Wednesday, January 30, 2013

IRS Kicks Off 2013 Tax Season Most Individual Returns Can Be Filed Now; Many Ways To Get Tax Help


The Internal Revenue Service today opened the 2013 filing season by announcing a variety of enhanced products and services to help taxpayers prepare and file their tax returns by the April 15 deadline.  New and expanded services for taxpayers this year include a redesigned IRS.gov web site that’s easier to navigate and improved service options, including more video-conferencing assistance sites and additional social media tools. In addition, the IRS has stepped up its enforcement efforts to protect taxpayers from refund fraud and identity theft.

The IRS began accepting and processing most individual tax returns today after updating forms and completing programming and testing of its processing systems to reflect the American Taxpayer Relief Act (ATRA) that Congress enacted on Jan. 2. The vast majority of taxpayers can file now, but the IRS is continuing to update its systems for some tax filers. The IRS will begin accepting tax returns from people claiming education credits in mid-February while taxpayers claiming depreciation deductions, energy credits and many business credits will be able to file in late February or early March. A full list of the affected forms is available on IRS.gov.

This year, taxpayers have until Monday, April 15, to file their 2012 tax returns and pay any tax due. The IRS expects to receive more than 147 million individual tax returns this year, with about 75 percent projected to receive a refund.  Last year for the first time, 80 percent of all individual returns were filed electronically. E-file, when combined with direct deposit, is the fastest way to get a refund. Last year, about three out of four refund filers selected direct deposit.

Assistance Options, Virtual Service Availability
The best way for taxpayers to get answers to their questions is by visiting IRS.gov. Last year, the website received a record 340 million visits, a 17 percent increase over 2011.
This year, the redesigned website makes it easier than ever for taxpayers to get to key forms and vital information. The front page also has links to redesigned pages to help with everything from refunds to specific tax issues as well as easy access to taxpayer-friendly videos on the IRS YouTube channel.

Through IRS.gov, taxpayers can access Free File, which provides options for free brand-name tax software or online Fillable Forms plus free electronic filing. Everyone can use Free File to prepare a federal tax return. Taxpayers who make $57,000 or less can choose from about 15 commercial software providers. There’s no income limit for Free File Fillable Forms, the electronic version of IRS paper forms.
People making $51,000 or less usually qualify for the Volunteer Income Tax Assistance program for free tax preparation and electronic filing. Tax Counseling for the Elderly, a similar community-based volunteer program, offers free tax help with priority assistance to people age 60 and older, specializing in questions about pensions and retirement issues. Information on these programs can be found at IRS.gov.
This year, the IRS is doubling the number of sites where taxpayers can get assistance through two-way video conferencing. During 2012, the program’s first year, about 14,000 taxpayers received assistance at 13 locations. Following a strong response to the virtual assistance program, the IRS plans to roll out 14 new sites. A list of the 27 available locations is on IRS.gov.
For tax law questions or account inquiries, taxpayers can also call the IRS toll-free number 800-829-1040 (7 a.m. to 7 p.m. local time) or visit a taxpayer assistance center. Taxpayers should check IRS.gov for the hours and services offered at the location they intend to visit.

Apps and Social Media
For the third year, the IRS will offer IRS2Go, its smartphone application, which enables taxpayers to check on the status of their tax refund and obtain helpful tax information. The IRS2Go app, available for Apple and Android users, has been downloaded more than 800,000 times and used by taxpayers millions of times.
More helpful information is available through IRS social media platforms, including:
  • YouTube, where viewers can watch more than 100 short, informative videos. They are available in EnglishSpanishAmerican Sign Language and other languages.
  • The IRS also has several twitter feeds available for taxpayers in English and Spanish at @IRSnews or @IRSenEspanol. And@IRStaxpros covers news for tax professionals.
  • For the 2013 filing season, the IRS has added Tumblr to its list of social media platforms. People who want tax information now have another way of accessing and sharing helpful tax tips, videos, podcasts and other information at www.internalrevenueservice.tumblr.com
The IRS only uses social media tools to share public information, not to answer personal tax or account questions. And the IRS reminds taxpayers to never post confidential information, such as a Social Security Number, on social media sites.

Check for a Refund
Even with the Jan. 30 opening of the tax season, the IRS expects to issue refunds within the usual timeframes. Last year, the IRS issued more than nine out of 10 refunds to taxpayers in less than 21 days, and it expects the same results in 2013.
After taxpayers file a return, they can track the status of the refund with the “Where’s My Refund?” tool available on the IRS.gov website. New this year, instead of an estimated date, “Where’s My Refund?” will give people an actual personalized refund date after the IRS processes the tax return and approves the refund.
Here are some tips for using "Where's My Refund?":
  • Initial information will generally be available within 24 hours after the IRS receives the taxpayer’s e-filed return or four weeks after mailing a paper return.
  • The system updates every 24 hours, usually overnight. There’s no need to check more than once a day.
  • “Where’s My Refund?” provides the most accurate and complete information that the IRS has about the refund, so there is no need to call the IRS unless the web tool says to do so.
  • To use the “Where’s My Refund?” tool, taxpayers need to have a copy of their tax return for reference. Taxpayers will need their Social Security Number, filing status and the exact dollar amount of the refund they are expecting.
Taxpayers should remember that while most tax refunds are issued within 21 days, some tax returns need additional time to be reviewed. As part of that effort, the IRS has put in place stronger security filters this filing season to protect against refund fraud and identity theft.
Posted on 2:28 PM | Categories:

Infor Announces F9 Integration With QuickBooks for Faster, Easier Reporting: Flexible Business Intelligence Reporting Enables Improved Financial Decision Making


Infor, a leading provider of business application software serving more than 70,000 customers, today announced that Infor F9 can be integrated with QuickBooks to create powerful financial reports directly within Microsoft Excel. Infor F9 is a user-friendly reporting solution that provides integration from QuickBooks to any number of F9 reports for calculation. Leveraging Pervasive Software's data integration platform, Infor F9 dynamically accesses QuickBooks general ledger data to power up-to-the-minute reporting in the familiar Microsoft Excel environment. This allows users to create flexible, customizable reports populated with the latest business information.
News Points
        --     Infor F9 creates fully formatted reports in seconds using data it
            imports from the designated accounting or ERP system, and creates drop
            down controls that calculate within Microsoft Excel(R) worksheets.



        --  Built-in business intelligence offers key performance indicator
            tracking and the ability to build interactive Pivot Tables within
            Microsoft Excel(R), enabling improved decision making through more
            advanced analysis across multiple accounting dimensions.



        --  Reporting toolsets and wizards quickly create interactive financial
            reports and outputs with drag and drop expansion, which are saved as
            Microsoft Excel(R) workbooks.



        --  Additionally, Infor F9 generates reports for multiple companies,
            budgets, classes, and date ranges.

        --  Automated analysis functionality diagnoses errors in a report and
            provides the ability to drill down into account segments and
            transactions, making it easier for users to locate discrepancies.

        --  Infor F9 also delivers automated report scheduling, enabling users to
            set dates for report calculation, distribution and email to generate
            consistent reports on a monthly, weekly or daily basis.
        
Davidson Collins Quote "Financial statements that previously took four to five hours can now be completed in as little as 30 minutes using Infor F9," said Rocky Davidson, CEO and certified public accountant, Davidson Collins. "The solution is reliable, easy to use and delivers polished reports. It's the only product I've encountered with these capabilities and will save us a significant amount of time and money in the long run."
Pervasive Software Quote "It's exciting to work with innovative partners like Infor to deliver affordable integration solutions that enhance efficiency and deliver critical business insights for users worldwide," said Lance Speck, vice president and general manager of Integration Products for Pervasive Software. "Together, we deliver simple, reliable, fully integrated financial reporting for users of leading accounting and spreadsheet applications."
Infor Quote "Infor F9 is an out-of-the-box application that makes information easily accessible in a way that is familiar to users, and responds to the critical business need of getting better data faster," said Wissam Barakat, vice president, Channels, Infor. "By viewing reports through the Infor F9 dashboards, decision makers can compare information breakdowns across multiple sectors of the enterprise and analyze data to identify potential savings areas for the company in real-time."
Posted on 2:22 PM | Categories:

Where The Heck Are My Forms W-2 And Other Tax Forms?

Kelly Phillips Erb "The Tax Girl"  for Forbes writes: 
Dear really, really overeager taxpayers:
As a small business owner and a tax professional, I am asking you in the nicest way possible: please be patient.  I know you want to file your tax return already. You’re already annoyed that you’ve had to wait this long. But that’s Congress’ fault, not mine. And I’ll even defend (gulp) IRS on this one: it’s not their fault either.  But back to you. Apparently you’re one of the lucky folks getting a refund this year. And I know you want your money.
Those of us not getting a refund? Totally not bitter. We’re also lying.
But give your employers and your tax professionals a little bit of time, okay? You see, tax season is a little screwy this year, what with the delays and all. It’s making folks crazy. And we simply can’t do things any faster. (No PEDs for tax professionals, sorry. Well, other than coffee.)
If you’re looking for your forms, you should receive your forms W-2 and most forms 1099 by January 31, 2013. That’s tomorrow – and the day is still young. Please don’t start complaining yet. Lots could happen. The HR person could come by and hand deliver it to you. The postman (or postwoman) could put a stack of them in the box. Or you might find it under that Victoria‘s Secret catalog because you simply forgot that you received it a couple of weeks ago.
So look around first. And then, if tomorrow comes and goes and you haven’t received your forms, give your employer (or the issuer) a shout. It might be easy to fix. You might not have received the form because of an incomplete or bad address – or maybe you moved this year like I did – so check to make sure that your info is correct. Or maybe the address is correct but your form got lost in the mail (it happens). If that’s the case, your employer can simply furnish you with another form. Problem solved. So don’t be nasty or rude about it.
But what about employers who are no longer in business or those that have moved? I still recommend trying to contact your employer. Again, it’s the fastest, easiest solution. If you don’t receive your forms and you don’t know where your employer has moved, try putting something in writing to the last known address: it’s quite possible that there is a forwarding order at the post office and that will take care of the problem. Or Google: I know that it’s not technically your job to find your employer on the internet but if you’ll Google what a dentil is or where to find the best pizza in town, you can take a second to look for a change of address. Seriously.
If after all of that, you still don’t have your forms (or if your forms aren’t correct), contact the IRS. But don’t jump the gun: the IRS does not want to hear from you about missing forms until after February 14. Then, consider it your little love note to them on Valentine’s Day. Contact the IRS by calling 1.800.829.1040. You’ll need to have your personal info handy, including address, phone number, Social Security Number, your dates of employment and the name, address and phone number of your employer. Do yourself (and the IRS) a favor and have all of that info together before you call. A word of warning: be prepared to wait. Make your life easier by having all of the right information before you pick up the phone.
After you contact the IRS, the IRS will contact your employer (or the form issuer) with a form 4598, Form W-2, 1098 or 1099 Not Received, Incorrect, or Lost. You’ll receive a copy of the form 4598, along with a form 4852, Substitute for Form W–2 or Form 1099–R (downloads as a pdf). If your employer is smart, they’ll send your docs right out to you. But if they’re not? If you still don’t receive your form W-2 after all of that, you should file the form 4852 – but plan on another wait since the IRS requests that you not file that form until Tax Day (April 15).
There are some exceptions to the January 31 deadline. Those include forms 1099-B (for reporting of proceeds from brokers and barter exchanges), 1099-S (for reporting real estate sales) and the ever popular 1099-MISC (if amounts are reported in boxes 8 or 14). Those forms are due to taxpayers by February 15 (some exceptions apply).
You should also put the brakes on filing if you’re a beneficiary of a trust or estate, or a shareholder, partner or member of an LLC, LLP or S corporation. Those entities rarely – if ever – file early. And since those are pass through entities, they must prepare their actual tax returns before they can furnish any Schedules K-1. Those might take until March or April to show up on your doorstep. In some cases – if there’s an extension, for example – it could take longer. Like October longer. If you’re not sure what the time frame is, and you haven’t heard otherwise, drop a note to the powers that be to find out when you can expect your forms. But don’t pester. Pestering is rude. And it won’t get you anywhere.
And do me one more favor: do not – I repeat, do not – attempt to file your returns until you’ve received your forms. I know it’s tempting. I know you think you know what’s on those forms… but what if you’re wrong? What if you’ve missed something? Not only are you making it hard on your preparer when you ask them to decipher your year end check stub or your year end investment statement, you’re asking them to break the rules: the IRS specifically prohibits preparers from submitting electronic returns prior to the receipt of all Forms W-2, W-2G and 1099-R. Yes, it’s a real rule. I’ve seen those commercials and billboards saying otherwise. The rule is still on the books, er, IRS web site. And it’s an actual line item complaint on the federal form 14157,Complaint: Tax Return Preparer.
Nobody needs to lose their license because you want your refund a few days early. You’re also begging for an audit. Begging. At the most basic level, the IRS matches your forms W-2 and forms 1099 to your tax returns. And if they don’t match, they’re going to want to know why. My mom – who is right almost all of the time about everything – used to tell me that it was okay to be different. That might be true in junior high but it’s not true at the IRS. Trust me. You want your return to look like everybody else’s return. Don’t give the IRS a reason to pull yours out and look at it again.
So to recap: be patient, be patient, be patient.
And one more thing: your tax pros are working as hard as they can to make you happy. And this tax season is already a bit tricky. Don’t make their lives any harder than it has to be. Be kind. And, for what it’s worth, I don’t know anyone who wouldn’t turn down a free cup of coffee this time of year.
Have a great season!

Sincerely,
taxgirl
Posted on 11:36 AM | Categories:

ExactCPA is an IRS Authorized Electronic File Provider: 5 Good Reasons to E-File Your Tax Return


Five Good Reasons to E-file Your Tax Return
If you haven’t tried IRS e-file before, now is the time. Most taxpayers – more than 80 percent – file electronically. The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990. Fewer people file a paper tax return every year. Here are five good reasons to e-file your tax return:
1. Accurate and complete. E-file is the best way to file an accurate and complete tax return. Tax returns that are incomplete or include errors take longer to process.
2. Safe and secure. Tax preparers and software companies who e-file must meet strict guidelines and provide the best in encryption technology. You receive an acknowledgement within 48 hours that the IRS received your tax return. If the IRS does not accept your tax return, you will receive notification and can quickly correct your return and resubmit it.
3. Faster refunds. An e-filed tax return usually means a faster refund compared to a paper return. The IRS issues most refunds in less than 21 days. If you choose direct deposit, your refund goes directly into your bank account. Combining e-file with direct deposit is the fastest way to get your refund. About three out of four taxpayers who file receive a tax refund. Last year the average refund was about $2,700.
4. Payment options. If you owe tax, you can e-file early and set an automatic payment date anytime on or before the April 15 due date. You can pay by check or money order, by debit or credit card, or by transferring funds electronically from your bank account.   If you are entitled a refund you can even pay for your service with your expected refund.
5. It’s easy. You can e-file on your own through IRS Free File, the free tax preparation and e-filing service available exclusively at IRS.gov. You can also use commercial tax preparation software or ask your tax preparer to e-file your return. And, if you qualify, IRS Volunteer Income Tax Assistance and Tax Counseling for the Elderly partners will e-file your return for free.
Posted on 11:27 AM | Categories:

Tax Planning Moves for Investors


JT from 20sFinances.com writes: Investing is all about growing your money within safe limits and at a pace that will allow you to reach all your retirement and savings goals. While returns are a function of the financial markets, they are also impacted by taxation.
Let’s work through a few tax moves you should consider to be more tax efficient:
  1. Move to ETFs – Exchange-traded funds utilize a gap in the tax code that allows them to pass on little to no tax liability to their investors. Exchange-traded funds never buy or sell stocks, instead they swap them in in-kind exchanges that do not create a tax liability. Mutual funds, however, have to buy and sell stocks. If your favorite mutual fund is available as an ETF, consider making the move to lighten your annual capital gains tax bill.
  2. Invest for charity – Selling a winning stock to make a donation to your favorite charity is one of the worst tax moves to make. When making a charitable donation, consider donating an investment directly without cashing it in. Donating the investment means you’ll avoid selling, and thus avoid the capital gains tax due on the investment that you made.
  3. Contribute more to an IRA – Did you miss the boat on making more contributions to your IRA last year? There’s no reason to worry; you can contribute to an IRA for the previous tax year all the way up to the day taxes are due in April for the previous year. If you haven’t yet maxed out, consider adding more to your retirement savings as once the deadline passes that headroom is gone forever – you can’t reclaim lost opportunity in maxing out your retirement accounts.
  4. Examine your cost basis – In 2013, the IRS will finish a new requirement for brokerage firms to automatically determine the tax basis for any stock, mutual funds, commodities, or bonds that you hold in your account. Check to see if your broker has a default setting – LIFO or FIFO – and turn it off. A blanket tax basis method is not tax efficient. You’ll want to choose which stocks or mutual funds you sell to get the lowest possible tax rate (long-term capital gains vs. income, for example).
  5. Put income investments goes to tax-advantaged accounts – Investments that generate ordinary income, not qualified dividends, like REITs, business development companies, bonds and bond funds, and MLPs should be kept in a tax-deferred account. Your tax rate on income will likely be lower at retirement than in your peak earnings years, and reducing income now will keep you far away from triggering the binary Medicare surtax on income in excess of new limits.
  6. Use any carryovers – If you have tax losses from years previous, be sure to match them by taking a gain in the next calendar year. There’s little reason to allow Uncle Sam to have more of your money than he should. Use those carryovers this year rather than next to collect on tax savings a year earlier.
  7. Cut losses and pair with gains – At any time you take a capital gain you can pair it with a capital loss to even out your tax liability. Consider doing so, but mind the wash sale rules which prohibit you from purchasing the same or similar security within 30 days of the sale of a losing investment.
Just as budgeting isn’t what you make, but what you keep, investing is the same way. Having a high-flying, rapidly appreciating investment portfolio means very little if too much goes to Uncle Sam. If you apply some of the tax moves above, you’ll make the biggest steps toward a 100% tax-efficient portfolio with little to no work on your part.
Posted on 5:54 AM | Categories:

2013 Review of QuickBooks Online Accountant Edition

Isaac M. O'Bannon, Editor for CPA Practice Advisor reviews  2013 Review of QuickBooks Online Accountant Edition.
Best Fit: Professionals seeking a web-based professional write-up solution that integrates directly with their clients’ versions of QuickBooks Online.
Strengths
  • Multiple client management in single online program
  • Accountant Center with tools for books review and clean up
  • Simple connection to clients’ QuickBooks Online
  • Reporting options include PDF, Excel output
  • Client invoicing and e-payment functions
  • Customizable work screens and widgets
Potential Limitations
  • Although online system allows access to all client data, no portals for sharing other files
  • Does not integrate with desktop version of QuickBooks
From the February 2013 review of Client Write-Up systems.
With more and more businesses moving to cloud/web-based bookkeeping solutions, and the most popular being QuickBooks Online, it was a natural move for Intuit to develop a professional version of the system. QuickBooks Online Accountant was commercially released in October 2012, and is designed for professionals serving multiple business clients, with multiple tools for write-up functions such as account reconciliation, ledger and journals management, and payroll compliance via integration with Intuit’s payroll services.
The system can directly integrate with client versions of QuickBooks Online.
Basic System Functions: 4.75 Stars
Initial setup functions are simple and guided, after which clients initiate interaction with the firm by inviting the accountant to join their online system as an accountant user. Once the invitation is accepted, clients’ QuickBooks Online companies appear in the professional version’s client selection screen, and all of their data, including charts of accounts, journals and ledgers, are immediately available to the accounting firm user.
Accountants and clients access and work on the same set of data. Users can then manage all clients without having to have multiple passwords, just their own for their own system, and users can easily switch between clients. Also, since the professional and client-side programs are web-based, they are always up-to-date and the same “version,” so no longer will there be issues with files being saved wrong or with QuickBooks file transfer and management.
The client selection screen is the initial home screen, and users can filter or edit contact information or add new clients (with invitation accepted). Pull-down menus for settings and help are available at the top of the screen.
After selecting a client to work in, the system opens the Accountant Center, which provides the most common accounting and management functions, such as accounting periods, reports and tools that allow users to find and fix errors in batch, and offers customization of the location of modules with simple drag-and-drop action. Online banking and reconciliation functions are simplified and directly connect with a client’s financial institutions.
The system shows how many transactions have to be processed, and allows manual updating of the account information. Among the features offered in QuickBooks Online Accountant is the ability to undo bank reconciliations, reclassify transactions, write-off invoices, integration with GoPayment and expanded client listings.
QuickBooks Online Accountant is a one user application and QuickBooks Online Plus offers five users and has settings for limiting users from accessing certain clients, features, data or reports.
Core Write-Up Features: 4.5 Stars
The program includes full GL, AR, AP, journal and ledger management tools, and invoicing functions, and has an activity log. As noted previously, the online banking tools, with direct integration with client financial institutions, provides streamlined reconciliation, and users can create a reconciliation discrepancies report that is automatically generated each month or period, alerting users to transactions that are mismatched. The program’s reconciliation history feature also allows undoing previous reconciliations.


QuickBooks Online Accountant offers the ability to write off invoices in batch mode instead of individually, with the program opening a list of invoices on one screen. Users can also batch reclassify. Recurring transactions and entries can be set to automatically post. Since the program directly integrates with the clients’ version of QuickBooks Online, all data is live.
As a program with always up-to-date data, a variety of snapshot views offer easy to understand charts, graphs and summaries of key business indicators, as well as access to financial ratios, benchmarking and additional analyses. Also included are functions for automatic invoicing, delayed billing, the ability to create and send purchase orders, inventory tracking, management of multiple locations and budgeting and planning.
The system can manage multiple bank accounts and offers check writing functions with options for MICR printing, with client logos included. For payroll and payroll compliance, firms or clients can use Intuit’s online payroll solutions. Users can set up automatic alerts to remind them of client issues and deadlines, such printing sales transactions or other tasks, and the program also offers messages from Intuit.
Reporting & Financial Statements: 4.5 Stars
The system includes full financial statement generation with the ability to further edit financial sets by saving them to Excel format, while additional reports are available for budgets, class tracking, inventory management by FIFO only, and location tracking. Reports can be customized as needed, and special company scorecards and snapshots provide benchmarking and quick comparisons against other similar business entities. Reports offer the ability to drill-down to underlying transactions.
The program includes an adjusted trial balance report, and provides full AR management with built-in invoicing and the ability to receive electronic payments from clients using GoPayment.
Import/Export/Integration: 4.5 Stars
One of the key benefits of QuickBooks Online Accountant is linking with clients’ versions of QuickBooks Online. This is more than integration, and much better than any synching or data transfer method, since it gives the professional direct access to real, live client data at any time. It does not provide a method of sharing other files or documents; however in QuickBooks Online you can attach a document to a sales transaction.
QuickBooks Online directly integrates with Intuit’s online payroll systems for processing, as well as for quarterly and year-end reporting. The system does not directly integrate with the desktop version of QuickBooks, but integrates with Intuit Tax Online at a basic level. Users can also export trial balance or other data to Excel for import into other systems.
Help/Support System: 4.5 Stars
The program provides multiple help options, including a help index, accountant tips, and guides for program functions. The company’s online support website offers FAQs, Live Chat, getting started tips, resources and other resources, including access to the Intuit Community forum for users. Free live technical support is offered during the first 30 days of use, but QuickBooks ProAdvisor members get free continuing support and additional training options.
Summary & Pricing
The new QuickBooks Online Accountant is a welcome addition for firms who are moving their clients to web-based systems, and provides streamlined multi-client management tools for write-up and client journal and ledger management. The direct linking with client financial institutions makes account reconciliations more accurate and up-to-date, and various other data tools offer good functions for firms providing monthly accounting management services.
Currently, QuickBooks Online Accountant is free for 180 days, after which ProAdvisor members have no charge to continue using the system. Other professionals will also be able to continue using it free if they have at least one current QuickBooks Online client being managed in the system.

2013 Overall Rating: 4.5 Stars



Posted on 5:49 AM | Categories:

2013 Review of Intuit - QuickBooks Accountant 2013

Isaac M. O'Bannon, Editor for CPA Practice Advisor reviews QuickBooks Accountant 2013. Best Fit: Accounting practices providing write-up features for clients that use QuickBooks.
Strengths
  • Accountant version includes all industry-specific versions of QuickBooks
  • Streamlined navigation and interface
  • Batch and pasting of thousands of transactions at once
  • Output to PDF, Excel and other formats
  • Built-in client invoicing and electronic payment options
  • Mobile apps
  • Electronically receive and send data to clients
Potential Limitations
  • No client portals, although Accountant Copy allows data file sharing
  • Live tech support is only free for 30 days unless user is a QuickBooks ProAdvisor
From the February 2013 review of Client Write-Up systems.
QuickBooks is the most widely-used small business accounting system, and that makes it even more likely for small businesses to use it, since it is generally easy to find experienced users and training options. For accounting firms providing periodic account oversight, reconciliations, financials management and compliance, the Accountant version also is a common solution, since many of their clients are using the program, which makes data transition and management processes more comfortable.
QuickBooks Accountant 2013 is the latest professional version, and has undergone a significant redesign from previous versions. This includes new interface and navigation, as well as multiple new features geared toward write-up and multi-client management. Also in the program are several tools for finding and fixing client errors, one-step pasting of more than 1,000 transactions from Excel, emailing of journal entries, tools for troubleshooting inventory issues, and other functions.
Basic System Functions: 4.75 Stars
During initial setup of QuickBooks Accountant, the system provides wizards and other tools to help with the transfer of client files. New clients can also be quickly added using hundreds of chart of accounts templates for various industries, or users can copy existing settings from another similar client, or create a completely custom account setup. After installation, the system also provides a variety of wizards and tools for functions such as reporting, invoicing and banking functions.
When working within client accounts, QuickBooks Accountant’s home screen opens into a streamlined workflow view that displays general activities related to the client’s customers, vendors and employees, along with default client company settings. The system’s new menu ribbon, which is similar to the one in Microsoft Office, that groups functions such as invoices, estimates, sales orders and other forms.
A new optional icon menu on the left side of the screen offers additional quick navigation, allowing user to create custom shortcuts, links to common tasks, Snapshot dashboard overviews, and quick access to reports, client balances and the user’s to-do list. Users can also create automated alerts to notify them of items needing attention, such as client AR balances, credit limits or vendor issues. All of the client, vendor and employee selection screens offer multiple search, sort and filter options and users can easily move between summary and detail views.
The program’s data entry screens have also been enhanced, offering simpler, streamlined access to key fields, as well as additional customization options, smart selection lists and search functions. One of the most applauded new features in recent versions is that accountants can now open and work in two client company files at the same time.
As the master QuickBooks program, QuickBooks Accountant includes all of the client versions of the program, which allows users to view client data and transactions in the same view that the client sees it. The program also immediately recognizes the version of the program that clients are using, so that it automatically opens and saves data into the correct format for each client. QuickBooks Accountant 2013 can be used by up to five staff users at the same time, and has security and system settings that let management limit user access rights to specific clients, features, data and reports. It can be used to manage any number of client entities.
Core Write-Up Features: 4.5 Stars
QuickBooks Accountant 2013 includes full GL, AP, AR and check writing modules, plus an array of multi-client management tools designed for write-up and multi-client management. The program includes tools for entering client transactions individually or via a batch processes, and a new Excel feature can be used to copy/paste more than 1,000 transactions at a time.
The program’s client data review tools allow users to reclassify hundreds of transactions at once, and accountants can perform write-offs of invoices with only a few mouse clicks. Corresponding sales taxes on transactions are handled by automatically posting a credit memo instead of a discounted payment. For reconciliation, the program’s review tools include the ability to quickly find non-matching transactions, instantly match unapplied vendor and customer payments and credits, and clear the undeposited funds account all on one screen. Additional tools in QuickBooks Accountant 2013 include inventory trouble shooting that helps spot discrepancies between the balance sheet and inventory valuation summary report, with the ability to quickly drill down to inventory counts and make adjustments.
The Accountant’s Copy feature allows electronic sending of client files from the client to the accountant, and then back again, which allows the client to continue using the program even while the accountant is performing adjusting entries, reconciling accounts or performing other tasks. The files are encrypted and transmitted securely.
The program includes check writing features that allow multiple banks per client, while an optional third party add-on to QuickBooks lets users print to plain paper or check stock, including client logos. QuickBooks Accountant 2013 includes benchmarking, financial ratios and analysis tools from the Accountant Center home screen or from client snapshots.
Reporting & Financial Statements: 4.5 Stars
QuickBooks Accountant has more than 100 customizable management report options for areas such as revenue, budgets, cash flow and period comparisons, and users can easily add charts, graphs and pivot tables. Also in the program are customizable client communication templates for cover sheets, letters and other documents. The full receivables management and invoicing utilities in the system offer batch generation of client invoices that can be printed or emailed to clients from the program. Online payment tools are available as an option.
The system includes the QuickBooks Statement Writer, a utility that offers full financial statement generation with linked editing in Excel and Word, as well as a “live-link” feature that can automatically update on-screen viewed reports with the latest data with one click. Reports offer full drill-down to transaction-level details.
Also included in the program is a trial balance utility that provides beginning balances, current period transactions, period adjustments and ending balances for a user-defined time frame, with options for entering workpaper references and making adjusting entries.

Import/Export/Integration: 4.75 Stars
As noted previously, QuickBooks Accountant also includes all of the industry-specific versions of QuickBooks, making it easy to import client company files. The QuickBooks File Manager automatically recognizes the year and correct format to save the files into, so that client files aren’t inadvertently saved to the wrong format. The system can also import and export data from and to spreadsheets and CSV files, and has various wizards and guides to help with these tasks. Users can also save reports to Excel and PDF formats.
While there are no full portals for sharing and storing documents and other files, the Accountants Copy feature in both the Accountant and business-side versions of QuickBooks lets business users electronically and securely send their accountant a copy of their files for a defined time-frame, with just a few clicks. This allows clients and the firm to continue working within their own systems. When adjusting entries and data corrections have been made, the file is then sent back to the business and easily updated in their system.
QuickBooks Accountant 2013 offers direct integration with ProSeries, Lacerte and Intuit Tax Online professional tax systems for trial balance export, and can integrate with Intuit’s payroll systems, which include live and after-the-fact processing and reporting.
Help/Support System: 4.5 Stars
QuickBooks Accountant 2013 includes several assistive features, including task and field-specific help, wizards, tutorials, how-tos, topical guides and other resources, as well as the indexed Help utility. Online self-support options include a knowledgebase and additional tools, and an online user community includes forums for specific topics.
Live technical support is free for QuickBooks ProAdvisors, but for others it is only free for the first 30 days, after which users can opt for per-incident pricing or subscribe to support. The QuickBooks ProAdvisor program costs about $50 more than the QuickBooks Accountant software, and includes the software, which makes it nearly cost neutral and comes with many other benefits, including the free support and additional training options.
Summary & Pricing: 
QuickBooks Accountant 2013 has many new features that aid in managing the accounts of multiple clients, with a variety of new tools specifically designed for write-up processes. These include batch and pasting for transaction entry, encrypted emailing of journal entries to clients, and Client Data Review tools. The system also includes intelligent import functions that recognize the year and version a client’s files are saved in and retains that format.
The system is best suited to accounting firms with small and mid-sized clients using any version of QuickBooks for their business management. Pricing for QuickBooks Accountant 2013 starts at $499.95 per year for a single user, and $1,399.95 for a three-user license. The system can also be purchased on a subscription basis starting at $49.99 per month. The QuickBooks Statement Writer is included with the program.

2013 Overall Rating: 4.5 Stars



Posted on 5:48 AM | Categories: