Tuesday, February 10, 2015

Stitch Labs integrates with QuickBooks Online

Stitch Labs, the leading online inventory control solution, has announced the release of its latest integration partner, QuickBooks Online (QBO). Now, Stitch automatically syncs important financial data with QBO, saving time for retailers and providing more visibility into their business.

When users integrate Stitch with QBO, Stitch will push invoices, purchase orders and contact information into the accounting platform. Typically, retailers will either manually enter these items or not at all, resulting in inaccuracies and incomplete information. By automatically syncing financial data, including monthly entries that account for changes in cost of goods sold (COGS), inventory assets and stock adjustments, Stitch is providing relief for business owners and accurate data for their accountants.  

“Inventory management is only part of the solution,” said Brandon Levey, Stitch Labs CEO. “And while it sits at our core, we’re also looking across all aspects of a retailer’s business and applying technology to make them more efficient.”

As Stitch increases momentum on new integrations and features, the company is focused on expanding to all areas of business operations for retailers. Since January, Stitch has announced two new sales channel integrations, Magento and WooCommerce. Last year, it was named a “Silver” winner by the Best in Biz Awards for its inventory management solution and received an Interactive Media Award (IMA) for product design.

The integration between QuickBooks Online and Stitch Labs is available now. To learn more, please visit www.stitchlabs.com/quickbooks-online-inventory-management. For more information about Stitch Labs, please visit www.stitchlabs.com.

About Stitch Labs
Stitch is an online inventory control solution that simplifies multichannel retail business. It automatically syncs inventory, orders and sales across channels, which provides retailers a holistic understanding of their operations. With Stitch, retailers save timemake better decisions, and grow their businesses. Stitch integrates with top sales channels such as Amazon, eBay, Etsy, Shopify, WooCommerce and Square, as well as add-ons including Quickbooks, Xero and ShipStation. To learn more, visit www.stitchlabs.com or reach out to our team at press@stitchlabs.com or on Twitter at @StitchLabs. 
Posted on 1:58 PM | Categories:

XERO CEO Rod Drury says competitors can't catch up to Xero & Xero will be adding in inventory as the next free set of functionality

Ian Murphy for Cloud-Business.com writes: Cloud has been sold as the big equaliser for many businesses. In a lot of ways it is. If you are starting a business why waste money on infrastructure that you may not need or software licences that you won't grow into for years. If you are even moderately successful, the ability of cloud to move your capital expenditure (CAPEX) to an operational expenditure (OPEX), where you only pay for something when  you use it, means small companies and start-ups have been sticking it to large incumbents over the last few years.
But what about those companies who have already embraced the cloud and designed their entire software suite and even platform for the cloud? Is it as easy to catch, compete and overtake them? According to Rod Drury, CEO of Xero, a cloud-based accounting company focused on the SME market who have only been around seven years, the answer is a resounding no!
At Xerocon London, Drury took to the stage and in a measured speech, devoid of the histrionics and show business often associated with CEO keynotes, he attempted to rouse the audience with facts and numbers. Without wishing to encourage a stereotype, an audience of accounting people struggled to get any serious laughter, whopping and laughing going, despite the attempts by the Xero crew at the back of the room to encourage them.
This meant that there was nothing to distract from Drury as he made it clear why Xero were dominating their market segment and why he believes they will never be caught. Some of the facts and numbers included:
  • 1000 staff with 445 added in the last year alone
  • 19 offices worldwide
  • $171 million sitting in the bank available for investments presumably including mergers and acquisitions
  • 15,225 accounting partners worldwide, all of whom are actively acting as Xero's sales channel
  • 3,000 training and sales events to help the channel sell and to attract new accountant partners
  • $250 million invested in building out their platform
  • Payroll the latest feature to be added to the core package for no additional cost
  • The UK is the third largest market and growing fast
  • Transactions from NZ-based companies inside Xero represent around a quarter of the national GDP
  • Over 500TB in financial transaction data now stored on Xero servers

  • Posted on 1:47 PM | Categories:

    iZettle, Europe's number one mobile payments provider, is partnering with cloud based accounting software Xero, in a collaboration that will allow Xero's small business customers to automatically integrate their accounts with their iZettle activity in real-time.

    FineExtra.com writes: The integration, which has been beta tested amongst a handful of small businesses and accountants, will be available to all in two weeks.

    Managing business administration such as VAT returns, bank reconciliations and invoicing can be a painful process. Connecting iZettle with Xero relieves that stress and allows business owners, bookkeepers and accountants to work smarter and faster together. Users no longer have to manually input their transactions, deposits and receipts, saving time and reducing errors.

    "Connecting Xero with iZettle increases business productivity," says Sian Kelly, director and accountant at Inform Accounting.

    "We no longer have to wait for our clients to input their transactions and we can view their bank balance in real-time, improving the rate at which we can provide business critical recommendations."

    "Helping small businesses grow and succeed is at the heart of everything we do," says Jens Munch, VP of strategic partnerships at iZettle. "We have helped small businesses accept card payments and increase their sales, and now we want to remove further headache and help small business owners manage their accounts in a simple and convenient way."
    "We're pleased to have iZettle onboard," says Gary Turner, managing director at Xero. "Together we're simplifying financial management for small businesses and we're confident our customers will appreciate this seamless integration." 
    Posted on 1:39 PM | Categories:

    Accountant Prefers Payment in Bitcoin to Credit Cards

    Marc Dresner for  allpaymentsexpoblog.iirusa.com writes: Until fairly recently, the only people who had to be concerned with the potential tax implications of using bitcoin were those buying, selling and “mining” the cryptocurrency—a niche population of highly tech savvy individuals.

    But increasingly, companies are accepting bitcoin as payment and even paying their employees in it, which has opened an entirely new stream of prospective clients for accountants who can help them negotiate the persistent tax uncertainty surrounding cryptocurrencies.

    “People and companies are having a difficult time navigating the tax environment since there is still so little guidance,” said Ryan Lazanis, CPA, CA and principal of Montreal-based Xen Accounting.

    “Digital currency is a completely new concept. A lot of these new concepts are not applicable to existing tax law.”

    “The regulatory environment is definitely tricky,” Lazanis added. “Digital currency, on the whole, is a completely new concept. And a lot of these new concepts are not applicable to existing tax law.”

    In 2014, a high-profile string of major companies—Microsoft, Dell, Expedia, PayPal and even Time, Inc., among others—announced they would accept payment from customers in bitcoin.

    And last month, Overstock.com, which had already been taking payment in bitcoin for a year, announced it would offer employees the option of being paid in the cryptocurrency.

    To be precise, none of these companies accepts bitcoin payment directly; they accept it through intermediaries like Coinbase and BitPay, who convert it to cash for them—a pretty clear indication that there’s still not much faith in the currency, whose value plummeted more than 54% in 2014.

    Bitcoin-related inquiries have tapered in tandem with the currency’s drop in value.

    Moreover, Lazanis says the volume of bitcoin-related inquiries his firm receives has tapered in tandem with the currency’s decline in value.

    “[Bitcoin queries] come in waves. Back when Bitcoin prices were spiking, we were getting a ton of inquiries,” Lazanis told On Payments in a podcast interview.

    Instability will doubtless continue to dog cryptocurrency adoption among businesses, but it may be that smaller companies realize the benefits and move the needle first.

    Lazanis says that his firm enthusiastically accepts bitcoin because of its advantages over credit cards.

    “We prefer to be paid in bitcoin over credit cards.”

    “We prefer to be paid in bitcoin over credit cards,” Lazanis said.

    “For most small businesses there are a few percentage points and fees attached to credit card payments that actually make a big impact at the end of the year,” he explained, “and some credit card gateways take up to seven business days to put that money in your bank.”

    “With bitcoin there are zero fees and you receive that money immediately,” he added.

    Lazanis, whose clients tend toward techier types, reports that Xen Accounting continues to receive inquiries from both tech-forward and more traditional companies that want to open themselves up to new markets.

    These markets may need a nudge…

    In some economies in the less developed world with fewer entrenched interests and infrastructure impediments, digital currency markets are rapidly growing.

    But in the First World, these markets may need a nudge.

    (Editor’s note: For more on the impact of digital currency in emerging markets, check out episode four of On Payments.)
    Indeed, one of bitcoin’s most outspoken corporate proponents, Overstock.com CEO Patrick Byrne—who recently had a bitcoin ATM installed in the company’sSalt Lake City headquarters—conceded as much when the company announced it would offer employees the option to be paid in bitcoin.

    “Moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes.” 

    – Patrick Byrne, CEO, Overstock.com

    “Moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes at all levels of the financial ecosystem,” Byrne said in a press release.

    Come April, those employees who take Byrne up on his offer will likely need some tax advice from people like Ryan Lazanis…

    In this podcast for On Payments—the All Payments Expo (APEX) interview series—Ryan Lazanis discusses the potential tax implications around using cryptocurrencies and offers tips for individuals and companies interested in expanding into digital currency payments.

    Marc Dresner is IIR USA’s sr. editor and special communication project lead.   visit http://allpaymentsexpoblog.iirusa.com/
    Posted on 1:31 PM | Categories:

    FreeCRM.com expands offering to One Hundred Users and 100,000 Contacts in Cloud CRM Product / Packs significantly more features than other CRM systems to celebrate Ten Years of our CRM Solution

    FreeCRM.com today expanded its cloud CRM software by making it available for up to 100 users as it celebrates ten years of the product. Additionally, FreeCRM increased the number of contacts that can be stored in the free version to 100,000 contacts. FreeCRM.com now offers the largest number of free users and contacts in a cloud based CRM system, upping the ante substantially to upstarts Zoho CRM and others.

    "Over the past 10 years, CRM software in the cloud has become the mission critical, go-to requirement of businesses of all sizes, and FreeCRM.com has delivered.” said Jason Richardson, director of sales at FreeCRM.com. “Ten years ago FreeCRM.com launched, which offered a feature rich CRM for free, and today we are expanding our commitment by expanding FreeCRM.com to over 100 users and 100,000 contacts, which is unprecedented in the industry."

    FreeCRM.com has revved up its cloud CRM with more features as well as providing up to 100 users and 100,000 contacts free. When asked whether this announcement was in any way related to Zoho’s expansion to 10 users and 25,000 customer records, Mr. Richardson responded, “Of course, Zoho CRM has been a worthy competitor during the last 10 years, and we were not going to let them offer a more robust or generous Free CRM than FreeCRM.com.”

    FreeCRM.com’s 100-user edition is available immediately, and existing FreeCRM.com customers will automatically be upgraded to the 100-user free edition.

    The CRM value leader with over 468,000 customers in over 200 countries, FreeCRM.com has been recognized again and again as the clear choice for CRM that is simple, powerful, and cost effective and allows you to achieve your goal – getting and keeping more customers. Our trusted cloud CRM platform helps employees collaborate and connect easily with customers like never before and is a great alternative to SalesForce, Insightly, Nimble or Zoho CRM. Low cost, low risk and quick results are achieved with no long-term contracts in the world’s most popular CRM.
    For more information on FreeCRM.com please visit https://www.freecrm.com/.
    Posted on 9:10 AM | Categories:

    Cloud Based #MadeInIndia Accounting Software / ProfitBooks, Reach Accountant, Zoho Books, Accounting Guru, Foison Accounting, Wings Accounting Nxt,

    Ankit for Dudhwewala for SuggestSoftware.com writes: Cloud based Accounting Software are becoming increasingly popular for small and medium business. There is no hassle of installing it, the data is safer on the cloud and the costs works out to be much less for the multi user version. India, has managed to produce quite a few efficient cloud accounting software. Here is the list of #MadeInIndia cloud accounting software. (In no particular order)
    ProfitBooks: ProfitBooks is an online accounting software designed specially designed for Indian businesses. The software has a simple interface, which can be operated by business owners. ProfitBook helps Business owners to stay on top of sales, expenses and banking transactions. Entrepreneurs can focus on profitability, can easily find out high value customers, top selling products and other meaningful data. It works perfect on smartphones and tablets too. With its simplicity and affordable pricing, ProfitBooks aims to put top end technology in the hands of Indian SMEs.
    Reach AccountantReach business automation software was instituted with a vision to empower proud owners of innumerable business establishments in SMB’s and MSMEs sector in India. It has established itself as an effective tool to the Business owner in driving Business Growth, by offering absolute control, ease of functioning and remote accessibility of Business with no limitation on number of users leveraging the cloud technology.
    Reach software in a quick time since its inception a year back has established itself as reliable and bespoke solution provider to service business, sales & service business, Point of sales, assembly manufacturers, trading & distribution business, and retail business. Reach software offers modules spread over accounting, inventory, purchase management, CRM, POS billing, Invoicing, e mail management and so on so forth. It is enriched with unique features like auto sync of bank transaction, Mobile App and e-tailing add-ons/ project management plug ins, establishes it as a one of the top software in the online software space. State of the art features backed by futuristic technology and competitive pricing makes the offering from Reach Accountant a truly “Value For Money” proposition.
    Reach was also awarded the “Best Internet Retailer of the Year-2013” by ET Now. Reach accountant enjoys strong assistance from Sequoia Capital – a renowned global venture capital firm, being the key investor to the company.
    Zoho BooksThough Zoho Books is a product made in India, the company focuses on the international markets. They have one of the most popular offering in the world market because of their low price as compared to their competitors. Zoho has a flat pricing of $24 per month for unlimited invoicing, unlimited users. The software can also be integrated with Online Payment gateway which works out which works out to be a boon for small and medium enterprise selling online. It is one of the few software to provide a powerful API to connect it with other software you many want to use.
    ZipBooksZipBooks one of the latest entrants to cloud based accounting software list. It is an Ahmedabad based company named Accusol Technologies Pvt. Ltd. The company has priced at Rs 4999 for a year. The software focus on Accounting, Inventory, Sales and Purchase management. The product will soon have efficient CRM features, to keep up with the growing trend of automated marketing.
    AccountingGuruAccountingGuru.net is an inventory, invoicing & accounting software. It provides a simple single login mechanism to create and access multiple companies. It allows you to invite your staff and accounting professionals with exhaustive user permissions. Accounting professionals can login with one login id and will be able to manage and serve multiple companies easily. AccountingGuru.net excels in Branch/inventory/sales invoice management.
    AccountingGuru is by Veersoft Solutions which is based out of Bangalore. The basic version of this software is priced as low as Rs 2400 per year. Its users find customization of printable invoices formats as one of its best features. There is a separate print designer module. The companies can brand the invoice with their own colors and themes with a little help from a website designer.
    Foison Accounting Management System: FAMS is an accounting software introduced by Foison Technology Solution Pvt Ltd. It allows user get all end-to-end functionalities of accounts on a single platform. It is simple, easy to understand user friendly cloud based software along with GUI interface. It manages the multi locational business finance at one spot & in addition to that it helps in taking accurate and efficient business decisions.
    Wings Accounting Nxt: Wings Accounting Nxt is an end-to-end accounting software by Wings Infonet Pvt Ltd based at Hyderabad, with 20 years of experience in this line. It is an integrated system that provides total control over all finances and inventory of the business processes. It is on completely modern technology and comes up with amazing features like task tracking ,expense handling, inventory management, HR & Payroll, expense handling etc.
    If these accounting software don’t meet your requirements, you can talk to our accounting software analyst at SoftwareSuggest.com for suggestion on software that can fit your requirements.
    Posted on 5:47 AM | Categories:

    This Employee Tax Deduction Could Kill Your Mortgage Eligibility

    Scott Sheldon for Sonoma County Mortgages writes: You may want to rethink taking those extra deductions to minimize your tax liability this year if you plan to get a mortgage. Writing off expenses you incur as a W-2 employee can have lasting negative repercussions on your real income, an anchor  component of how home lenders determine your creditworthiness…
    IRS Form 2106

    You bring a mortgage company your w-2′s and pay stubs supporting high income. Your income should be no problem right? Well…not quite.

    The numbers on your w-2s could be negated by how much expenses you elect to deduct against your income in the course of your employment. When you go to file your tax returns, your accountant may recommend maximizing your deductions to avoid incurring higher tax liability. No one wants to pay Uncle Sam right? In this line of thinking many taxpayers take an extra deduction in the form of 2106 expenses, many times, unknowingly hurting their mortgage chances.

    The IRS understands that because your employer may not have an expense reimbursement policy or does not allow certain expenses to be refunded, you are permitted to write them off against your adjust gross income (AGI) as alternative.
    Commons expenses may include, but are not limited to:

    • Tools,
    • Dues
    • Licensing
    • Subscriptions
    • Uniforms

    Such costs may in fact be things that you’re expected to pay for with your occupation.
    Banks don’t care about the reasoning, if it’s there, then its counted, clear as day.
    Writing these off against your income reduces your taxable income, making you less creditworthy as you can’t qualify for as much mortgage amount with lower income. Your income on your  W-2 & pay stubs is not the whole picture. Your real income is lower because the 2106 expenses comes directly off total income otherwise used to offset other expenses such as a car payment, credit card payment, a student loan payment and housing payment comprised of taxes, insurance, principal, and interest along with any other housing related carrying costs like a homeowners association or special assessment within the property taxes.

    Mechanics Of Lending On Unreimbursed Employee Expenses
    Lenders know your real income is your gross wages pretax, less 2106 expenses. Here’s an example-Let’s say you have earned $100,000 per year of income, a nice salary of $8,333 per month pretax which is what lenders use to qualify you  to take on a mortgage payment.
    In addition, lets say your employer mandates their employes pay for their own tools, dues and licensing- for the last two years you have taken a $15,000 write off in the form of unreimbursed employee business expenses, $30,000 per year collectively for the most recent last 24 months. Broken down monthly, that’s $1,250 coming off your gross income.
    In this example the lender would use $7,083 in income instead, thus hurting making you look less strong on paper.

    Expect lenders to average 2106 expenses from your federal income tax returns for the most recent last two years. If in the previous year you didn’t take 2106 expenses and then on the most recent taxable year, you do take 2106 expenses, these numbers will be averaged by 12 months rather than 24.

    The Continuance Factor
    Lender’s want to make loans, but by the same token, they also want to cover their butt to avoid buy back risk (when a lender is forced to repurchase loan usually due to an underwriting oversight).

    If you can demonstrate and explain why future expense deduction will no longer occur, you improve your loan chances. The key is–your explanation must hold water and be supported on paper.

    If for example your employer changed their expense reimbursement policy or you now have a different title where you no longer need to take these expenses anymore, these types of scenarios would qualify to have the 2106 expenses you previously took in years past omitted in the lending credit analysis.

    Be prepared to show full and complete detailed supporting documentation in this type of scenario. Moving forward with a mortgage loan, there has to be a blatant reason or some sort of change in order for the lender to not count these expenses against your income, perhaps you no longer are working full-time due to an injury and are on permanent disability income.  These scenarios make sense to a banker.

    If due to your unique circumstances you have to take these expenses as per the advice of your qualified tax professional, here’s some considerations to be aware of.

    If: you carry consumer debt such as car loans, credit card debt, and student loans and are considering taking 2106 business expenses.

    Then: how much of these 2106 expenses you claim on your tax returns becomes even more important- as a general rule of thumb, keep the 2106 annualized figures to no more than 5% of your gross income.

    If:you don’t carry consumer obligations or any other debt other than housing.
    Then: you may have some more allowances with the amount of expenses you can write off against your income–talk to tax professional and a lender.

    Mortgage Tip: The situation to avoid at all costs is taking on a mortgage payment that combined with your other non-housing related obligations is at 45% of your income not taking into consideration 2106 expenses and hoping the math is just going to automatically work in your favor.

    Put simply, you may have to make some concessions if you want a mortgage approval like:

    • Reducing your loan amount and/or purchase price of the property
    • Reduce your fire insurance premium (seems trivial-but, this has saved multiple transactions speaking from experience)
    • Reducing the interest rate associated with your loan by virtue of paying upfront fees in the form of points to generate a lower payment
    • Pay off car loan, or credit card balance or any other obligation affecting  your income
    • Put more money down
    • Change loan programs
    • Get a cosigner

    Ultimately, if the amount of mortgage you are trying to qualify for becomes too much with your debt load, you will need to make some change. Ask your lender for advice on improving your debts to qualify or get a second opinion from another mortgage broker.

    Posted on 5:43 AM | Categories:

    10 Steps To Tax Preparation

    Barbara E Weltman for Investopedia writes: The federal government estimates that 60% of individuals use paid preparers to complete and submit their tax returns. If you are one of these people, it’s important to get started right away so you can have a successful tax return experience. Your preparer may take information directly from you or ask you to complete a questionnaire. Either way, you’ll need time to gather and organize the information. Here are 10 steps to take before going to your preparer.

    1. Choose a preparer
    If you don’t yet have a tax preparer, now’s the time to find one. A great way to find a preparer is to ask friends and advisors (e.g., an attorney you know) to make a referral. (For more, read How To Find The Right Tax Preparer.) Be sure that the person you choose has a Preparer Tax Identification Number (PTIN) showing that he or she is authorized to prepare federal income tax returns. Also inquire about the fees, which likely will depend on the complexity of your return; steer clear of anyone taking a percentage of your refund. The IRS has other tips for choosing a preparer, including a link to a new IRS directory of preparers (you can search according to the qualifications you’re looking for).
    2. Schedule an appointment
    The sooner you meet with your preparer, the sooner you can begin the process (even if you get an extension, as discussed later). It is especially important to act promptly if you anticipate a refund so you can receive your money promptly. If you wait too long to schedule an appointment, you may not get to see your preparer before April 15, which could mean you won’t be advised of actions that can still lower your 2014 tax bill, such as your eligibility for making deductible contributions to IRAs and health savings accounts for 2014.
    3. Gather your information returns
    By the end of January (technically February 2, 2015, because January 31, 2015, was a Saturday), you should have received various types of information returns that you need. For each form, verify that the information matches your own records.
    Here are some of the most common forms: (Note: This is not a complete list; the IRS has information on the many other types of information returns you may need.
    • Form W-2 if you have a job
    • Form SSA-1099 if you received Social Security benefits
    • Various 1099s to report income such as cancellation of debt (1099-C), dividends (1099-D), interest (1099-INT), and nonemployee compensation paid to independent contractors (1099-MISC). Note: Form 1099-B, which reports gains and losses on securities transactions, is not due to you until February 16, 2015.
    • New Form 1095-A to report information from the government Marketplace from which you purchased health coverage
    • Various 1098s reporting mortgage interest (1098), student loan interest (1098-E) and tuition payments (1098-T)
    • Form W-2Gs for certain gambling winnings
    • Schedule K-1s from entities in which you have an ownership interest (e.g., S corporations, partnerships, limited liability companies, trusts or estates). Note: You may not have received them yet; it could be as late as September 15, 2015, so check with the entity. 
    4. Get your receipts together 
    Which ones you need depends on whether you choose to itemize your personal deductions instead of claiming the standard deduction. You can choose to itemize if this produces the greater write-off. Unfortunately, the only way to know for sure is to determine the amount of your itemized deductions and compare them with your standard deduction amount.
    For itemizing, get receipts together now by whatever system (or lack of system) used throughout the year to retain receipts for various deductible expenses. Look for receipts for medical costs not covered by insurance or reimbursed by any other health plan (e.g., a flexible spending account or health savings account), property taxes, and job-related and investment-related expenses.
    If you have business income and expenses to report on Schedule C, you’ll need to share your books and records (e.g., QuickBooks or other accounting system; receipts for expenses; bank and credit card statements). The more organized you can be, the less time it will take your preparer, which translates into lower fees for his/her service.
    5. Gather records for charitable contributions
    If you made donations to charity and itemize your deductions, you need specific records to claim any write-off. For example, for contributions of $250 or more, you need a written acknowledgment from the charity stating the amount of your gift and that you did not receive anything (other than perhaps a token item) in return. If you’re lacking an acknowledgment, contact the charity and ask for it. You need it in hand by the time you file your return. Find details about the type of records needed for charitable deductions in IRS Publication 1771.
    6. Brace yourself for tax law changes
    You don’t have to become a tax expert but it helps to know about new tax rules so you won’t be caught off guard. This year, the individual healthcare mandate brings a slew of changes, including new forms for claiming the premium tax credit for eligible individuals who purchased coverage through a government Marketplace (exchange) and for figuring the shared responsibility payment for those who failed to carry coverage and do not qualify for an exemption. Find general information about the individual mandate and about exemptions from the mandate on the IRS website. (For more, see Avoid the Obamacare No-Insurance Penalty By Feb 15.)
    7. Make a list of personal information
    You probably know your Social Security number, but do you know the number for each dependent you claim? Jot down this and other information (e.g., addresses of vacation homes and rental property; dates you moved; information about property you bought and sold, including dates, what you originally paid, what you received on the sale and expenses you had) needed to complete your return.
    8. Decide whether to ask for a filing extension
    If you need more time to complete all of these tasks, you can request a filing extension to October 15, 2015. This will avoid any late-filing penalty, but be sure to pay what you think you’ll owe to minimize or avoid any late-payment penalty. There’s no extension beyond April 15 for paying the tax that is due.
    9. Decide what to do about a refund
    If you expect a refund, you have several options on what you want the government to do:
    • Apply some or all of the refund toward your tax bill on the next return. The fund will be used for estimated taxes, reducing or eliminating the first installment of estimated taxes (due April 15).
    • Send you a check or deposit the refund directly into your checking or savings account.
    • Directly contribute some or all of your refund to certain types of accounts (IRAs, health savings accounts, education savings accounts) or to buy U.S. Savings bonds through Treasury Direct.
    You can split your refund among the direct deposit choices by completing Form 8888. You’ll want to tell your tax return preparer what you want to do. And if you want the refunds used for 2014 purposes (e.g., you want to use the refund to make a deductible IRA contribution for 2014), you’ll need to inform the institution about the right year to which it should apply your payment.
    10. Find a copy of last year’s return
    If you use the same preparer that you used last year, likely the old return is already on hand. If you go to a new preparer, last year’s return serves as a reminder to the preparer – and you – of some items you don’t want to overlook. Examples:
    • Payors of interest and dividends. If you received this income last year, look for 1099s for this year (unless you’ve sold stocks, closed bank accounts or made other investment changes that account for not getting a 1099 this year).
    • Charities. If you made small gifts, you may not have received any acknowledgment from the organization, but you can still deduct your gift as long as you have a canceled check or other proof. See last year’s list of organizations you donated to and see whether you made similar gifts this year.
    The Bottom Line
    Start early doing prep work for your income tax so you’ll have a successful tax return experience. Ideally, you will have been gathering and organizing your receipts all year. (Apps like Expensify and Shoeboxed on a smartphone make it easier, now that the IRS accepts electronic receipts.) Whether you’re doing your own return, or having a preparer do it, thorough documentation and organized records will reduce the time (and therefore the expense if you’re using a paid preparer). Most of all, these 10 preparation steps will ensure that you’re not missing out on any tax benefits.
    Posted on 5:40 AM | Categories:

    MYOB hits back at Xero missive / Xero chief executive Rob Drury accused MYOB and its owner Bain Capital of releasing puffed up customer numbers

    David Swan for Australian Business Review writes: MYOB has refuted claims by rival Xero that it’s cooking the books as it prepares for a rumoured float later this year.
    Speaking to the Australian Financial Review, Xero chief executive Rob Drury accused MYOB and its owner Bain Capital of releasing puffed up customer numbers, using its 2013 acqusition of New Zealand-based accounting solutions firm BankLink to mislead potential buyers as it prepares for an IPO.
    Mr Drury also claimed that Xero had passed $US100 million in annualised revenue and has 400,000 paying customers using its cloud products, while MYOB’s claimed user base of 1.2 million was “dodgy."
    MYOB, which currently leads the Australian accounting software market with about 65 to 70 per cent SME share, strenuously denied the claims to Business Spectator.
    “MYOB has noted the article in the Australian Financial Review. We strongly refute the aspersions cast upon MYOB by one of its competitors,” the company said in an emailed statement.
    "We stand on record that we have continually been robust, transparent and consistent in reporting of our numbers.” 
    Xero Australia managing director Chris Ridd told Business Spectator, however, that MYOB needed to be clearer and more upfront.
    “MYOB have announced 116,000 customers, but they’re missing part of that, and that’s what does that 116,000 look like? How many are using pure cloud, how many are using hybrid cloud, and how many are accounting based?," he said.
    "We suspect a number of those would be previously clients that are paying maintenance or cover that are being moved acrossed to subscription and whether MYOB is also claiming those as cloud wins. So it’s unclear what that represents," he said.

    "We’re signing up in Austrlaia over 300 new customers every day and 35 per cent of those are coming from MYOB, so that’s over 100 MYOB customers daily that are heading for the exit doors and heading to Xero. So it’s clear MYOB is losing market share."

    MYOB hosted a roadshow in Melbourne yesterday, the first of a 20-leg tour across Australia, and CEO Tim Reed told Business Spectator its cloud subscriber numbers were the company's prime focus.
    “It remains a real focal point of ours and something we’re laser focused on executing as well as we possibly can," Mr Reed said in an interview.
    "I think that creates challenges and opportunities at the same time. and the two almost go hand in hand. For example we've grown the organisation from 750 to about 1150 over the last couple of years, and hiring the right people and bringing people with the right skills on board remains one of the core focuses and something that I think will really define our success going forward," he said.
    "When you're rapidly growing and hiring that many people, you've got to make sure the DNA of the organisation remains bright and they have the skills and capabilities to push you further forward not to create dis-economies of scale."
    Reed denied to comment on the speculated MYOB IPO, saying he wouldn’t comment on ownership of the business.
    Posted on 5:39 AM | Categories:

    CRM Forecast: Partly Cloudy? / Predictions are that cloud-based CRM will account for half of all CRM deployments by 2015.

    Vicki McCoy for Sharepoint CRM Template & Lookout on CustomerThink.com writes:  Cloud CRM continues to be a hot topic. This week alone I’ve seen several different posts in one social media group I belong to – all on the subject of cloud CRM: what’s the best platform, what are the most desired features for mobile CRM, etc. Predictions are that cloud-based CRM will account for half of all CRM deployments by 2015.


    The predominant message circulating around regarding cloud CRM is that it’s all the rage, convenient, mobile and secure (wince). But…

    ..just how secure IS the Cloud, anyway?

    This sure is a touchy subject with software developers and vendors. Cloud providers are committed to compliance with data protection and privacy laws that are also applicable to IT service providers, which can vary by country.

    Reliability is another big issue, especially when it comes to CRM in the cloud. Can your business afford to lose access for even a short period of time? Depending on the size of your company, any amount of downtime can be catastrophic to the bottom line.
    Before jumping head first into the cloud (pun intended), you really need to find out how disruptions in service are handled, if there are backup options available, and what happens if there’s a security breach. When considering a move of your CRM processes onto the cloud, you must carefully weigh the risks and benefits. Be certain to get concrete answers to these very important questions:
    1. What will the Total Cost of Ownership be – including storage, additional features and charges for add-on apps – from the cloud provider over a 3-year period? Do the math.
    2. How will you customize the CRM system to suit your unique business operations?
    3. How will integration with your internal systems be managed?
    4. What happens if you are not happy with the Cloud after a year or so? How will you get your documents and email communications out of it?

    Have an Exit Strategy

    Once on the cloud, can you ever get out totally and completely if desired?
    Your customer data belongs to you, so you should be able to remove your data whenever you choose, right? Are there any early termination fees for your subscription? Make sure you find these out from your provider before you buy, because things might not be how they first appear.

    It is smart to look at all of your options, including leveraging existing internal infrastructure like SharePoint, before committing to a yearly contract with a cloud-based CRM. There are benefits that no cloud CRM option can provide:

    •Built-in Configuration methods
    •Extendable and expandable
    •Secure and on-premise


    Before shopping for any CRM solution, determine a baseline of requirements, because there are so many choices and options – as well as possible conflicts.

    Posted on 5:34 AM | Categories: