Genesis Accounting Services Corp

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By Nancy Smyth
Figuring out which QuickBooks Payroll option is right for your business can be a pretty daunting task; especially with all of the payroll options that are now available. We all know one thing – if you have employees, you have to pay them! That’s simple.
Determining which QuickBooks Payroll option is the right solution for your company is a different story though – let’s look at the options available:
Intuit Online Payroll – internet based and totally removed from your QuickBooks desktop company data file. It comes in two versions – Basic and Plus.

Basic includes the ability to process an unlimited number of payrolls each month, includes free direct deposit or allows you to print checks and check stubs on your own printer – directly from the on-line system; electronic tax payments, quarterly and year-end tax filings – including W-2′s. Pricing starts at $25.00 per month for a single employee, additional employees at $1.50 each, and if you file taxes in more than one state, each additional state is $12.00 per month.
Plus includes all of the above plus E-File & Pay is available for federal and most state forms and taxes. When E-File is not available in a state; signature ready forms or worksheets are available. Pricing starts at $39.00 per month for a single employee, additional employees at $1.50 each, and if you file taxes in more than one state, each additional state is $12.00 per month.

Basic Payroll – all of your payroll data lives in your QuickBooks file, which is extremely important if you want good job costing. It comes in two versions – Up to 3 employees and Unlimited Employees. Basic payroll does not provide the ability to generate quarterly and year-end tax filings – including W-2′s. You’ll either need to do these manually or work with an accountant or bookkeeper.

Up to 3 employees allows you to create paychecks for up to 3 employees on a schedule of your choosing (weekly, bi-weekly, monthly, etc.) and provides instant access to the most current federal and state payroll tax updates. Current pricing is $129.00 per year and beginning August 23, 2010 it will be $124.00.
Unlimited employees allows you to create paychecks for an unlimited amount of employees on a schedule of your choosing (weekly, bi-weekly, monthly, etc.) and provides instant access to the most current federal and state payroll tax updates. Current pricing is $229.00 and beginning August 23, 2010 it will be $249.00.

Enhanced Payroll – all of your payroll data lives in your QuickBooks file, which is extremely important if you want good job costing without duplicate data entry. It comes in two versions – Up to 3 employees and Unlimited Employees.

Up to 3 employees allows you to create paycheck for up to 3 employees on a schedule of your choosing (weekly, bi-weekly, monthly, etc.), provides instant access to the most current federal and state payroll tax laws via the internet, track when payroll tax payments are due, complete federal and most state payroll tax forms – including W-2′s and 1099′s, file federal and state payroll tax forms electronically at no additional costs. Current pricing is $249.00 per year; however, beginning August 23, 2010 the price will be $274.00.
Unlimited employees allows you to create paychecks for an unlimited amount of employees on a schedule of your choosing (weekly, bi-weekly, monthly, etc.), provides instant access to the most current federal and state payroll tax laws via the internet, track when payroll tax payments are due, complete federal and most state payroll tax forms – including W-2′s and 1099′s, file federal and state payroll tax forms electronically at no additional costs. Current pricing is $349.00 per year; however, beginning August 23, 2010 the price will be $374.00.

Assisted Payroll provides the best of both worlds and includes the convenience of having all of your payroll data living in your QuickBooks company file while having someone else (Intuit) be responsible for paying your taxes and filing your tax returns – including W-2′s. It comes in two versions – Assisted and Assisted Plus.

Assisted your payroll is integrated inside of your QuickBooks company data file, you choose when you want to pay your employees (weekly, bi-weekly, etc.), you enter your employees time against various jobs, submit your payroll data to Intuit and they are responsible for paying your taxes, filing your tax returns, and completing your W-2′s (for an additional fee.) Current pricing begins at $60.00 per month; however, as of August 23, 2010 it will begin at $69.00 per month.
Assisted Plus includes all of the features of Assisted payroll and also includes direct deposit (free of charge), payroll for additional states (free of charge), W-2 processing at no additional charge. Current pricing begins at $115.00 per month; however, beginning August 23, 2010 it will increase to $135.00 per month.

Nancy Smyth is a Certified QuickBooks ProAdvisor and Intuit Gold Developer specializing in offering QuickBooks users an easy and efficient means of complying with Federal and State Prevailing Wage Laws and generate certified payroll reports from QuickBooks data. For additional information on Certified Payroll Solution – which integrates with QuickBooks, visit http://www.sunburstsoftwaresolutions.com.
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By Carmine Bailey
Accounting has been outlined as, by Professor of Accounting on the University of Michigan William A Paton as having one basic operate: “facilitating the administration of financial activity. This has closely related phases: 1) measuring and arraying economic information; and a couple of communicating the results of this course of to interested parties.”
For instance, a company’s accountancy services periodically measure the revenue and loss for a month, a quarter or a fiscal 12 months and publish these ends in a statement of profit and loss that is called an earnings statement. These statements embody parts corresponding to accounts receivable (what’s owed to the corporate) and accounts payable (what the company owes). It could additionally get fairly complicated with subjects like retained earnings and accelerated depreciation.
Much of accounting though is also involved with fundamental bookkeeping. That is the method that information every transaction; each invoice paid, each dime owed, every dollar and cent spent and accumulated. However the homeowners of the company, which will be individual homeowners or tens of millions of shareholders are most involved with the summaries of these transactions, contained within the financial statement. The financial statement summarizes a company’s assets. A worth of an asset is what it valued when it was first acquired. The financial assertion additionally data what the sources of the belongings were. Some belongings are in the type of loans that have to be paid back. Profits are additionally an asset of the business.
So what goes on with the accountancy services that companies provide. What do these folks do each day? Well, one thing they try that is terribly vital to everyone working is the Payroll. All of the salaries and taxes earned and paid by each employee each pay period should be recorded. The payroll division has to make sure that the suitable federal, state and local taxes are being deducted. The pay stub hooked up to your paycheck data these taxes. They usually include income tax, social security taxes pous employment taxes that should be paid to federal and state government. Other deductions embody personal ones, resembling for retirement, vacation, sick pay or medical benefits. It is a important function. Some corporations have their own payroll departments; others outsource it to specialists.
Other Accountancy Services include receiving information on any funds or cash obtained from prospects or shoppers of the enterprise or service. The accounting division has to be sure that the money is sourced accurately and deposited within the acceptable accounts. In addition they handle where the money goes; how much of it is saved on-hand for areas akin to payroll, or how a lot of it goes out to pay what the corporate owes its banks, distributors and other obligations. Some must also be invested. The other facet of the receivables business is the payables area, or money disbursements.
A company writes plenty of checks through the course of 12 months to pay for purchases, provides, salaries, taxes, loans and services. The accounting division prepares all these checks and data to whom they have been disbursed, how a lot and for what. Accounting departments additionally hold monitor of purchase orders placed for stock, similar to products that will likely be sold to clients or clients. In addition they maintain monitor of property similar to a business’s property and equipment. This could embrace the office building, furniture, computer systems, even the smallest items akin to pencils and pens.
Find a reliable Accountancy Services provider and make sure your finances are handled with care.

By Blake Dale Ratcliff
Operating rental properties and especially a portfolio of rental properties can result in snowballing charges for legal fees and accounting. Managing these costs, supporting your needs the right way, protecting your investors interests, protecting yourself against liabilities is a tremendously challenging requirement that requires understanding where you can “self serve” and how you can accomplish this end while keeping the service quality bar high enough for everyone involved. Turbo Tax Small Business is one of these solutions.
Making Turbo Tax sufficient without significant accounting support requires some good planning. First, as I’ve mentioned before a good ledger system that records all transactions before being entered into the property management and accounting system is a great start. If each transaction is recorded with the date, a detailed purpose, and the type. Your books can be quickly assembled by yourself if you have the accounting skills and understand or go to the trouble to understand your software well enough.
With an accurate detailed income statement, balance sheet, and cash flow statement, you have the basic information you require for the financial input of your tax preparation.
Next, you need to have all the entity information at your finger tips. For tax preparation, this includes the tax ID number or EIN for the entity. You need to know your entity type. You have to be prepared to answer questions like whether this is an S Corporation or Limited Liability Company (LLC) or partnership. You need to be able to answer whether the company is a single partner or investor or multiple partner or investor business. Finally, you have to the formation date of the entity.
For the states, you will need to know similar information and states have state specific entity information which you will need to have.
Next, you need to have the investor tax information. This is simply the name of the entity or individual. Their Tax ID number. (If you have foreign investors, you should have a tax id and if you do not their is a process for them to file with IRS to get an ID. You will require their address and a copy of their passport. They will need to complete the W7 for this purpose.) Then you will need the address for each individual.
With all this information in hand, you have everything necessary to complete your taxes. As a matter of organizing, you will need to have the date of investment and subsequent investments for each investor. You will need the same for distributions. Once organized and assuming you have (or the person you have perform the work has) the accounting experience you can prepare an accurate tax return that will satisfy the IRS, your partners, and protect everyone’s interests.
Blake Ratcliff (US Naval Academy Graduate & Marine Officer, Serial startup entrepreneur, COO/CEO, multifamily / residential investment founder, and property manager). Blake’s crafted 100+ business plans, prepared and delivered 1000+ investor presentations, and is an expert financial modeler. A deeply experienced real estate business person and startup business expert, Blake hones your Business plans, reports, and presentations. Visit http://internationalresidentialrealestateinvestorsassociation.org/real-estate-project-services-due-diligence-reports-business-plans.
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Some people believe that hiring an accounting firm is only for businesses, but the fact is that there are times when it can be helpful for individuals and families as well. It all depends on your needs. When you are looking for a company to help with your finances, you want to follow some guidelines so that you can be sure to find what will work right for you.
What You Need
The first obvious step in the process of hiring an accounting firm is to make a list of what you need as far as financial help. If you are starting or running a business, then your needs might be such things as accounts receivable and payable, payroll, and quarterly tax preparation. If you are an individual who makes a significant part of your income from investments, you may only need tax preparation and general bookkeeping. If you are a retiree who is living off Social Security, a pension, and investment income, you may need someone to keep things balanced for you. In every case, people usually like their accountants to also do their taxes. Make a list of what you need, and don’t leave anything out.
Your First Appointment
When you think you’ve found the right accounting firm for your needs, then you want to make an initial appointment, just for a consultation. Diving right into the financial relationship without discussing things first can lead to possible problems. Make an appointment, let them know that it will just be for consultation, and then make a list of things that you want to talk about, if you think that would help. This helps to establish a relationship, and to give you an idea if you think that relationship will work for the long term.
Maintaining the Relationship
When you hire an accounting firm, you need to keep up your end of the business relationship. Ask them what they want from you as far as forms, financial statements, etc. Do your part to make their job easier, and everyone will benefit. Assess how things are going every year or so to make sure that the business relationship is still working well for you.
When you hire someone to help with your financial issues, you can concentrate on other important things. Not everyone is good with numbers, and it’s often beneficial to hire someone who is. The security is usually well worth it.
In Philadelphia accounting firms with a variety of services assists you in the grueling task of managing your finances, tax preparation and planning with excellent ease and efficiency. To know more, visit http://www.holtzmantax.net
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