Accounting/Banking/Credit

Accounting/Banking/Credit (101)

Loans and More from the SBA

The Small Business Administration, reports Bloomberg Business week, offers small business more than just loans. The agency has mentoring and counseling services to help small businesses grow.

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Tax Tunnel Vision: New Xero Survey of U.S. Accountants

Provider of Cloud-Based Accounting Software Reveals Tips to Help SMBs Take Control of Finances this Tax Season & Beyond.

Accountants say the two most common mistakes that small business owners make is not having ongoing insight into their financials and only talking to their accountant during tax time, according to a new survey from Xero, online accounting software for small businesses.

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Accounting Software: It's All About Your Money

altChoosing an accounting software can be a very daunting task. You are truly choosing which program to trust your finances to. Accounting software is a must for any small business. The reasons to have a good accounting software include the following criteria.

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10 Things You Should Have On Your 2011 Filing

altOkay, everyone! Tax season is upon us (yay!), and everybody is thinking taxes right now. It can be very confusing, especially if you are a new business owner. We have compiled a great list of ten important things to remember on this year's tax return! These are all important and sometimes often overlooked points to remember, so make sure to check out the list!

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Ten Tax Tips For Small Business Owners

Some small business owners think there’s only one word (or at least the only one that can be mentioned here) when it comes to filing federal taxes: confusion. The American Institute of CPAs says the truth is that there are ten words you have to keep in mind in order to be sure you pay no more taxes than you’re legally required to pay.

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Manage Your Expenses the Easy Way

altTraditionally managed through vast tomes of regulatory paperwork and specialized technocrats, expense management software has revolutionized everything from bookkeeping to quarterly reports, to inventory and personnel management for all business owners by cutting through the red tape and clutter and then simplifying what took a team of experts to figure out.

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Less Than One Week to File W-2 and 1099s

Reminder to businesses with employees or anyone who has contracted out more than $600 in work to a freelancer or subcontractor: you have until Jan. 31, 2012, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients. 

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Concur Study Finds December 20th As Busiest Day for U.S. Expense Claims

Concur Expense ManagementConcur (Nasdaq: CNQR), a leading provider of integrated travel and expense management services, has identified December 20th as the busiest day for submitting expense claims in the U.S. Based on an analysis of its clients’ expense transaction volume, the number of claims made in the U.S. on this day is 167 percent above the daily average, as staff rush to recoup costs ahead of the holiday season – adding to the pressure faced by accounting teams expected to process all the last minute submissions.


With more than 10,000 clients globally, Concur has unprecedented insight into corporate T&E spend. Similar to the results Concur saw last year, expense reporting volume tends to spike as companies near the end of the year. A key factor contributing to the dramatic increase in claims during the holidays is a surge in client and staff entertainment. Another cause is the backlog of receipts and expenses incurred by employees in previous months and reconciled by the end of the calendar year as a way of recouping extra dollars for holiday travels and entertainment.

“As year-end approaches, many employees rush to submit expense reports, putting increased pressure on accounting teams responsible for processing everything before the holiday break,” said Mike Hilton, executive vice president of worldwide marketing for Concur. “Automated expense systems that directly import credit card charges and take digital images of receipts using a smartphone can help significantly, eliminating frustrating and time-consuming practices like stapling all of the right receipts together and filling out reams of paperwork.”

Advancements in travel and expense management technology mean organizations can now gain complete visibility and control over the entire expense claims process. Companies like Concur make it easy for employees to submit and track expenses online or from their mobile devices and convert paper receipts into digital records. Employees can even take photos of receipts with a smartphone, automatically attach the receipt image to an expense claim, and get reports approved much faster than filing expenses by hand.

“There are three spikes for expense submissions in our business – one around the time of our trade fairs, one at year-end and one just prior to the Christmas season,” Stratis Tsapoitis,treasury/controller at Pentax Canada said. “I remember life before Concur when we used to have piles of expense reports traveling around internal departments and receipts would become detached or lost. Today, we have an automated, scalable solution. Our staff submits expenses while travelling using Concur mobile on their smartphones and regularly do their expenses on the move making it less onerous for everyone involved. It’s also helpful being able to reference expenses from a year ago and track the audit trail.”

Methodology

Data is based on expense claims submissions inserted into Concur’s automated expense management tools, used by thousands of businesses across the world. Results are based on expenses submitted between January 1, 2010 and December 31, 2010.

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Local Banks Are Logical Choices

One of the most important decisions you can make for your company's long term success is choosing a lending institution that can meet the needs of your business both today and in the future. There are many good reasons to consider a community bank for your business instead of a large institution. With so much focus on the disastrous effects of irresponsible lending on the economy, more businesses are moving away from large, national banks to smaller community banks.

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