AN UPDATE FROM JACQUELINE WILLIAMS
I just wanted to make you aware of a few important events that are about to expire.
FEBRUARY SAVINGS ON BOOKKEEPING SERVICES
Recently, I’ve gotten many requests from business owners wanting to know if I had any available spaces for bookkeeping clients. Well, now I do. I have 2 openings for bookkeeping clients and because of the current economic times I’m even providing a discount of 20% to all new clients this month. But hurry, I only have 2 spots available and the discount is only good for this month.
Our services include:
1. Set up company file in QuickBooks
2. Mange and record customer payments
3. Mange and pay vendor invoices
4. Bank Account Reconciliation
5. Employee payroll processing
Reserve your space by contacting us today.
SAVE ON TAXES SERVICES
Don’t wait until it’s too late. Avoid costly penalties and interest. Now is the time to get your taxes filed. Do it quickly, all over the internet. No need to wait in line for hours. All filers signing up before Feb 28 will receive a 15% off discount. Schedule your appointment today.
Partnering for your success!
Jacqueline E. Williams
Financial Strategist
Documenting is easy as 1-2-3
Many small businesses get caught in the whirlwind of falling behind in their paperwork because they have not discovered or utilized automation to make their bookkeeping process easier. Believe it or not, many feel that as long as they have the bookkeeping software in place (ie Quick Books), they have fully automated. This is not the case. Having software to track entries is one of the steps to full automation. Still, there is the process of organizing and categorizing your data before entering it into the system. This is where human error happens if you don’t have a basic knowledge of bookkeeping. For those who are still learning, there is an easier way. Automating various bookkeeping tasks will not only keep you up to date in your paperwork, it will also streamline your entire process and save you valuable time, which can be fully utilized in other revenue producing areas of your business.
There are various products on the market that aid in automating the documentation process and are able to be fully integrated with your current bookkeeping system. With these products, you will be able to scan, organize, and in some cases attach them to your bookkeeping transactions.
Smart Vault - this on-line document management system is available for a monthly subscription fee as low as $15. Being able to access this system anywhere anytime is a major plus for e-businesses. You will be able to scan, attach, share and store your documents all within Quick Books. There is no per user charge with this product, so you are only subject to the one low monthly fee. It is currently being offered with a 30 day no risk free trial.
PaperSave® - this document management system is a standalone module that must be installed on your system. Although it’s a little pricier, $195 for a single user, you will have the ability to integrate your records directly with MS Office products Excel, Word, Outlook, & PowerPoint. Having the same ability to scan, attach, share and store documents, the software holds it own by electronically storing over 200,000 documents.
Ultimate AppendIT - this software is unique in that it creates Windows folders on your PC in directories organized the same as QuickBooks lists. All documents, images, desktop shortcuts and web pages, which are placed in a folder, are easily linked to your QuickBooks entry. You maintain full control over what’s linked and how automated you want it to be. This is a standalone program that’s easy to install and only cost $24.95 to $49.95.
Managing your small business is very time consuming, so make sure you have the tools necessary to keep you ahead of the game. Automate wherever you can to give your company the competitive edge it needs in time management and document storage and retrieval.
Partnering for your success,
Jacqueline E. Williams
Financial Strategist
TAXES DON’T HAVE TO BE SO TAXING
Tax season is here. Most believe that it only occurs once a year, but actually the season lasts all year. Whether for businesses or individual, events continually occur all year long that represent potential tax benefits or blunders, depending upon how they are handled. Although the major events occur from January through April, the remainder of the year should be utilized as the planning phase or preparation phase for the next filing period.
Just recently I had a discussion with a colleague about performing tax services. She proceeded to tell me what I should do during the busy season from January to April, in order to file taxes properly for clients. First she talked about how unfair the tax code is to the average citizen, and then she proceeded to explain how necessary it is to receive a refund. She viewed it as some sort of payback from the government for taking her hard earned money all year. She also talked about maximizing deductions, tax credits, and exemptions. As I listened intently, I waited patiently for her to come to the part about her role as a taxpayer and what she was willing to do to educate herself on the process. As the conversation concluded, I expressed my frustration with trying to educate individuals, who were only concerned with the size of their refund instead of overall planning. My colleague finally admitted that she fell into that category, and that her only concern was that she wanted a refund, the bigger the better. Anything that occurred outside of that reason was to be challenged. In conclusion, we both determined that we want to have the best experience possible. I want clients to be properly prepared throughout the year, and she wants to have a better overall financial experience. At this point I realized to achieve this will take a great coordination of efforts.
There appears to be a great divide that exists between tax preparers and tax clients. Why? For many reasons. The average tax client feels challenged by the complexity of the US tax code, and therefore has created a barrier of distrust concerning this system. They believe the majority who pay into the system are low to mid level wage earners, while the wealthy take advantage of laws written in their favor.
The tax preparers goal is to complete the tax form as accurately as possible, which allows the client to take advantage of all deductions and credits to their benefit. The tax preparer is committed to portraying the information based on the requirements of the US tax code.
How can we collaborate efforts so that everyone comes out on top?
The first course of action should be to clear our minds of what previously existed by way of action plans. It’s clear that what has happened has not worked very well for either of side. A shift in our mindset must occur. Change only comes from within.
Secondly we must take on new habits of behavior. The ultimate goal is to have each person financially solvent and to minimize their tax liability, while taking advantage of any credits or deductions. One must remember that every financial event that happens in our life has a potential direct impact on our tax situation. Start with educating yourself on simple processes like properly filing your W-4.
Third, we must take the necessary steps to plan in advance. Planning alleviates the stress of having to figure out important information months after it occurred. One procedure I’ve trained myself to do is to make a folder at the beginning of each year labeled “Tax File 200_”. As items occur throughout the year, such as donating clothes to Goodwill, or attending tax deductible fund raising events, I keep a copy of the notice or receipt, or whatever evidence is provided, as documentation of the possible deduction. I also make small notations or notes about what occurred and for what purpose. At the end of the year I just refer back to my folder and categorize all the information based on the type of expenditure. This process has helped numerous clients be better prepared for reporting special tax events. But still the trick here is you have to do it yourself.
Once we all make the decision to join efforts, we can all have a better tax experience!
Jacqueline E. Williams
Financial Strategist
Top 10 Reasons to Use a Virtual Bookkeeper
How much is your time worth?
Having a virtual bookkeeper is fast becoming an essential need for the busy entrepreneur, small business owner and person on the run. With the advent of new technologies and ways of doing business, the VB is here to help you along your way. Below are ten reasons to hire a Virtual Bookkeeper.
1. Focus on the business of making money.
Having a VB allows you the freedom to create more profitability for your company by allowing you to concentrate solely on your business, not the mundane tasks that are inherent in business. Making money is what business people do and the more time they have to concentrate on their business, the more money and opportunity they will create.
2. Saves you money.
Why invest in payroll, benefits, insurance, etc., when you could be delegating that money to building your business. Why worry about personnel calling in sick or taking vacations? There is no need to hire in-house personnel when a Vb can be there when you need them to perform the duties that you need in running your business.
3. Freedom to pursue pleasurable activities.
Having a VB work with you frees you up to pursue the activities that help keep your creative juices flowing. When you are bogged down wondering if the bills are paid, you are not thinking about new and exciting ways in which your business could be growing.
4. One-stop shopping.
A VB can perform duties that range from QuickBooks support & training, complete data entry & journal entries, accounts receivables/payables, reconciliations, financial statements, complete payroll, taxes, notary services, & sales & use tax reporting. There is no records management duty that a VB cannot perform or would be willing to learn.
5. Tailored to fit your needs.
Whether you need in-house training & support or would like to outsource completely, a VB can perform these duties. They are structured to fit each individual client’s needs. Fees are arranged for monthly pricing packages to hourly consultant rates. Whatever your needs are, the VB and you create your own individual working partnership.
6. Freedom to work from any location.
Whether you are in your office, your home or on vacation in Tahiti, a VB is always accessible to you. Contact is maintained through telephone, fax, E-mail, and online messaging.
7. Delegate time-consuming responsibilities.
Let a VB take care of those responsibilities so that you may pursue (worry-free) the business of living your life and running your business.
8. Highly trained personnel.
VBs are professionals that have training in the corporate, small business and professional world and have tailored their skills to meet with the needs of the modern day business professional. They have found that every professional has varying needs and offer their expertise in caring for these needs.
9. Individual service provided.
For the entrepreneur, freelancer or small business, it is important that your particular needs are seen as unique. A VB is the person who will oversee your records management system. They can train & develop your staff, maintain your general ledger, pay your vendors, invoice your clients, pay employees & payroll taxes, generate periodic reports for management review, or reconcile your accounts monthly. They act as your partner in caring for those tasks personally.
10. Let their strengths be your strength.
Why waste time on tasks that are not your primary objective? Being a successful business owner entails hiring the right people for the right job. By hiring a VB, you are partnering with the professional that has the knowledge of the inner workings of the financial and corporate fields.
JANUARY SPECIAL: Save 20% on bookkeeping services. Contact us today for details!
Jacqueline Williams
Financial Strategist
Twas the night before Christmas
Twas the night before Christmas………………
While we shop through the mall
We rush and we hurry, having no fun at all
We’re feeling the pressure to buy one last gift
In hopes that our conscious will get quite a lift
As we open our wallets, and pull out a card
A struggle within us asks “Why is this hard?”
The pressure to buy, the pressure to spend
The struggle within us wants the misery to end
So we gently put the card back in its place
Feeling guilty, but trying our best to save face
So we think and we ponder about what really matters
As it comes to us clearly, amidst noise and the clatter
This season is not about money or things
This season is about the joy that one brings
The peace, the harmony, the happiness and love
Are all the things we should really think of
So let’s join our forces and pray with great might
That we realize there’s no need to struggle or fight
What we really should be thinking about instead
Is the human experience we share that’s widespread
So forget that last gift, and head home with great speed
Have the happiest, safest, holiday indeed.
Jacqueline E. Ford
Financial Poet