Many small businesses use Quickbooks to make their accounting easy. It is so effective and easy to use that it currently dominates the market for small businesses. The fact that it is straight forward and does not require extensive accounting knowledge has made it the first choice for the majority of small business owners.
If you have a small business that is growing, you can take it to the next level with Enterprise Quickbooks 10.0. This is a software platform that is predicated on the ideas that made Quickbooks such a success. It has all of the same functionality and more, while retaining its ease of use and flexibility. This is now the standard for medium size businesses.
If your small business is starting to outgrow Quickbooks, moving to these quickbooks is a seamless transition for your company. Intuit knows that you would not want any disruption in your business simply to move to another accounting program and like so many things that it does, it has made this easy as well. Once you have installed Enterprise Quickbooks 10.0, all you need to do is open your Quickbooks company file and it will automatically be converted. Everything is brought along including inventory lists, vendor lists, transactions and user permissions.
There are options in Enterprise Quickbooks 10.0 that you won’t find in regular Quickbooks. When you move up to this software, you’ll have the ability to use inventory management for multiple locations. Having more than one base of business is one of the challenges that many small firms have when they start to grow. This software has the ability to grow with you.
Once you have installed this, you will then have advanced user permission capabilities. It will also allow users to access the system from remote locations in real time. This functionality is important for any business that wants to grow, and it takes the worry out of doing business from multiple locations.
If your small business has been using Quickbooks in the past, there will be little training involved in order to move to Enterprise Quickbooks 10.0. This is part of the seamless transition that is offered, and it helps to reduce costs. Having to train yourself and your employees on a new software system simply does not offer any profit. This problem is eliminated with a switch from Quickbooks to Enterprise Quickbooks 10.0.
If you have done any comparative shopping, you’ll know that it is very expensive to move to a different kind of software in order to do your accounting, inventory management and employee tracking. There is the cost of licenses, the almost inevitable problems that will arise from data conversion and the training that is involved when new software is used. You can save yourself all of these headaches by simply making the switch to Enterprise Quickbooks 10.0. Many small businesses have already made the transition from Quickbooks so that they do not have any disruption to their business as they are growing and moving up the ladder.
By: Mike Smith Faraone
Posts Tagged ‘Accounting’
Treatment Of Bills Receivable In The Accounting Process
December 25th, 2009
Usually this agreement entered into by the buyer stipulates that payment must be made within 30 days. In recent years, the tremendous increase in the use of credit cards, issued by financial institutions to their customers, has done much to simplify these accounting transactions.
Bills, although no longer widely used, are still important in the wholesale trade and in foreign transactions. Bills have certain characteristics that make them negotiable documents. A financial document is negotiable if it can be transferred from one person to another. This is achieved by the holder endorsing the document and delivering it to the other party. Bearer documents are transferred by delivery alone. To be negotiable, a financial document or bill must have the characteristic that, under given circumstances, the owner’s rights are unalienable, even though his predecessor’s rights were defective or invalid.
A bill is a negotiable document in the accounting process. It is an unconditional, written instruction issued by one person to another whereby the latter is instructed to pay on demand, at a specified or specifiable future date, a certain sum of money, either to the order of the person specified, or to the bearer.
There are at least three parties in the accounting bill records, namely the drawer, the drawee and the payee or bearer. The three parties need to be different persons; the same person can be party to the bill in more than one capacity. For example, the drawer can specify that the money must be paid to himself, therefore he is both the drawer and payee simultaneously.
The definition of a bill stated that it could be made out to ‘bearer’, in which case any person in possession of the bill on the due date could claim payment from the drawee. This means that the right to receive payment of a bill can be transferred to another person merely by handing it to him or her. If the word ‘bearer’ is crossed out and replaced by ‘order’ (pertaining to the possible negotiability of the document) it means that the drawee is instructed to pay the amount concerned to the payee, or to any person specified by him in writing, or to any holder subsequently specified. Such written specification must appear on the bill itself (usually on the back) and is know as an endorsement. Therefore, within the accounting process is bill is considered as a negotiable document.
When an enterprise enters into a large number of bill transactions, it is impractical to make a separate journal entry for each accounting transaction. In such cases, a separate journal with the necessary columns is used as a subsidiary journal. Accepted bills are valuable documents and, as in the case of cash, must be controlled properly in an accounting system. They must be safely stored immediately upon receipt. The balance on the bills receivable accounting control account must be compared regularly with the items in the bills book and with the bills on hand.
Bills receivable are current assets and are shown in the accounting balance sheets as such, together with other current assets. They are shown at face value, less any possible provision for doubtful recovery. Bills receivable are often combined with debtors as a single amount, shown as debtors and bills. As in the case of debtors, provision should be made for any bills that could possibly be irrecoverable.
By: Michael Russell
Is it Easy to Earn a Forensics Accounting Certification?
December 9th, 2009
In every field, it is not necessary to gain a degree or masters but it would help a lot to boost your position and gain a better income for yourself. The same goes for having a certificate in your field of choice. If you’ve got your heart set on becoming a forensics accountant and want to know if getting a certificate is hard; read on.
First, know that nothing comes free and nothing comes easy. This is a dog eat dog world and things are tough unless you have the interest in it which would make it way easier. You would need to start with the basics and gain the fundamentals of the career by attending classes. Once you’ve mastered it and gained the appropriate knowledge, you can then register with the State Board of Accountancy if required by state law. This registration only depends on your location. No one may make application for Certified Forensic Accountant, Cr.FA, unless they are first in compliance with all local ordinances, state laws, and federal regulations.
Next, you would need to study well and sit for the exam. Before that, you would be required to submit the required documents such as photocopies of previous educations, certificates, licenses, personal documents and professional references to certify your qualification. Also, you would need to be clean in the law which means you should have no records of criminal activity and so on within the past 10 years from the date of your enrollment.
Once you’re done with the examination, you would be notified by post about your results. If you’ve done well, then congratulations, you can obtain your certification. It is actually a really easy process so long as you have got the passion for the subject. This is because with the excitement to obtain a certificate, you would be motivated and think of the journey as one that is worth it instead of a drag. So take on the challenge, after all, it will shine light on your future.
By: Rowena Fernandez