Accounting and Outsourcing

Business Process Outsourcing: The Competitive Advantage by Rick Click & Thomas Duening

Global competition doesn't just move jobs, it also moves business processes and creates new kinds of business cooperation. For more than a century companies with global reach had to grow into huge enterprises with massive internal infrastructure. With the rise of computer systems, smaller companies learned to share the large mainframes to lower the cost for each business. Specialized providers went into business to offer their systems and expertise so that businesses could focus on their value proposition rather than their information technology.

This outsourcing of non-core operations has expanded to many other kinds of business processes such as human resources and even some aspects of accounting. Some businesses are even creating new value propositions by combining their specialized abilities with those of another company in order for each to have a more powerful offering for their target markets. This is especially true as companies extend their reach around the globe.

Rick Click and Thomas Duening show you how this process works and what you need to do and consider so you can identify which processes you might want to outsource to lower your costs and extend your reach. While this is a practical introduction, it is meant for the general business person having to learn about BPO and having to get up to speed about what has to be done to get it right.

     

Accounting and Outsourcing - Quicken

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Accounting and Outsourcing * Quicken

Fixing Quicken Loan Calculation Errors   
Stephen L. Nelson, CPA

It is possible that the breakdown of a payment into principal and interest that Quicken makes will be incorrect. Rounding errors, payment delays, and perhaps even a bug in either Quicken's or the bank's calculations may mean that the loan balance that Quicken shows for a loan or mortgage is incorrect.


Understanding the problem

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

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When the ending balance that Quicken shows is incorrect, it simply means that Quicken has incorrectly split one or more loan payments between principal and interest. What you need to do, in this case, is adjust the ending balance and categorize the adjustment as falling into the same interest expense category and subcategory as you are using to track the interest component of the loan payment.
To make this sort of adjustment, display the account register for the loan or mortgage that you need to adjust. Then click Update Balance button at the top of the loan account register window. Quicken then displays the Update Account Balances dialog box.


Fixing the principal balance error

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law
New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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To adjust, or correct, the loan balance, enter the correct ending balance in the Update Balance To box and the ending balance date in the Adjustment Date box. You should be able to get this information from the end-of-year or end-of-month loan statement that alerted you to the loan balance error.


Fixing the interest expense error


To fix the interest portion of the loan record-keeping error, enter the interest category and subcategory you used in the Category For Adjustment boxes. For example, if you used Loan as the category and Mortgage Interest as the subcategory, enter this category and subcategory in the two boxes.


While it might seem curious to use the loan interest categories for categorizing an adjustment to the loan balance, remember that loan payments are split between principal and interest. Therefore, if you overstate the principal components of a loan payment, you implicitly understate the interest components--and vice versa.


In effect, adjusting the loan ending balance is the same thing as adjusting the cumulative principal payments made on the loan. And that means you need to also adjust cumulative interest payments made on the loan.



Seattle tax CPA & author Stephen L. Nelson wrote Quicken for Dummies and more than 100 other books as well. Nelson holds an MBA in Finance and an MS in taxation. His web site is http://www.stephenlnelson.com

What Other Authors say about Accounting and Outsourcing

Online Accounting Management by Veera Nagaraj

Online Accounting management Online Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves...

An Introduction to Quicken Software by Bei M.

<p>When you say 'quick' you are commanding a rush and faster action. Thus, when you 'quicken' your computer, it may also mean you are making your financial uses and transactions using the computer...

Solving Common Tax-Preparation Problems by Stephen L. Nelson

There are some potential pitfalls to using your Quicken data as the one and only source of all your taxable income and tax-deductible expense information. This doesn't mean you shouldn't use Quicken; it...

Accounting Outsourcing Service to augment your business prospects by Michelle Barkley

Are you unable to keep a tab on the heavy accounting work undertaken by your accounting firm? This is just no reason for anyone to despair about his/her business prospects. Opt for accounting outsourcing...

Online Accounting Schools Train Professional Accountants by Michael Bustamante

There are many ways to gain an education in accounting, but the most convenient way to an accounting degree has to be online accounting schools. You can obtain a degree in accounting over the Internet...

Working with a Petty Cash Box by Stephen L. Nelson

A common bookkeeping task that many small businesses and nonprofit organizations need to master is petty cash record-keeping. Why? A petty cash system makes it easy (or easier) for the entity to quickly...

Enhance the modus-operandi of your business with accounting outsourcing by Allies Harbor

The concept of outsourcing is becoming a preferred choice in many sections of company. Today businesses are outsourcing tasks like production, marketing, research and sales; no doubt that they are getting...

How To Choose Accounting Software by Stephen Kreutzer

Choosing accounting software can be confusing. The fact is you are looking for accounting software because accounting is a complex matter that you'd like to simplify. Choosing the right accounting software...

Hiring a small business accounting firm is a good idea by Alvis Brazma

Every business needs an accountant who can keep the financial records intact without any problem. However, the problem arises when a company is unable to decide on whom to rely upon for hiring the accounting...

How to Get The Best Accounting Software For Your Small Business by Ryan Hough

Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy. You certainly wouldn't want to get accounting software and then find...

Importance of Accounting Records and Companys Accounts For Business by Terry Cartwright

<p>Importance of Accounting- A Helping Hand in Outsourcing Business<p>In this growing age of money oriented society one generally opts for becoming an entrepreneur rather than slogging for...


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Index of Articles about Accounting and Outsourcing

What Other Authors say about Accounting and Outsourcing

Online Accounting Management by Veera Nagaraj

Online Accounting management Online Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves...

An Introduction to Quicken Software by Bei M.

<p>When you say 'quick' you are commanding a rush and faster action. Thus, when you 'quicken' your computer, it may also mean you are making your financial uses and transactions using the computer...

Solving Common Tax-Preparation Problems by Stephen L. Nelson

There are some potential pitfalls to using your Quicken data as the one and only source of all your taxable income and tax-deductible expense information. This doesn't mean you shouldn't use Quicken; it...

Accounting Outsourcing Service to augment your business prospects by Michelle Barkley

Are you unable to keep a tab on the heavy accounting work undertaken by your accounting firm? This is just no reason for anyone to despair about his/her business prospects. Opt for accounting outsourcing...

Online Accounting Schools Train Professional Accountants by Michael Bustamante

There are many ways to gain an education in accounting, but the most convenient way to an accounting degree has to be online accounting schools. You can obtain a degree in accounting over the Internet...

Working with a Petty Cash Box by Stephen L. Nelson

A common bookkeeping task that many small businesses and nonprofit organizations need to master is petty cash record-keeping. Why? A petty cash system makes it easy (or easier) for the entity to quickly...

Enhance the modus-operandi of your business with accounting outsourcing by Allies Harbor

The concept of outsourcing is becoming a preferred choice in many sections of company. Today businesses are outsourcing tasks like production, marketing, research and sales; no doubt that they are getting...

How To Choose Accounting Software by Stephen Kreutzer

Choosing accounting software can be confusing. The fact is you are looking for accounting software because accounting is a complex matter that you'd like to simplify. Choosing the right accounting software...

Hiring a small business accounting firm is a good idea by Alvis Brazma

Every business needs an accountant who can keep the financial records intact without any problem. However, the problem arises when a company is unable to decide on whom to rely upon for hiring the accounting...

How to Get The Best Accounting Software For Your Small Business by Ryan Hough

Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy. You certainly wouldn't want to get accounting software and then find...

Importance of Accounting Records and Companys Accounts For Business by Terry Cartwright

<p>Importance of Accounting- A Helping Hand in Outsourcing Business<p>In this growing age of money oriented society one generally opts for becoming an entrepreneur rather than slogging for...