Cloud Accounting Archives - Red Bench Financial

One Month Free Online Bookkeeping: Don’t miss this summer special!

ENews Staff — Wed, 10 Jul 2019 20:11:16 +0000

As a small business owner, you might be a born entrepreneur, but you’re less likely to be a born accountant. so it’s possible that you’ll find bookkeeping a tedious distraction, especially when your focus lies with building your brand and growing your business.

Small businesses all over the world are turning to online bookkeeping services to keep on top of their accounting, payroll, on-boarding and tax processes.

Red Bench offers all of these services and more, all at your fingertips. Using Xero, our clients get to see where their money is – on the go. Create bids or invoices, or even take ACH payments on invoices right there on the jobsite, using your phone. We modernize the way bookkeeping is done.

From now until September 1st, 2019, Red Bench Financial is offering your first month of online bookkeeping at the In-Business level for FREE! (after the one-time set-up fees). This can be a savings up to $350!

Simply submit the form here – and we’ll get the process going to get you all set up to do your bookkeeping on the go!

The post One Month Free Online Bookkeeping: Don’t miss this summer special! appeared first on Red Bench Financial.

What are the tasks done by bookkeeping services and their advantages?

ENews Staff — Fri, 03 May 2019 09:55:42 +0000

Role of bookkeeper in a company is indefinable. Whether it is recording entry on the books of accounts, calculating taxes or preparing bills, the bookkeeper does it all in a few minutes.

There are endless benefits by picking the best bookkeeping services if you have a small business. Bookkeeping firms offer many accounting software solutions at reasonable rates. These solutions can handle all the accounting and taxation work effectively without delay. Besides that, these tools pay bills on the due date and do checks on every bill paid. Further, you can manage HR tasks such as making payroll, calculating bonuses and incentives, calculation of provident fund and others. The tools provided by bookkeeping firms are capable to complete all the tasks of the firm in no time and with accuracy and perfection.

Advantages of bookkeeping services for contractors

Small business owners especially contractors can get many of their tasks done with the help of accounting software. Let us discuss the tasks of small firms performed by accounting software.

Simple to use tools

One of the major benefits of choosing the best online accounting service is that you can get well versed with the latest accounting tools. Online accounting firms provide a wide range of robust tools which can manage all the tasks of a company. All you need to do is to sign up for an account. Apart from that, these tools come with instruction manuals for easy handling. Today, the accounting software comes with a dashboard to view all the activities of the business in an easy way. It contains features such as a menu, connect accounts, and add data and much more.

Perfection in accounting work

Bookkeeping firms choose the professional team of accountants to handle your accounts department. These accountants have experience of several years in accounts and taxation areas. They calculate the tax correctly without a single chance of errors. Further, they see to it that every entry is done in the books of accounts to save the company from paying penalties and fines. By paying the tax regularly, the skilled team of accountants tries to bring as much income as possible for the development of the small business.

Feature of the bank reconciliation

Using the best bookkeeping software for contractors gives the benefit of bank reconciliation. It helps in the automatic import of credit card and bank transactions. Moreover, you can know the correct bank balance with the help of these latest tools. They can easily be linked to your bank accounts for bank updates. The tools reconcile all the transactions without categorizing them. You can know where your funds are going exactly and how much your business earns weekly, monthly and yearly.

Feature of invoicing

For a contractor, it becomes really tough to make bills for several parties and send them to all in a limited time. With the help of best invoicing and accounting software, the contractors can now make bills quickly. Further, they can schedule the system to send invoices and bills to all the parties. Besides that, these accounting tools also send reminders to the debtors for making payments. You can get all your bills payable and bills receivable cleared with the help of these accounting tools. Apart from that, these tools also give the facility to your customers to pay online.

Track inventory

Inventory forms an integral part of any company. Contractors have to order many raw materials such as cement, bricks, wood and other materials needed for construction. Accounting software helps the contractors and sub-contractors to handle their inventory in an effective manner. They can track items and know how much stock is actually available in the company. Apart from that, the contractors can also know which items are sold more and which add to the profits of the company. They can also create email purchase orders with accounting software. They also come with integrations for advanced inventory management requirements.

Important points to consider before choosing the best bookkeeping software for Mac

Simple installation

One of the most important features you must see the easy setup and installation procedure. You can choose cloud software which does not need installations of downloads. All you have to do is to login online when you want to use it. These accounting tools are upgraded regularly from time to time.

Good design

Beautiful design is the most important sign in the best bookkeeping software for Mac. You must get the features and add- ons easily on this software. Apart from that, the simple user interface helps even the unskilled employees to handle these accounting tools.

Teamwork

While choosing the best software for Mac, you must look from the company’s point of view. You must see whether the software can be easily handled by your team. Apart from that, you should also see whether the software allows having more than 1 user. These points are necessary to see while selecting the bookkeeping software. Accounting software must be such that you can conveniently work with each other one several projects of the company. This will lead to more innovation in a small company.

Integrations

Being a small business owner, you must choose the accounting tools which can be integrated with other tools of the business. You can then manage all the tasks of different departments from a single place. For example, you can use the best invoicing software along with these accounting tools for the generation of bills and invoices. Apart from that, you can also transact in various currencies using common accounting software. It should also prepare salary sheets to count the tax on the salary.

Conclusion

If you are a small business owner, contractor or sub-contractor, contact us for the best bookkeeping software for Mac at affordable prices. We provide different pricing models from which you can choose the most ideal one for your small business. We will give you the right advice to choose the best accounting and bookkeeping tools.

The post What are the tasks done by bookkeeping services and their advantages? appeared first on Red Bench Financial.

Benefits of cloud accounting for small and large organizations

ENews Staff — Tue, 30 Apr 2019 08:52:58 +0000

Benefits of cloud accounting for small and large organizations

Development of technology has made the workflow easier than before in each company. Whether it is the preparation of cash flow statement of bills, small and large business owners have got an array of latest cloud-based tools for handling accounts.

Let us first discuss what is cloud accounting? It is the management of accounting tasks with the help of an automated system. There are many accounting tools introduced these days to do various activities in accounting. With the help of the cloud-based tool, you can prepare financial statements, make bills, prepare salary slips and sheets, manage HR tasks and so much more. These cloud-based systems and tools work on themselves without the need of individuals. Apart from that, one does not need expertise and experience to handle these tools as unskilled employees can also operate them.

What are the advantages of cloud accounting for small firms?

A quick view of files

One of the biggest advantages of choosing cloud accounting is that you can see all the past records of your business anytime without much difficulty. On the other hand, the traditional form of accounting does not give you this benefit. In the case of manual accounting, you have to search many pages for finding the information. Cloud-based tools run quickly to provide what you want. You have to simply enter the details and they can make bills and invoices in no time.

Smooth business operations from anywhere

One can operate his business from any part of the world with the help of cloud accounting. Preparing and sending invoices, making payroll, handling tax work and other financial tasks can be managed well on cloud-based tools. Even if you are out of town for several days, cloud accounting will give you peace of mind by managing all your business operations well. Besides that, you can clear all your bills payable and receive money with the help of these latest tools.

Paperless work

Technology has minimized the paperwork in the companies. Earlier, the small and large companies used to maintain the physical documents, files, and folders for different departments. This was a time-consuming and hectic job. Apart from that, physical files and documents can be viewed by an insider or employee of the company. But with the introduction of cloud-based tools, the companies can now keep all their data in a safe manner. These tools have advanced security features to keep the data private and confidential. Cloud accounting helps in protecting the data and information from going in the wrong hands.

All-in-one solution for business

Companies’ especially small firms can get ample benefits by switching to cloud-based accounting tools. These advanced tools are secure as well as do various types of company’s work. It is simpler to prepare bills of different parties with the help of cloud invoicing software. All you need to do is to type the details of transactions such as the name of the party, rate, and quantity. The cloud-based tools will generate bills and invoices within a few minutes. Similarly, you can also send invoices and bills to your debtors by preparing bills from any place with these tools.

Efficient handling of tax work

Taxation matters always bring stress to the companies especially the small firms. It is the responsibility of the business owners to file timely returns. The accountants may not handle the tax work in an effective way and put the company in trouble. Many a time, it happens that accountants may miss recording some entries in the books of accounts. They also show personal expenses as business expenses. This misappropriation on the part of accountants can increase the tax liability. But when you have a cloud-based accounting system, this possibility does not occur at all. They do all the tax calculations correctly without making a single mistake. This will further bring more income to the company and reduce its tax liability too.

Important tips one must keep in mind before selecting Cloud-based accounting tools

Right advice

Before you decide to switch to cloud-based accounting, it is necessary to take some helpful tips from your accountants. It is because they deal with clients who use these tools in their companies. Apart from that, the advice will stop from getting misguided. You can know which tool is best for your organization and its benefits too.

Third party integrations

If you have a small firm, it is easier to choose cloud-based tools. But if you have plans to make your firm a larger one, it is better to select the cloud-based tools which handle all the tasks effectively. Apart from that, these tools should be integrated well with other tools in your firms. They must be able to make a balance sheet, P&L statements and payroll efficiently.

Prices

There are many pricing models offered by cloud accounting tools. Some tools have basic features and cost less while some others have advanced features and cost more than basic tools. You must look at your business needs and then choose the cloud-based accounting tools. If you want the basic features, check the cloud payroll pricing. These tools can prepare bills, invoices and financial statements with some reports. But, if you want advanced features and add-ons, it is better to spend some more pennies. Costlier cloud accounting tools come with features such as payment integrations, CRM and expense management tools.

Backups

Cloud-based accounting tools much provide proper data backup. They must be able to save all the information and data safely. The next important question to ask is for how many years do these tools store the data? It is better to select the tools which store the data for a long period of time. In addition to that, you should be able to download the receipts of all the transactions easily.

Conclusion

We provide the most robust cloud accounting tools at affordable prices. You can check our official website and look at cloud pricing for bookkeepers. To book our services, you can call us or fill our online contact us from. All of your accounting needs will be fulfilled at our firm.

The post Benefits of cloud accounting for small and large organizations appeared first on Red Bench Financial.

How to Choose an Invoicing Software for Your Business

ENews Staff — Mon, 08 Oct 2018 20:01:45 +0000

The Red Bench can help modernize your bookkeeping functions.

From pen and paper to digital convenience we can make it happen!

How to Choose an Invoicing Software for your Business

Let us help you make invoicing and billing a simple task with cloud based software for small business. At The Red Bench we handle all aspects of invoicing, from bulk invoicing and setting up repeated invoices, to taking online payments and invoicing from mobile devices – all to make sure you get paid fast to keep your cash flow healthy. We use all-in-one online invoicing software, bookkeeping software, and accounting software to make this task a clean process with clear results. With Xero and Quickbooks Online Invoicing Software we can keep track of balances accurately and conveniently. Find out mow about How to Choose Invoicing Software for your Business.

Online invoicing software for small business makes it easier for you to track your business’s financial health and monitor the money moving in and out of your accounts. Bookkeeping and accounting software for small business can create invoices, track expenses and generate a variety of reports that help you analyze your business’s performance from various angles. Many applications can also help you track your bills and manage your inventory or projects. How to Choose Invoicing Software for your Business, with Red Bench Financial.

Choosing inventory and accounting software for small business can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users, or other factors. Here are three items to keep in mind when selecting accounting software for your business:

Costs. Would you prefer inexpensive, basic accounting software or an application that costs more but includes extra features?
Usability. How many users need to access the software? Do you prefer a cloud-based system you can access anywhere or desktop software? Do you need it to have a mobile app?
Features. What do you need the accounting software program to do? Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll?

How much does accounting software cost?

Accounting software varies in cost, depending on the number of features included, the number of users supported and other such factors. Most accounting software companies offer cloud-based software as a service rather than software licenses, and charge a monthly subscription fee.

You can usually choose from multiple plans, with paid packages typically ranging from $10 to $40 per month, though high-end programs cost much more. If you’re willing to pay for the software annually rather than monthly, discounted rates are often available.

More expensive plans often include advanced features such as expense tracking, sales tracking, recurring invoices, automatic past-due billing, team functionalities, payroll services, advanced reporting capabilities, inventory tracking and purchase ordering. Many accounting software companies offer integrations to augment the software’s capabilities or to connect it to another business program, though often at an additional cost.

Several companies offer a free version of their accounting software, though these usually have either basic features or limit the number of users, clients or transactions. Some free accounting software providers make their money from the paid add-on services they offer. These programs are useful if your business is very small or if you want to take the software for a longer test run than the trial period allows.

What usability factors should you look for in accounting software?

To find the best accounting software for your business, carefully consider how and where you want to use it, and if anyone else will use the system. Here are some factors to consider:

Multiuser access. Most accounting software products allow you to invite other users to the system and control the data they can see and the tasks they can access. For instance, you may wish to give your business partner and accountant full access while only allowing your employees to use the system to track their time and invoice customers. Some systems allow you to invite multiple users at no additional cost; others provide accountant access but require you to subscribe to a higher pricing plan or pay extra if you want to add additional users to the system.

Multiple-business support. If you own more than one business, you may want accounting software that supports multiple small businesses under one account at no additional cost. Otherwise, you’ll pay extra to set up separate accounts for each entity.

Cloud-based software and mobile access. Most accounting software is cloud-based, so you can access your account anytime, anywhere from any computer with internet access, helping you run your business remotely, whether you’re home or on vacation.

Many also offer mobile apps to help you monitor key information and accomplish core tasks while you’re on the go. Some offer separate apps for employees that have limited features, such as time tracking and submitting expense receipts.

Mobile app capabilities vary from program to program, so if this is an important feature for you, you’ll want to ensure it has the functionality you need. You’ll also want to ensure it works on your preferred platform, as some are compatible only with iOS and others can be used with smartwatches (in addition to phones and tablets).

Which accounting software features does your small business need?

Accounting software offers many features and tools that can help you manage your finances. It should cater to your business’s needs, making it easy to accomplish routine accounting tasks. It should also help you see the big picture of how your business is performing.

Many business owners we spoke with said that ease of use and time-saving features are the top two things they look for in a program. Here are some of the features accounting software should have to help you save time and better manage your finances:

Basic accounting features. Most small businesses can make do with accounting software that offers basic functions like invoicing (both by email and snail mail), income and expense tracking, financial report generation, and customer management. However, if your business sells more than just a few products, you also want software that tracks your inventory, manages vendors and assists you with purchase ordering. Or, if your business provides services, you want a program that makes it easy to track time and invoice billable hours.

Time-saving automations. Some accounting software can be set up to automatically send recurring invoices and past-due notifications, saving you time with your invoicing and accounts receivable tasks. Others can save you time reconciling your accounts by suggesting transaction matches. If your business provides customers with quotes or estimates, look for a program that converts these documents to invoices in just a few clicks. Or, if you carry inventory, look for a system that reorders products by automatically creating purchase orders when items drop below a set threshold.

Tax preparation. Make your life (and your accountant’s life) easier with accounting software that helps you with your taxes with features like automatic tax calculations, multiple tax rates and tax reporting. You should also be able to give your accountant access to relevant data within the system or easily email all necessary data and files to them.

Add-on services. Accounting software add-ons, such as payment processing and payroll services, make it easy to accept invoice payments online and pay employees. Although these services usually cost extra, they’re convenient to use, and the costs may be comparable to what you’d pay elsewhere.

Third-party integrations. Accounting software can make it easier to run your business by integrating with the programs and services you already use, automatically sharing data between systems in real time. Popular integrations include POS systems, payment processing, advanced inventory management, e-commerce, ERP, CRM, email marketing and Google apps.

Questions to ask when evaluating accounting software

Here’s a list of questions you can ask when you call to help you select the right accounting software for your business:

Is your software a good fit for my industry?
Do you offer customized solutions to fit my business’s needs?
How many employees and clients can your software accommodate?
How can your software help me comply with GAAP, tax laws and financial regulations?
How is my data backed up? Can access be restored immediately during an outage?
What security measures do you have in place to keep both my business’s and my customers’ data secure?
What is the total cost? Are there any setup or cloud storage fees?
What types of tech support and customer service do you provide? (For instance, does the provider offer your preferred form of contact, such as phone or live chat?)

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Here at The Red Bench we work to make your bookkeeping tasks, whether personal or small business in nature, simple and convenient. Working remotely helps us keep your bookkeeping costs affordable. We are happy to be your full time virtual bookkeeper. We keep costs low and provide peace of mind. Contact us today to learn more about our bookkeeping services.

Here are some of the questions we’re hearing from you:

- What is the best invoicing software for small business?
- What is the best bookkeeping software for small business?
- How can buyers customize software packages for their business?
- What is the best inventory and accounting software for small business?
- What is the best bookkeeping system for small business?
- What is the best bookkeeping programs for small business?
- What is the best small business accounting software mac?
- What are the best bookkeeping systems for small businesses?
- What to look for in an accountant?
- What is the best small business money management software?
- What is the best software program for small business?
- What is the best accounting information system software?
- What is the most easy to use accounting software for small business?
- What are the best accounting programs for small businesses?
- What is the best small business accounting program?
- Which of the following is an example of accounting software for businesses?
- Which accounting software is best for small businesses?
- How to buy accounting software?
- What does accounting look like?
- What is the best accounting software for single member llc?
- What accounting software should I use?
- What is the most simple small business software?
- How to make an accounting software selection?
- Accounting software guide
- What is the best small business accounting software with payroll?
- What is the software accountants use?
- What is the easiest bookkeeping software for small business?
- What accounting software do large companies use?
- How much does accounting software cost?
- What is the best hotel accounting software?

Our favorite systems are Quickbooks and Xero cloud based accounting. Let the experts at Red Bench set up your business in Quickbooks Online or Xero Accounting systems. We make it easy and can set you up from our remote locations, and complete the process from beginning to end. The Xero and QBO systems are new and innovatives way to modernize your accounting system. Let us get you set up today. The Red Bench can partner with you to assist you in your transition, or take over the process fully and decrease your stress completely. From set up to installation, we can handle it for you and take the stress out of the transition process.

Our process is simple!

1. MEET

We look forward to meeting you in person or by phone to discuss your specific business needs. For clients that are not local, we can screen share so that we may engage directly with you. We discuss the accounting software that is best for you, how you want to use it, and what your goals are. We identify your struggles and work to overcome them.

2. PLAN

Our expertise is in planning. We work with companies to save you time and money. We modernize your bookkeeping processes, customize our services to parallel your business structure, and determine what software is needed to fit your needs. We also work with existing bookkeepers.

3. EXECUTE

Accomplishing tasks while not interfering with your business is a high priority for us. Because our staff is technologically savvy, we can put the processes into place without any downtime. We do our work behind the scenes to perfect the process with no interruptions to your business flow.

4. TEST

Developing your business plan is just part of our goal. We finish the job from beginning to end. Not only do we plan and execute, but we follow through with testing and troubleshooting to verify that all software works well. We won’t launch until we’ve verified that everything works for you without a glitch.

5. LEARN
The process doesn’t end with testing. Once the software is up and running, we educate our clients. We help you log in to your easy to read dashboard, run reports, and access items on your mobile devices. We work to familiarize you with your new system so that you feel confident in finding data quickly and easily.

Contact us to get started today!

View Pricing

THINGS WE DO THAT CAN CHANGE YOUR LIFE

Our accounting software with all the time-saving tools you need to grow your business.
Red Bench is always reliable and our experts are here to support you 24/7.

FAST RECONCILIATIONS

MOBILE DASHBOARDS

PROCESS INVOICES & QUOTES

The post How to Choose an Invoicing Software for Your Business appeared first on Red Bench Financial.

Xero Add-Ons We Love

ENews Staff — Wed, 16 May 2018 10:00:49 +0000

Xero Add-Ons We Love

Xero is one of the best cloud accounting software packages. We’ve been using it for years and it’s fair to say we like it A LOT! One of the really cool features about Xero is that it allows users to integrate with hundreds of add-on apps. Here’s a list of Xero Add-Ons We Love.

Vend: Inventory & Point of Sale Management

It can be a real headache trying to capture what’s coming in and out of your business whilst keeping track of your cash flow. Vend allows you to automate your inventory process – you can capture information from initial customer contact, through to transaction and shipping and integrate this information seamlessly with your retail management and online accounting software.

You can track sales, revenue and profit by product or staff member and you don’t have to wait until the end of the day or week to access these figures. You can login and retrieve this information in ‘real time’ so you can make changes and improve your processes quickly and easily. Vend can also be used as a Point of Sale system.

AutoEntry: Expanses & Bills

There is a lot of administration around expenses and bills which can often be quite repetitive and time consuming. AutoEntry is a great app which automates data entry by accurately capturing, analysing and posting all your bills, receipts, sales invoices and credit notes into your accounting software.

It will even convert data from scanned images of receipts, invoices, bank and credit card statements into a spreadsheet which can be imported directly into your accounting software. All you need to do is set these documents to enter automatically, either by emailing or by uploading them from your phone or desktop. It will then extract the data and post into the correct place within your accounting software. AutoEntry keeps all your expenses and bills in one place, creating a great online document storage place.

Another great feature is that suppliers can email invoices direct to your Auto Entry account. The app will remember what sections should be categorised and will do this automatically.

Futrli: Budgeting & Reporting

We often find that businesses spend a lot of time preparing detailed spreadsheets for budgeting and cash flow forecasting which can involve a lot of data entry, leaving little time for analysis. Futrli, formerly CrunchBoards, syncs with your online accounting package pulling through the requested data, giving you more time for analysis.

You can track your performance by day, week, month or year or you can custom your own period. It also allows you to do scenario planning and has a great business planning function too.

Bank feeds: An online accounting staple.

Bank feeds

Bank feeds are a staple part of your online accounting software. We see them as a ‘must have’ as opposed to a ‘nice to have’. The bank feeds idea came from Xero’s design-led approach – their research found that one of the first tasks that a lot of small businesses do each day is check to find out what customers have paid, so they created the bank feed to allow for daily reconciliation.

The banking apps are easy to set up and once you have a bank feed set up, you don’t need to import bank statements to get your transactions into your software. Bank feeds are secure and you can apply for a feed from your bank. Most banks now offer bank feeds but you can check with you bank or via Xero.

Satago: Debt collection

Anyone who runs their own business knows how frustrating it can be chasing late payments. Satago is one of our favourite debt collection add-on as it automates some of the administration around credit control. Satago integrates directly with Xero and automates the process of chasing debtors by setting up pre-set email reminders and payment letters.

You can decide when reminders are issued and who they should be sent to and you can customise email reminders and escalate in tone as invoices become late. Satago lets you keep all your credit control communication in one place, which you can organise by customer. You can then correspond directly through Satago or via your own inbox.

Tripcatcher: Mileage Claims

It’s often difficult to know the exact distance you travelled on your business journey. Tripcatcher seamlessly integrates with Xero to help you track your mileage (using Google Maps) and calculate the VAT you can claim on fuel. Tripcatcher also has a GPS tracker, to help you track mileage quickly and accurately.

It’s available for both iOS and Android phones and allows you to track mileage for multiple Tripcatcher accounts, which is important if you have more than one company.

Got a question about Xero add-ons or cloud accounting? Or want to learn more about Quickbooks add-ons?

The Red Bench can help modernize your bookkeeping functions.

From pen and paper to digital convenience we can make it happen!

The post Xero Add-Ons We Love appeared first on Red Bench Financial.

Say no to the spreadsheet for small business bookkeeping

ENews Staff — Sun, 14 Jan 2018 10:30:05 +0000

The Red Bench can help modernize your bookkeeping functions.

From pen and paper to digital convenience we can make it happen!

Say No To The Spreadsheet

When helping a new client I am always surprised to see the sheer quantity of business owners that do their own bookkeeping using a combination of a box of receipts and excel.

So, what’s holding them back from using an accounting program? The majority of customers I speak to say they still rely on spreadsheets to manage their business and accounting because it is familiar or their business is not big enough, but is this the best use of time?

Time to move on?

In this day and age I’m surprised by how many people are content to stick with spreadsheets rather than explore great cloud based alternatives for small business accounting.

When managing bookkeeping, spreadsheets can be a massive time drain. They are static, prone to error, don’t allow you to generate internal reports and don’t enable a collaborative approach with your client. Most importantly, they’re not scalable.

Don’t get me wrong, I’m not saying spreadsheets are completely obsolete, they can still be useful for some data insights.

Cloud software vs Spreadsheets

Cloud based Accounting maximizes efficiency and gives business owners and bookkeepers the chance to be more efficient.

As a business grows, there will be more accounts and expenses to reconcile. The margin for error is minimal, and it’s essential that the experience is second to none if they want to continue on this trajectory of efficiency.

Why we love Xero and QBO

Integrates with other external business systems
Attaches documents, notes and timesheets
Stores client data
Ensures bookkeepers follow the same steps when completing tasks which minimizes errors
Allows managers and owners to access and view data from anywhere, at anytime
Builds recurring business reports so owners can manage decisions better
Gives time back to accountants and bookkeepers so they can focus on value

If you are still using the spreadsheets to manage your bookkeeping give us a call. Cloud accounting is so much easier to keep track of expenses and your business income and so much more with ease.

View Pricing

THINGS WE DO THAT CAN CHANGE YOUR LIFE

Our accounting software with all the time-saving tools you need to grow your business.
Red Bench is always reliable and our experts are here to support you 24/7.

FAST RECONCILIATIONS

MOBILE DASHBOARDS

PROCESS INVOICES & QUOTES

The post Say no to the spreadsheet for small business bookkeeping appeared first on Red Bench Financial.

Small Business Guides – Year end checklist

ENews Staff — Thu, 02 Nov 2017 18:49:11 +0000

Year end is approaching. It’s a good idea to make an early start on tidying and preparing your accounting information.

Understand your obligations

You need to start preparing your business accounts towards the end of the financial year so that they’re ready for tax filing and form submission. For many businesses, that’s the end of the calendar year too. And December can be a busy time, so it pays to start early.

This checklist will help you plan your year-end tasks. That way you can be ready ahead of time, without any last minute stress.

Decide on employee bonus payments and withhold the required tax

If you decide to reward your employees with bonuses, don’t forget about tax. Bonuses are subject to income tax withholding, FICA and FUTA taxes – just like regular pay. See the SBA website for details.
Pay your vendors and contractors in full by year end

For vendors this is straightforward. For contractors, you may have to submit a W-9 form – check with your accountant. You will also need to give each contractor a 1099-MISC form by 31 January.
Prepare your records for local, state and federal payroll

With well-designed payroll software, this should be easy to achieve. Ask your bookkeeper or accountant if you have any issues. Make sure you comply with all payroll regulations – including any recent changes.
Scrutinize your balance sheet and P&L report for what you did well – and what you didn’t

Your assets, liabilities and equities will give you an idea of how well your business performed this year. Use your accounting software to generate visual balance sheet and Profit & Loss reports. Then identify where your business did well, and where there’s room for improvement next year.
Check out your income statement to see your profitability

Your income statement will list each revenue-generating item, along with your tax-deductible expenses. It’s a useful way to see your profit and loss for the year.
Use your cash reports to understand how much cash you have on hand

Businesses live or die by their cash flow – it’s one of the biggest issues for small organizations. So use your accounting software to generate your cash flow statement. It’s a vital document.
Add up your quarterly estimated tax payments for the year

Most small business owners pay quarterly estimated tax payments throughout the year. Keep track of what you’ve paid, as it will help you estimate what you’ll have to pay after year end.
Review all information about current and past employees in your payroll system

Make sure your payroll is fully up-to-date and contains only current employees. It’s vital that past employees don’t have access to company systems, so check that too. Ensure that everyone’s personal information is correct.
Review insurance policies, cover and rates

Talk to your insurance company to see if they have any recommendations. Talk to other insurers too, in case you could get a better deal. Be sure you have all statutory and recommended insurance cover.
Confirm your tax deadlines – these vary depending on the structure of your business

Take a look at lists of tax dates online and subscribe to the IRS SMB calendar.
Arrange a meeting with your bookkeeper, accountant and/or financial advisor

Each of these will have work to do for your business at year end. Talk to them, and make lists of tasks that they need to carry out. This will help them focus on your business at this busy time of year.
Use accounting software to accurately estimate how much tax you will have to pay

Too many business owners fail to accurately estimate their tax payments. Be sure to cover state and federal taxes. Keep this money safe and separate. By starting now you should have time to put the right amount of money aside.
Think about whether you’ll need to request a tax payment extension

The IRS will help you here. Talk to them and check out their website for information about how to apply. Do this as early as you can, because there are penalties for late payment.
Review your client list, and make sure all contact information is up-to-date

You can kill two birds with one stone here. Go through your contacts database and make sure everybody’s details are correct. While you’re doing this, send them an email thanking them for their business this year. They’ll remember you.
Review your goals for the year – and make some new ones for next year

Did you achieve everything you intended to last year? If so, great. If not, try to find out why. Making goals for the coming year can help keep you motivated as your business grows. Review them regularly to stay on track.

These steps will help you get prepared for the year end. Once you’ve worked through them all, don’t forget to take a break. Employees need holidays but so do employers. A year-end vacation – even a short one – will help you stay fresh and ready for the coming year.

Get this checklist as PDF Supplied by Xero

Download Now

CONTACT US

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Mailing Address: PO Box 678
Wenatchee WA 98807

Sales & Inquiries: 1.509.423.7172

Support: 1.509.423.7179

Email: info@redbenchfinancial.com

The post Small Business Guides – Year end checklist appeared first on Red Bench Financial.

Calculating Sales Tax for Online Businesses

ENews Staff — Wed, 01 Nov 2017 18:26:36 +0000

Stay up to date with the latest news and legislation about sales tax. Here are the basics.

Nexus

A nexus is when a company maintains a permanent or temporary presence within a particular state. If your business is headquartered in Chicago, for example, you would need to collect sales tax from customers in the state of Illinois. This is called a substantial nexus.

You might also have a nexus in states where your company has a smaller presence — like a store, satellite office or warehouse. Each state follows its own specific definition of what constitutes a substantial nexus and your best resource to identify yours is your state’s revenue office.

If you participate in Amazon’s Fulfillment by Amazon (FBA) program, which allows businesses to store merchandise in Amazon’s fulfillment centers around the country, you have a nexus in many states. Items sold by Amazon to customers in these states are subject to state sales tax.

State Taxes

In any state where you have a substantial nexus, your sales to customers are subject to the specific tax laws of that state. Some states have laws called “Amazon laws” or “Amazon tax laws,” expanding the definition of “substantial nexus” to require large e-commerce retailers to collect state sales taxes even if they don’t maintain a physical presence in that state. Nolo.com provides a convenient online index of laws applicable to all 50 states.

Federal Taxes

There is no special federal tax for internet sales. Your revenue from internet sales should be reported as part of the overall revenue from your business.

Notable Legislation and Penalties

The Marketplace Fairness Act of 2013 gives states the authority to require remote sellers — online and catalog retailers, for example — to collect sales tax regardless of where they are physically located.

Laws require consumers in 45 states to pay sales tax on all purchases — internet and elsewhere. But online retailers aren’t required to collect taxes in the same way local business are required to. The Marketplace Fairness Act empowers states to enforce tax laws already in place, and encourages states to simplify their tax laws to make multi-state tax collection easier. Retailers generating less than $1 million in annual remote gross sales are exempt.

Both businesses and consumers can be audited and charged with penalties for failing to pay sales and use taxes on items purchased over the internet. Penalties can include fines and jail time depending on state law. You can also face penalties for fraud if you collect state taxes without first obtaining a sales tax permit.

As laws adapt, there may be a time when states cannot require individuals and businesses to adhere to its tax collection requirements. This would stop or alter Amazon taxes and nexus expansion laws, and bring the focus back to the physical presence (substantial nexus).

Online Sales Tax Calculators

To simplify state tax calculations for businesses and consumers, use a calculator.

Calculator.net provides a tool where you can calculate sales tax by entering a price before taxes and a tax rate. This will give you a final price including taxes. An accompanying chart offers a list of general state sales taxes along with maximum tax rates that may apply to local and city sales taxes in specific areas.

State revenue department tax tools and calculators also include sales time frame and zip code selection options to help you calculate taxes precisely for a specific sales quarter. Some tools use geolocation by address rather than zip codes, which is more accurate for local taxes.

Consult your tax advisor or state revenue department with questions about applying calculator tools for your specific state.

Many shopping cart solutions will now calculate tax rates automatically based on customer location. Integrating shopping cart solutions with accounting software and tax preparation tools can further streamline the process.

Online Sales Tax Best Practices

To comply with the tax laws of your state and other states where you do business, knowing where you have nexus is the first step. Make sure you stay up-to-date on applicable state laws regarding which products and services are taxable where you do business; typically, tangible goods are subject to tax, but many intangible services may also be subject to tax in specific areas.

Some best practices include:

Use a good tax calculator to calculate your sales tax obligations.
Collect exemption certificates from anyone you sell to who is exempt from sales tax.
Know which state remittance forms you must use to remit sales taxes and what deadlines you must meet.
Keep transaction records and exemption certificates so that you are prepared in the event of an audit.
Use automation and outsourcing to streamline your tax collection and filing processes.

The world of sales and use taxes involves careful attention to compliance. Stay legal, use calculator tools for accuracy and adapt to changes as they’re passed through legislation.

CONTACT US

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Mailing Address: PO Box 678
Wenatchee WA 98807

Sales & Inquiries: 1.509.423.7172

Support: 1.509.423.7179

Email: info@redbenchfinancial.com

The post Calculating Sales Tax for Online Businesses appeared first on Red Bench Financial.

What’s New in Apps: October 2017

ENews Staff — Wed, 01 Nov 2017 18:25:12 +0000

Fall is in the air – and just like farmers around the country, Intuit® is “harvesting” new apps that integrate with QuickBooks® Online (QBO). Here is a sampling of some of the new apps:

Team Pay: Enables your employees to request, approve, pay for and reconcile all of their purchasing into QBO, automatically through virtual VISA cards issued in Slack.
integraRental: Rental software solution designed to grow your rental business and reduce errors using intuitive feature that are seamlessly integrated with QBO.
Streamtime: Project management software fit for the way you work.
Rentigo: System to help you organize your property management tasks by simplifying everything in one simple and user-friendly dashboard.
SMM@pp: A web-based system and mobile app built for companies helping clients with downsizing or home relocation needs.

Be sure to visit the Apps tab in your QBO or Apps.com and click on the “Newest” carousel to see other new additions … and Happy Fall!

CONTACT US

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Mailing Address: PO Box 678
Wenatchee WA 98807

Sales & Inquiries: 1.509.423.7172

Support: 1.509.423.7179

Email: info@redbenchfinancial.com

The post What’s New in Apps: October 2017 appeared first on Red Bench Financial.

Get a Fresh Start in 2019 with Modern Bookkeeping Services

ENews Staff — Mon, 23 Oct 2017 22:38:19 +0000

Dominate 2019 with using cloud accounting and a bookkeeping team that can help streamline your bookkeeping processes.

As an entrepreneur, you’ve got big dreams and ambitions. It’s time to get a financial team and modern bookkeeping system to match those ambitions. It’s time to get a fresh start with Red Bench Financial.

What do we mean by that?

Too many entrepreneurs want to do big things, but have no idea what’s happening financially in the business.

You don’t know how profitable you are
You can’t look forward and project the future
You never see financial reports until way too late
You don’t really know where your money is going

If you have big dreams and ambitions, that’s not good enough. Our team and financial system are built specifically to help entrepreneurs grow, and for the new year, you can try out our bookkeeping services completely risk free for a fresh start in 2018.

Don’t Settle For Basic Bookkeeping

At Red Bench we have a simple process to make your bookkeeping easy and to help you be accountable to the goals for your business.

Here’s how it works.

Step 1 You’ll Gain Peace of Mind When We Clean Up Your Financials.

Many entrepreneurs have no idea how much money they are making or how the firm is doing. At best they have financial information but it’s too late to do anything with it. Getting setup is seamless and simple. We’ll do all the work, whether we clean up your historical data or start clean at January 1st, we’ll handle the transition and you’ll stay focused on your business.

Step 2 You’ll Save Time and Reduce Stress When We Take Over the Bookkeeping.

Our world class bookkeeping team will handle the day-to-day bookkeeping so you’ll have real-time data and a forward-looking view at how to improve. You can focus on building your business, we’ll take care of the rest.

Step 3 You’ll Gain Entrepreneurial Insight with our Monthly Reporting Package

Having the bookkeeping under control is only the foundation. Once that’s set, we’re going to provide you with a set of management reports every month to guide you toward growth.

Every month or weekly depending on your service package you will see:

Balance Sheet
Profit and Loss
Gross Revenues
Gross Expenses
Net Income
Owner’s Draw
Accounts Payable Report
Accounts Receivable Report

When you get these reports, your dedicated bookkeeper will share with you some standout numbers and be available to discuss exactly what’s happening financially in the firm.

We will be your financial team providing accountability and guidance so you can do huge things in your firm

View Pricing

CONTACT US

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Mailing Address: PO Box 678
Wenatchee WA 98807

Sales & Inquiries: 1.509.423.7172

Support: 1.509.423.7179

Email: info@redbenchfinancial.com

The post Get a Fresh Start in 2019 with Modern Bookkeeping Services appeared first on Red Bench Financial.

Cloud Accounting Archives - Red Bench Financial

One Month Free Online Bookkeeping: Don’t miss this summer special!

What are the tasks done by bookkeeping services and their advantages?

Advantages of bookkeeping services for contractors

Simple to use tools

Perfection in accounting work

Feature of the bank reconciliation

Feature of invoicing

Track inventory

Important points to consider before choosing the best bookkeeping software for Mac

Simple installation

Good design

Teamwork

Integrations

Benefits of cloud accounting for small and large organizations

Benefits of cloud accounting for small and large organizations

What are the advantages of cloud accounting for small firms?

A quick view of files

Smooth business operations from anywhere

Paperless work

All-in-one solution for business

Efficient handling of tax work

Important tips one must keep in mind before selecting Cloud-based accounting tools

Right advice

Third party integrations

Prices

Backups

How to Choose an Invoicing Software for Your Business

The Red Bench can help modernize your bookkeeping functions.

How to Choose an Invoicing Software for your Business

How much does accounting software cost?

What usability factors should you look for in accounting software?

Which accounting software features does your small business need?

Questions to ask when evaluating accounting software

Interested in trying Xero Cloud Accounting or Quickbooks? Have questions on a Quickbooks to Xero Conversion? Want to learn more about our Services?

Here are some of the questions we’re hearing from you:

What is the best invoicing software for small business?

What is the best bookkeeping software for small business?

How can buyers customize software packages for their business?

What is the best inventory and accounting software for small business?

What is the best bookkeeping system for small business?

What is the best bookkeeping programs for small business?

What is the best small business accounting software mac?

What are the best bookkeeping systems for small businesses?

What to look for in an accountant?

What is the best small business money management software?

What is the best software program for small business?

What is the best accounting information system software?

What is the most easy to use accounting software for small business?

What are the best accounting programs for small businesses?

What is the best small business accounting program?

Which of the following is an example of accounting software for businesses?

Which accounting software is best for small businesses?

How to buy accounting software?

What does accounting look like?

What is the best accounting software for single member llc?

What accounting software should I use?

What is the most simple small business software?

How to make an accounting software selection?

Accounting software guide

What is the best small business accounting software with payroll?

What is the software accountants use?

What is the easiest bookkeeping software for small business?

What accounting software do large companies use?

How much does accounting software cost?

What is the best hotel accounting software?

Contact us to get started today!

THINGS WE DO THAT CAN CHANGE YOUR LIFE

Xero Add-Ons We Love

Xero Add-Ons We Love

Vend: Inventory & Point of Sale Management

AutoEntry: Expanses & Bills

Futrli: Budgeting & Reporting

Bank feeds

Satago: Debt collection

Tripcatcher: Mileage Claims

Got a question about Xero add-ons or cloud accounting? Or want to learn more about Quickbooks add-ons?

The Red Bench can help modernize your bookkeeping functions.

Say no to the spreadsheet for small business bookkeeping

The Red Bench can help modernize your bookkeeping functions.