Intuit Reimagines QuickBooks Online Ecosystem for Mac Users / Cloud Solutions Available Anytime, Anywhere, From Any Device

 Intuit Inc. INTU -0.33% today announced the availability of the new QuickBooks app for Mac, a brand new app designed for the Mac OS that brings the power and benefits of the QuickBooks Online ecosystem to Mac users.

QuickBooks app for Mac is the newest addition to the QuickBooks Online ecosystem, the number one cloud accounting solution for small businesses. Now Mac users have the option to leverage QuickBooks’ easy-to-use design with an app they can access through the Mac menu bar that gives small businesses and accountants access to a robust, open platform that works for them anytime, anywhere.

“Small business owners who use a Mac can now access the power of the QuickBooks Online ecosystem while working with the operating system they know and love,” said Dan Wernikoff, senior vice president and general manager of Intuit’s Small Business Group. “This is another example of how we’ve turned QuickBooks into an open ecosystem of business management solutions that can be accessed from any device.”

Business Management on Multiple Devices

The new QuickBooks app for Mac was designed to make managing a business from Mac OS even easier, with the option to not only use the new app but iPhone and iPad apps to ensure businesses always have access to their important business data. Through just one QuickBooks Online account, a business can access and interact with its data from acomputer , iPhone , or iPad . The app automatically syncs data between devices and users, so small businesses can manage their finances anytime, anywhere.

QuickBooks is rapidly becoming the world’s small business operating system – an open platform that was redesigned to help small businesses get the most out of the cloud. More than 600,000 companies and 1.5 million individuals subscribe to QuickBooks Online globally, making it the number one cloud accounting solution for small businesses.

“As a bookkeeper for many local small businesses such as local farms and delis, I spend much of my day looking at reports on my computer. The clean design and colors of the QBO application for Mac are easy on the eyes and is what a Mac user has come to expect,” says Joanna Rosenfeld of Joanna Rosenfeld Bookkeeping in Valley Ford, California. “When I see I have matching transactions, it’s a satisfying feeling, like I’ve won a prize!”

The Power of the Cloud Meets the Desktop

QuickBooks app for Mac offers small businesses everything they need to manage their operations. The powerfully simple solution streamlines business tasks to save businesses time and money, offering a complete picture of a business’s financial performance in a visual manner that is intuitive and accessible. Core QuickBooks features include:

• Simple setup that is easy to learn.
• Fast performance, offering real-time data and reports.
• Scalable solutions, fitting the needs of any size small business.

QuickBooks app for Mac is designed to provide the best possible QuickBooks experience for Mac users. For example, it offers:

• Menu bar notifications that provide real-time alerts.
• Multi-window support to streamline how users want to work in QuickBooks.
• Keyboard shortcuts that save a business owner even more time.

Pricing and Availability

QuickBooks app for Mac is free to download in the Mac App Store . QuickBooks Online subscribers in the United States can start using the app with their existing account login information at no additional cost. New users can instantly create a QuickBooks Online account through the app and sign up for a monthly or annual subscription. More information can be found at http://quickbooks.intuit.com/quickbooks-mac-app .

Resources:

• Mac App Store
• QuickBooks on Twitter
• QuickBooks on Facebook
• Intuit Press Room
• Intuit on Twitter
• Intuit on Facebook
• Intuit Community
• Intuit Small Business Blog

About Intuit Inc.

Intuit Inc . creates business and  financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include  QuickBooks ®,  Quicken ® and  TurboTax ®, which make it easier to manage  small businesses  and  payroll processing ,  personal finance , and  tax preparation and filing .  Mint.com  provides a fresh, easy and intelligent way for people to manage their  money , while  Demandforce ® offers marketing and communication tools for small businesses.  ProSeries ® and  Lacerte ® are Intuit's leading tax preparation offerings for professional accountants.

Xero releases Practice Manager for the accounting community

Xero, the global leader in online accounting software, today released Xero Practice Manager, delivering online practice management capabilities to accountants, bookkeepers and financial advisors.

Practice Manager delivers all the key features an accountant or bookkeeper would expect from practice management software, but makes users more efficient by connecting to Xero, pulling client data in to keep contacts up to date and turning completed jobs into draft invoices in Xero. This means less moving data around between disconnected systems.

Organisations that use Xero Practice Manager can experience a faster turnaround of jobs, resulting in a reduction in the work in progress; increase working capital as a result of a decrease in debtor days; and can improve the productivity of their staff as a result of the streamlined processes provided by the platform.

Xero’s Head of Accounting Grant Anderson says the global launch of Xero Practice Manager is another step forward in providing a compelling and complete solution for the financial community.

“Practice Manager equips accountants and bookkeepers with the tools that free them up from time-consuming administrative tasks, allowing them to focus on the important advisory role and adding real value to their small business clients. "By unifying both small business and accounting tools on the same cloud platform, accountants, bookkeepers and financial advisors can increase efficiency, saving time and money.”

Firms will be able to use Practice Manager as a key online tool for delivering job, time and invoice management. They will be able to connect their practice management to client accounting, become more efficient, take control of cashflow and have better visibility over their business.

Further efficiencies can be gained by using Practice Manager in conjunction with the Xero online accounting solution, improving the sharing and collaboration of clients’ financial information.

Blair Smith, Partner, Blacker Smith & Co in New Zealand says, "As a newly opened financial advisory business, with over 100 clients, it is paramount that we use a system that is flexible and easy to manage whilst being the best solution for us and our clients. Xero's Practice Manager solution is just that.

"With practice management software I've used in the past it's been difficult to add fields and generate reports when we've needed to, reflecting how we want to work. The flexibility of the Practice Manager offering for our business and clients on Xero is fantastic."

Xero Practice Manager, a branded evolution of the WorkflowMax Practice Manager offering, is a key component of Practice Studio, Xero’s suite of tools for accountants and bookkeepers.

It is available now for all Xero Accounting and Bookkeeping partners worldwide. Xero Practice Manager is available for no software license cost to members of the Xero Partner Program who have a status of Silver and above.

About Xero
Xero provides beautiful, easy to use online accounting software for small businesses and their advisors. The company has over 300,000 paying customers in more than 100 countries around the world and is listed on the NZX and ASX. Xero ranks No.1 by Forbes as the World’s Most Innovative Growth Company.

How To Beat Taxes And Fees (when investing)

Larry Light for Forbes writes: They’re like mold to your investments: taxes and fees that rot your returns. Nathan Sonnenberg, chief investment officer at Glassman Wealth Services, in McLean, Va., is very smart about ways to beat them. Here’s his report:

Taxes and fees in your portfolio add up, quickly whittling your returns, eroding the cash you hold and harming your future. Making your investments work best for you means heading off your potential tax exposure and high management fees, and managing your portfolio to take every advantage.

Do-it-yourself investors and even some financial advisors often ignore those expenses, placing too much attention into structuring a portfolio and not enough into low-hanging opportunities, such as keeping expenses low. Portfolio tax efficiency translates into how much of your gains you keep after fees and taxes. The greater the tax efficiency, the more gains you keep – like the difference between gross pre-tax earnings and net earnings after taxes on your paycheck.

For example, one avenue of exposure to the equity markets is a Standard & Poor’s 500 Index mutual fund. While its low fees are important, the tax efficiency of the index affects your after-tax returns more. The S&P 500 Index has low turnover, less than 5% of the listed companies per year on average.

This means the index adds or removes about 5% of the total value of S&P 500 companies yearly – in stark contrast to how most money managers invest.
On average, U.S. equity managers turn over their complete portfolio once every two years. This buying and selling of securities creates taxable gains on your holdings.
You can take several steps to improve the tax efficiency of your portfolio.
Indexing. Do you want to keep 11.3% or 9.6% of your returns? That’s the after-tax difference between the Vanguard S&P 500 Index (VSPVX) and the average U.S. large-cap equity fund over the past three years. What accounts for the difference?

Fees and tax efficiency: The annual index fund fee is 0.17%, the average U.S. equity manager fee 1.03%. More important, the turnover of stocks in active manager portfolios was 10 times greater than that of the index. All that trading erodes returns.

Note: I don’t advocate putting every investment in an index fund. Our firm certainly uses managed funds in many areas of portfolios where those funds make sense. Instead, I suggest that, in certain asset categories, you index for efficiency and use active managers for other segments of the markets. [snip].  The article continues at Forbes, click here to continue reading.....

IRS: Get Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit:

1. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see Publication 503, Child and Dependent Care Expenses.

2. Your expenses for care must be work-related. This means that you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they’re physically or mentally incapable of self-care.

3. You must have earned income, such as from wages, salaries and tips. It also includes net earnings from self-employment. Your spouse must also have earned income if you file jointly. Your spouse is treated as having earned income for any month that they are a full-time student or incapable of self-care. This rule also applies to you if you file a joint return. Refer to Publication 503 for more details.

4. As a rule, if you’re married you must file a joint return to take the credit. But this rule doesn’t apply if you’re legally separated or if you and your spouse live apart.

5. You may qualify for the credit whether you pay for care at home, at a daycare facility or at a day camp.

6. The credit is a percentage of the qualified expenses you pay. It can be as much as 35 percent of your expenses, depending on your income.

7. The total expense that you can use for the credit in a year is limited. The limit is $3,000 for one qualifying person or $6,000 for two or more.

8. Overnight camp or summer school tutoring costs do not qualify. You can’t include the cost of care provided by your spouse or your child who is under age 19 at the end of the year. You also cannot count the cost of care given by a person you can claim as your dependent. Special rules apply if you get dependent care benefits from your employer.

9. Keep all your receipts and records. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your tax return.

10. Remember that this credit is not just a summer tax benefit. You may be able to claim it for care you pay for throughout the year.

For more on this topic, see Publication 503 on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to have it mailed to you.

Additional IRS Resources:

• Tax Topic 602 - Child and Dependent Care Credit
• Frequently Asked Questions - Child Care Credit
• Publication 926, Household Employer's Tax Guide
• Publication 907, Tax Highlights for Persons With Disabilities

BigTime Is Picking Up Where Intuit Practice Management Leaves Off / BigTime, one of the nation's leading business software providers, grasps the reins of Intuit's Practice Management for Lacerte tax users

BigTime announced, today, they are launching a brand new integration that targets Lacerte®, the most popular tax-prep system in the US. Starting this summer, Intuit will offer existing Practice Management customers an automatic upgrade to BigTime's IQ product.

"We've been Intuit's partner behind the scenes for years on Intuit Practice Management," said CEO Brian Saunders. "Now we're excited about finally getting a chance to own the complete product roadmap."

BigTime is a Gold Certified Developer with Intuit, and the company's product has been embedded in Intuit's practice management suite since 2011. Now, for the first time, BigTime is launching its own integrated Lacerte® product and taking on existing customers in the process.

BigTime IQ is exceptionally robust, providing in-depth tools for CPAs, as well as other professional services verticals. It's also available in formats to fit specific business needs, from small practices to nationwide footprints. Combining simple, intuitive navigation with powerful features, BigTime IQ delivers time tracking, billing and online practice management solutions.

"We think accountants need more than basic practice management. They need mobile. They need dashboards and high-quality, robust reporting. They need real-time, two-way links to Lacerte. Some of them don't want to be locked into only using products that are Intuit-blue. By coming out from behind the Intuit curtain, we can get customers those types of tools quickly. That's what excites us most about this new offering," added Saunders.

BigTime's clients share Saunders' enthusiasm for the new direction. "It's fast. It's powerful. And, it's plugged into Lacerte. What's not to love?" says Brian Gilmartin, Director of True Partners Consulting.

BigTime IQ is more than just the next generation IPM product. The software is the backbone users have come to rely on, now enhanced with additional capabilities, tools and features previously unavailable.

To learn more about BigTime or get a free demo of BigTime IQ, visit http://www.BigTime.net/Lacerte .

About BigTime: BigTime Software, Inc. is dedicated to developing practice management tools that help growing professional services ïrms track, manage and invoice their time. Its award-winning industry-speciïc solutions are designed to speak the language of more than a dozen business types, from accounting and architecture to IT services.

Web Address: http://www.BigTime.net 

Email: msandor@bigtime.net  

BoxFreeIT : Xero Partner Aims for Global Bookkeeping Franchise, Built on the Cloud

Sholto MacPherson for BoxFreeIT writes: Greg Tuckwell travelled to Xero’s conference in San Francisco with a hunch. The MD of Xero accounting partner of the year 2013, the Poole Group, thought it might be possible to commoditise his newly launched bookkeeping service in Australia as a global player.

“I went over there and thought, Yep, it’s possible,” says Tuckwell.

ZeroBooks launched on 1 February with the ambition of being the world’s first global, cloud-based bookkeeping franchise for small businesses.

It has already set up an arrangement to do bookkeeping with the Xero’s UK partner of the year 2013, the Wow Company and is looking to do the same in the US.

“We’re offering a front-to-back service from receipts to management reports,” Tuckwell says.

The standalone business operates independently to the Poole Group and is focused on two areas. The first is core bookkeeping duties such as reconciliation, accounts payable invoices and debtor management.

ZeroBooks uses a bunch of add-on programs to increase efficiencies. Receipt Bank, which scans and processes receipts and uploads them into the Xero accounting ledger, is the backbone of the accounts payable service.

Invitbox (recently bought by Intuit) rounds out the accounts payable service by providing individual line items or inventory purchase reports for more detailed tracking.

Debtor Daddy manages clients’ debtors and automatically follows up outstanding invoices to improve cashflow.

Spotlight Dashboard produces base management reports for clients which summarise key point in their business. Fathom gives a more in-depth management report containing financial and non-financial KPIs.

While ZeroBooks will prepare the reports, it won’t talk to clients directly. “We’re not trying to take anything away from anybody, we’re just trying to create a processing platform,” Tuckwell says. “We’re trying to help clients and accountants be more efficient. The goal is to deliver all the information in a consistent format.”

The processing team, all certified Xero bookkeepers, are based in the Philippines, further lowering the internal cost of compliance.

“We have a team here during business hours and if someone’s away we have people backing them up. We’re not going to leave you in the lurch,” Tuckwell says.

In Australia the company provides a payroll service too. It also employs client managers in Australia with online support handled offshore in the future.

ZeroBooks intends to go further than data processing. It will also set up add-on programs outside straight accounting such as point-of-sale add-on Vend and job management app GeoOp.

A third arm of the business will provide back office support to accounting firms. This will include Xero ledgers and setting up Xero workpapers.

ZeroBooks has also formed alliances with cloud integrators Rype and TradiePad to get their clients onto Xero.

ZeroBooks’ first wave of customers, mostly micro and small businesses, has signed up for between $300-$400 a month, Tuckwell says. That price range covers entering data, suppliers’ invoices, bank reconciliation and a basic report.

“I still think there will be a market for personalised service,” Tuckwell says.

About BoxFreeIT

BoxFreeIT is an independent news site covering cloud software for Australian and New Zealand businesses which launched in July 2011. The site is published by Sholto Macpherson, a business technology journalist in online and print media for over 11 years. BoxFreeIT operates in accordance with the MEAA (Australian Journalists Association) Code of Ethics.  The only Australasian site dedicated to cloud software, BoxFreeIT attracts 12,000 unique visitors a month and is adding 2,000 visitors a month. A total 65,000 unique visitors have visited BoxFreeIT in 2012.

Bill.com Extends Executive Bench Strength, Adds Key Financial and Marketing Leaders Tech Veterans John Rettig and Tanya Roberts Join Rapidly Growing Business Payments Network Leader

Bill.com, the leading business payments network, today announced that it has extended its leadership team's strength with the addition of two key new members, John Rettig as Chief Financial Officer and Tanya Roberts as Vice President of Corporate Marketing. Both executives bring track records of company building and high tech leadership to their positions.

Rettig brings over 20 years of strategic finance and operational leadership experience in both private and public companies to Bill.com. Rettig most recently served as the Chief Financial Officer of Exponential Interactive, Inc., a leading digital media company with 750 employees and operations spanning 26 countries. Previously, Rettig served in senior finance roles at high growth companies in the ecommerce, software, and Internet spaces, including Reflect.com, a Procter & Gamble personalized beauty spin-off; Achieva.com/Kaplan, Inc., a leading e-learning company; and E-Global Network, Inc., a software infrastructure company building payments systems. Rettig also served as Senior Director of Finance for Excite@Home, the broadband access and Internet portal created by the $6.7B merger of @Home and Excite, Inc. He holds a bachelor of science degree from St. Mary's College.

"Bill.com's adoption is accelerating at a rapid pace, and I look forward to helping the company reach its next level of financial growth," said John Rettig, Chief Financial Officer, Bill.com. "With thriving direct, accountant and banking channels and a sound business model, Bill.com is defining how businesses pay and get paid."

Roberts is a leading marketing visionary with a track record of helping companies establish strong corporate brands and growth. She previously served as Senior Vice President of Marketing for GreenRoad, a green transportation technology company, as well as acting Vice President of Marketing for Drivewyze, a leading technology provider for commercial vehicle operators. Roberts also held leadership roles at Intuit, SugarSync and PayCycle, Bill.com CEO and founder René Lacerte's first successful start-up. She holds a bachelor of science degree from University of Denver.

"Bill.com is the fastest growing business payments network in the nation, and I look forward to helping share this exciting corporate brand with the larger marketplace," said Tanya Roberts, Vice President of Corporate Marketing, Bill.com. "René is an inspiring leader with tremendous industry insight. I have no doubt Bill.com is destined for great things."

"John and Tanya bring years of innovation and leadership to Bill.com. Adding them to the management team gives us more depth and strength as we continue to define the category for b2b payments," said René Lacerte, founder and CEO, Bill.com. "I am excited to have them onboard as we enter the most critical growth phase for our company over the next 18 months. I know their contributions will be many."

7 of the best accounting apps

It's always interesting to read different perspectives and over at Arabian Business Tamara Pupic writes:  When your business starts paying and billing more than a few invoices monthly, it’s time to consider an automated system to track the money.

To think simple and low cost is acceptable in the beginning, but as your business grows and becomes more complex, you’ll likely need to upgrade. 

We have picked out seven of the best online accounting apps that can help you along the way.

FreshBooks (www.freshbooks.com)

FreshBooks is tailored to independent contractors and small, service-based businesses, offering them a good variety of invoicing features, some expense tracking and basic bookkeeping functions, and a clean, easy-to-use interface. The process of invoicing with the use of FreshBooks will provide you with an easy sign up that is both free and fast. Last but not least, it is the only online accounting application that provides an iOS and Android timer you can use to track time billing in the field.

Chrometa (www.chrometa.com)

If you want to keep track of the billable hours your lawyer has actually spent working on your document, and consequently receive a bill that may not just be lower but also fairer, Chrometa is for you. This app automatically tracks a lawyer’s computer usage, showing how much time has been spent on each e-mail, document or spreadsheet. In addition, Chrometa is also a great time tracking software and an interesting tool to use if you are looking for ways to build in more productivity.

Xero (www.xero.com)

New Zealand’s Xero software prides itself on making accounting “fun”. The easy-to-use product creates a one-stop shop for small businesses to perform routine accounting functions and have an unlimited number of user logins, which is a unique feature of this app. Xero integrates with more than 200 other business applications, including e-commerce platforms, time tracking apps and CRM systems. Users can connect all the solutions they use to run their business, eliminating the need for tedious data entry.

Wave (www.waveapps.com)

Wave Accounting, which is part of Wave Apps, is a free integrated accounting and payroll app that is tailored to freelancers, contractors, entrepreneurs, and small business owners with nine employees or fewer. It is primarily focused on billing and collecting receivables, tracking and paying bills, and monitoring cash and credit card balances. The application can work with both business and personal accounts, and different reports are available for the two different groups.

SageOne (www.sageone.com)

SageOne is an innovative small-business invoicing system created by Sage Accounting, which has been creating accounting products for over 30 years. SageOne is designed for freelancers, entrepreneurs and start-ups, as well as those who may know nothing about formal accounting and run their business from home. This cloud-based and easy-to-use software is bundled with project tracking, task management, collaboration and payment processing, and also includes numerous time-saving features.

QuickBooks Online (www.quickbooks.intuit.com)

After the success of its popular Quicken personal finance software, Intuit developed a similar solution for small business owners – QuickBooks Online and QuickBooks for Mac. Whether you›re an independent consultant or a small business owner who is new to QuickBooks, the app allows you to manage all of your business accounting in one place and simplifies the whole process by providing a recommended set of key activities to get you up-and-running quickly.

Square (www.squareup.com)

Square was started in February of 2009 by Jack Dorsey, co-founder of Twitter, and has made a name for itself by creating not only a mobile credit card processing app, but also a product that can manage your cash transactions, calculating the change and adding the transaction to the reports. Its setup process is both free and simple - create an account by providing some basic contact information to verify your identity, download the app onto any of your devices, connect your bank account to the app, and then just wait for your free credit card swipe to arrive in the mail. Once it arrives, you plug it into the headphone jack of your mobile device and you’re ready for immediate payment processing.

Syncing QuickBooks Data with Microsoft Azure

Synergration has a nice syncing solution, they write:

Posted by Synergration

Due to popular request we decided to implement support for Microsoft Azure into our OpenSync QuickBooks sync solution. There are few steps required on the Azure-end to make the connection but once you do you will be able work with it just as you would any OpenSync database.

First are the requirements:

• OpenSync version 2.0.51 or later
• Windows 7 , Server 2008 or later
• The 32 bit SQL native Client version 10 or later. This can be downloaded frommicrosoft.com

And finally the steps to add a Microsoft Azure database:

1. Create a new database within the Azure management web site.
2. From the Azure management site, select the new database and it will allow you to “View SQL Database connection strings for ADO .Net, ODBC, PHP, and JDBC”
3. Copy the connection string for ODBC to the clipboard. It should look something like this: Driver={SQL Server Native Client 10.0}; Server=tcp:vea9bx4fvo.database.windows.net,1433; Database=QBTest; Uid=Synerg123@vea9bx4fvo; Pwd={your_password_here}; Encrypt=yes; Connection Timeout=30;
4. Click on the link to “Set up Windows Azure firewall rules for this IP address to enable Azure access from your IP address.
5. Switch to OpenSync and add a new database
6. Set the database type to SQL Server
7. Select the option to Add tables to existing database
8. Select the option to Specify connection string and then past in the connection string from step 3. Make sure to replace the section “{your_password_here};” with your actual password. Also, if you are using a later version of SQL Native Client then update the “Driver={SQL Server Native Client 10.0}” section as well.
9. Specify an OpenSync name for the database
10. Click save

The Azure database can now be used as any other database in OpenSync. Woo-hoo!  If you have any issues, please leave a post in our support forums

Maximizing Retirement Savings Through Smart Tax Planning

Robert D Flach for MainStreet writes:  Careful planning of how you invest your retirement savings can help to maximize your net after-tax yield, both for yourself and your beneficiaries.

Let's look at the various types of investment accounts.  First there is the currently taxable liquid investment account. Interest and dividends on this type of account are fully taxed when earned, except for tax-exempt municipal bond interest and dividends from muni bond funds. Capital gains, and losses, are taxed, or deducted, when an investment is sold.

Next there are the multitude of traditional retirement accounts - IRA, 401(k), 403(b), 457, SEP, Keogh, SIMPLE, etc.

• Contributions are usually currently tax deductible, at least on the federal level, either by way of being "pre-tax" or via a deduction on the Form 1040. Current earnings are tax-deferred. Distributions from these accounts are usually fully taxed. If there is a basis in the account from non-deductible contributions distributions will be partially tax free. Premature withdrawals, taken prior to reaching age 59.5, and excess contributions are penalized.

And finally there are ROTH IRA, 401(k), and 403(b) accounts. Contributions are never tax deductible, but, as with traditional retirement accounts, current earnings are exempt. If the account is held for at least five years distributions are totally tax free.

Now let us look at how different types of investment income are taxed.  Interest, dividends, and short-term capital gains (on the sale of investments held one year or less) are generally taxed as ordinary income. The tax on this type of income depends on your "regular" income tax rate – from 10% to 39.6%. If you are in the 25% federal tax bracket you will pay $250 in tax on income of $1,000. If you are a victim of the dreaded Alternative Minimum Tax (AMT) you will pay either 26% or 28% tax on this income. [Snip]  The article continues @ MainStreet, click here to continue reading the article...

Avalara TrustFile Wins Innovation Award for Simplifying Sales Tax Reporting & Filing

Avalara, Inc., (http://www.Avalara.com), a leading provider of cloud-based software that delivers a broad array of compliance solutions related to sales tax and other transactional taxes, today announced that Avalara TrustFile™ (http://www.trustfile.com), a free sales tax reporting and filing solution for online sellers, has won the CPA Practice Advisor Tax and Accounting Technology Innovation Award. 

"The Innovation Awards are focused on shining a spotlight on technologies that are proving exceptionally useful for accounting firms, or for the clients they serve and advise," said Isaac M. O'Bannon, managing editor of CPA Practice Advisor. "Avalara has long been an innovator in technologies for businesses, and its redesigned TrustFile system, which received the Innovation Award this year, continues this trend, helping small businesses be more productive and profitable, streamlining their sales tax reporting and filing."

TrustFile provides detailed sales tax reporting information across more than 12,000 tax jurisdictions in the United States, helping online sellers know exactly where, when and how much to file. Ecommerce business owners can use TrustFile to determine whether or not they are collecting the right amount of sales tax in each individual state, and then store a record of their sales tax history securely in the cloud.
TrustFile supports Fulfilment by Amazon sellers with timely, accurate information on sales tax collection requirements based on Amazon's business presence in states or municipalities where a seller's customer may reside. With support for PayPal, TrustFile adds another layer of integration to make managing sales tax simple. 

Additionally, Avalara's free TrustFile solution allows uploads and reconciling of sales transaction for merchants using Etsy, eBay, Shopify, Bigcommerce, Big Cartel, WooCommerce, and HighWire - as well as .csv files uploaded from virtually any platform an ecommerce seller selects to run their business. Users simply import transaction history and TrustFile creates a detailed sales tax filing report. Sellers can also keep track of how much sales tax has been paid in case of an audit. 

"A few cloud-based services exist to help small ecommerce companies with the pain of handling sales tax reporting requirements, but at a cost," said Webb Stevens, Head of Product at Avalara. "We're pleased to eliminate this obstacle by providing our TrustFile solution free of charge. It's our way of helping budding ecommerce businesses get a foothold in a risk-free way." 

Avalara will be demonstrating its TrustFile solution at booth # 1229 at the Internet Retailer Conference + Exhibition held at Chicago's McCormick Place West June 10 – 12, 2014.

About Avalara
Avalara helps businesses of all sizes achieve compliance with sales tax, excise tax, and other transactional tax requirements by delivering comprehensive, automated, cloud-based solutions that are fast, accurate, and easy to use. Avalara's end-to-end suite of solutions are designed to effectively manage complicated and burdensome tax compliance obligations imposed by state, local, and other taxing authorities in the United States and internationally.

Avalara offers hundreds of pre-built connectors into leading accounting, ERP, ecommerce and other business applications. The company processes millions of tax transactions for customers and free users every day, files hundreds of thousands of transactional tax returns per year, and manages millions of exemption certificates and other compliance related documents. Founded in 2004 and privately-held, Avalara's venture capital investors include Battery Ventures, Sageview Capital, Arthur Ventures, and other institutional and individual investors. Avalara employs more than 700 people at its headquarters on Bainbridge Island, WA and in offices across the U.S. and in London, England and Pune, India. More information at: http://www.avalara.com

Mind the Tax Gap: Advisors believe in tax-aware investing, but do they walk the talk? / Advisors believe taxes have a major impact on many investors’ outcomes, but how do they tackle this issue with clients?

Frank Pape for Russell Investments writes: Advisors know the importance of considering and managing tax implications when it comes to planning sound financial strategies, but many can do more to raise this important topic with clients. By taking a more hands-on approach to tax management, advisors can help preserve the investment assets and the emotional loyalties of their clients.

Taxes can directly affect investment outcomes, especially given some of the developments in recent years. The expiration of the 2001 tax cuts means the highest marginal tax rate returned to 1990s levels, and individuals filing jointly earning over $250,000 now pay a 3.8 percent Medicare tax on investment income, as well. Moreover, many investment returns coming out of the 2008 financial crisis gave many investors a substantial “tax holiday” by providing losses to offset against future capital gains, but that reprieve has likely ended with the market’s prolonged recovery since 2009.

With these increasing tax impacts in mind, we recently surveyed advisors in our Financial Professional Outlook and asked about their tax management practices. Eighty six percent of advisors said tax-managed strategies are important or critical to their businesses— but only 29 percent said they’ve started a conversation about it with their clients during the last quarter, and only 10 percent say that their clients have raised the subject. Likewise, some 38 percent of advisors did not respond when asked about how they calculate after-tax returns and another 16 percent said they don’t do after-tax calculations at all.

The basics of being tax savvy 
Many advisors are looking to better connect their tax-aware beliefs and their practices. As a starting point, advisors should make a point to understand the basics of each client’s total tax situation, including:

• Federal and state tax rates
• Medicare tax, if applicable
• Capital gains tax exposure

Advisors also need to understand not simply the aggregate rate-of-return of a client’s portfolio in a given year, but also if that return included any distributions and related tax impact. The character of those distributions — whether capital gains qualify as long-term or short-term, for instance — can make a big difference.

Consider the three hypothetical asset accounts below for a client in the current top marginal tax rate (now 43.4 percent, including the Medicare tax). All three pools of assets are valued at $100,000 and appreciated in 2013 in line with the U.S. equity market with a 33 percent rate-of-return.¹ We will assume a long-term capital gains tax of 23.8 percent and a short-term capital gains tax of 43.4 percent.

Account A, which deferred all gains, earned $33,000 in after-tax wealth. Meanwhile, Account B distributed 20 percent of its returns as long-term capital gains, paying $6,331 in taxes and earning only $26,669 in after-tax wealth. Account C distributed 20 percent of its returns as short-term capital gains, netting $21,456 in after-tax returns.
In other words, how gains are distributed can have a major impact on after-tax wealth. Deferring or reducing taxable distributions can have a powerful effect, and there are strategies that can help advisors and their clients navigate these decisions effectively.
Braving the great divide: CPAs and advisors
Many advisors are wary of wading into the complexities of tax policy and the letter of tax law — who can blame them? But developing tax insights can be an important differentiator in how an advisor provides value to their clients.

A collaborative relationship with clients’ accountants or tax professionals can also help advisors stay up-to-speed on their clients’ tax situations and goals. Likewise, accountants often benefit from consulting with advisors for clarity surrounding a client’s investment goals, transactions and distributions.

By considering a client’s overall tax situation, an advisor can protect existing wealth and open new avenues of potential growth. As a start, advisors can discuss tax-aware products, such as municipal bonds and tax-managed mutual funds, educate themselves and their clients on rebalancing strategies, and include tax professionals in the conversation.

Possible next steps for advisors
Ultimately, the most important thing advisors can do to encourage tax-aware investing is to bring it up with their clients for whom these strategies may be appropriate. Our Financial Professional Outlook survey showed that while advisors understand that taxes matter to bottom-line returns, some may be looking for new and better ways to help their clients in that regard.

Many financial advisors face more pressure than ever to deliver a higher level of service to their clients, and helping clients manage taxes effectively can be an excellent way to add value. With the right approach, advisors can help increase their clients’ after-tax wealth while also strengthening relationships for the benefit of their businesses.

Australia / MYOB enhances cloud offering with minority stake in POS start-up, Kounta / MYOB & Kounta to launch integrated online accounting & POS solution for SMEs

Australia’s leading business solutions provider MYOB has announced it has purchased a minority stake in Kounta, a high growth start-up that provides cloud-based Point of Sale (POS) solutions. The investment was for an undisclosed sum.

The partnership will see MYOB and Kounta launch an integrated online solution for MYOB clients that combines accounting and POS later this year, to make it easier and more efficient for small and medium businesses to run their stores and manage their business. The solution will integrate with MYOB’s popular cloud accounting solutions MYOB Essentials and MYOB AccountRight.

MYOB General Manager, Connected Services, Andrew Birch says the investment is a key strategic move that will solidify the accounting software provider’s position in the retail POS, mobile payments and e-commerce space.

“We’re very pleased to announce our partnership with Kounta, a successful start-up renowned for its flexible and scalable online POS solutions. Typical POS systems are made up of a mix of both hardware and software from different vendors. This will be a total solution from MYOB and fully integrated to eliminate compatibility and syncing risk between systems. Seamless integration ensures the data is reliable, accurate and up-to-date as a client can work from and maintain its customer and stock information all in one place and in real-time.

“The MYOB-Kounta partnership is integral to our vision of making cloud accounting easy for every business. The partnership also reinforces MYOB’s continued commitment to servicing the Australian and New Zealand SME market,” says Mr Birch.

Kounta Founder Nick Cloete says, “Over the past few years Kounta has worked hard to re-imagine the way retailers do things at Point of Sale and it’s great to see such established and innovative companies like MYOB validating, investing in and supporting this new approach.

“Kounta remains committed to an open platform and will continue to design and develop intuitive Point of Sale solutions with the ability to extend functionality through integration partnerships with all other leading online and mobile services like accounting, payments, loyalty, inventory, e-commerce and more.”

Founded in 2012, Kounta powers stores around the world and offers the flexibility of both online and offline access on multiple platforms such as iPads, Android tablets, Mac, Windows and the existing POS equipment retailers already have. Its flexible API allows for seamless integration with MYOB cloud accounting solutions.

MYOB is already implementing a number of initiatives to bring connected services and solutions to SMEs. This includes popular mobile payments solution MYOB PayDirect, and an easy-to-use website builder MYOB Atlas.

Each year MYOB invests more than $35 million in research and development specifically to provide superior solutions that meet the needs of Australian and New Zealand business owners and their business advisors.