Attention Homeowner Associations: Do you need a TOPS community association management software expert or Certified QuickBooks ProAdvisor?
At Kathryn C. Tiffany, LLC, we help Self-Managed New Jersey Homeowner Associations
stay fiscally healthy through sound financial practices.
HOA Financial Accounting
Kathryn C. Tiffany, LLC proudly serves community living residents and property managers who work with HOAs. We relieve the accounting burden so that the Homeowner Association and/or Property Manager can focus on more important issues.
Prepare and promptly deliver monthly detailed income and expense statements, itemizing actual expenses versus budget expenses. The financial also includes cash flow statement (showing where the cash is), balance sheet, delinquency reports (showing status of collection of delinquencies), and check disbursement register.
Receive, review, and pay vendor invoices. Present invoices for vendor/contractor services to the Board upon written request.
Keep all books and financial records in accord with general accounting principles.
Reconciliation of general ledger, bank statements and credit cards.
Explanation of the statements in layman terms.
Budget and Reserve Assistance.
Distribution of annual budget with statements.
Attendance of board meetings, based on schedule.
1099s for independent contractors (landscapers/gardeners, pool service)
Payroll and related returns.
We provide no property management services, just bookkeeping services. We work in harmony with self-governed HOAs, PMs, and CPAs.
We welcome the opportunity to submit a proposal to your homeowner association board for consideration.
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Members of:
American Institute of Professional Bookkeepers
QuickBooks ProAdvisors
National Bookkeepers Association
National Associatoin of Certified Public Bookkeepers
Association of Certified Fraud Examiners
In The Community:
Voorhees Business Association
Start Up America - New Jersey Chapter: Finance and Small Businesses Team
Chamber of Commerce
Keywords: Small Business, Quick Books, Quickbooks, Bookkeeping, Book Keeping, Bookkeeping Services, Small Business Bookkeeping, Accountant, Small Business Accountants
Kathryn C. Tiffany, LLC Bookkeeping Services
Telephone: (856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Have you fallen behind in keeping accurate books?
Without the right processes and systems in place, it is hard to keep up with financial reporting tasks and run your business at the same time. Charging us with the responsibility means that you get a Certified QuickBooks ProAdvisor professional bookkeeper at a fraction of the cost of one employee, which means no more sleepless nights for you.
Why pay an exorbitant amount of money to a CPA to unravel your mess?
Ask us for a free quote today! Kathryn C. Tiffany, LLC can untangle your bookkeeping records and provide suggestions for a mere fraction of the price a CPA will charge. If you're in need of forensic bookkeeping services, we've got you covered.
Our extensive expertise with many different professions and businesses, such as manufacturing, retail, food service, medical and automobile, as well as with divorce, fraud and other types of litigation, makes us the premier choice as experts in forensic bookkeeping and fraud detection.
Kathryn C. Tiffany LLC, Certified Fraud Examiner (CFE), has investigated allegations of fraudulent activity in various organizations, small emergency response organizations, as well as not-for-profits. Sometimes we are asked to simply confirm the suspicions of employee embezzlement and theft and other times we are engaged to quantify the losses over a certain period of time.
The results of our forensic analyses vary widely depending on the nature of the allegations. Such investigations have included employee embezzlement, employees' schemes of corruption, asset misappropriation, and financial statement fraud. We recognize that each case is different and the parameters of each investigation will vary based on the organization's desired end product (deliverable). We produce reports and supporting documentation necessary to prosecute the matter, if desired.
Have a question or want to see if we're a good fit for your bookkeeping needs?
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
www.TiffanyAccounting.com
(856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute of Professional Bookkeepers
QuickBooks ProAdvisors
National Bookkeepers Association
National Association of Certified Public Bookkeepers
Association of Certified Fraud Examiners
In The Community:
Voorhees Business Association
Start Up America - New Jersey Chapter: Finance and Small Businesses Team
Chamber of Commerce
Do you feel overwhelmed by your bookkeeping responsibilities? Franchise bookkeeping services may be the answer. . .
It is very common for business owners to assume they can handle their bookkeeping and attempt to take on the responsibility themselves. If these responsibilities are not taken care of in a timely manner, they begin to stack up and suddenly you're buried under months of backlog. Take the stress off yourself and let us take care of such time consuming responsibilities with our outsourced bookkeeping services.
We offer outsourced bookkeeping and accounting services for a fraction of the cost of an in-house bookkeeper. We offer a variety of services from day-to-day functions to year end preparation. You get to customize your bookkeeping service package and choose whichever services you'd like to take advantage of. Our clients are our priority.
If multiple units of your franchise also take advantage of our services you will be able to make valuable comparisons between them using our customizable QuickBooks accounting system. You will be able to view important benchmarks and rankings to effectively evaluate your situation using our franchise bookkeeping services.
With us, your bookkeeping is always up-to-date and accurate and we can generate the required reports for you when you need them.
If your franchise business is in need of bookkeeping, accounting and instruction on your QuickBooks accounting software then give us a call! Our first confidential meeting is free!
Visit our website below to learn a bit more about us! We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
If you are a general contractor or own a supporting business such as plumbing, electrical, engineering, painting, drywall, insulation, siding, roofing, or other construction trade, your primary bookkeeping concern is job costing. To be profitable, you must bid a job accurately, measure your profitability when the job is done, identify any mistakes, and continually improve the accuracy of your bidding.
Consequently, it is of utmost importance to set up your bookkeeping software to make this process as easy for you as possible. Custom-designed reports in addition to standard reports will help you assess your performance. While most software packages provide these capabilities, our current construction clients choose to use QuickBooks® software.
QuickBooks® is inexpensive, user-friendly, and comprehensive in its design. Its key features, most relevant to the construction trades, include:
- Ability to tie Income, Cost of Goods Sold, and Expense items to customer jobs
- Time cards within the software for recording dates and hours worked per job
- Ability to accept the downloading of time data from other time card programs
- Payroll processing that allocates payroll costs (wages, payroll taxes, workers compensation costs) to jobs
- Workers compensation tracking and reporting
- Estimate form (bid or proposal)
- Progress invoicing
- Purchase Orders
- Inventory management
- 1099's for reporting payments to subcontractors
- Sales tax tracking and reporting
- Tracking by Customer Type or other category
- Profit & Loss by Job report
If you are planning to use QuickBooks®, a professional bookkeeper, who is also a QuickBooks® ProAdvisor, is your best option for set up, training, and helping you choose the best options for doing your bookkeeping. We have many construction clients and would be very happy to help you with all of your needs.
Your CPA will appreciate your complete and accurate bookkeeping and tax preparation will be simpler and less costly. Most of all, you'll have the information you need to make sound business decisions about how to manage and grow your business.
For more information or to set up your free consultation, please call Kathryn at (856) 803-4651 or email us at: Kathryn@TiffanyAccounting.com
We're LOCAL, AVAILABLE IMMEDIATELY, 7 DAYS A WEEK AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor Program, Association of Certified Fraud Examiners, Voorhees Business Association, and Chamber of Commerce.
Kathryn C. Tiffany, LLC
Voorhees, NJ
Telephone: 856-803-4651
The key to the success of every healthcare business is good financial management.
And, the key to good financial management can be found within a good bookkeeping system. A bookkeeping system that is always accurate and up-to-date can provide the statistical data needed to make more profitable business decisions, allocate resources, and budget expenses.
The Benefits . . .
Gain greater management & financial control.
Gain access to statistical data needed to manage cash flow, allocate resources & budget expenses.
Gain access to 24/7 medical and financial resources, peer connections & expert analyses.
Gain accounting controls to help prevent employee fraud & theft.
Gain time to improve medical billing, increase collections & manage the claims denial process.
Whether you are interested in full-charge Bookkeeping, Payroll & QuickBooks® services, want to learn more about "benchmarking" your practice -- or, just want to know if you are getting the best value for your bookkeeping dollar, we invite you to give us a call.
We look forward to serving you in any way we can.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Are you waiting all year to see what your income is?
Are you paying late fees and penalties?
Is your year end a painful time consuming experience that you hate?
Kathryn C. Tiffany, LLC bookkeeping services will get your restaurant/bar/liquor store accounting organized so you know your monthly financials and your year-end filing is on time.
Are you paying your vendors/suppliers more than you owe them?
Has an audit cost you because the payroll is processed wrong?
Are you getting all the credit card payments owed to you?
Kathryn C. Tiffany, LLC bookkeeping services will help you control restaurant/bar/liquor store transactions so you can minimize unnecessary costs and ensuring you receive everything you're owed.
Are you about to start building your new restaurant/bar/liquor store?
Are you just about to open a new restaurant/bar/liquor store?
Do you want to set yourself up for success?
Kathryn C. Tiffany, LLC bookkeeping services will ensure you have an organized system in place.
Are you ever going to get your initial investment back?
Do you have good internal controls and are they working?
Are you managing your cash flow or is it managing you?
Kathryn C. Tiffany, LLC bookkeeping services improves your control over cash flow and financials while developing a sound long term plan so you can get a return on your investment.
Visit our website below to learn a bit more about us!
We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC has a long history of providing nonprofit bookkeeping services to organizations just like yours.
If you work at a nonprofit organization as either its executive director or operations manager or in grant management, you are passionate about a life-changing cause. You need an bookkeeping professional who not only understands the nuances and complexity of nonprofit accounting, but who shares your passion for your core mission.
Bookkeeping for nonprofits is performed entirely differently than for for-profit entities. Even a nonprofit's financial statements are formatted differently from for-profits and include:
Statement of activities
Statement of financial position
Cash flow statement
Statement of functional expense
So, you need a financial team that understands the unique challenges of taking care of the finances for a nonprofit. Kathryn C. Tiffany, LLC works collaboratively to offer you complete bookkeeping and accounting services.
Perhaps you manage the grants your nonprofit relies on, and you need reporting geared specifically to help you gauge how committed funds are being spent. We can help you with these kinds of specific needs.
While we do not prepare the Form 990 and cannot perform the independent audit of your financial statements, we can help you locate a qualified CPA to act in this important role of auditor. Our job is to make sure that your audit goes as smoothly as possible.
Imagine not having to stress about your next audit. That would be pretty amazing, wouldn't it? Let's talk.
Contact us to discuss how we can help provide bookkeeping through CFO services to your nonprofit organization.
Visit our website below to learn a bit more about us! We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
QuickBooks 2014 isn't compatible with Windows 10!
Wishing you a Happy Thanksgiving from Kathryn C. Tiffany, LLC!
We wish you lots of family, fun, football, and food!
Thank you for your business in 2015, and best wishes for a happy holiday season!
By Gene Marks
Published November 18, 2015
No, the cloud isn’t going to kill Intuit. But something’s happening - something big. It’s good news for many small businesses. But it may not be such great news for the software giant.
My company serves more than 600 small and medium sized businesses. And although we mostly implement customer relationship management systems our roots are in accounting and financial management software (I’m a certified public accountant). My client base is made up of mostly established companies – distributors, manufacturers, service providers. And most of them use older versions of QuickBooks which are installed on their servers. My clients are generally people not open to change unless that change is going to make them money – or they’re forced into it. However, during the next few years, it’s obvious that they’re all going to be changing their accounting software.
That’s because of the cloud. Software makers like Intuit are cutting back on their on premise development projects and redirecting most of their efforts to cloud based accounting. And why not? Where we once just bought QuickBooks for a few hundred bucks and installed it on our PCs, now we’re being led (kicking and screaming for some I might add) towards a subscription model where monthly payments are required. This has benefits to the business owner but the real benefit is to the software maker who can now enjoy an almost-guaranteed revenue stream and higher valuations as a result.
So that’s good news for Intuit. But there’s a flip side too.
Intuit, who releases its earnings Thursday, is a good company. Its QuickBooks and TurboTax product lines are the leaders in the small and medium sized business accounting market. Intuit boasts a community made up of millions of users and hundreds of third party applications that integrate QuickBooks with other systems. And it’s not just its accounting software that brings in $4.5 billion to the company a year its profits - they do very well selling forms and merchant payment services too. But the cloud is presenting a huge challenge to Intuit.
And that challenge is Xero. And Intacct. And inDinero. And FreshBooks and Kashoo and Wave and a number of companies that are springing up everywhere and chipping away at the leader’s market share. These are nimble, well-funded organizations that are creating fast and feature-rich applications that are appealing to an audience who were raised on Facebook (FB) and expect the world to be cloud based. While Intuit has a good online application, QuickBooks Online, but these companies are different. They’re hungry. And they’re gunning to take down Goliath.
Xero, for example, already boasts more than 600,000 subscribers and 16,000 partners worldwide (like Intuit, my company is a Xero partner and offers both products to our client base). Xero has more than 400 third party add-on applications and has experienced significant growth over just the past three years. Intacct has more than 10,500 customers. While inDinero and FreshBooks together have raised close to $40 million to fund their development and marketing. And let’s not forget one of the first ever cloud ERP systems, NetSuite (N), which went public in 2007 and focuses more on the enterprise and ERP markets.
It’s not difficult to predict what will happen over the next few years. Newer generations of entrepreneurs with short attention spans and expectations of immediate gratification delivered through their Apple (AAPL) iPhones and other tablets are already taking over mom and dad’s businesses and pushing to replace that old-school software with cloud applications. Start-ups, conserving cash and organized virtually, are drawn immediately to the affordability and ease of use cloud based applications. And everyone expects that their applications will be up and running whenever they want, accessible wherever they are and able to talk with other applications whenever they need. This generation has no loyalties to Intuit.
And this may become a big problem for Intuit because it’s a victim of its own on premise success. There are literally millions of little QuickBooks databases stored on PCs and servers throughout the world. For Intuit to deliver what Xero and Intacct and others can do they need to move these slow-moving customers to the cloud. This is going to take a long time because small business owners aren’t exactly jumping for joy at the prospect of changing over their accounting systems. And no matter how seamless Intuit makes the transition, many of their customers will use the opportunity to take a look at what else is out there. And they’ll be enticed by what they see. As a result, many will change systems. They’ll have their reasons: a better interface, more integration, easier to use, cooler to use or…it’s just not mom and dad’s old QuickBooks.
And this change will present an enormous opportunity for Intuit’s competitors. And even bigger challenges for Intuit.
Gene Marks CPA is a small business expert and analyst and the author of five best selling books on business management including "The Manufacturer's Book of Lists," "In God We Trust, Everyone Else Pays Cash" and "Outfoxing The Small Business Owner."
- Original article can be found here: http://smallbusiness.foxbusiness.com
The annual Woofstock 2015 event held by the Voorhees Animal Orphanage scheduled for Saturday, October 3rd ....
Postponed to November 7th due to the impending predicted severe weather conditions.
Catching thieves ingenious enough to stealing millions of cash from companies, or bringing down the notorious mob bosses in history. These endeavors do not require anymore a superhero with powers, but can be taken care by a mild-mannered accountant in the swiftly rising field of forensic accounting and bookkeeping.
Forensic accounting is one of the most rewarding and exciting career choice available. Even though, most people perhaps not know precisely what being a forensic accountant entails.
Understanding Forensic Accounting
The forensic accounting makes use of accounting skills to investigate embezzlement or frauds and to analyze the financial information, which further use in legal proceedings. It is a specialty practice area that explains engagements fall-outs from anticipated or actual litigation or disputes.
The forensic accounting centers around two main zones – investigation and litigation support.
- The litigation support entails the figuring out the amount lost by parties in a legal contest, and also appear as an expert witness in trials to testify.
- The investigative job role requires the combination of both skills, detective, and accountant. An accountant who has a thorough knowledge of financial measures and capability to think deductively is an ideal fit for this role. The key task of a forensic accountant on investigation part is to identify employee securities fraud, theft, and insurance fraud or identity theft, etc.
Who hires forensic accountants, or/and auditors?
The variety of institutions employs forensic accountants including, police forces, government agencies, insurance firms, financial lenders, courts, attorney and law firms, banks, business owners and credit unions, etc.
Typically, they employ forensic accountants based on their qualification and experience. Even, in some instances, they hire them based on their neutrality to the particular situation, if damages are involved.
Job description of forensic accountant
A forensic accountant can be involved in the broad array of investigations. They may comprise:
1. Partnership's and shareholder disputes
Such conflicts require a detailed analysis of several years of accounting records to reach a collective dispute resolution, including – benefit and compensation disputes of partners and shareholders.
2. Business interruption
Such investigation entails reviewing particulars of insurance policy. Business interruption research is primarily focused on enquiring employee dishonesty, property losses claims and other coverage issues. Also, forensic investigation defines appropriate methods of calculating losses in such areas.
3. Matrimonial disputes
In such disputes, forensic accountants evaluate assets like properties, businesses, and other personal assets.
4. Mediation and Arbitration
Situation where forensic accountants are involved in an alternate dispute resolution so that companies and individuals reach to a joint resolution with a nominal amount of time and with a minimal disruption.
5. Criminal investigations
In criminal investigations, the job of a forensic bookkeeper is to represent the evidence in the form of a concrete, concise and professional report.
6. Personal Injury claims
Forensic auditors are asked to enumerate economic damages and often calculate resulting financial losses resulting from accidents, wrongful dismissal, and medical malpractices.
7. Fraud investigation
Such study requires forensic accountants to trace funds, asset identification, and recovery. Commonly, performed in employee fraud cases.
8. Professional negligence
The forensic bookkeeper will investigate through a loss quantification, or breach in an agreement.
Forensic accountant's workflow
Each forensic auditor or accountant is assigned with the unique assignment with each client, but every accountant follow the same structure.
- Conduct initial meeting with client to understand the significant people, facts and issues on hand
- An efficient conflict check is performed
- Preliminary investigation is completed
- Build an action plan containing – objectives to be
achieved and methods to be used to accomplish them.
- Acquire relevant proof of occurrence of an event, or other evidence including, assets, economic information, and documents, etc.
- Preparing a final report
Qualification of Forensic accountant
The licensed forensic accountant must have minimum bachelor's or preferably master's degree in accounting or related field. Besides relevant education and licensing a forensic accountant also must have following personal characteristics –
-Confidence
-Strong communication and organizational skills
-Creativity
-Persistence
-Capability to make sound personal judgments.
Source: http://www.selfgrowth.com
You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New recordkeeping requirements were established for all contributions made after January 1, 2007. You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution, bank records (such as a cancelled check or bank statement containing the name of the charity, date and the amount) or a written communication from the charity.
This article discusses which records you must keep.
Cash Contributions
Cash contributions include those paid by cash, check, electronic funds transfer, debit card, credit card, or payroll deduction. You cannot deduct a cash contribution, regardless of the amount, unless it is substantiated by one of the following:
A bank record that shows the name of the qualified organization, the date of the contribution, and the amount of the contribution. Bank records may include: a canceled check, a bank or credit union statement or a credit card statement.
A receipt (or letter or other written communication) from the qualified organization showing the name of the organization, the date of the contribution, and the amount of the contribution.
Payroll deduction records. The payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization.
Cash Contributions of $250 or More: You can claim a deduction for a contribution of $250 or more only if you have an acknowledgement of your contribution from the qualified organization or certain payroll deduction records. If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that lists each contribution and the date of each contribution and shows your total contributions.
To determine whether a contribution is $250 or more, do not combine separate contributions. For example, if you gave to the church $25 each week, your weekly payments do not need to be combined. Each payment is a separate contribution. The acknowledgment must be written and state whether you received any goods or services in return. If something was received in return, a description and good faith estimate of the value of the goods or services must be included.
For payroll deductions, the payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization. If the pay stub, Form W-2, pledge card, or other document does not show the date of the contribution, you must also have another document that does show the date of the contribution.
Noncash Contributions
For a contribution not made in cash, these general rules apply:
The records you must keep depends on whether your deduction for the contribution is:
Less Than $250
At least $250 but not more than $500,
Over $500 but not more than $5,000, or
Over $5,000.
Amount of contribution. In figuring whether your contribution is $500 or more, combine separate contributions of similar items during the year. If you received goods or services in return, reduce your contribution by the value of those goods or services. If you figure your deduction by reducing the fair market value of the donated property by its appreciation, your contribution is the reduced amount.
Deductions of Less Than $250
If you make any noncash contribution, you must get and keep a receipt from the charitable organization showing:
The name of the charitable organization,
The date and location of the charitable contribution, and
A reasonably detailed description of the property.
A letter or other written communication from the charitable organization acknowledging receipt of the contribution and containing the information in (1), (2), and (3) will serve as a receipt. You are not required to have a receipt where it is impractical to get one (for example if you leave property at a charity's unattended drop site).
Additional records. You must also keep reliable written records for each item of donated property. Your written records must include the following information.
The name and address of the organization to which you contributed.
The date and location of the contribution.
A description of the property in detail reasonable under the circumstances. For a security, keep the name of the issuer, the type of security, and whether it is regularly traded on a stock exchange or in an over-the-counter market.
The fair market value of the property at the time of the contribution and how you figured the fair market value. If it was determined by appraisal, you should also keep a signed copy of the appraisal.
The cost or other basis of the property if you must reduce its fair market value by appreciation.
The amount you claim as a deduction for the tax year as a result of the contribution, if you contribute less than your entire interest in the property during the tax year. Your records must include the amount you claimed as a deduction in any earlier years for contributions of other interests in this property. They must also include the name and address of each organization to which you contributed the other interests, the place where any such tangible property is located or kept, and the name of any person in possession of the property, other than the organization to which you contributed.
Any conditions attached to the gift of property.
Deductions of At Least $250 But Not More Than $500
If you claim a deduction of at least $250 but not more than $500 for a noncash charitable contribution, you must get and keep an acknowledgement of your contribution from the qualified organization. If you made more than one contribution of $250 or more, you can have either a separate acknowledgement for each or one acknowledgement that shows your total contributions.
The acknowledgement must contain the information in items (1) through (3) listed under Deductions of Less Than $250, earlier, and your written records must include the information listed in that discussion under Additional Records.
1. It must be written.
2. It must include:
A description (but not necessarily the value) of any property you contributed,
Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and
A description and good faith estimate of the value of any goods or services described above. If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgement must say so and does not need to describe or estimate the value of the benefit.
3. You must get the acknowledgement on or before the earlier of:
the date you file your return for the year you make the contribution, or
The due date, including extensions, for filing the return.
Deductions Over $500 But Not Over $5,000
If you claim a deduction over $500 but not over $5,000 for a noncash charitable contribution, you must have the acknowledgement and written records described under Deductions of At Least $250 But Not More Than $500. Your records must also include:
How you got the property, for example, by purchase, gift, bequest, inheritance, or exchange.
The approximate date you got the property or, if created, produced, or manufactured by or for you, the approximate date the property was substantially completed.
The cost or other basis, and any adjustments to the basis, of property held less than 12 months and, if available, the cost or other basis of property held 12 months or more. This requirement, however, does not apply to publicly traded securities.
If you are not able to provide information on either the date you got the property or the cost basis of the property and you have a reasonable cause for not being able to provide this information, attach a statement of explanation to your return.
Deductions Over $5,000
If you claim a deduction of over $5,000 for a charitable contribution of one property item or a group of similar property items, you must have the acknowledgement and the written records described under Deductions Over $500 But Not Over $5,000. In figuring whether your deduction is over $5,000, combine your claimed deductions for all similar items donated to any charitable organization during the year.
Generally, you must also obtain a qualified written appraisal of the donated property from a qualified appraiser.
Qualified conservation contribution. If the gift was a "qualified conservation contribution," your records must also include the fair market value of the underlying property before and after the gift and the conservation purpose furthered by the gift.
Out of Pocket Expenses
If you render services to a qualified organization and have unreimbursed out of pocket expenses related to those services, the following three rules apply.
You must have adequate records to prove the amount of the expenses.
You must get an acknowledgment from the qualified organization that contains a description of the services you provided and a statement of whether or not the organization provided you any goods and services to reimburse you for the expenses incurred. If so, the statement must include a description and good faith estimate of the value of any goods or services (other than intangible religious benefits). If the only benefit you received was an intangible religious benefit, you must receive a statement stating this; however, the acknowledgment does not need to describe or estimate the value of an intangible religious benefit.
You must get the acknowledgment on or before the earlier of: (a) The date you file your return for the year you make the contribution, or the due date, including extensions, for filing your return.
Car Expenses. If you claim expenses directly related to use of your car in giving services to a qualified organization, you must keep reliable written records of your expenses. Whether your records are considered reliable depends on all the facts and circumstances. Generally, they are reliable if you made them regularly and at the time you incurred the expense.
Your records must show the name of the organization you were serving and the date each time you used your car for a charitable purpose. If you use the standard mileage rate of 14 cents a mile for 2015, your records must show the miles you drove. If you use actual expenses to complete the deduction, your records must show the costs of operating the car for charitable purposes only.
Questions about recordkeeping requirements for charitable contributions? Help is just a phone call away.
In honor of Labor Day, our office will be closing at 4:00 PM on Friday, September 4th and will be closed on Monday, September 7th. Normal office hours will resume on Tuesday, September 8th.
Have a wonderful Labor Day weekend!
Your friends at Kathryn C. Tiffany, LLC - Bookkeeping Services
azfamily.com 3TV | Phoenix Breaking News, Weather, Sport
Did you know most small business fail within the first five years? Many times the biggest mistakes are related to finances.
Sherri Slayton with Alliance Bank of America tells us the five common pitfalls for small business owners.
-Pitfall: Not having a relationship with your business banker.
How to Avoid It: Whether you're starting your business, thinking about expanding or just looking for sound advice, your first step should be to make an appointment with your banker.
-Pitfall: Not having a business plan or anticipating cash needs for seasonality or growth.
How to avoid it: Discuss with your banker the short and long term goals for your business.
-Pitfall: Lack of quality accounting and financial information.
How to avoid it: Invest in an accounting system or bookkeeping system at your business, or hire a bookkeeper or accounting service to produce periodic financial reporting including profit and loss statements and balance sheets.
-Pitfall: Internal or external bank account fraud. As a business owner, you should pay close attention to potential fraud on your bank accounts.
How to avoid It: There are many options available to limit access to your business accounts.
-Pitfall: Managing the profitability of the business for tax purposes.
How to avoid it: Talk to your accountant and banker when you are considering deferring recognition of income, pre-paying expenses, expensing items that could be capitalized or accelerating depreciation for tax purposes.
Information on Alliance Bank of Arizona: www.alliancebankofarizona.com
Source: http://www.azfamily.com
This is for a customer that is also a vendor (same business name), and you have a bill from them but they also have open invoices that are due.
The bill that you owe them is more than what they owe you - invoices.
The correct way to reduce the amount of the bill you owe them with the amount they owe you from invoices is as follows:
- Create a bank account called "Clearing"
- Receive payment of the invoice and deposit to the "Clearing" bank
- In pay bills, pay a portion of the bill from th "Clearing" account in that amount
- Make the "Clearing" account inactive until you need it again.
Kathryn C. Tiffany, LLC is dedicated to the success of small businesses through Vision, Alignment, Strategy and Teamwork.
We represent "roll up your sleeve" accounting types.
We love what we do and we enjoy helping our clients succeed. We cans support anything from your basic bookkeeping needs to CFO and Controller support.
With twenty-eight years of experience in accounting in various industries our team is here to ensure your success.
When you need a right hand woman you need Kathryn C. Tiffany, LLC.
Bookkeeping Services
A good bookkeeping system is not just "important" for a small business -- it can mean the difference between success and failure.
Successful businesses are those with good internal bookkeeping systems and as a result have better control over their cash-flow and profitability. Businesses with no accurate bookkeeping system do not understand their costs and often struggle to stay on top of the many Tax deadlines that they manage.
At Kathryn C. Tiffany, LLC we insist on periodical bookkeeping so as to help you make accurate and informed financial decision for the future of your business. Our dedicated team of qualified bookkeepers will work to develop a tailor made bookkeeping system that suits your business based on an in-depth understanding of your business to effectively manage your day-to-day bookkeeping tasks.
We offer bookkeeping services to small businesses as well as well as individual contractors, freelancers, medical offices, partnerships or consultants. More importantly, we are proficient with all major bookkeeping software packages, including QuickBooks, ADP. Paychex. Excel, TOPS and many more.
The Bookkeeping services we provide includes:
Day to day Bookkeeping
QuickBooks Online Bookkeeping
General Ledger management
Account Receivables
Payables Recording
Bank Reconciliations
Daily Cash Management
Credit Control
Why choose Kathryn C. Tiffany, LLC bookkeeping services?
We give you value for money
We give you great service at a fixed (reasonable and competitive) price
We design a bookkeeping template that suits your business
Your books are always accurate and up to date
We give you a dedicated certified bookkeeper manager
We are bonded, insured and licensed
We are local 24/7
To arrange a no-obligation meeting about outsourcing your Bookkeeping arrangements to us and benefit from our wealth of experience, simply contact us at 856-803-4651 or email Kathryn@TiffanyAccounting.com
Kathryn C. Tiffany, LLC (Licensed, Insured and Bonded)
Certified QuickBooks ProAdvisor
Office: 856-803-4651
Located in Voorhees, New Jersey
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
On a monthly basis we reconcile bank statements, credit card statements, and prepare your financial statements. Whether you are a sole proprietor, partnership, corporation, or non-profit, we help to keep your business running smoothly.
Let Us Setup QuickBooks for You… Avoid Days (or Potential Weeks) of Hassle and Aggravation!
It’s true, QuickBooks is flexible and easy to use, and although you and/or your staff are probably entirely capable of installing and setting up your QuickBooks software, we have found that most clients prefer the benefits of having a professional get the system up and running for them.
Our experience allows us to review your current bookkeeping system and your future bookkeeping needs, and then setup your QuickBooks program so that it works for you, flawlessly, right from the start. You don’t have to waste your time, or the valuable time of an employee, taking the time to figure out what methods of accounting you use, what chart of accounts you will need for your business and how to properly enter beginning balances. As well, our expert provides training on the QuickBooks software, increasing efficiency and knowledge of your new accounting method immediately rather than prolonging the inevitable learning curve as your bookkeepers figure out the ins and outs of the system.
When hiring us to setup QuickBooks for your business, you will not lose any time to installation and setup of the system. We will…
- review your current accounting system and determine your needs, including the setup and design of your QuickBooks accounting management software.
- determine your best start date and load balances as of that start date, including outstanding accounts receivable and outstanding accounts payable as of that start date.
- prepare the list of services, inventory items, non-inventory items, any additional charges, and sales tax that you will bill to your customers.
- enter any transactions as of your start date into the QuickBooks system.
- train you or a member of your staff to use QuickBooks to meet all of your accounting and financial management needs.
- follow up training to make sure the system is working seamlessly for your business.
- monthly, quarterly, or annual review of data to make sure you are on track for tax preparation and the necessary management reports to build your business.
Please contact Kathryn for more information and to schedule a free consultation.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Five years ago, 80 clerks and salespeople at Pilot Travel Centers LLC spent a combined 3,200 hours a week tracking and paying for orders for thousands of goods, ranging from candy bars to diesel fuel.
They typed the orders into an accounts-payable database, and printed out thousands of checks to pay suppliers. After slipping them into envelopes and adding postage, they put the checks in the mail.
“It was just awful,” said David Clothier, treasurer of the Knoxville, Tenn., company, which operates more than 500 Pilot Flying J truck stops nationwide. “There were humans everywhere.”
Today, a computer “robot”—basically software—automates these tasks. Suppliers send their invoices to Pilot Travel electronically. Its software sends out payments and records every transaction. As a result, the company needs just 10 clerks working a weekly total of 400 hours to pay suppliers.
Robots are taking over corporate finance departments, performing work that often required whole teams of people. Big companies such as Pilot Travel, New York-based Verizon Communications Inc. and GameStop Corp., of Grapevine, Texas, are among those using software to automate many corporate bookkeeping and accounting tasks.
Businesses use these programs to save time and staffing costs. Since 2004, the median number of full-time employees in the finance department at big companies has declined 40% to about 71 people for every $1 billion of revenue, down from 119, according to Hackett Group, a consulting firm.
The telecom giant Verizon has reduced its finance-department costs by 21% over the past three years, partially through job cuts. It closed more than half of its 200 back-office locations across the country, built a new hub for finance operations in Lake Mary, Fla., and renovated an existing one in Tulsa, Okla. “The automation is a big factor” in the savings, said Fran Shammo, Verizon’s CFO.
Software has helped Verizon, which had $127.1 billion in 2014 revenue, cut the manual entries its workers punch into Excel spreadsheets annually by a quarter—to 10,500 from 14,000. It aims to cut another 1,400 manual entries by the end of this year for an overall reduction of 35%.
Automation is threatening to replace swaths of white-collar workers, much as mechanical robots have displaced blue-collar workers on assembly lines. Among those in jeopardy: accounts-payable clerks; inventory-control analysts, who record and audit what is in stock and estimate inventory needs; and accounts-receivable clerks, who send invoices to customers, track payments, and forecast customer default rates.
Oracle Corp. and SAP SE, among others, sell software to companies that can automate, transmit and analyze information from different divisions. Airline-service crews using SAP’s software can scan the number of paper cups they bring into an airplane, and a system will ensure those items are currently reflected on the invoice, said Henner Schliebs, a vice president at the German company. There would be no need for the airline’s accounts payable team to key the information into a computer.
Reducing back-office costs is a longtime obsession among corporate bean counters. Executives are more conscious of operating expenses, particularly since the financial crisis, said Michael Armstrong a principal at Deloitte Consulting LLP. “Companies as a whole are coming under a far greater degree of scrutiny,” he said.
Big companies employ 44% fewer full-time information-technology workers and 20% fewer human-resources workers than they did a decade ago, according to Hackett, at least in part because automation has cut the number of employees needed in those department too.
U.S. companies have long outsourced repetitive and manually intensive operations, often to countries with low-cost workforces. Now, even some outsourcing companies are using robots to handle finance tasks.
GameStop Corp. contracts with Ecova Inc. to pay and audit the telecommunications and energy bills for its 4,400 U.S. videogame stores. Ecova, based in Spokane, Wash., uses robots to pay the bills automatically, and its consultants analyze the data to find ways for GameStop to reduce spending.
GameStop has cut between 15 and 20 jobs in its accounts-payable, inventory-control and sales-auditing departments, said Robert Lloyd, its CFO. The retailer, which has sales of $9.3 billion a year, employs 18,000 people, including 120 in its finance back office.
Information-services company Wolters Kluwer NV uses Oracle’s Hyperion software to help close its books at the end of each quarter. The task, which used to take almost 10 days, now takes half the time.
With fewer workers needed to collect financial information, Wolters Kluwer is hiring more analysts to help sift its data on profits, revenue and cash flow, among other things, to help in planning and forecasting. Kevin Entricken, Wolters Kluwer’s CFO, said competition among companies for data analysts is making those workers scarcer and more expensive. “It’s harder to find people,” he said.
The Netherlands-based company is paying a higher average salary for each person in the finance department, even though head count has remained relatively stable, Mr. Entricken said. He declined to provide specific figures.
Accounting schools like those at Brigham Young University, in Provo, Utah, and the University of Denver, now provide training on SAP, Oracle and Microsoft Corp. systems in addition to training in bookkeeping.
In the short term, automation does reduce the number of available jobs, said Mihir Shukla, chief executive of Automation Anywhere Inc., of San Jose, Calif., which creates software for companies that use automation in their front and back offices. But, in the long run, software can help businesses operate more effectively. “If you think like a human, there are only certain things you can do. When you think like a robot, many things are possible.”
At Pilot Travel, the finance department’s head count is roughly 200 people, the same as five years ago. But the number of stores the company owns has jumped in the meantime to roughly 500 from 300.
“Our motto is: leverage computers, not humans,” said Mr. Clothier, the treasurer, referring to the company focus on automating many white-collar jobs.
Original article can be found here: http://www.wsj.com
