch.com/ Account Pro
This is complex, yet easy-to-use accounts software. It comes in two versions: Account Pro (has every feature enabled) and Account Pro Lite (a simpler version). It is multilingual, multicurrency and can be linked on up to three computers. It can work with projects and cost centers and the discount and tax transactions can be done automatically. Another plus is that it can work with both the British and American type of accounting.
www.clarisys.ca/ Executive
Business requiring sophisticated accounting will benefit the most from Executive. Three types of invoices, multiple bank account capabilities and multicurrency system are just a few of the features the programmers developed for Executive. Eve though initial Executive can be used on one computer only, it can be upgrade to an unlimited number of users. Other features include: up to 5 currencies simultaneously and unlimited number of budgets. Any report can be printed in any currency and separate transactions journals are held for the different currencies as well.
www.simplyaccounting.com/ Simply Accounting
This software has all the requirements of an multi-user, large business accounting software should have. It has specialized options for manufacturing, inventory and service. It is notable that the number of possible currencies can be virtually unlimited. Data can be analyzed and accessed simultaneously by multiple users. It has a powerful search engine to help you find just the record you are looking for. Reports can be created trough Microsoft® Word and Excel.
www.microsoft.com/office/ Microsoft Office Small Business
The latest accounting software from the giant Microsoft has quite a few pluses, such as a competitive price, it is easy to use and learn, well built accounting tools for small business and goes perfectly with the Microsoft® Office suite. Unfortunately it depends a little too much on the Office suite, making it inaccessible to people who use other productivity suites.
www.peachtree.com.Peachtree by Sage Complete
Peachtree Complete Accounting is multi-user, robust accounting software. It provides the user with valuable information on accounts and staff. It has advanced features like Bill Pay and Online Bank Reconciliation. Time and billing, fixed assets and job costing, are just a few of the basic features it includes.
The end
Whatever software you might choose just remember this: Accounting is the backbone of every business.
4 Reasons People Get Into Trouble With the IRS
You don’t want to mess with the Internal Revenue Service. One small mix-up when handling your finances can cost you big.
For example, in recent years the IRS has increased its filing of levies, liens and wage garnishments. In fact, in 2004 alone, approximately 2.5 million levies were filed.
The experts at JK Harris & Co., one of the nation’s largest tax resolution firms, offer this list of common ways people get into trouble with the IRS.
1. Filing too many exemptions. An exemption gives you a major tax deduction, and some taxpayers can’t resist the temptation to report more exemptions than they’re entitled.
You can only claim exemptions for yourself, a spouse and for all “dependents.” Dependents have to meet specific criteria, however, so make sure you follow the IRS guidelines so that you don’t mistakenly file an extra exemption.
2. Being unaware of taxes levied for early withdrawal from certain retirement plans. If you withdraw from a retirement fund such as a 401(k) or IRA before you’re 59 1/2, you may face a 10 percent federal penalty on your investments, as well as a state penalty and an income tax on the money withdrawn.
3. Not paying enough taxes when self-employed. Many people who own their own businesses don’t know how much they have to pay in taxes. The tax structure for a self-employed person – what to pay, how to pay and what can be deducted – is decidedly complex, so it’s easy to become confused.
4. Not paying taxes on winnings. It is necessary to report all gambling winnings, including winnings from lotteries, casinos and horse races, as income.
For people who are in trouble with the IRS, there are various programs available that can provide debt relief if a taxpayer qualifies. JK Harris helps its clients determine if they meet the requirements for one of these IRS programs. Its staff includes former IRS agents, certified public accountants, attorneys, enrolled agents and other experts that offer tax services, financial planning, small business services and other assistance.
5 Steps To Researching a Stock Trade Before Investing
Once you determine which business cycle the economy is currently in you can start researching for a trade. It is best to have some sort of a system in place that will be used before EACH trade. Here is a simple 5 Step formula to help get you started.
5 Steps to Investing Online:
1. Find a stock
This is the most obvious and most difficult step in stock trading. With well over 10,000 stocks to trade a good rule of thumb to consider is time of the year. For example, as I write this, it is the beginning of spring. It would make sense to consider stocks that traditionally make runs, or slide if you are bearish, during this time of year.
2. Fundamental Analysis
Many short term traders may disagree with the need to do ANY Fundamental Analysis, however knowing the chart patterns from the past and the news regarding the stock is relevant. An example would be earnings season. If you are planning
on playing a stock to the upside that has missed its earnings target the last 3 quarters, caution could be in order.
3. Technical Analysis
This is the part where indicators come in. Stochastics, the MACD, volume, moving averages, RSI, CCI, support levels, resistance levels and all the rest. The batch of indicators you choose, whether lagging or leading, may depend on where you get your education.
Keep it simple when first starting out, using too many indicators in the beginning is a ticket to the land of big losses. Get very comfortable using one or two indicators first. Learn their intricacies and you’ll be sure to make better trades.
4. Follow your picks
Once you have placed a few stock trades you should be managing them properly. If the trade is meant to be a short term trade watch it closely for your exit signal. If it’s a swing trade, watch for the indicators that tell you the trend is shifting. If it’s a long term trade remember to set weekly or monthly checkups on the stock.
Use this time to keep abreast of the news, determine your price targets, set stop losses, and keep an eye on other stocks that you may want to own as well.
5. The big picture
As the saying goes, all ships rise and fall with the tide. Knowing which sectors are heating up stacks the chips in your favor.
For example, if you are long (expecting price to go up) on an oil stock and most of the oil sector is rising then more likely than not you are on the right side of the trade. Several trading platforms will give you access to sector-wide information so that you can get the education you need.
