Entryless Integrates Easy Bill Automation With Zoho Books / Automates capture of Account Payable information in Accounting Software

Entryless (entryless.com), the bill automation cloud service, today announced the integration with Zoho Books (www.zoho.com/books), Zoho’s online accounting software. Users of Zoho Books can now take advantage of the efficient Entryless platform to automate the input of bills into their accounting system.

Zoho Books helps small businesses to streamline their business processes and manage their cash flow. Users can track the status of their vendor’s bills in Zoho Books. By integrating with Entryless, they no longer have to manually type in their bills as they are automatically captured in their Zoho Books account.

Entryless accepts bills via email, PDF, or just about any file type. The application identifies and records key information, including tax total, total due, bill date, bill number, and supplier information. The new integration synchronizes this Account Payable information with Zoho Books, thereby saving immense time for business owners while reconciling bank transactions.

Unlike other AP systems, Entryless does not require any change in the supplier’s activities. Bills can be sent to a dedicated email address or loaded directly into the application.

“We have proven that implementing Entryless means that you can spend one-tenth the time on accounts payable. For a small business, that is time you can dedicate to actually running your business,” said Mike Galarza, founder of Entryless.

Galarza created Entryless after heading up a team of accountants at a large manufacturing company. He saw that his team, like many accounting departments, was overburdened by accounts payable. They could not find a simple and comprehensive solution on the market.

“Entryless is our response to that problem, eliminating the chore of inputting all the bills into a cloud accounting system. Now, users of Zoho can gain that efficiency and speed up reconciliation as well,” said Galarza.

These two cloud applications can be integrated either through the Entryless user interface or via an add-on in the Zoho Books app store.

About Entryless: Entryless (entryless.com), a cloud-based service, transforms the way businesses manage costs by automating manually-entered data. Companies are able to speed up their accounting process and balance accounts without time-consuming and error-prone manual entry. Businesses using Entryless reduce the amount of time they spend doing their monthly accounting by as much as 90%. Innovative accountants around the world adopt Entryless to increase their efficiency and differentiate their practice.

About Zoho: Zoho Books (www.zoho.com/books) is simple, easy-to-use cloud accounting software from Zoho. Zoho is a comprehensive suite of online productivity, collaboration and business applications for businesses of all sizes. Over ten million users rely on Zoho apps. Zoho’s productivity and collaboration applications include Email Hosting, Document Management, Office Suite, Project Management and more alongside a host of business applications ranging from CRM and Campaign Management to Customer Support, Accounting and more. These applications are offered directly via Zoho.com or through hundreds of partners in the Zoho Alliance Partner Program. For more information about Zoho, please visit http://www.zoho.com/.

Read more here: http://www.heraldonline.com/2015/01/22/6725298/entryless-integrates-easy-bill.html#storylink=cpy

Six Tips on Who Should File a 2014 Tax Return

Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax tips to help you find out if you should file a tax return:

1. General Filing Rules.  Whether you need to file a tax return depends on a few factors. In most cases, the amount of your income, your filing status and your age determine if you must file a tax return. For example, if you’re single and 28 years old you must file if your income was at least $10,150. Other rules may apply if you’re self-employed or if you’re a dependent of another person. There are also other cases when you must file. Go to IRS.gov/filing to find out if you need to file.

2. New for 2014: Premium Tax Credit.  If you bought health insurance through the Health Insurance Marketplace in 2014, you may be eligible for the new Premium Tax Credit. You will need to file a return to claim the credit. If you purchased coverage from the Marketplace in 2014 and chose to have advance payments of the premium tax credit sent directly to your insurer during the year you must file a federal tax return. You will reconcile any advance payments with the allowable Premium Tax Credit. Your Marketplace will provide Form 1095-A, Health Insurance Marketplace Statement, to you by Jan. 31, 2015, containing information that will help you file your tax return.

3. Tax Withheld or Paid.  Did your employer withhold federal income tax from your pay? Did you make estimated tax payments? Did you overpay last year and have it applied to this year’s tax? If you answered “yes” to any of these questions, you could be due a refund. But you have to file a tax return to get it.

4. Earned Income Tax Credit.  Did you work and earn less than $52,427 last year? You could receive EITC as a tax refund if you qualify with or without a qualifying child. You may be eligible for up to $6,143. Use the 2014 EITC Assistant tool on IRS.gov to find out if you qualify. If you do, file a tax return to claim it.

5. Additional Child Tax Credit.  Do you have at least one child that qualifies for the Child Tax Credit? If you don’t get the full credit amount, you may qualify for the Additional Child Tax Credit.

6. American Opportunity Credit.  The AOTC is available for four years of post secondary education and can be up to $2,500 per eligible student.  You or your dependent must have been a student enrolled at least half time for at least one academic period. Even if you don’t owe any taxes, you still may qualify. However, you must complete Form 8863, Education Credits, and file a return to claim the credit. Use the Interactive Tax Assistant tool on IRS.gov to see if you can claim the credit. Learn more by visiting the IRS’ Education Credits Web page.

The instructions for Forms 1040, 1040A or 1040EZ list income tax filing requirements. You can also use the Interactive Tax Assistant tool on IRS.gov to see if you need to file. The tool is available 24/7 to answer many tax questions.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.

Additional IRS Resources:

• The Premium Tax Credit
• Form 8962, Premium Tax Credit (PTC)
• Publication 5187, Health Care Law: What’s New for Individuals and Families
• Schedule 8812 (Form 1040A or 1040), Child Tax Credit
• Form 8863, Education Credits
• Publication 596, Earned Income Credit
• Publication 972, Child Tax Credit
• Publication 970, Tax Benefits for Education

3 Tax Deductions Available Only to Startup Businesses

Suzanne Kearns for Intuit writes: If you started a business last year and incurred some expenses before you officially opened your doors, you may be entitled to deduct certain startup and organizational costs on your tax return this year. But the IRS has strict guidelines you must follow to claim them. Here’s a look at the rules.

The Allowable Deductions

According to the IRS, there are three categories of startup costs eligible for tax deductions, and you can only deduct them if you actually opened the business. The startup costs must be related to:

1. Creating a trade or business or investigating the creation or acquisition of an active trade or business. Some of these costs might include surveying markets, analyzing products or the labor supply, visiting potential business locations, and any other costs associated with creating or investigating a new or existing business.
2. Preparing the business to open. Any costs you incurred before opening your doors and begin to generate income are included in this category, with the exception of equipment, which will have to be depreciated. Eligible expenses could include employee training and wages, travel costs to locate suppliers and distributors, advertising, and consultant fees such as attorneys and accountants.
3. Organizational costs. If you legally set up your business as a partnership or corporation before the end of your first year in business, you can deduct these costs as well. The expenses typically associated with incorporating are legal fees, state organization fees, salaries for temporary directors, and organizational meetings. Expenses to set up a partnership agreement include legal expenses and filing and accounting fees.

Chapters 7 and 8 of IRS Publication 535 outline these deductions in full detail.

How to Take the Deductions

The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less. If your startup costs for either area exceed $50,000, the amount of your allowable deduction will be reduced by that dollar amount. And if your startup costs are more than $55,000, the deduction is completely eliminated. For instance, if your start up costs were $53,000, you would lose $3,000 of the deduction, and would only be allowed to deduct $2,000. And if your start up costs were $55,000 or more, you don’t qualify for the deduction at all. The costs remaining after your deduction should be amortized annually in equal portions over the next 15 years.

You should claim the deduction for the tax year that the business officially opened. If you fail to claim the deduction, you can still file an amended return within six months of the due date of the return, excluding extensions. If you do that, the IRS says you should write “Filed pursuant to section 301.9100-2” on your amended return, and send it to the same address to which you sent your original return.

Timing Is Everything

Sometimes taking the deduction in the first year doesn’t always make financial sense. For instance, if it’s likely that you will suffer losses for the first few years in business, you might be better off amortizing the deductions over a few years to balance out your eventual profits. To do so, it’s necessary that you file IRSForm 4562 [PDF] with your first year’s tax return. You can amortize qualified startup and organizational costs, and they don’t have to be on the same amortization period. But keep in mind that once you choose the periods for each deduction, you will not be allowed to change them. Be sure to talk to a tax adviser about this important decision.