QuickBooks Bookkeeping Services: Buy rental properties as well as properties to fix and flip

Hold your flips for 366 days and you get capital gains treatment.

QuickBooks Bookkeeping - Accounting

Kathryn C. Tiffany, LLC: located in Voorhees, New Jersey. We provide a wide variety of services such as bookkeeping, accounting, business and financial management tailored to meet the needs of each of our clients. 

Our services are designed to make our client’s job easier and to provide them with more time to focus on building their business. In doing so, we are happy to be able to refer our clients’ businesses to others.

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.

Intuit Sees Sales Rise on Increased Quickbook Subscribers: Company issues sales guidance for current quarter that surpasses Street estimates

Intuit Inc., the maker of TurboTax and QuickBooks, posted a 9.1% increase in revenue for its fiscal first quarter, while issuing guidance for the current period that was more optimistic about sales than Wall Street estimates.

The company said its QuickBooks Online subscribers rose 41% to 1.6 million.

For the current quarter, the company expects revenue in the range of $1.05 billion to $1.07 billion with adjusted earnings between 33 cents and 36 cents a share. Analysts surveyed by Thomson Reuters forecast revenue of $997.8 million and adjusted per-share profit of 34 cents.

Intuit shares, which rose 17.8% over the past 12 months, fell 0.5% to $113.20 in after-hours trading.

The company typically collects the bulk of its earnings during tax season and often posts losses in its off-tax-season quarters.

For the quarter ended Oct. 31, Intuit posted a loss of $30 million, or 12 cents a share, compared with a year-ago loss of $31 million, or 11 cents a share. Earnings excluding items were 6 cents a share down from 9 cents a year ago.

Revenue rose to $778 million from $713 million.

Intuit projected earnings excluding items of 1 cent to 3 cents a share on revenue of $740 million to $760 million for the latest quarter. Analysts polled by Thomson Reuters projected 3 cents and $756.1 million.

Under a plan announced in 2015, Intuit sold marketing and communications software business Demandforce, collaboration platform QuickBase and personal-finance software brand Quicken earlier this year.

Original article can be found here:  http://www.wsj.com

We take care of your financials so you can get back to the job of running your business and generating profits

We put hours back in your day and, most importantly, we provide insight. 

We review your Profit & Loss and Balance Sheet statements to make sure they show the true condition of your business. 

What parts of your business are driving revenue? 

Which ones cost you money? 

Cash management generally is not a problem in and of itself; it is a symptom of other problems. 

With small businesses cash management is crucial. 

It is a common misconception that a business owner "loses control" of their finances if they outsource bookkeeping. 

With us, that couldn't be further from the truth.

Kathryn C. Tiffany, LLC
Voorhees, NJ
(856) 803-4651

Enter barter with transaction history in QuickBooks

Exchanging goods or services on a non-cash basis with a customer that is also a vendor is commonly referred to as bartering. A common scenario is that your customer also sells you goods or services, and you are going to “swap” and not pay each other for the items purchased from each other.

To track the exchange of goods or services, follow the steps mentioned below:

1. From the menu bar, select Lists, Chart of Accounts

2. From the Account drop-down list at the bottom left, select New to create a new bank account and type the name Bartering

Note: This bank account will always have a net zero balance if the transactions are recorded properly.

3. Click Save & Close.

4. From the menu bar, select Vendor, Enter Bills to record your vendor bill as if you were going to make the purchase from the vendor.

5. From the menu bar, select Vendor, Pay Bills. The Pay Bills dialog box opens. Select the bill for the vendor you will barter with.

6. In the Pay Bills dialog box, select the Bartering Account as the payment account

7. On the Home page, click the Customers button to open the Customers Center

8. From the customers list select the customer or job you will be bartering with

9. From the Customers Center, in the New Transactions drop-down list, select Invoices. Prepare the invoice to the new customer (also your vendor) using the same items on the invoice as if you were selling them to a customer. Click Save & Close.

10. From the Customers Center, in the New Transactions drop-down list, select Receive Payments. Record the fictitious payment from the customer (your vendor). Click Save & Close.

11. Depending on how your preferences are set up for customer payments, deposit the fictitious customer payment into the same Bartering bank account created earlier.

Note:- QuickBooks will not allow the same name to reside on multiple lists. To get around this limitation, when creating the customer name for your vendor, create the same name in customers list and add letter C with a dash(for example if the vendor name is John add it in customers as John-C)

QuickBooks: Expand Functionality with Custom Fields

QuickBooks’ structure is universal enough to appeal to millions of small businesses. But not all small businesses are alike. Custom fields help you shape it to meet your company’s unique needs.

If you’re using QuickBooks, you probably know that you’re complying with the rules of double-entry accounting. The software is designed such that you can be compliant with these requirements without even being aware of it. You’re dealing with invoices, purchase orders, bank account reconciliation, bill-paying, and payroll; not debits and credits and journal entries. QuickBooks does the double-entry part for you in the background.

While every business that uses QuickBooks is following those same double-entry accounting rules, each has its own unique structure and its own need to modify some elements of the program to do certain tasks, for example:

• Store more specific information about customers, vendors, and employees in their records, 
• Differentiate between variations of similar inventory items, and,
• Create more targeted reports.

This is where custom fields come in.

▬ ▬ South Jersey Bookkeeping, QuickBooks and Accounting ▬

Kathryn C. Tiffany, LLC is a certified bookkeeping and QuickBooks firm. We identify opportunities, provide solutions and deliver exceptional personal service to small and midsize businesses as well as individuals. Our services include bookkeeping and QuickBooks accounting for individuals and businesses.

Unlike other bookkeeping/accounting firms, we go beyond these traditional services and provide our clients with many other business services. Our clients have the advantage of having a trusted certified bookkeeper who knows their overall financial condition.

If you believe that an bookkeeping firm should do more than just QuickBooks, then you've come to the right place. At Kathryn C. Tiffany LLC, we offer a variety of services for businesses so that they can operate much more efficiently, as well as cost effectively.

Our bookkeeping, and accounting services include the following:

Accounting -- Regardless of whether you need monthly or annual accounting support, we will work with you in order to ensure that your needs are being met. At Kathryn C. Tiffany LLC, we provide accurate and timely financial reporting and advice for you and your business, as well as accounting software (QuickBooks) training and support services. We will even provide you with ways to customize QuickBooks software in order to fit the specific needs of your company.

Bookkeeping -- While bookkeeping can be critical, it is also a time consuming task -- and one for which most business owners just simply don't have the time to devote. Our bookkeeping services include financial statement preparation, reconciliation, and more. Outsourcing your business's bookkeeping can make good financial sense, as it can reduce your overhead expenses, as well as the demands on your own personal time.

Payroll -- Payroll can be yet another time-consuming task for a business owner -- and one in which outsourcing can also make a great deal of sense. Doing so can be beneficial from a time and a cost perspective. This is because there is no need to maintain your own payroll system, or even a specialized individual to handle this task. In addition, because payroll laws are always changing, remaining in compliance can often become a challenge when businesses maintain this role on their own.

Partnering with a firm that can provide you with a variety of reliable services can help your company and allow you to concentrate on running and growing your business. 

For more information on how Kathryn C. Tiffany LLC can work with your business, contact us.

Let's Talk About Simplifying Your Bookkeeping

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
Certified QuickBooks ProAdvisor
Bonded and Insured
Telephone: (856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany 

1099-MISC Reporting Requirements: Avoid Penalties

In 2011, the IRS enacted a new type of 1099 reporting form called a 1099-K for certain types of electronic payments.  The 1099-K is issued by third party payment processing companies such as credit/debit card processors, PayPal, etc. for payments to vendors and contractors. 

What does this mean to companies issuing 1099’s?

1099-MISC forms issued should include only payments made by cash, check, wire transfer, electronic check, ACH, online bill pay (bank to bank only), or direct deposit.  If your company made any payments to vendors using credit cards, debit cards, gift cards, or any other third-party payment network (such as PayPal) – those payments should NOT be included on 1099-MISC forms because the processing  companies are responsible for reporting those payments.   

What does this mean to companies issuing 1099-MISC?

Companies issuing 1099-MISC forms should confirm that only those payments made with the payment types mentioned above are reported on their 1099-MISC to the vendors.  For example, if the company paid a 1099 vendor $1,000 in 2015 and $400 of that was paid by credit card, then only $600 is reported on their 1099-MISC.  The additional $400 paid with the credit card is reported to the vendor on the 1099-K by the credit card processing company. 

Why should the payee care?

This reporting is mandated by the IRS and there are penalties to the Payor company for failure to report and incorrect reporting.  In the example above, the vendor’s 1099-MISC would be incorrect if the payor reported the entire $1,000 because the credit card company will be issuing a 1099-K for the portion it paid the vendor. 

How does QuickBooks help with reporting the correct 1099 information?

QuickBooks 2012 to 2016 automatically excludes from Form 1099-MISC any bill payments made using the credit card payment methods.  In addition, QuickBooks also recognizes and excludes from  the 1099-MISC any check payment containing one of the following notations in the check number field (limited to 8 characters):  Debit, Debitcar, DBT, DBT card, DCard, Visa, Masterc, MC, MCard, Chase, Discover, Diners, PayPal.  QuickBooks 2012 to 2016 also has a built in 1099 Wizard.

If you have QuickBooks 2009, 2010, or 2011, you have three options:

If you only have a few vendors that you paid with debit, credit or third party payers, you can manually search for and exclude the non-reportable payments.
If you have a lot of 1099 vendors you can purchase the downloadable QuickBooks 1099 Assistant App for $.99 to help you exclude the payments.  Or…
Upgrade your QuickBooks and take advantage of the updated 1099 Wizard. 

Where can I learn more?

Visit www.irs.gov and search for Treasury Decision 9496, 1099 for 2015.

You can also search within the Help of QuickBooks programs for Form 1099-MISC.

Association Bookkeeping: Condos & HOA Community Assoc Accounting

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

Forensic Bookkeeping - QuickBooks Accounting

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

Franchise Bookkeeping Services: QuickBooks Accounting

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

◢ Construction/Contractor Bookkeeping: QuickBooks Accounting ◣

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.

Medical Bookkeeping & QuickBooks Accounting Services

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

Food and Beverage Bookkeeping: QuickBooks Accounting

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

★ Nonprofit Bookkeeping - QuickBooks Accounting - Business Services

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 . . ..

QuickBooks 2014 isn't compatible with Windows 10!

Will The Cloud Kill Intuit?

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

QuickBooks: Credit Vendor With Open Invoices

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.

QuickBooks Accounting and Bookkeeping

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.

“Hassle Free” QuickBooks Setup

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