How Professional Tax Software Can Benefit Even The Smallest Business

Professional tax software can be a powerful tool for many businesses and organizations. Since it can be challenging to navigate the murky world of taxes on one’s own, it’s important to have the resources to quickly and efficiently process tax information. The following guide explores how professional tax software can benefit even the smallest business.

Taxes can be a challenging requirement of everyday life. While taxes pay for roads, schools and other infrastructure, it can be challenging to pay a significant amount of one’s business income towards taxes.

In addition, it can be challenging to understand how tax regulations evolve over time. Since the government amends the tax code on an annual basis, it can be difficult to understand how new deductions and taxes loopholes can impact a business’s bottom line.

It’s also important to understand the expenses associated with a professional accountant. While an accountant can be a good choice for a larger business, it may not be practical for all smaller businesses and organizations. In many cases, a professional certified public accountant (CPA) can cost thousands of dollars a month in payroll. This may not be a cost that all businesses can afford.

In many cases, smaller businesses will hire budget accountants to manage their finances. While a part-time accountant is a lot cheaper than other options, they do have several significant disadvantages. In many cases, a part-time accountant doesn’t have the same training or experience as a full-time accountant. In addition, he or she may not know enough information about a business to make intelligent decisions. This may cause a business to pay higher tax rates than is necessary.

Deductions can also be a tricky issue for many businesses and organizations. The 2011 tax code contains over 832,083 words. This is longer than almost all books. Since one person can’t read this much information or his or her own, it may not be possible for a single individual to have a comprehensive understanding of the global tax code.

In addition, deductions have to be approved every year by the government. Since deductions usually expire after a certain amount of time, deductions that were valid one year may not be valid the next year. This can make it tricky to understand how deductions change and can make it difficult for businesses to maximize their potential deductions.

With professional tax software, it’s possible to quickly and easily manage the financial needs of a company. Since professional tax software is updated on an annual basis, there is no need to worry about missing deduction or unpaid taxes.

In addition, professional tax software comes with built-in auditing tools. Since it can be challenging to audit financial information on one’s own, it’s important to have tools that can do this automatically. By auditing tax information before it’s submitted, it’s possible to reduce the risk of an IRS audit in the future.

It’s also important to understand how professional tax software can help a business save money. In addition to reducing the risk of an audit, professional tax software can help a business save money on payroll. By avoiding additional payroll costs associated with an accountant, it’s possible for businesses and organizations of all sizes to save money.

About the Author: Tim Thomas has had 10 years of experience in tax accounting with TaxWorks. He could tell you that the industry has evolved and there are now things to help with efficiency, such as small business tax software. No matter how you prepare your personal taxes, as a business it is a good idea to have the best possible tax software in order to be as efficient and accurate as possible.

How to Transition Your Business to the "Cloud"

Unless you are a super tech savvy business owner, the term “The Cloud” can seem foreign and intimidating. When it’s suggested to transition your business to The Cloud it can become even more confusing and difficult to understand. So to transition your business to The Cloud, we must first understand what the cloud is and what it can do to benefit your business.

What is the Cloud?

The Cloud is a term for the part of technology that insures that information we send over the web is correctly routed to the proper destination. The cloud of today was created over time due to a need for storage, databases and software. Before the cloud, information was saved to floppy disks and then taken to its recipient. However, that was not economical for businesses so servers were created. These server networks were able to share information easily throughout offices but presented a problem if information was needed to be shared with sister offices that were not on the same office server. To solve this problem, wide area networks were created. These networks run through lines (now internet lines) provided by cable and phone services. When information would be sent out through these wide area networks, many people didn’t understand where the information went, appearing as though information was sent into the sky and somehow ended up in the right spot. It was this thought process that developed the name “the Cloud.” So the beginnings of the Cloud essentially insured information sent ended up in the intended destination.

As time progressed, businesses housed servers and databases that assisted the cloud in sharing information. The idea to have databases and servers that connect directly to the cloud soon were developed, thus creating economical computer solutions for business owners.

Companies were created to house databases and servers that allowed direct storage within the cloud. This eliminates the need for individual businesses to have servers and databases within the offices. Soon other companies were created that had software on their servers and provided a service of software on the Cloud. Service as a Software (SAAS) allows companies to access software on the cloud instead of installing software on every computer within the business. This also eliminates the need for updating every single computer within the company, as the SAAS company updates the software without hassle to business owners. One software application the many businesses are familiar with is accounting programs such as QuickBooks. By using the QuickBooks program on the Cloud, it allows businesses QuickBooks remote access to finances at anytime and anywhere there is an internet connection. It also eliminates the need for constant, time consuming updates.

Transitioning your Business

Now that you have a better understanding of what the cloud is and how it can assist businesses, let’s talk transitioning.

Depending on your business, transitioning to the cloud can be an exciting innovation or met with distain. If you are a company that embraces in technology, transitioning to the cloud will be easy and fun. If you are a company that has used the same programs for years, you may be met with some opposition from employees. The best way to transition employees to a new system is to host educational conferences with information and training on the new way to share data and access software within the company. Many may doubt crossing over to the cloud but it easily places all business needs in a simple, one stop format. The cloud offers amazing opportunities for applications and the use of those applications from anywhere. Whether from a phone, desktop, laptop or tablet, your employees will be able to access all they’d need to sustain your companies work model. Once employees are aware of how much simpler work tasks will be by using the cloud, they often times embrace the cloud and never look back.

Another part of business transition to the cloud is excess servers and hardware. Once you’ve moved to the cloud, offices now have no need for the computer servers and hardware they once used. While transitioning, look into recycling or donation programs for your unused hardware and servers.

Lastly, hire a professional (often times the company providing your cloud services has someone) to help cross over and integrate your business’s existing systems to the cloud. This will save time and hassle and start you on your way to Cloud business practices.

The Result of a Transition to the Cloud

Businesses that transition to the Cloud experience increased efficiency in sharing information and using software systems. A perfect example is the remote access QuickBooks provides over the cloud. It results in access from any computer within the company to assist in accounting effectiveness. Businesses that transition also experience lower operating costs and ease of information sharing between employees and customers.

Levion is an integration for QuickBooks for Windows that allows remote access to QuickBooks. Levion allows the user access from any device with an internet browser. Levion joins your existing QuickBooks functionality with the mobility and availability that QuickBooks remote access login allows. Levion is not a QuickBooks app—it is QuickBooks re-imagined.

Author Bio: James has provided guidance for many years to entrepreneurs and has become very educated with Quickbooks remote access. Levion is a particular company that allows the users access from any device with an internet browser. Levion helps you work alongside your existing QuickBooks.

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The Right & Wrong of “Chilimba Investment Schemes”

All of us need Money from time to time. After all, Money is much a part our life. We need to raise Money to Finance our education, finance our business plans and meet daily needs.

But when it comes to investing money, there is the right and wrong way to invest. Am not here to tell you where to invest your money, but show you the right and wrong way of investing your money.

Several reports in Zambia indicate that an increasing number of people have little or no access to finance. The informal financial sector is more popular than the formal sector for several reasons including flexibility and speed with which services are provided. It is quick and easy to get financing sources on the streets of Lusaka than at any commercial Bank. To me, this is a potential risk and to some extent a manifestation of how banks are loosing out on business. Unfortunately it comes with a cost.

There are a variety of arrangements rooted in the social fabric of the society, through which Zambians gain access to capital. The most popular grassroots-based savings and credit scheme is Chilimba.

Chilimba is a self-help way of assisting those who are unable to raise the money required to finance a business or buying house hold items.

In practice, Chilimba means “lending another person the whole or part of your money for a period (for example, one month) and receive it back, together with the other person’s equal and reciprocal contribution, the following month.”

Initially, Chilimba did not involve any written down rules but recently the town has seen the most organised forms of schemes, commonly known as Chilimba with some allegedly fronting names of named personalities as sponsors. The perception I hold about this boom in informal lending arrangements is that it shows how Banks in Zambia have lamentably failed to provide financial products to meet the saving culture of Zambians.

The idea of making quick money with very little effort sounds interesting. Unfortunately such ideas costed many people world wide their hard earned cash. Wait! Don’t get me wrong am not saying the credit saving schemes currently on the market will cost you your money. I just don’t accent to any “get rich quick ideas.”

Let me now substantiate my views beginning with why I see formally organised Chilimba investment schemes as a risk. The concept behind most of the investment schemes is very simple, but it is often presented to potential investors in a slightly altered form. For this reason, it is not only important to understand how these schemes work, but also be familiar with the concept these schemes use. Find out for your self what a pyramid scheme is before we get to the next point.

While trying to find answers to some patent questions a colleague of mine rose on this matter, I stumbled upon a report on a study into non formal social schemes in Zambia published in the journal of social development in Africa Vol 17 No 2. I must be quick to admit that this report made very good reading.


The report suggests that “although the Chilimba is useful, however it does not constitute a real social security scheme. Nevertheless it has the potential for being strengthened as long as it remains informal or semi-informal.” The report further warns that, “the formalisation of the Chilimba scheme into, for example a non governmental organisation presents a possible danger of creating cleavages, ultimately leading to its collapse.”

Further, experts argue that the major problem is that a pyramid type of  scheme cannot go on forever because there is a finite number of people who can join the scheme (even if the whole country was to join). “The problem lies in the fact that it is impossible for the cycle to sustain itself, so some people may loose their money somewhere down the line” Those who may be most venerable are those towards the bottom of the cycle where it may become practically impossible to recruit the number or people required to pay off the previous layers of recruiters.

I know by now different thoughts may be going through your mind but before you make a wrong conclusion, consider doing the following things.

1.       Find out about the company behind any Chilimba investment scheme before you finally decide to invest into it.

2.       Learn about the product, carry out your own research, and find out from friends and relatives. I have always said it and I will say it again. The best way to improve any skill is to consult an expert on the subject and then apply the advice he gives. Seek advice.

3.       Most importantly, ask questions. Don’t jump to conclusions based on what people say , you might miss out on a better investment opportunity. Ask the managers how sustainable the chilimba scheme is before jumping on board.

If you found this article helpful please consider leaving your comment. I value your contributions.

What Accountancy Students Must Know

If you are not in an accountancy job or have an accountancy qualification you probably don’t know much about the accountancy profession. However if you are a student interested in gaining an insight into this profession, this article will give you the introduction to accountancy.

Accountancy is one of the oldest established professions. Employer’s world over look for accountancy qualifications for a huge range of jobs, so career prospects are excellent. Yes you heard me right! Just check your daily tabloid; you would agree with me that there are many graduate jobs in accountancy almost on daily basis. I would proudly say that there is probably no better entry to high paying jobs in business than spending a few years in a school of accountancy.

Accountancy is one of the most flexible professions I know. You can study accountancy at any age in your career and still make it to the top and you do not necessarily need a strong academic background to get accountancy qualification.

You can study accountancy flexibly at almost every level of your accountancy profession. So whether you take a career break or work full time you can still continue studying and complete your accountancy qualification.

The changing roles of accountants and the misinformation and lack of accurate information about what accounting is and what accountants do contribute to the inaccurate and often negative perceptions people have of accountancy and accountants. You should bear in mind that there are different specialism in accountancy there are different areas of accountancy and professional bodies. My simple advice is to first decide which area of accountancy you wish to go for at an early stage.

Research through the following professional bodies websites and find out what they do, look carefully at their syllabus, their entry requirements, membership and examination fees. This will help you decide where your own career interests can be served.

Institute of Chartered Accountants in Ireland (ICAI) established accountancy body and voice of accountancy profession in Ireland.

Institute of Chartered Accountants in England and Wales (ICAEW) provides insight to the global accountancy and finance profession.

Association of Chartered Certified Accountants (ACCA) is another global body for professional accountants.

Chartered Institute of Management Accountants (CIMA) is a professional body of management accountants.

The Chartered Institute of public Finance and Accountancy (CIPFA) is a leading accountancy body for the public services.

The Association of International Accountants (AIA) An international accountancy and accountancy examining body in the UK

Lately, most international students became certified accountants rather than chartered accountants, the reason is simple the body that administers the certified qualification, the association of chartered certified accountants ACCA, is the biggest professional body operating internationally with examination centers in 140 countries. This coverage makes the ACCA qualification very accessible to international students but the situation slowly changing.

Here are the three things you must do correctly before you choose the right accountancy program.

1.       Think about the sort of accountant you want to be.

2.       Consider the various routes to qualification. You can do a degree in accounting and finance that would give you exemptions from some parts of the professional examinations.

3.       Look thoroughly through the materials on the professional accountancy bodies websites.

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Top Secret of Total Asset Management Control

The world over, very few asset managers are more concerned with proper asset management practices or finding the right asset management tools to track fixed assets for the purposes of financial accounting. 

In any given business or organization only two asset management extremes can be attained, and these are proper asset management practices and poor asset management practices.  But like a hunter, you have to learn how to hunt and never leave it to probability in order to make a good kill.

Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. 

Yet, many entities fail to realize the factor that is critical to proper fixed asset management in any business. “the practice of managing the whole life cycle of assets”

May this article help you understand the disadvantage of using a spreadsheet for asset control? Indeed, the very fact that you are reading this article suggests that you want to get off your spreadsheets or out of an out dated asset management software to make your life of fixed asset accounting enjoyable.

Firstly, spreadsheets lack audit trials and asset history tracking, secondly, your spreadsheet has no robust reporting unless you are a genius in spreadsheet manipulation.

Thirdly, you can not attach any other information on your fixed assets and most importantly, is the failure to integrate with other fixed asset solutions such as handheld computers.

Asset management software is the fastest way to manage fixed assets. Asset management software intergrates best asset tracking practices. Today, fixed asset managers in leading organizations depend on asset software to track everything from laptops and computer equipment to furniture and vehicles.

Online Education in Zambia- Courses ,Colleges and Universities

Nowadays, to get access to education, you don’t have to spend several years in college and million of Kwachas on tuition fees. ALISON provides free online learning to users in Zambia. It is usually worrying and sometimes interesting to listen to the counts of desperate situations of “failures” in accounting field.

It would appear like there is a just cause to fail to pursue accounting courses.
There are normally “good” reasons or justifications for not pursuing any accounting course just like there are very good reasons to pursue any other course.

A person who was freezing or feeling very cold throughout the night would blame the bad weather for the cold, little will there be blame on not having enough blanket cover for the very long night.

In case of student’s failure to pursue accounting courses, blame is likely to be pushed on lack of universities offering online accounting courses in their area, difficult subjects such as auditing, cost accounting included in accounting courses

Rarely will there be blame on lack of self commitment to studies, interest in accounting and lack of good course study materials.

Accounting is a vibrant and rapidly expanding field. Many students now pursue accounting courses online in colleges and universities. There are many open universities such as The Zambian Open University (ZAOU) located in the suburb of Villa Elizabetha offering online courses that allow students to learn during their spare time and at their own pace.The benefits of studying by distance learning in Zambia are many and varied. The opportunity to work alongside studies, the flexibility to fit studies around other activities and more.

Generally, accounting courses give students an understanding of the real world of business and help develop analytical and problem solving skills required to manage business operations.

If you are looking to start a career in business, accounting is the right field for you. There are many free online courses for non accountants. Taking this online accounting course will help you begin to develop knowledge and skills necessary to become a successful accountant.