Sunday, December 16, 2012

Small Manufacturers Served Best by Fishbowl and Quickbooks According to Business Excellence Magazine

Fishbowl Inventory (http://www.fishbowlinventory.com) is the most requested inventory management solution for seamless integration with QuickBooks, and is a popular standalone solution for organizations or enterprises looking to track assets. For users of QuickBooks it provides the same advanced features, flexibility, and mobile management control larger organizations require.

In the current issue of Business Excellence magazine, manufacturing journalist, Thomas R. Cutler reported, “Many million small and midsized manufacturers started as home-based businesses or in very small operating facilities. Many generate under $250,000 in gross revenues annual and have simply turned to QuickBooks by Intuit for most accounting functionality. These companies are able to run business more efficiently and also use proven solutions that integrate with QuickBooks. For some of these very small companies the QuickBooks solution alone has been sufficient to streamline critical workflows, solve unique business needs like inventory and order management, and permit the owner to work anytime, anywhere and still access data.”

QuickBooks owns an estimated seventy-eight (78%) percent of the accounting software market. Analysts estimate there are more than 7.1 million copies of QuickBooks in use. By conservative estimates, more than forty (40%) percent of these organizations directly need or could strongly benefit from inventory control.

Fishbowl Inventory has been the most frequently requested inventory solution for QuickBooks users for more than a decade. As small-to-medium companies grow and face increasing competition, the flexible cost-effective combination of QuickBooks and Fishbowl grows alongside SMBs regardless of the industry sector. These smaller firms need the same kind of inventory management large organizations enjoy at a more affordable price. 

Manufacturers benefit in many ways by using Fishbowl’s Manufacturing Option. Fishbowl provides several competitive advantages, including configurable bills of materials, instructions, and stages; tracks tens of thousands of parts and integrates with QuickBooks.

As manufacturers grow and expand their product line, increasingly complex processes must be coordinated. Fishbowl simplifies processes by automatically generating manufacture orders, work orders, bills of materials and other essential documents when customer orders arrive. Each bill of materials can include detailed instructions, multiple stages of production, and other features to make every manufacturing job more efficient.

About Fishbowl Enterprise
Fishbowl Enterprise is an Enterprise Resource Planning (ERP) solution for SMBs with a robust feature set that allows Fishbowl to provide organizations with all the components required to meet their inventory and business management needs as well as to cloud accessibility,   Fishbowl offers custom reports, custom shopping cart integrations, custom data integration, and database-related application linking and eliminates data entry errors. With simple features of barcode scanning, companies easily receive inventory into systems or records as it comes off the carrier vehicle, make adjustments to quantities being received, and easily enter tracking information in real time. Fishbowl software significantly increases accuracy and worker productivity.


ExactCPA Comment: If you’re a small business manufacturer, it looks like Quickbooks is he go to service for you, according to Business Excellence Magazine. The Fishbowl platform integrates with Quickbooks 
allowing the manufacturing small business to do all of their accounting functions in one place. 
An interesting read for small manufacturers and their business advisors.


Posted on 5:35 AM | Categories:

Filing Season 2013: Claudia's Crystal Ball


Claudia Hill for Forbes: While many businesses wind down at year end, tax preparation firms all across the country are planning ahead for the busy season they anticipate starting early next year. Just how early is one of the biggest concerns they and the IRS are worried about.  Here’s my crystal ball view of the coming filing season 2013.
}  Taxmageddon & the Massive Fiscal Cliff prove too big for Congress to stop before year end.  January 1 sees the return of higher tax rates, embedded marriage penalties in the tax rate structure, added taxes from the Patient Protection Act, and frustrated taxpayers wondering just how hard they will be hit.
}  Stop-gap measures for 2012 only make it through Congressional action prior to year end; the bi-annual AMT patch is put in place, avoiding the potential that over 26 million taxpayers would find themselves with balances due rather than refunds next April.
}  Brokerage firms’ willingness to provide “return ready” gain/loss/basis information will only slightly improve from 2012 filing season.  IRS insists individuals use the complex and confusing Form 8949, Sales and other Dispositions of Capital Assets, created for integrating the new basis reporting rules into a worksheet format to merge into Schedule D, Capital Gains & Losses.  IRS preparers to integrate the poor-quality information received in 2011 with Automated Underreporter notices to taxpayers.
}  IRS will start using the additional information provided on Schedules C & E in audit-related inquiries.  Examples:  (1) Did you make any payments in 2011 that would require you to file Form(s) 1099?  If so, were they?  (2) Is rental income being reported consistent with comparable rents for the category of property reported by others in the same zip code?
}  1099-K will cause confusion for Schedule C filers and their preparers…especially for those clients who do their own QuickBooks.  IRS moves forward with Automated Underreporter-type inquiries for those whose business gross income does not appear to be reasonable for the proportion of income reported by the credit card and/or pay-pal and ACH intermediaries.
}  Filing season will have a late start.  Following the December 17, 2010 late actions of Congress to pass “extender” legislation and patch the AMT for 2010, IRS was not able to accept tax returns that included itemized deductions until Valentine’s Day.  That led to a very compressed and pressured filing season.  Tax professionals might want to plan on taking a needed retreat in January.  They may also want to take a close look at re-organizing client appointments to move less complex returns to early February.
}  More clients will need extensions because the number of hours in the days between the late start to filing season and the April 15 deadline has not changed.  Advice to return preparers:  Don’t wait until April 15 to tell your clients you need to ask IRS for extra time.  File the extension as soon as you realize it will be needed.
}  With higher capital gains rates and the 3.8% add-on for investment income for higher earners in 2013, affected taxpayers will shift their portfolios to more tax-efficient investments.  This will lead to more time-consuming return preparation.
}  Population shift:  States with no income tax will see an influx of wealthy residents.  I just explained to a client how California Proposition 30 applied retroactively to all of her taxable income earned in 2012 over $250,000.  It had been a particularly good year, and the “extra” was over $100,000.  She thought it might be a good time to look into retirement in Nevada, Texas, or Washington.
}  A prolonged vacancy in the top leadership position at IRS causes frustration for senior IRS personnel and a lack of focused direction at the agency.  Commissioner Doug Shulman’s term came to a close on November 11.  With the planned departure of Treasury Secretary Tim Geithner early next year, it may be well into 2013 before the IRS Commissioner’s position is filled.
}  And, looking a year ahead, will the IRS implementation of Registered Tax Return Preparers and mandated minimal skill testing lead to fewer preparers available to serve the public?  If the return preparer is unwilling to take or unable to pass the competency test, is it a problem that will eventually resolve itself for the better?


Lots of practitioners are making predictions on what is going to happen to taxpayers across
the board as we await the outcome of the fiscal cliff discussions. So far, it seems to be much
ado about nothing. Friday should have been the close of the 112th Congress, yet because no compromise has been reached, negotiations will continue next week. Claudia Hill’s article provides a look at her post fiscal-cliff discussions from the perspective of
tax preparers. I agree with much of what she says in that Congress will likely not be able to do
enough to avoid some of the implications of the fiscal cliff and that many taxpayers will see an increase in their tax rate in the year to come.  While I also agree that the tax filing season may be compressed in 2013, I think that tax preparers who take a retreat during the month of January may be doing a huge disservice to their clients. Once the outcome of the fiscal cliff discussion has been determined, many taxpayers are going to have questions surrounding how the fiscal cliff affects them and will be turning to  their tax advisors for answers. This could be a prime time for tax advisors to assist taxpayers in planning for 2013 and beyond.  She also makes mention of the requirement by the IRS for paid tax preparers to be registered and to have demonstrated a minimum proficiency in the area of tax preparation though a series of certification examinations. Registered tax preparers will also be required to maintain a minimum level of continuing education after their certification has been obtained. I think this is a great step forward for those in the industry that provide these services. On the flip side, I think this could potentially create a need for qualified tax preparers to work longer hours to meet demand.  Only time will tell.  Regardless of the outcome of the fiscal cliff discussion, I believe the 2013 tax season could be one of the busiest in recent history for many of my fellow practitioners. Good luck out there!
Posted on 5:31 AM | Categories:

Prizm Capture, QuickBooks(R) Online Application Released by Accusoft

 Prizm Capture is an easy way to capture invoice information directly into a QuickBooks Online account. In three easy steps users can automatically extract invoice data from paper invoices and post them to their QuickBooks Online account.

Accusoft, the leading provider of document, content and imaging solutions, announces the release of Prizm Capture, an easy way to capture invoice information directly into a QuickBooks Online account.
In three easy steps QuickBooks Online users can automatically extract invoice data from paper invoices and post them to their QuickBooks Online account. First they will scan and upload invoices, then verify results, and finally post to QuickBooks Online. Each time Prizm Capture is used the process becomes even easier as it learns and reduces the need for verification, and over time even eliminates the need altogether.
“We are excited to be able to put our forms processing expertise to use as an application,” said Tom Setzer, Director of Recognition at Accusoft. “QuickBooks customers just upload their scanned invoices and we'll pull the applicable information right off the page. They can double check the results, choose the appropriate expense account and then post the invoice to QuickBooks Online. It's that easy!”
Using Prizm Capture with QuickBooks Online, customers will be able to reduce costs by eliminating the manual keying of invoices, and freeing up resources for more valuable and strategic efforts. Customers will also receive more accurate data on cash flow with up-to-date information, eliminate late payment penalties, and take advantage of early discounts by processing invoices faster. Prizm Capture is cloud-based which means there is no need to install complex software, and it is extremely secure with the highest level of SSL encryption available on the Internet.
Prizm Capture is currently available from the online QuickBooks store. For more information, visit https://www.prizmcapture.com.
Prizm Capture is a trademark and Accusoft and Prizm are registered trademarks of Accusoft Corporation in the United States and/or other countries. Other trademarks are the property of their respective owners.

ExactCPA Comment: Intuit continues to expand is empire in the bookkeeping and accounting vertical. In an era where  technology is moving at the speed of light, Quickbooks Online users will now be able to input invoice information simply by uploading their paper invoices. In my humble opinion, anything that reduces manual entry, increasing operational efficiency is a big win for small business.  Small business owners often spend extensive time doing the work of multiple employees and so anything that makes life a little easier is a huge win in my book. Over the past few years, I’ve seen numerous companies attempting to automate as much of the data entry process as possible for consumers. Whether it’s companies like Mint.com that receive financial information directly from financial institutions or companies like Prizm Capture that pulls information directly from paper documents, it is becoming easier than ever for companies to reduce or even to eliminate their manual data entry process. This allows business owners and employees more time to focus on the strategic, value added services that they provide to clients. This gives hardworking professionals much needed time back into their day.
Posted on 5:15 AM | Categories:

1099 Form Bulk Email Software for QuickBooks Introduced by W2Mate.com


The new utility can be used by QuickBooks users to batch e-mail thousands of 1099-MISC, 1099-INT and other tax forms to recipients with a click of a button. Free trial of the new 1099 Email software is available at http://www.W2Mate.com .  W2 Mate software ( www.W2Mate.com ) today announced the release of a new utility for bulk emailing QuickBooks 1099 forms to recipients. Businesses and tax professionals, who use QuickBooks to track 1099 payments, can save hundreds of dollars by utilizing this new tool. W2 Mate is an extremely user-friendly, windows-based program that covers all the 1099 printing and electronic filing needs of corporations, banks, financial intuitions, businesses, CPAs and tax professionals.
W2 Mate directly connects to QuickBooks and extracts 1099 information along with recipients' email addresses. The user has the option to map QuickBooks 1099 data to different tax forms such as 1099-MISC, 1099-INT, 1099-DIV, 1099-R and many more. Once data is imported, the user can batch email password-protected PDF 1099s to recipients using the new 1099 Emailer utility inside W2 Mate. The process is simple and easy to follow.
1099 Emailer software is an add-on utility which can be purchased on top of W2 Mate software in order to automatically batch e-mail tax forms such as W2s and 1099s to employees and recipients. 1099 Emailer is designed to send thousands of emails at the click of a button. For example a company can batch email 1099-MISC forms to contractors and recipients at the end of the year instead of mailing paper forms.
Each year, thousands of businesses and accounting firms across the United States trust W2 Mate for high-quality, fast, easy, affordable, and above all reliable 1099 filing. The tax forms generated using W2 Mate are government-approved and comply with SSA publication 1141 (General Rules and Specifications for Substitute Forms W-2 and W-3) and IRS publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S).


ExactCPA Comment: W2Mate.com is on a roll this year with its new utility for Quickbooks users. Users may now use the 1099 email software to perform a bulk emailing of Quickbooks 1099s to their recipients. Not only does this utility look like it will save time by not having to mail individual 1099 forms, but it will save paper and ink. The sender will also have an audit trail readily available of when the tax document was sent. Recipients would be able to easily retrieve the document, if they needed an additional copy. Given the sensitivity of tax information, I would want to ensure that all information sent via email was password protected. As more information is available via electronic means, the security of that data will need to remain a top priority of all vendors on the behalf of its consumers. The tax world is changing by leaps and bounds for the better.
Posted on 5:11 AM | Categories:

Software for W2's & 1099's Released by W2Mate.com, Forms Updated

Real Business Solutions (http://www.RealTaxTools.com), the proven payroll and 1099 solutions provider, today announced the release of its 2012 W2 Mate software for processing W2's & 1099's. The extremely user-friendly and economical software program covers all the W-2 1099 printing and electronic filing needs of employers, financial intuitions, US corporations, businesses, CPAs and tax professionals. W2 Mate is distributed electronically for instant download over the internet. The software can also be shipped on a CD. A free fully-featured demo version is available at http://www.W2Mate.com/ for evaluation.  2012 W2 Mate saves users time and money by printing an unlimited number of W2 and 1099 forms on regular white paper. This eliminates the need to buy expensive laser red-ink forms. The 2012 / 2013 tax software can also generate an unlimited number of 1099 E-filing submissions to the IRS FIRE System for one low fee. All substitute forms generated by W2 Mate comply with IRS publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S). All 1099 electronic filing submissions generated by W2 Mate comply with 2012 IRS Publication 1220 Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically.

In a statement Nancy Walters, W2 Mate product manager at Real Business Solutions said, "In 2013, thousands of businesses and accountants will trust W2 Mate to prepare their 2012 W2s and 1099s on time."
A free demo of the 2012 W2 1099 software can be downloaded from http://www.realtaxtools.com/. Customers can purchase the software and receive it instantly.
New changes and updates to forms 1099 were introduced by the IRS for 2012. New boxes have been added, some boxes have been removed and others have been renumbered, modified or moved. All these and other 1099 compliance changes are supported by W2 Mate software for the 2012 / 2013 tax season.
W2 Mate is the perfect software program for business filers looking for answers to questions like how do to produce 2012 1099 forms, how to complete 2012 1099-MISC forms electronically, how to report 1099 information to the state of Illinois, how to print 1099-MISC in QuickBooks and Peachtree, how to print 1099MISCs for 2012 using home printer and many other similar questions.
If the 1099-MISC information to-be-filed resides inside Intuit QuickBooks (QuickBooks Pro, QuickBooks Enterprise, QuickBooks Premier), Microsoft Dynamics (GP or SL), Sage Peachtree, Sage DacEasy or Excel, then W2 Mate is definitely the right solution for the job. W2 Mate has a unique mechanism for importing data from different accounting and payroll software to allow users print a wide range of w2 and 1099 forms.
1099 electronic filing is ideal for businesses that process a large number of 1099 forms and for accountants preparing year-end tax forms for their clients. W2 Mate 2012 does not impose any limitations on the number recipients, filers, companies, EINs, forms or e-filing submissions. W2 Mate supports 1099 E-filing with the federal government and with states that participate in the combined federal and state filing programs including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, South Carolina, Utah, Virginia and Wisconsin.


ExactCPA Comment: Technology continues to aid businesses in reducing the cost of doing business. Real Business Solutions looks to be offering another such product. Previously, preparers of W2 and 1099 forms printed forms on laser forms which tended to be very costly.
The changes to the forms for 2012 will require users to get quickly up the learning curve on
the new compliance requirements. W2Mate assists with the processing by answering users
questions.   I am not a reviewer of products, but want tax practitioners and other business professionals to  know the options that are out there that might be beneficial to them. W2Mate looks like it could be useful. Please let me know your thoughts.

Posted on 5:06 AM | Categories:

Total Merchant Services Launches Total Processing in QuickBooks


New Integrated QuickBooks Credit Card Processing Solution Streamlines Small Business Transactions -- Enabling Merchants to Receive and Record Payments Directly Through PCs.  Total Merchant Services (Total) announced today the availability of its new Total Processing in QuickBooks offering. The new offering includes free QuickBooks Pro 2013 accounting software and a free USB card swipe device. In addition, the fully-integrated solution streamlines business and eliminates the need for a separate processing terminal -- while removing the time-consuming, extra steps of reposting transactions into QuickBooks.
In addition to Total's current offerings, Total now provides:
  • Free Total Processing in QuickBooks
  • Free QuickBooks Pro 2013 accounting software
"With Total Merchant Services' new offering, I can target both traditional retailers and back office service providers," said Dan Lewis, CEO, AmeriBanc National. "The new Total Processing in QuickBooks offering will allow our customers to save time and money while the free version of QuickBooks is like being able to give away $200. Additionally, January is the ideal time for small businesses to implement new credit card processing systems and up-to-date accounting software for 2013 sales."
In 2013, small businesses must prepare for a difficult economic environment. Total's new offering helps these organizations meet this economic challenge by easily implementing new credit card processing and streamlining billing through seamless software integration. Net result: companies can now more effectively concentrate on their top priority in the New Year -- growing their businesses.
"We're looking at where technology is heading, and developing innovative product solutions to help small businesses manage and grow," said Shelley Plomske, VP of Product at Total Merchant Services. "Our launch of Total Processing in QuickBooks supports this initiative and our sales partners are already telling us how much they love being able to provide free QuickBooks software with every merchant account. It's not only about payments these days, and this launch is only the beginning. We'll be rolling-out additional new products that offer our merchants and sales partners tremendous convenience, value and savings."


ExactCPA Comment: I see that Intuit is now offering credit card processing as a part of its platform, allowing users to
process credit card transactions via their computer. This will allow business owners the ability to 
accept credit card payments without the downside of having to pay the expense of an additional 
service provider. My only questions for Intuit is whether payment systems are set up similar 
to mobile payment structures where there are open and closed payment systems. If so, if this is 
a closed payment system, this could limit a consumer’s ability to function in the future if they 
decide to change accounting and/or payment systems. If I were looking into this system that 
would be one of the major questions I would need answered. A few upfront questions could help 
to avoid future headache.
Posted on 5:01 AM | Categories:

Taking Expense Management To The Cloud


By Heather Clancy for Small Business Matters  One of the most hateful items on my to-do list when I was managing people was  having to approve their weekly expense reports – a hugely time-consuming and notoriously paper-intensive process.That's why I have been researching some of the cloud-based applications and services that handle this sort of thing much more efficiently, especially when it comes to far-flung teams.
One of the most intriguing offerings I've heard about so far is ExpenseCloud, an online system that automates expense management in the cloud by importing information credit card accounts and banks, and by serving as a repository for paper receipts that are scanned and submitted using a mobile device (it supports iPhone, iPad, Android and BlackBerry.)
This is not a system that lives in a world by itself – the data can be exported into accounting applications used widely by small and midsize businesses including QuickBooks, FreshBooks, NetSuite and Intacct.  You can also integrate it travel management systems, such as TripIT.  Employees can be reimbursed either through a transfer to their bank account or through your company's regular payroll system. 
ExpenseCloud has brought dramatic improvements in productivity to BodyArmor, a start-up beverage company based in Los Angeles.  Jen Petrovich, CFO for the company, said the software has streamlined the amount of time it takes to process approve expense reports from employees around the country. The company used to rely on spreadsheets and the U.S. mail to collect approvals and submit reports to the financial team that approves them.
ExpenseCloud also has reduced errors associated with manual data entry, since it integrates with BodyArmor's accounting software.   "The biggest thing for the employees is easy usability," Petrovich said. "And for us, it is so much less work."   One other thing to mention: All of the data and expense documents that your company creates within ExpenseCloud are stored and backed up as long as you are a customer, in case there is an audit.
This is not a frivolous investement. As you might expect, the pricing scales depending on the number of users that are on board. It starts at $10 per month for individuals, jumping to $90 per month for companies with 10 to 24 employees, and then on up from there.


ExactCPA Comment: This is an interesting article by Heather Clancy of a new software platform, ExpenseCloud that 
is intended to take the pain out of expense reporting. I’ve worked in firms where the person 
responsible for collecting expense report information would hound us relentlessly until they 
have received our expense reports, which were created manually in Excel. Not only would 
this application help to alleviate the burden on the person collecting and approving the expense 
information, I would also reduce the burden of the person submitting the reports. In some cases, 
these were busy executives who were travelling for days at a time who found it difficult to find  
the time to complete this administrative task in an already overbooked schedule. I hope that 
something like this takes off and small businesses never have to produce another expense report 
in Excel.
Posted on 4:57 AM | Categories:

Xero Adds GAAP Reporting Tool and 1099 Creation and e-Filing Integration

Online accounting software maker Xero has added a set of new features, including 1099 and GAAP compliance additions for the U.S. market, as well as integration with the Track1099 e-filing and preparation tool.  Xero now provides both International Financial Reporting Standards and GAAP-compliant reports on a single platform. Small businesses can select standard reporting for their country of origin, while accounting professionals can serve both sets of clients from Xero's Partner Edition. 


This latest release also includes email templates, payment terms, outstanding statements, and remittance advice for single payments. In addition, Xero now provides a streamlined workflow to prepare 1099s, and integration with Track1099 for e-filing. This integration will enable 1099 form data to be generated, electronically completed, and then automatically delivered to suppliers and the IRS via mail, email and e-file. If a Xero user chooses not to use Track1099, the data can be exported in CSV format for use in other systems or for manual filing.
"Small businesses asked and we delivered," said Xero president of U.S. operations Jamie Sutherland. "The 1099 feature has been beautifully designed to make filing a breeze through Xero's online accounting platform. And with Track1099, both business owners and accounting professionals can file online minimizing the cost and time-consuming workload associated with 1099s."


ExactCPA Comment, Xero, a software company founded by Rod Drury and Hamish Edwards in New Zealand is  
making quite a splash in the world of online accounting. While they still have a majority of 
their presence overseas in places like Australia and the UK, they are slowly making inroads 
into the United States market. By offering services that are applicable to both GAAP and IFRS 
compliant entities, Xero could not only revolutionize the way small business operates, but they 
could also serve a far more global client base.


I have personally seen more people requesting the services of Xero certified accountants. If they 
continue to expand their presence in the global marketplace, they may very well give the major 
players cause for concern. Any Xero users out here that want to weigh in?


Posted on 4:54 AM | Categories:

Bill.com expands QuickBooks integration to the entire product suite, now reaching over 4m businesses

Bill.com, the bill management and payment service, has expanded its integration with Intuit’s line of QuickBooks products. Previously, it was only available to those using QuickBooks Online, but starting today, it will be available on QuickBooks Pro, Premier, and Enterprise. With this, more than 4 million small businesses will now be able to use Bill.com to help streamline their financial management systems and create solutions specific to their needs.
Formerly known as CashView, it is an on-demand accounts payable service that can receive, route, and pay invoices electronically. Started by René Lacerte, who sold his first company to Intuit, Bill.com’s vision was to free businesses, accountants, and financial professionals from being “chained to their desks, hidden behind reams of unorganized paper bills and shackled to inefficient, ineffective Excel spreadsheets.” Its solution is meant to allow people to work on what matters and be more strategic.
As previously mentioned, Bill.com is currently available for QuickBooks Online and can be installed through Intuit’s App Center. And the experience is going to be very similar. Now, regardless of whether you have QuickBooks Online, Pro, Premier, or Enterprise, it will enable you to use all the tools, resources, and collaboration services that are needed to manage any financial task while optimizing cash flow. Those interested and go to the Intuit App Center and click on a button to download the software for their QuickBooks version.
Alex Chriss, Intuit’s director of Partner Platform, says:
Bill.com has been a leading solution on our platform, receiving strong positive customer feedback, so we are excited it is now available to even more small businesses. Allowing our millions of users to fully and easily personalize QuickBooks with Bill.com gives them not only a superior financial management solution, but lets them spend more time growing their business and less time chasing down transactions.
When integrated with QuickBooks, users will find that there is a 30 day free trial to test out Bill.com’s services. Afterwards, it will convert to a monthly subscription starting at the Solo plan, which is $24 per month for 1 user, and goes up to the Corporate plan at $99 per month for up to 15 users. If a business needs to add more than 15 users, there is a Custom plan that will be $250 per month.
ExactCPA Comment: Bill.com’s integration is nothing new for Intuit. In fact, the accounting service already has its own bill payment feature with PayTrust and there are at least 12 applications in the App Center categorized under “Billing and Invoicing”. Adding Bill.com is Intuit’s way of giving its small businesses a choice so that they won’t have to use two disjointed systems.
On the other hand, this isn’t exactly Bill.com’s first time at the ole’ integration rodeo — it is tied in with most of the big-time accounting and banking systems including Intacct, NetSuite, Sage Peachtree, PayPal Business, and even Google Apps. The company says that it has more than 100,000 users happily enjoying being able to easily pay their bills while also getting paid at the same time.


Intuit has introduced yet another product that integrates with the Quickbooks product line. 
While not new to the Quickbooks platform, Bill.com has been expanded to is Pro, Premier, and 
Enterprise platforms, while Quickbooks Online already has this service as a part of its toolkit. 
Quickbooks continues its domination in the market by continuing to expand beyond its core 
product, incorporating numerous add ons, making life easier for businesses of all sizes. I have not 
yet had the chance to use Bill.com, however, as Intuit continues to become a one-stop shop 
platform, I might see our business giving it a try.
Is there anyone out there who is a current user of Bill.com integrated with the Quickbooks
service line? What are your thoughts? Does it save as much time and money as advertised? I’d 
be interested to hearing the opinions of all those users out there.



















































Posted on 4:42 AM | Categories:

2nd Opinion, Amended Tax Return & Audit Defense

ExactCPA  offers a second opinion and amended tax return service. Many clients come to us from other CPA firms to get a second opinion on their taxes, or if necessary to file an amended Federal or State tax return. It’s helpful to have a fresh pair of eyes look over your taxes, to catch anything that may have been overlooked.  Were your taxes completed and filed by another CPA firm, but you want a second review by an alternative tax service before you file it?
We’ll review your tax documents with you and conduct thorough due diligence to ensure they’ve been filed correctly. Having a CPA that provides a second opinion is like having a second pair of eyes to ensure that nothing is missed or overlooked. We will make sure every tax credit is used to your advantage, so you get the maximum refund possible.

Three Year Statue of Limitations to File Amended Tax Returns

Did you know that your tax returns can be amended from even three years back? Not only can we give you a second opinion and amend your tax return before you file it; we can provide a second review of your tax returns from up to three years ago, and make amendments if necessary. Ultimately this can result in more money in your pocket.It’s important to understand that once you’ve filed your original tax return, it cannot be changed. However, it can be   amended by filling out a special tax form, and providing the reason or cause for the amendment.  We can relieve the burden on you by doing all the work for you. We can also file your amended taxes electronically to ensure proper receipt of them by the IRS and state and/or local authority.

Never Filed? Need to File Back Taxes? We Can Help

If you’re facing a tax audit, you have a Safe Harbor in us. If you’ve never filed taxes, or need to file back taxes, don’t procrastinate any more. Contact us for help filing back taxes. Our tax professionals will guide you through your tax audit, ensuring that all tax laws have been considered and followed, and organizing all necessary tax documents.
Even if you’re coming to ExactCPA as a brand new client because you’re being audited, we can help you sort out your taxes and get everything in order for you so that the audit process runs smoothly and efficiently. Due diligence is of the utmost importance to us at Safe Harbor, and we take every tax situation seriously and professionally.  



Our Process for Preparing an IRS Audit Defense 

#1. Awareness – Hopefully your accounting firm has prepared your bookkeeping records and other tax records to substantiate each and every deduction, as well as provide documentation on income and expenses in every category.  If you are new to us, understanding your records and tax situation will be one of our first priorities. If you are an existing client, we are sure that your records will be in good shape.
#2. Compliance – Our second objective is to analyze your past returns in the context of current tax laws (both Federal and State). We can then provide objective advice and ensure you are compliant.
#3. Personal Consultation – When responding to an IRS inquiry, we will inform you of your situation and act in full compliance with the law. However, tax laws are complicated, and having an expert CPA or tax accounting firm at your side both in written compliance and even in face-to-face meetings with the IRS can spell the difference between success or failure in dealing with an IRS or other tax audit entity.
#4. Closure – Finally, we pride ourselves in putting our customers first. Our motto is “We work harder for you,” meaning we strive to take the burden of responding to the IRS off of you while keeping you informed every step of the way. We respond to our client inquiries in a timely manner while keeping you abreast any pending audit issues.
Posted on 4:37 AM | Categories:

Flat Rate Value Billing


All Returns are prepared by a CPA, not simply a registered tax preparer, which could be quite valuable to you, the client.   All tax preparers are not the same.  When we prepare your taxes you're receiving extraordinary value.  You're getting Big 4 CPA trained knowledge at your disposal coupled with training in Manhattan's financial services industry, providing the best of both worlds of public and private industry accounting experience. Our Tax Processing software is Drake, our research tools and clients are from CCH Wolters Kluwer & Bloomberg - updated daily.   Visit our site for 1 week and you'll see our tax and accounting knowledge is vast and deep.  

$125
Federal & (1) State Return
Up to 10 of the following: W-2(wage earning statement), 1099 - INT, 1099-DIV, Child Tax Credit, Earned Income Credit, Student Loan Interest, 1098 - E, complete with e-filing and direct deposit of your tax refund for both federal and state returns.

Itemized deductions (Schedule A), Profit or Loss from Business (Sole Proprietorship) (Schedule C), and Supplemental Income and Loss from Rental Real Estate, Royalties, Partnerships, S Corporations, estates, trusts, REMICs, etc.(Schedule E) will all fall under the $225 pricing category.


$225
Any taxpayer who can itemize their deductions OR who has one activity (i.e., rental property, self-employment income, K-1 income, Schedule D (significant stock sales - greater than 20 transactions).  Taxpayers who do not itemize their deductions, yet have 11 or more tax documents are included in this service level.   If your "one activity" requires significant preparation such as lengthy depreciation schedules or require updated bookkeeping, you will fall into the $425 Pricing Category.

$425
Any taxpayer who has multiple activities (rental property, partnership income, self-employment income, etc.)   Taxpayers with complex single activities also fall into this category.


$525
Reserved for clients that have the most complicated tax situations (i.e., significant activities, etc.)


Additional Services

$50 Per additional state
$75 Significant additions or changes
$25 Paper filing of the return
$125/hr Extensive tax research or phone consultation outside of the scope of the engagement

All our services are billed flat rate hence you will know the full fee prior to us going to work for you.  Our pricing menu should provide guidance for Tax Preparation/Filing services for example.   We listen to you, your needs, and have a conversation with you so we are both clear in our understanding of your expectations.   This conversation is essentially an exercise wherein you are adding or removing value to what you want and getting to the heart of what's important to you.   Our contract is called an FPA (Fixed Price Agreement).  In order to document the understanding between us as to the scope of the work that you define, and we will perform, we are entering into this Fixed Price Agreement . To avoid any misunderstandings, this Agreement defines the services we will perform for you as well as your responsibilities under this Agreement.   

Our price structure allows you the client to focus on our "total value proposition" including the unlimited access to us - rather than be concerned about incurring billable time.  You will have unlimited access, phone support, transaction analysis.  Because our Fixed Price Agreement provides ongoing access to the tax compliance and business advice you need on a fixed-price basis, you are not inhibited from seeking timely advice by the fear of a meter running endlessly. (See our pricing schedules for accounting and business consulting services)

While the fixed price entitles your company to unlimited consultation with us, if your question or issue requires additional research and analysis beyond the consultation, that work will be subject to an additional price, payment terms, and scope to be agreed upon before the service is performed, and a Change Order will be issued to document this understanding.

Furthermore, the parties agree that if an unanticipated need arises (such as, but not limited to, an audit by a taxing agency, a financial statement audit or compilation required as part of a lender financing agreement, or any other exogenous service not anticipated in this agreement by the parties) that ExactCPA hereby agrees to perform this additional work at a mutually agreed-upon price. This service will be invoiced separately to you, using a Change Order.


You have some options when it comes to getting your taxes prepared. You can do it by hand, purchased or downloaded a personal tax preparation software suite, or take your taxes to a large CPA firm or one of the big tax preparation franchise offices. Unless you have some experience with tax preparation or your tax return is of the 1040-EZ variety, I think ExactCPA is a better option for you than any of the above.
Compared to personal tax software:
  • ExactCPA saves you time and worry. We may be more expensive than most of the individual tax preparation software suites, but if you put a dollar value on your time, and on having to worry whether you got everything right, and on the likelihood that we'll know of a deduction or a planning tip that will save you money in the long run… Well, the price difference between ExactCPA and the do-it-yourself software can shrink or reverse pretty quickly.
  • No pressure to make additional purchases, whether that’s an upgrade to the “super deduction finder” version of the tax software, or an additional $35 “special guarantee”, or a “quick-and-easy IRA” with fees so high they’ll eat up whatever earnings the IRA happens to make.
Compared to a large CPA firm:
  • The person you meet with is the same person that prepares your taxes, and that person is a fully-licensed CPA. If you bring your taxes to a large CPA firm, after your appointment it’s likely that the CPA you’ve met with will hand your tax documents off to someone else to prepare. That someone may or may not be licensed, and they will then give the completed tax return back to the CPA for review and signature only. There’s nothing wrong with that per se, but most people would want to know who’s actually doing the work!
Compared to the large tax preparation franchises:
  • Compensation packages for preparers at the big franchises are typically structured so that the preparer has a financial incentive to prepare your taxes as quickly as possible, and move right on to the next client. You may not end up getting the attention you deserve, to say the least. You may, but you may not… and that’s the point: who knows?
    And then there’s the pricing structure. We are not going to charge you extra amounts based on the tax credits the government is giving you, as if we deserved a piece of them! Which seems to be standard practice among a lot of the tax preparation franchises. They’ll say they’re charging you for filling out “additional forms”, but seriously, here’s an experiment for you: Call up one of the franchises, and tell them you’re single, 25 years old, make $20,000 from one job, and have no kids. See what price they quote. Then try again, but this time tell them you’ve got two kids, so that you qualify for the additional child tax credit and the earned income tax credit, both of which are large tax credits intended primarily for families with low incomes. See how much your tax preparation fees go up, due to the additional forms associated with those credits? Seriously, you won’t believe it. Do you know how much time it takes them to do the paperwork for those additional forms? Maybe 5 minutes. So why are they so expensive? There are many good people who work for the large tax franchises, but that doesn't mean you should overpay for service.
Posted on 4:37 AM | Categories:

Sending Your Documents

Sending Your Documents to ExactCPA

Call us at 212.234.8333 or email us and we can immediately set up a client portal for you, or send you a "tax kit" including a pre-addressed and prepaid Federal Express envelope and if requested we would be pleased to do both.  We provide nationwide tax preparation service your ability to communicate with us is critical to everyone’s success.  In addition, your comfort level in sending sensitive and personal information is our top priority, so we have implemented 3 convenient ways to safely and securely send your tax documents to us:

1) Client Upload Portal: We have contracted with OneHub to create a secure "client portal" uploading process of digitized documents.  Use the Contact Form on the front home page of this website and we'll instantly set up your private and secure portal.


Note on Scanning your paperwork: To keep our costs low for our clients, it is most helpful if you create one PDF file of all your tax documents.  If you have a document feeder this should be a snap.  If not, most scanners allow you to “append” each scan or in other words, you should be able to hit a button to scan the next document and add it to the current file.    If one file is not possible, don't worry, sending separate files is perfectly fine.

You can also install a PDF printer allowing you to print anything to a PDF file. Screen shots, online activity, Excel spreadsheets; anything you normally print to paper can be saved as a PDF.  This file can then be sent to us through the Client Upload Portal.  Most operating systems have a PDF printer already installed- if not, please visit our website and click on the RESOURCES link to download the free PDF printer.  We have found this application extremely useful.  We understand not everyone will be comfortable using the Client Upload Portal and therefore we will accommodate all requests for alternative ways of sending your tax documents to us.  If you have any questions regarding the tax document collection process, please do not hesitate to call!

2) Secure Fax: You can safely fax your tax documents to # 646-929-5546.  Our fax server electronically converts the incoming fax to a PDF file which is then securely sent to our office.  If providing Excel spreadsheets or other documents without identifying information, please ensure that your name and social security number are at the top each document.



3) Mail: If you do not have access to a fax machine or scanner, or simply prefer having your documents delivered physically, you may also mail your tax information to us.  We encourage the use of FedEx or UPS.   Our address is 1329 Paragon Parkway, Birmingham, AL 35235.  

If you contact us we will be pleased to send you a "Tax Kit" with a pre-addressed  and prepaid Federal Express envelope.   All you need to do is place your documents in the envelope and call Federal Express for a pick up, or you can drop the envelope off at any Federal Express Outlet.

Note: The ability to maintain our competitive fees relies on receiving soft copies (faxes, scans, emails) or hard copies of your originals.  If you send us original documents, and do not want them  returned to you we will maintain them in our office indefinitely.  If you want originals sent back to you, we must charge a $15 fee for the costs of copying and mailing.  Receipts: Similar to our kind request for copies, we also encourage the use of our pre-existing forms to detail your medical expenses, charitable contributions, rental property expenses, small business, etc.  They are available from our website under the Resource Link.  You will find our forms very short and concise, and in general they will help ensure that your tax returns are comprehensive.  You may also use a spreadsheet if that is easier for you.  Everyone wins if we can efficiently process your tax information and prepare your tax returns.  Having said that, if you want us to tally or summarize receipts, we must charge a $25 fee for this additional service.  



Turn Around: Once we get all your information, we will have a preliminary tax return for your review within 2-3 days, so long as all your tax information is received by March 1st.  After March 1st we will provide you with an ETA of the availability of your tax return.  We can securely email you a password protected PDF file of your tax return for your viewing.  After you approve your tax return, we will eFile it on your behalf and make the final version available for download.  Usually within 10-14 business days, you will get your tax refund directly deposited into your bank account..  Please call or email us anytime with your questions and concerns.  

Thank you in advance, and we look forward to working with you!

Gathering Your Tax Documents

The quality of your tax return and the timeliness of its preparation depend strongly on obtaining all your tax related documents and information.  Therefore we have created the following checklist.  As more companies move to electronic delivery of their tax documents and statements, this checklist will help ensure you are not missing important tax documentation.  Please note that a client organizer is also available for your use in aiding with the data collection process (please see the link on our website).
.
Income

W-2s from Employers

K-1s from Partnerships, S-Corps

1099s from Banks, Investment Brokers, Government Agencies, Contract Employers, etc.
Cost Basis, Purchase History for Stock Sales

Small Business, Rental Property Income (download the Business Expense Worksheet from our website)

Home Deductions

1098s from Mortgage Lenders (the form is now required, not just the figures)

Home Purchase / Refinance Documents, HUD Statements

Private Mortgage Insurance (PMI) Premiums, Year-End Loan Statements

Property Tax Paid

Other Expenses

Childcare Expenses (facility name, addresses, tax ID numbers)

Medical Insurance, Expenses (certain rules apply)

Health Savings Account (HSA) Statements

1098s for Tuition, Student Loan Interest, Education Fees

Job Related Expenses (cell phone, mileage, home office, etc.)

Charitable Contributions

Auto Registration Tax and License Fees

Moving Expenses (certain rules apply)

Completed  ExactCPA Documents Organizer (Resource Link)

Last Year’s Federal Tax Return 
We will typically need your Form 1040 (pages 1 and 2) and all lettered schedules (A, B, C, D and E).  Information such as last year’s itemized deductions, carry-forward losses from investment sales, accumulated depreciation, disallowed passive losses, etc.  Some of these things might not pertain to you, but providing this information is important.  A soft copy such as a PDF of your entire tax return is helpful (and actually preferred).

Last Year’s Tax Prep Fees (they might be deductible)

Dates of Birth and Social Security Numbers (you, spouse, children, etc.)

Routing and Account Numbers for Direct Deposit
Posted on 4:36 AM | Categories: