Sunday, 27 July 2014

Cheyney Group Accounting: Top 20 SaaS Accounting and Cloud Bookkeeping Online Software Reviews

When I was in college, I supported myself by starting my own small business on the side. I still remember collecting all of my receipts and business documents in a plastic bag, and then handing everything off to my bookkeeper at the end of the year.

That was so dumb. If anything happened to that bag, my business would’ve run into some serious problems.

But that’s no longer the case today.

Today’s businesses have access to a wide array of online, electronic bookkeeping applications which make this job so much easier. Especially within the past few years, we’ve seen a lot of important advancements in technology which have made bookkeeping easier.

- Credit card transactions can be automatically added to the books.
- You can use a camera phone to upload a receipt.
- You can collaborate with business partners through a single application.

Bookkeeping is so much easier now than it’s ever been before. Even if you don’t understand accounting, you can still manage your own books.

Below, I’ve compiled a list of the top 20 online bookkeeping applications that are available from a Software-as-a-Service delivery model.

Zoho Books - Zoho books is the ideal accounting software for small business. Zoho books is easy to use, and lets you share and collaborate effortlessly. And since it’s part of the Zoho suite, you know it’s a great system.

Outright – The automated approach to bookkeeping. It lets you say goodbye to old-fashioned accounting.

Kashoo – Kashoo helps you become more organized while also saving you money on accounting fees with their collaborative, tablet-friendly accounting software.

Pavintheway – Manage your entire company from this full-featured robust online accounting package.

Clear Books – Time-saving online bookkeeping software that’s in use at thousands of British companies.

Accounts Portal – Manage your entire business from a single handy and easy-to-use accounting system.

Yendo – With a Web 2.0 approach to finance, Yendo plays nicely with mobile devices and third-party cloud services.

Xero – This is an incredibly easy accounting application that makes finance a pleasure.

Netsuite – Good friends of the blog. This fast-growing company offers CRM, accounting, ERP and ecommerce software… all from a single source, and all from the cloud.

NolaPro – Allows you to create your own online accounting site, or rent the hosted version directly from them.

Merchant’s Mirror – This is the next step in the evolution of online small business accounting software.

Envision Accounting –  An online accounting suite that’s specially designed for project-driven companies. Incorporates accounting and project management into a single suite.

Quickbooks Online – QuickBooks is one of the best-known and most trusted brands in accounting. And this is their hosted online product offering.

Wave Accounting – Easy to use with a high degree of automation. Get your accounting out of the shoebox, and into this simple, well-organized, secure solution.

Skyclerk – Skyclerk offers dead simple accounting that’s elegant, reliable and secure.

Perfect Books – Spend more time focusing on your business with the help of this free, paperless and automated online bookkeeping application.

Financial Force – A cloud-based financial suite that’s affiliated with SalesForce and UNIT4.

Freeagent Central – A stress-free online bookkeeping service that’s used every day by thousands of companies.

Less Accounting – Less Accounting believes that accounting should be easy. Why do more accounting when you can do less accounting?

Intacct – Award-winning accounting software that’s used by over four thousand organizations.

Want more? Visit Cheyney Group Marketing Blog for more articles.

Friday, 25 July 2014

It used to be that keeping "the books" for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business' essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business that you couldn't see in paper form -- such as generating sales forecasts for the next quarter, determining which items are overstocked, and pinpointing your least profitable service.

Business accounting software can be the source of all this information. But finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. In order to choose a business accounting software program, you need to understand some business accounting basics, take a good look at your business and its accounting needs, and assess the products available today.

"It's real important to get this right. In a lot of cases, it can make the difference between businesses that are profitable versus not profitable," says Mike Budiac, president of Find Accounting Software, an independent website affiliated with CPAOnline. The website allows you to complete a two-page survey about your software needs which it will match to qualified vendors. "I think it's pretty essential for everyone these days. And the product prices are so low in some cases, that the smallest businesses can be helped by using software. As they grow, larger the impetus to do it is even stronger."

How to Choose Business Accounting Software: Business Accounting Software Options

Types of accounting products available

The range of accounting software products available for small and mid-sized businesses has been growing steadily. Right now, there are a few general categories to choose from: small business payroll and accounting packages, more full-service business management programs, online Web-hosted applications, and free programs. Here is a run-down of each category and some of the popular products available for small to mid-sized firms:

Small business payroll and accounting. There are several top-selling accounting software programs you can buy off the shelf, or over the Web, that will meet most small business needs by providing the accounting tools and reports you need to use your financial data. These include the best-selling QuickBooks series by Intuit, which is available in a variety of tiered editions and for which there are add-ons, such as a cash-flow calculator. Other popular products include the easy-to-learn drag-and-drop formatted Simply Accounting by Sage Software, which is available in up to 20-seat licenses. Sage also makes Peachtree Complete Accounting Software, which comes in tiered offerings serving from 1 to 40 users and has targeted modules for construction, distribution, and manufacturing businesses. Other popular options include Cougar Mountain Software and MYOB Accounting.

Business management software programs. These are higher-priced and more full-features accounting programs that may also include other financial functions you need to track in your business, such as point of sale, inventory control, customer relationship management (CRM), billing, purchasing and even enterprise resource management (ERP). Some popular picks in this category include Everest's Business Management Software, which integrates all business processes into one solution, and NetSuite -- the latter of which boasts that it's "everything you need in one powerful solution."

Web-hosted accounting applications. A new breed of online financial management applications has emerged in the last few years, taking advantage of the growing confidence that businesses are developing in the Web as a safe business environment. Now that entrepreneurs are indeed becoming comfortable with the 'software in the cloud' model and the inherent benefits it offers, they are in growing numbers starting to look beyond e-mail or office productivity to more sophisticated and sensitive applications like financials. The heavyweight of small business accounting, Intuit, has launched an online alternative called Quickbooks Online. Peachtree also has debuted a well featured online version. Some vendors offer online-only accounting packages, including Clarity Accounting, Less Accounting, NetBooks, and NetSuite, which has a more comprehensive business management package online.

Free accounting software programs. Most small businesses need to be skeptical of "free" programs, particularly when it deals with the financial data of your business. But a free version of QuickBooks lets you create invoices, print checks, handle payroll, and manage up to 20 customer accounts. There are plenty of free bookkeeping tools on the market, but QuickBooks is the best option for growing companies, because it's easy to step up to the paid version, which lets users track more than 10,000 customers.

How to Choose Business Accounting Software: Understand Your Accounting Needs

The first step you need to take in choosing accounting software for your business is to undertake a good needs analysis, which will address both managerial and financial needs. It should be broad, exploring both obvious questions and ones that really make you think. Take your time with this important step, since the last thing you want is to have to repeat this process within the next two years. If you experience unexpected growth that forces an upgrade, terrific, but good planning at this stage can help you avoid having to change software too soon. Get some help before you buy anything.

What you need to know about your business

The first step you need to take before deciding on accounting software is to make sure that you are somewhat financially literate. "One of the mistakes businesses make when they buy accounting software is in believing that they don't need to know anything at all about financial accounting because the software will just take care of it for you," says Linda Pinson, author of Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business(Kaplan Business 2007). "They need to understand small business accounting."

There are several ways that an entrepreneur or small business executive can become proficient in understanding what data their business needs to keep (in order to make better business decisions) and what reports they need to generate (for the Internal Revenue Service and state tax authorities). You can read books. You can take classes. You can do research on the Internet. "You can't use any accounting software if it's like garbage in and garbage out," Pinson says. That's what the result is "if you don't understand what you're putting in."

Another consideration is the type of business you operate. Several different sectors have specialized modules or add-on packages because they need to keep specialized data. If you are a manufacturer, for instance, then you may need to have an understanding of inventory and handling of parts and labor. If you are a retailer, you may also need to have an understanding of your inventory through a point-of-sale program. A doctor's office needs specialized programs for billing insurance companies, although many may farm this function out to middleman and/or consultants.

Talk to your accountant and staff

If your business has an accountant -- either an outside consultant or an in-house accountant -- you would be wise to consult that expert before you take the plunge into accounting software. Your accountant may be able to recommend software that works with programs they have. In fact, Pinson says, some accountants may help you set up your accounting software so that it gathers the data that they need to help you file your taxes, as well. "They know what kind of business you have and what you need," Pinson says. "Most accountants work with a particular software. Frequently it's QuickBooks. They'll want you to use that same accounting software."

Your IT department is just as important as your accountant. You also need to understand your hardware situation. Business accounting software packages use big databases, usually consisting of many different data tables all working together, so take a good look at your disk space. As your accounting data grows, which happens quickly, the more room it will need. This is the most important item to review, but not the only one. You will need to evaluate the age of your system, as well as your back-up procedures and storage media.

How to Choose Business Accounting Software: What to Know Before You Start Shopping

Know your budget limitations

A key consideration is your budget. Off-the-shelf software, such as QuickBooks, Peachtree, and MYOB, are all very affordable. However, when you start focusing on industry-specific accounting software, also referred to as vertical software, the costs go up and up and up.

Most vertical business accounting software is sold through a value-added reseller (VAR), so they can demonstrate the program and assist you with the installation, set-up, and training. The software has a higher price tag since it has a smaller market than generic accounting software, and annual maintenance fee are required for you to receive updates and upgrades as they are produced. You also have to pay for the VAR's services. These costs need to be factored into your budget, if you go that route.

Reach out to other businesses and software consultants

Find out what everyone else is using in your industry. Okay, maybe not everyone else, but a least a few of your competitors. Business association meetings are a great place to chat about this, and you can also ask your accountant, since they should have at least one other client in your industry.

There are also consultants and/or services that will help you narrow down your options for the best financial accounting software for your business. operates independently of any software vendors but will help match your business needs with suitable software programs after you fill out an online questionnaire. The site promises to get back to you within days with appropriate selections. "We work with about 1,500 different companies in the U.S. and Canada. They are sometimes software resellers or software developers," Budiac says. "What we try to do is be the grease between the wheels."

You may also want to check software product review websites, such as CNET and PC Magazine.

Create your wish list

Now that you have gotten a lot of input, it's time to sit down and document what you want the business accounting software to do for you. Of course you probably won't find a business accounting software that meets every item on your list, so you should also decide which ones you can live without.

It is important to balance the information you have received from everyone you have spoken to with some factual information and objective views. Software vendor websites, such as or, will include detailed lists of features and functionality, and objective reviews can be found at trusted sites such as

Some business accounting software can be used on a trial basis, giving you a feel for the interface and the functionality. Some of them are full programs that either allow a limited number of uses or a limited number of days of use. Other programs offer limited functionality in their trial versions. In either case, it's great to be able to try before you buy. But Budiac points out that it can involve a lot of work to test out an accounting product so be sure to only trial products that have made your final cut.

Make your business accounting software decision

Now it's up to you. The journey ends here. You've talked to many people, inside your organization and out, and you've read vendor literature and third-party reviews. You have used a few of the programs, or a least had a tour of the screens. So what is the deciding factor? That's up to you. Prioritize your needs analysis and make sure the software you choose meets most, if not all, of the features that are important to you. There is no 'best' business accounting software package, but there is one that's best for your business.

Wednesday, 23 July 2014

Cheyney Group Accounting: Freelancers, Here's How To Do Your Taxes

This is the second in a series of articles on managing your finances as a freelancer. Read part 1, on budgeting for freelancers, part 3 on how freelancers should save, pay down debt, retire and splurge, and part 4, on ways to protect and structure your business.

The freelancer’s life is to be envied: alarm clock-free, commute-free, business attire-free, it is a series of days of answering to no one but your own whims, punctuated only by afternoon naps, or, when the occasion calls for it, daytime dance breaks.

Freelancers forgo all the drudgery of full-time work in exchange for one concession : We have to do our own taxes. And, it’s not easy.

If you’re a freelancer, and especially if you are new to the game, nothing dampens the high of being your own boss like a massive bill from the Internal Revenue Service .

“I see a lot of people who are so excited, they freelanced their first year, they survived, and then they have a $5,000 tax bill and now they owe back taxes,” says Sophia Bera, a certified financial planner and founder of Gen Y Planning.

Here’s how to enjoy all the perks of the freelance life without having taxes kill your buzz.

1. Work with a tax professional.

Freelancers should always work with an accountant , says Bera. She recommends looking for one who specializes in freelancers or small business owners.

Yes, a good accountant can be expensive. But that investment can also save you money, time and headaches.

Shana Bickel, a Sarasota, Florida-based certified public accountant who focuses on small business owners, tells the story of a client who came to her while being audited after having used TurboTax to file. While redoing his tax return, she saw he had taken a deduction for educational expenses up to $250, which teachers take if they buy supplies for their classroom. But he was a personal trainer. When she asked him what that deduction was, “he said, ‘Yeah, I buy a lot of materials that I educate my clients with. I said, ‘Did you realize you just took the K-12 teachers’ expense?’ And he’s like, ‘No, I just answered the question how TurboTax presented it,’” she says. While it was true that he paid for educational materials out of pocket, “only a CPA would understand what that is — that if you’re not a teacher, this line should be blank,” says Bickel.

This is why she recommends that freelancers not use TurboTax or tax services like H&R Block HRB +0.28%. “People can do it,” she says. “It’s at your own risk, though. If you don’t know and understand tax law and how your tax returns should look, once you’ve put in your information and you’re just taking it as it is without proofing it, you’re signing it, so you’re responsible for what you file.”

Also, a professional, particularly one who specializes in doing taxes for the self-employed, may know ways you can save money on taxes in your profession that software or a commercial preparer may not.

2. Know what you need to pay and how much.

Develop a basic understanding of what taxes you need to pay so you aren’t completely in the dark.

Now that you’re independent, you are responsible for your self-employment tax, which consists of your Social Security and Medicare taxes, and for 2013 and 2014 is 7.65%. At a full-time job, that would have been automatically deducted from your paycheck. But now that you are also your own employer, you also have to pay the share your employer was paying, which is an additional 7.65%, for a total of 15.3%. (The silver lining: you can deduct the employer portion.)

Read more HERE

Monday, 21 July 2014

Cheyney Group Accounting: 6 Pros of Time and Attendance Systems

Time and attendance systems do a lot more than just track how many hours your employees log each day.
These systems also keep employees informed of how much paid time off they have left, help streamline the payroll process, cut down on overtime costs and let managers easily create work schedules.

Additionally, time and attendance systems give businesses added financial insight into their companies by churning out a variety of reports on employee hours and provide an audit trail for all daily time entries, timesheet corrections and approvals.

To highlight the benefits of these tools, several time and attendance experts offer some specific plusses of using such a system.

Improve workforce productivity

In a business environment, where people are asked to do more with less, repetitive manual and administrative tasks strain resources and slow down day-to-day operations, said Frank Moreno, director of product marketing at Kronos Incorporated, which offers its own time and attendance system. Without automated time and attendance systems, he said, employees often have to fill out time sheets that managers or payroll departments must then re-key in a different system so employees can get paid.

"With a time and attendance system, you can manage by exception instead of having to review every timecard," Moreno said. "In a matter of minutes, you can find and correct missed punches, respond to time-off requests, and even access and react to labor data in real-time to have a positive effect on your business."

Extra insight

Digital time and attendance systems give a business added financial insight into how the company is being run, said Matt Rissell, CEO of TSheets Time Tracking, a time and attendance system.

"The insight into labor expenses, project costs and overall financial analysis are true benefits to businesses using a quality time and attendance system," Risell told Business News Daily. "Compiling time-tracking data in real time is critical to payroll reporting, invoicing and job-costing accuracy."

Saves money

Moving from a manual system to a digital time and attendance solution will save businesses money, which is one of the biggest reasons to make the change, said Jim Wacek, president of the time and attendance division for Insperity, which offers TimeStar, a time and attendance solution.

"Organizations that implement time and attendance systems typically save 3 to five 5 of payroll costs, because the system automates time tracking processes and increases payroll accuracy," Wacek said.

Lowers frustration

Using a time and attendance system that makes sure employees are getting paid on time and properly helps keep frustration at low levels for everyone in a company, Rissell said. That includes hourly employees, managers, payroll staff, human resources professionals and the owner.

"Inaccurate and slow payroll, manual and error-prone duplicate entry, and the inability to track performance, labor costs, job costing and financials is frustrating for everyone within the company," Rissell said.

Minimize compliance risk

Businesses that use time and attendance systems benefit from ensuring they are complying with the numerous labor laws and regulations that apply to them, such as the Fair Labor Standards Act and Family Medical Leave Act, as well as any union regulations and company-specific work and pay rules, Moreno said.

"Maintaining compliance can be time-consuming, costly and sometimes lead to morale-busting employee grievances," Moreno said. "Automation also helps ensure you create a culture of compliance with centralized labor policies that keep pace with changing regulations, while ensuring compliance by taking work rule interpretation out of the hands of local managers and administrators."

Higher employee morale

Time and attendance systems can also boost morale by giving employees the ability to clock in and out, request vacation days and monitor how much time off they have left, Rissell said.

"A boost in productivity, a mutual respect between managers and employees with realistic expectations, and workplace flexibility are just three of the major contributing factors to employees experiencing an increase in morale when given control over tracking their time," Rissell said.

Originally published on Business News Daily