I. QuickBooks Overview

QuickBooks is an accounting software package that simplifies and automates various financial tasks for businesses. It was first released in 1983 and has since evolved into a robust suite of services catering to different needs. QuickBooks comes in various editions, including QuickBooks Online, QuickBooks Desktop, QuickBooks Self-Employed, and QuickBooks Enterprise. Each edition caters to specific business types and sizes.

II. QuickBooks Services

QuickBooks offers a wide range of services tailored to different aspects of financial management. These services include:

• Bookkeeping: QuickBooks helps businesses maintain accurate and up-to-date financial records. Users can easily record income and expenses, reconcile bank transactions, and generate financial statements like balance sheets and income statements.
• Invoicing and Payment Processing: QuickBooks enables users to create professional invoices and send them to clients. It also provides a platform for clients to make payments electronically, reducing the hassle of manual checks and cash transactions.
• Payroll Management: QuickBooks Payroll simplifies the payroll process by calculating and processing employee salaries, taxes, and deductions. It also handles year-end tax forms and compliance.
• Expense Tracking: Tracking expenses is crucial for financial management. QuickBooks allows businesses to categorize and record expenses, making it easier to monitor cash flow.
• Financial Reporting: QuickBooks provides a variety of customizable reports that offer insights into a business’s financial health. These reports can help business owners make informed decisions.
• Inventory Management: For businesses that deal with inventory, QuickBooks offers tools to manage stock levels, track sales, and reorder products when necessary.
• Third-party Integrations: QuickBooks can be integrated with other software and services, such as payment processors, CRM systems, and e-commerce platforms, to streamline operations further.

III. Benefits of QuickBooks Services

Using QuickBooks services can bring numerous benefits to businesses:

• Time Savings: QuickBooks automates many financial tasks, saving businesses significant time and reducing manual data entry.
• Accuracy: Automation reduces the risk of human error, ensuring that financial records are accurate.
• Cost-Efficiency: QuickBooks eliminates the need for hiring full-time accountants, reducing labor costs.
• Accessibility: QuickBooks Online allows users to access their financial data from anywhere with an internet connection, making it convenient for remote work and business travel.
• Data Security: QuickBooks employs robust security measures to protect financial data, including encryption and multi-factor authentication.
• Scalability: QuickBooks can grow with your business. As your company expands, you can upgrade to more advanced versions to accommodate increased needs.
• Financial Insights: QuickBooks’ reporting capabilities provide valuable insights into a business’s financial performance, helping with strategic decision-making.

IV. QuickBooks Editions

QuickBooks offers several editions to cater to different business types and sizes:

• QuickBooks Online: This cloud-based edition is suitable for small to medium-sized businesses and offers accessibility from any device with an internet connection. It includes features like invoicing, expense tracking, and basic reporting.
• QuickBooks Desktop: This edition is ideal for larger businesses or those that prefer on-premises software. It offers advanced features like inventory tracking and more robust reporting.
• QuickBooks Self-Employed: Designed for freelancers and sole proprietors, this edition helps track income and expenses, estimate taxes, and simplify tax filing.
• QuickBooks Enterprise: Geared toward larger businesses with complex accounting needs, this edition provides advanced features such as advanced inventory management, customized reporting, and advanced user permissions.

V. QuickBooks Services in Detail

Let’s explore some of the core services offered by QuickBooks in greater detail:

Bookkeeping:

• Income and Expense Tracking: QuickBooks allows businesses to categorize income and expenses. Users can link their bank accounts and credit cards for automatic transaction downloads, reducing manual data entry.
• Reconciliation: The software facilitates the reconciliation of bank and credit card statements, ensuring that financial records match actual bank statements.
• Financial Statements: Users can generate financial statements like profit and loss (P&L) and balance sheets with a few clicks.
• Customization: QuickBooks offers customization options to tailor your chart of accounts to your specific business needs.

Invoicing and Payment Processing:

• Professional Invoices: QuickBooks provides templates for professional-looking invoices that can be customized with a company logo and branding.
• Automatic Reminders: Users can set up automatic invoice reminders to encourage prompt payments from clients.
• Online Payments: QuickBooks allows clients to pay invoices online through various payment methods, improving cash flow.

Payroll Management:

• Employee Data Management: Users can maintain employee records, including contact information, salary details, and tax information.
• Payroll Processing: QuickBooks calculates employee salaries, taxes, and deductions automatically. Users can set up direct deposit for employees.
• Tax Compliance: The software handles federal and state payroll tax calculations and helps with year-end tax form preparation.

Expense Tracking:

• Receipt Capture: Users can snap photos of receipts using the QuickBooks mobile app, which automatically categorizes and stores them for future reference.
• Mileage Tracking: QuickBooks can track mileage for business trips, making it easy to claim mileage deductions during tax season.
• Expense Reports: Businesses can generate detailed expense reports to monitor spending and identify cost-saving opportunities.

Financial Reporting:

• Custom Reports: QuickBooks offers customizable reports that can be tailored to specific business needs, providing insights into financial performance.
• Budgeting: Users can set up budgets and compare actual financial data to budgeted amounts to track performance against financial goals.
• Cash Flow Forecasting: The software can generate cash flow forecasts to help businesses plan for future expenses and revenue.

Inventory Management:

• Inventory Tracking: QuickBooks tracks inventory levels in real-time, helping businesses avoid stockouts and overstock situations.
• Purchase Orders: Users can create purchase orders directly within QuickBooks to streamline the procurement process.
• Sales Orders: The software allows businesses to create and manage sales orders, ensuring accurate order fulfillment.

Third-party Integrations:

• Payment Processing: QuickBooks integrates with popular payment processors like PayPal, Square, and Stripe, allowing businesses to accept online payments seamlessly.
• E-commerce Platforms: Integration with e-commerce platforms like Shopify and WooCommerce enables businesses to synchronize sales data.
• Customer Relationship Management (CRM): QuickBooks can integrate with CRM software like Salesforce, improving customer data management and communication.

Conclusion

QuickBooks services have revolutionized financial management for businesses of all sizes. Whether you’re a sole proprietor, a small startup, or a large enterprise, QuickBooks offers a suite of tools to simplify bookkeeping, invoicing, payroll, expense tracking, and more. The benefits of using QuickBooks include time savings, accuracy, cost-efficiency, accessibility, and valuable financial insights.

Moreover, QuickBooks comes in different editions to cater to specific business needs, from the cloud-based QuickBooks Online to the robust QuickBooks Enterprise. Each edition offers a range of services that can be tailored to suit your business’s unique requirements.

In today’s competitive business landscape, having efficient financial management is a critical success factor. QuickBooks services provide the tools and support needed to stay organized, make informed financial decisions, and ultimately achieve business growth and prosperity.

The post Are QuickBooks Services Really Worth the Hype? appeared first on Blue River Tax Services.

They are knowledgeable:

The primary reason for partnering with best Accounting firms in Sacramento is the immense pool of knowledge and expertise they possess. The professionals understand what their duties comprise of and have experience of handling accounts of firms of all size. They understand that the target of a firm is to earn revenue and ensure that the financial planning is in accordance to sort the purpose.

They are reliable:

While subscribing for Accounting and Tax Services, the first concern is to hire a name that can be trusted. Being a critical department, which is prone to frauds, it is better to hire one of the Top Accounting firms in California, as they are reputed and reliable. With an established company, you can have the sense of security for your finances.

They have an eagle eye:

Auditing accounts books and scrutinizing the frauds and wrongdoing is a critical job. With years of experience and eyes for details, the experts from Accounting firms in California can skillfully identify the wrong from the right and help businesses asses their records.

They charge fair prices:

From fair prices we mean the business enjoys services with value worth the charge. The best of the accounting firms offer packages and ensure that their clients enjoy the benefit of affordability.

All these reasons make hiring Accounting and Tax Services mandatory and recommended for all size of businesses. Blue River Tax Services is one of the Top Accounting firm in California offering taxation and accounting services to businesses. We have a record of providing expert consulting for better and organized finance and accounting departments. We offer all types of bookkeeping services in California areas.

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Good with numbers? Like math? Then a career in accounting may be just the thing for you.

Unlike becoming a lawyer or a doctor, you don’t have to earn an advanced degree to get a job as an accountant. Instead, you can go to work in the field with an undergraduate degree in accounting.

Median salaries for young accounting grads start in the mid-$50,000’s.

And there’s room to grow from there. The median wage for accountants stood at $69,350 in 2017, with the top 10% made more than $122,000, the Federal Bureau of Labor Statistics reports.

To get to those higher pay levels, some accountants go on to earn the field’s prize designation, the CPA, which stands for certified public accountant.

Earning your CPA isn’t easy. It’s a three-step process.

1. Coursework: Each state has its own licensing process, though – on average it requires 150 semester hours, typically as an undergraduate, or with a master’s degree in accounting, according to the American Institute of CPAs.
2. Experience in the field: Some states require CPA candidates to also work for one or two years under a CPA before taking the licensing exam.
3. Licensing exam: The test, which is the same everywhere, is made up of four parts: auditing and attestation; business environment and concepts; financial accounting; and reporting and regulation. To pass, you must get at least a 75 on a 99-point scale.

Hot accounting jobs and what they pay

When most people think of accounting, big number crunching firms like PWC probably come to mind.

But the beauty of becoming an accountant is that it opens the doors to many jobs in a broad array of fields, from government to investment funds to oil and gas. And for those who continue on and earn their CPA, the career opportunities – as well as the chance to make more money – broaden further.

While hiring by accounting firms is up, financial services firms and health care organizations are also on the hunt for people with accounting backgrounds. CPAs are highly valued by firms in many fields, according to executive search firm Robert Half.

A medical billing manager or supervisor for a hospital or health care company can earn anywhere from $57,250 to $84,250.

Some hot positions, according to Robert Half, include:

• Business analyst: Makes anywhere from $54,750 up to $69,000 in her first year, rising to over $134,000 for experienced managers.
• Financial analyst: Earns up to $66,000 in her first year, with the potential to earn more than $144,000 if she can work her way up to manager, Robert Half reports.
• Compliance analyst: Anywhere from $74,000 to $96,000 in her first year, with the potential to take home as much as $261,000 by working her way up to compliance chief.

Other jobs you will need a CPA for, such as chief financial officer at a large company with $500 million and up in revenue. CFOs there can earn anywhere from $ 313,750 to $ 503,000, according to Robert Half.

A treasurer can earn up to $490,000 and a director of accounting can pull down more than $225,000.

Keep these cities and states in mind

If you want to make top dollar as an accountant or, better yet, a CPA, you should consider some of these cities, where accountants earn the most.

1. San Rafael, Calif.: Leads the country with a median accounting wage of $106,050.
2. New York: Not only does the Big Apple have one of the densest populations of people with accounting or CPA backgrounds, but their pay is second in the country, weighing in at $101,520.
3. San Jose: In the heart of the Silicon Valley ($97,910), demand by tech companies is keeping pay high.
4. Fairbanks, AK.: $94,680
5. Washington, D.C.: Thanks in part to all those federal agencies, the median accounting salary in D.C. is $93,900.

New York ($95,340) tops the state list, followed by New Jersey ($91,400), Virginia ($84,740) and California ($83,540).

Best-paying industries for accountants and CPAs

Pipeline developers and operators pay the highest salaries for accountants and CPAs, with a median wage of $98,400. That’s followed by the federal executive branch ($98,300), and investment, commodity and stock brokerage firms ($94,570).

Adding it all up

Along with decent pay, here’s another reason why a career as an accountant or a CPA makes sense: It is a growing field. There are currently 1.2 million accountants, auditors and CPAs across the country, according to the Federal Bureau of Labor Statistics. And that number is expected to grow by 10% by 2026, with the field poised to add another $140,300.

There are certainly other high-paying jobs out there, so it’s worth looking at all your options. But don’t discount accounting.

Forget those stereotypes about pallid number crunchers toiling away in cramped cubicles. Earning an accounting degree or a CPA will not only put you in position to snag a well-paying job, it can also open up a broad array of interesting careers as well.

Original article published at TheStreet.com.

The post How Much Do Accountants and CPAs Make? appeared first on Blue River Tax Services.

This third quarter update to the 2017-2018 plan that the IRS issued late Wednesday reflects 13 additional projects, along with information about guidance the IRS has already published during the period from Oct. 13, 2017 through March 31, 2018.

In its initial implementation of the Tax Cuts and Jobs Act, the IRS plans to provide guidance in areas such as the business credit for wages paid to qualifying employees during family and medical leave, along with guidance on reportable policy sales of life insurance contracts.

The IRS also plans to release guidance on the new Section 199A, the deduction of qualified business income of pass-through entities, a murky area of the tax reform law where many practitioners have been demanding guidance. The IRS said in the priority plan it would be issuing “computational, definitional, and anti-avoidance guidance” on Section 199A. The IRS also plans to issue guidance on adopting new small business accounting method changes in its initial implementation of the TCJA. It will also be providing guidance on computation of unrelated business taxable income for separate trades or businesses, as well as changes to electing small business trusts, and on computation of estate and gift taxes to reflect changes in the basic exclusion amount. There will also be guidance coming out on certain issues relating to the excise tax on excess remuneration paid by “applicable tax-exempt organizations.”

The IRS has already released guidance in several areas, including opportunity zones, dispositions of certain partnership interests, withholding and optional flat rate withholding, according to the document.

Another important set of items on the Priority Guidance Plan is President Trump’s executive order withdrawing some earlier Treasury regulations and proposed regulations on matters such as estate, gift and generation-skipping taxes and the definition of a political subdivision.

Last month, the IRS asked the public for input on other items that should be added to the Priority Guidance Plan (see IRS looks for recommendations on priority guidance on new tax law). The update to the plan will identify the guidance projects that the Treasury and the IRS intend to work on as priorities from July 1, 2018, through June 30, 2019.

Staffers on Congress’s Joint Committee on Taxation have also been working on a so-called “Blue Book” that will provide more details on various provisions of the new tax law, along with a set of technical corrections to the tax reform law that they hope to have it in legislative form by the end of the year (see Congressional staff aims to finish technical corrections to tax reform bill). The prospects for passing another tax law anytime soon in Congress are far from certain, although some lawmakers hope to introduce legislation extending the individual tax cuts beyond 2025.

Original article published at AccountingToday.

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