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

Working with a Petty Cash Box   
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 and easily pay for small purchases. Unfortunately, careful tracking can be difficult...unless you use a checkbook program like Quicken.


Using Quicken for Petty Cash

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

U.S. Sales Tax Rates Hit Record High (Forbes)
Shopping blues: Top tax 12%. Chicago's 10.25% highest big-city rate. More Internet tax fights loom.

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Quicken assumes that to track something like petty cash you will set up a cash account and then record transactions into the Quicken register every time you spend money and receive money.


This approach works fine, although it requires you to record transactions every time you spend or receive money. For this reason, you should know that there's a handy variation to the obvious method. What you can do is set up a cash account (as described earlier), and then spend money out of the petty cash account as needed, placing receipts for the spending back into the petty cash box. Periodically, you reimburse the petty cash account by writing a check to petty cash on the regular bank account. To categorize this check, you use the spending receipts stored in the petty cash box.

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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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New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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An Example of Petty Cash in Action


Here's an example of how this works. Suppose that you have a $100 petty cash fund and that from this fund you disburse two amounts: $50 to Sofia's, a local restaurant, for an employee luncheon and $39.89 to United Parcel Service for a C.O.D. delivery of some business supplies. Quicken expects you to record these transactions separately.


But what you could do instead is to write a check on your regular banking account for $89.89 and categorize this check as $50 of Entertainment and $39.89 of Supplies.


When you reimburse petty cash by writing a check to petty cash, petty cash spending doesn't appear in the petty cash account. It appears in the bank account you're using to record the replenishment checks. The petty cash fund account balance doesn't change and, then, is frequently in error. Anytime, in fact, that you've spent some of the petty cash money and haven't yet reimbursed the petty cash fund, Quicken's records overstate the petty cash fund account balance. But as a practical matter, this error is usually immaterial. Another way to think about this error is that it's a tradeoff: You get to simplify your petty cash record-keeping, but for the simplicity you trade away a bit of accuracy.





About the author: CPA Stephen L. Nelson is the author of numerous best-selling books about small business accounting and the popular downloadable do-it-yourself guides Incorporating a Business in Ohio , Incorporating a Business in Pennsylvania .

What Other Authors say about Accounting and Outsourcing

Solving Common Tax-Preparation Problems by Stephen L. Nelson

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<p>A number of services like accounting outsourcing and tax return are undertaken by the accounting professionals in India. Outsourced accounting is profitable for the organizations worldwide due...

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Debit and Credit - Learning Accounting Basics by Tony Forster

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Accounting Police: Do They Exist? by John Day

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Fixing Mistakes in your Quicken Registers by Stephen L. Nelson

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Index of Articles about Accounting and Outsourcing

What Other Authors say about Accounting and Outsourcing

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...

Outsourced Accounting: Prepare Your Accounting Tasks In A Flawless Manner by Michelle Barkley

<p>A number of services like accounting outsourcing and tax return are undertaken by the accounting professionals in India. Outsourced accounting is profitable for the organizations worldwide due...

Providing Accounting Nonprofit Software Solutions For Nonprofit Organizations by Wirat Munpan

Beyond accounting software, there is frequent need to computerize fund raising functions at nonprofit organizations. Developer of fund accounting software, nonprofit software, and municipal software. is...

Debit and Credit - Learning Accounting Basics by Tony Forster

Debit and Credit - Learning Accounting Basics <P align=justify>The terms 'debit' and 'credit' can be confusing when learning accounting for the first time but why is that? If you go to the bank...

Improve your business caliber with accounting outsourcing by Alvis Brazma

For business owners, who dream to make a distinct place in market, keeping a track of financial events and transactions is imperative in comparison to other factors. In businesses where accounting section...

Personal Finance Software Review of Quicken Product Offerings by Charles Hebert

In this article I would like to conduct a personal finance software review of the Quicken product offerings designed for personal use. There are several personal finance software products on the market...

Help with Accounting Software by David C Skul

If you run a small business you need an appropriate accounting software that can satisfy your requests. You have a lot of options from which you can choose, such as: Peachtree, Quickbooks, Microsoft Great...

Accounting Outsourcing Services takes you out of the workload tangle by Michelle Barkley

Are you loaded with so much of accounting work that other growth aspects of your business are suffering? Then, you really need the assistance of accounting outsourcing services that will take you out from...

Accounting Police: Do They Exist? by John Day

This article decribes how adherance to accounting principles is regulatedWho created accounting principles? Who sets and revises accounting standards? What if you dont follow all the rules, do you go...

Business Accounting Programs Whats The Right Choice For Your Business by I Henman

There was a time when small businesses could run their operations with little to no book keeping or accounting practices. But with more and more people leaving their 9 - 5 job and opting to take their...

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...

Fixing Mistakes in your Quicken Registers by Stephen L. Nelson

Your typing skills aren't perfect, of course. What's more, you will sometimes enter transactions into your Quicken registers using bad source documents (an erroneous deposit slip, for example). These little...

Accounting Job Search Tips by Jay Bauder

Accounting graduates, have broader choices and specific paths to follow with their careers. Accounting requires a lot of skills when it comes to business and that is why every company has an employee that...