How to Get The Best Accounting Software For Your Small Business

This topic has been discussed in many areas like forums, blogs, different account-related websites. So I thought to write a few lines about Numia with other online accounting software.

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 a few months later that the software can’t handle your growing business. And worst of all you don’t want to get the software with little or no support.

Software Prices

The cheapest software cost US $90 and the most expensive software cost US $1,500. But Numia absolutely Freeware and mainly it has all the features as many paid services.

Software Features

As per our analyzing team, each accounting software package has been thoroughly analyzed and there is a detailed breakdown showing the features of each. Most packages offer all the most important accounting modules. It was interesting to note that the most expensive software did not offer some of the modules offered by Numia.

Software Support

The most important feature in our opinion is the support. In Numia we give instant reply to your e-mails and also there are Video tutorials to guide you to use our product very easily.

Thus, Numia has all the features and also it can compete with other major accounting software in the future.

Get Guaranteed Approval with 2nd Chance Payday Loans from Direct Lenders

Need money now for emergency expenses? Keep being rejected for a loan because of your poor credit? Don’t despair! There’s always a solution. The best one is applying for a second chance Payday Loan online from a direct lender. You’ll get the money within 1 – 2 business days regardless of your credit.

What do you mean by 2nd Chance Payday Loans?

Second chance Payday Loans provide a guaranteed opportunity fr any borrower to get the necessary funding. Bad credit, not perfect credit history, previous debts don’t prevent any applicant from using their 2nd chance.  Get through the day with the help of 2nd chance loans no matter what your credit problems are.

A second chance Payday Loan is a short-term cash advance for a small amount repaid within a month. The reasons for taking out such loans may be absolutely various from paying everyday bills to financing small purchases. Though they are highly available, fast and easy, you should be careful and choose the lowest interest rates which you can afford to repay.

What types of 2nd Chance Loans are available for bad credit?

You can get emergency financing through various loan types available for bad credit borrowers. Choose the one which suits your personal needs and seems more convenient and affordable to repay.

Short-Term 2nd Chance Loans

With a short-term Payday Loan you get the money till your next pay check. You can also find short-term Installment Loans repaid in scheduled payments within a few months.

You don’t have to secure a short-term loan by any collateral. So, you don’t risk losing any of your property in case of loan default. However, interest rates are likely to be higher than for secured loans, or loans with a cosigner.

Payday Loans for bad credit

A 2nd chance payday loan is a fast loan to cover emergency expenses till your next pay day. Payday loans can provide you with instant cash same day after you get approved. Bad credit is not a problem for Payday Loan approval as most lenders do no credit check. You can apply online or in a store near you. There’re numerous direct lenders to choose from. Make sure it’s a legitimate payday company and they charge reasonable rates.

Cash Advance

You can take Payday cash advance or credit card cash advance. The only difference is in the repayment process. You repay the Payday cash advance in a lump sum as soon as you get a paycheck. With cash advance on your credit card, you pay a fixed fee plus interest until you pay off the balance.

However, you’ll need a good credit score to get a credit card cash advance. Payday cash advance is available to any type of FICO score.

2nd Chance Payday Loans from Direct Lenders

After you’ve been denied a loan by many financing companies because of a bad credit or no credit it’s time to find legit online direct lenders that guarantee approval even for poor credit. Such lending organizations aim at helping borrowers in any situation regardless of their previous behavior. Looking for a second chance with emergency financing? Apply online with a quick and free application form and compare the best offers from direct lenders. You can qualify for up to a $1,000 Payday Loan and get the money today.

2nd Chance Payday Loans vs Regular Payday Loans

Both Payday Loans and 2nd chance loans may also be called last chance loans. There’s actually no difference between these loan types. They help borrowers get money when they need it most.  No matter what you need a loan for, you can get it after a quick application online. Direct lenders guarantee instant decision and you have all the chances to get the money in your bank account the same day. Use your second chance – solve all the financial problems today!

How to get guaranteed approval for a 2nd Chance Payday Loan?

There’s no step-by-step guide on getting 100% approval for a loan, but we can provide you with some useful tips that really work.

  • Apply online using a comparing service that will give you access to multiple lenders at once. This way you’ll widen a circle of companies you send the request to with no affect on your credit history.
  • Always pre-qualify online and check if you meet the lender’s requirements not to apply to the company in vain.
  • Try to improve your credit score to expect lower interest rates.
  • Choose only legal direct lenders that operate according to your state’s Payday Loan laws and regulations.
  • Read the customer reviews and ratings.
  • Take out a 2nd chance Payday Loan only if you really need it and are sure to repay it on time.

Can I get a 2nd Chance Payday Loan with Bad Credit?

Bad credit is actually what 2nd chance loans are designed for. They are provided to borrowers with poor credit, those who can’t find financing from traditional banks or credit unions. There’re just a few simple eligibility criteria most direct lenders require:

  • A US resident or citizen
  • Age of 18 or more
  • An active checking account
  • Valid phone and email
  • Proof income

With 2nd chance Payday Loans you don’t have to drive to a store, wait in lines, do paperwork, faxing, credit checks, etc. The application process is fast, easy, and hassle-free. You

can apply online or even by phone. Money is available through a direct deposit you’re your bank account the same day or the next business day.

 

Trial balance

A trial balance is a list of balances of all the ledger accounts within a ledger. Usually, the trial balance is prepared every month. This is only done after all the transactions are recorded in the ledger.

Purpose of Trial Balance:

The main purpose of creating a trial balance is to check the correctness of all transactions recorded in accounts. But the preparation of the trial balance also helps to easily consolidate the final account statements.

How is Trial Balance prepared?

The trial balance lists the debit, credit accounts for a given ledger for a month. The trial balance is created in two columns one with all the debit balances and the other with all the credit balances. If the total of the debit column does not equal the total of the credit column then there is an error in the ledger accounts. The assets, expenses will be recorded under the debit balances. Liabilities, equity, and revenue will be recorded under the credit balances.

Limitations

But there is no guarantee that if the trial balance is fine, the ledger accounts are correct. There might be some omissions in the ledger accounts, or even a duplicate entry is also a possibility. Some times there will be ledger entries that are wrong when looked into individually. But while doing a trial balancing there might have been other wrong entries that have compensated for these errors.

Trial balancing can easily trace the wrong posting of amounts in a different account. So trial balancing is also time consuming, but this will ensure that the debit and credit balances are corrected every month.

Deciding Between Bookkeeping Software and Bookkeeping Service

Bookkeeping – the record of day-to-day financial transactions such as sales, purchases, income, and payments by an individual or an organization. These records need to be produced at the end of every financial year. From small to medium to large business, maintaining financial records is a mush which therefore necessitates bookkeeping process.

The choice of preparing and producing the accounts: organization basically has three options: one is to prepare and maintain records manually; the next can be to employ the bookkeeping services and the last option is to use a bookkeeping software system. Each has its own advantages and disadvantages. Whatever may be the employed method, the ultimate thing is to produce accurate accounting information needed on time.

As the recorded financial transaction is very important for financial decisions and knowledge over the business performance, efficiency, and accuracy over the recorded transactions becomes the major concern. Further, the accounting information is the accumulation of documents such as sales invoices, purchase invoices, and possibly bank records during the financial year and after the end of the financial year for tax purposes.

Improper records of the above said data (as financial records) leads to unwanted penalties, simply administrative burdens. In analyzing the choices: keeping and maintaining manually may lead to data loss, inaccuracies, fines, and penalties thus leading to severe issues at the end of the financial year.

Manual bookkeeping needs regular and periodic evaluation of the data. In going for the choice of having a bookkeeper, trust and knowledge over the operation become the mandatory thing for any organization. Also periodic and regular tracking of the works and records maintained is necessary. Having a bookkeeper is also partially includes in manual work where accuracy level still depends on the knowledge of the bookkeeper.

The third choice of installing bookkeeping software also has few disadvantages. But these are overruled by its wide advantages. The major advantage is the reduction in paperwork and 90% of reducing the manual work thereby achieving accuracy and efficiency. By having bookkeeping software, no one other than the business owners and the authorized person knows the financial status which can be called the security over the accounts.

So by having the gist in hand, the advantages and disadvantages over the choices can be analyzed as discussed above. It can be said with proof that accounting software provides better financial control and performance over the others: manual bookkeeping and having a bookkeeper. Thereby administrative burden can be reduced and the organization can focus on its core activities.

Bank reconciliation | Bank Statement

Bank reconciliation is a process of matching the accounting details with the bank statements. Companies record the transaction like checks written, receiving payments, service charges paid in a general ledger of the company. So in the same checking account, the bank will also record the transaction done by the company.

Why do Bank reconciliation:

Most banks send statements to their clients on a monthly basis. So most companies check their ledger with the transactions recorded in the bank statement. Loss of checks can be found out easily by checking the statement or even the amount can be added to the ledger. Errors committed in cash received, are rectified while doing bank reconciliation. This process ensures that none of the transactions is missed out in the bank’s statements and vice versa.

For sure this is a tedious and time-consuming process to manually check each and every entry. Especially the bank service charges deduction maybe only on the bank statement, it cannot be found in the company ledger. Most important is the interest charges credited by the bank will be in the bank statement, but not in the companies’ ledger.

Apart from checking the amounts, even the timing at which the transaction was done is important. Say if a check was deposited at the end of the month the transactions will be in the ledger, but not in the current month’s bank statement. Bank reconciliation can avoid check bounces, undue credit reduction from a bank.

Bank reconciliation has more advantages than disadvantages. All companies no matter big or small do bank reconciliation to set right the accounts on a monthly basis. Instead of breaking the head while preparing final statements, bank reconciliation would be the best alternative.

Nowadays with online banking, banking reconciliation becomes simpler with advanced bookkeeping software. Most bookkeeping software is designed to integrate with online bank statements.

Banking Registers

The register is basically the official written record of names or events or transactions. Banking Registers are the records that are maintained in order to keep track of your banking transactions.

Numia, online accounting software not only helps you to record your accounting transactions or maintain your banking records but also enables you to edit or delete the transaction. You can view the report of the transactions of each and every bank separately within your desired time period.

The steps involved are as follows:

  • Select Bank-> Banking Registers.
  • Select the bank name to view the accounting transactions in that specified bank.
  • Select the account name.
  • Now you can view the list of transactions made in that bank in the corresponding account name.
  • Edit or delete the transaction by just clicking the edit or delete icons which are viewed by moving the cursor over the transaction.
  • You can also customize the report by clicking the “Customize” option. Customizing allows you to view the transaction report within specified dates and to differentiate the transactions based on reconciliation.
  • You can also export the report to an “Excel spreadsheet” or simply print it.

Chart Of Accounts

Chart of accounts is the list of accounts adopted or used by a company. The choice of having different types of accounts in the chart of accounts depends on the company. It varies from company to company, as the organizational makeup is different for each company. Some common chart account followed in balance sheets are Assets, Liabilities, Owner’s (Stockholders’) Equity.

Assets:

Assets are the resources acquired by the company that can be expressed in terms of cash. Following are some of the common asset accounts included in the chart of accounts. The current assets are the assets that will be converted to cash within a year or in the current operating cycle of a company. The second types of asset accounts are Long term investment accounts that are for investment that will not be disposed of in near future. The third types of accounts are the fixed assets that are purchased with aim of using them in a long term to increase the profit of a company. The fourth types of asset accounts are for the intangible assets, whose value cannot be calculated physically like the trademarks, patents, etc.

Liabilities:

A liability is an obligation for a company or an individual to settle a debt. There are only two commonly account for liabilities. Current liability accounts are for accounts that can be settled with the current operational cycle. Long term liability account is for liabilities that would take more than a year to settle.

Owner’s (Stockholders’) Equity:

Owner or stockholders’ equity is a calculation by negating liabilities from assets. There are organized into three types they are paid-in capital, retained earnings, treasury stock. Paid in capital is contributed by investors by buying the stocks above the normal value. Retained gain is the net income or profit that is not given to the shareholders but is invested in the same business. The last type of accounts is Treasury stock, which is the stock purchased back by the company.

Tips to be a great sales leader

A person is said to be a great sales leader, only when he is capable of building his team in an efficient manner to achieve the sales target and company’s goals. A great leader is an inspiration, a motivational tool, and gives their significant contribution to the success of their sales team.

Following are some of the tips to be a successful sales lead:

  • Sales Managers and Sales People required to practice professional development in order to value their growth and clients/customers.
  • A well versed professional with his core skills such as Planning, Execution, Current Marketing Trends, Industrial Knowledge, Product and Customer Satisfaction, Communication, and Differentiation skills.
  • Good at major accounting strategies, competitive strategies, presentation and proposal writing skills.
  • Must be specific, set deadlines for the targets, capable of tackling the worst marketing situations. Share the facts and vision of the organization with the teammates and motivate them for their utmost contribution.
  • Try to understand the difficulties of the sales team and support them with the necessary resources.
  • Capable of learning and implementing advanced sales techniques.
  • To be an inspiring leader, you must be reflective and risk-takers.
  • Value the skills of the salesperson and give high training and focus on attitude.
  • Communication plays a vital role to interact with the salespeople. Active listening to the teammates is very essential.

Great sales leads know how to get work done by the people. They set proper goals and encourage their team to meet the necessity. Promote an enjoyable work environment and build a culture where people value themselves, each other, the company, and the customers.

Accounting Basics

There are a few (and only a few) things you need to understand in order to make setting up your accounting system easier.

Debits and Credits

These are the backbone of any accounting system. Understand how debits and credits work and you’ll understand the whole system. Every accounting entry in the general ledger contains both a debit and a credit. Further, all debits must equal all credits. If they don’t, the entry is out of balance.

Accounting Basics – 5 Basic Accounting Types:

  • Assets
  • Liabilities
  • Equity
  • Income and
  • Expenses

Balance Sheet Accounts

The three so-called Balance Sheet Accounts are Assets, Liabilities, and Equity. Balance Sheet Accounts are used to track the changes in the value of things you own or owe.

Assets are the group of things that you own. Your assets could include a car, cash, a house, stocks, or anything else that has convertible value. Convertible value means that theoretically, you could sell the item for cash.

Liabilities are the group of things on which you owe money. Your liabilities could include a car loan, a student loan, a mortgage, your investment margin account, or anything else which you must pay back at some time.

Equity is the same as “net worth.” It represents what is left over after you subtract your liabilities from your assets. It can be thought of as the portion of your assets that you own outright, without any debt.

Income and Expenses Accounts

The two Income and Expense Accounts are used to increase or decrease the value of your accounts.

Income is the payment you receive for your time, services you provide, or the use of your money.

Expenses refer to money you spend to purchase goods or services provided by someone else.

Online Accounting Revolution

Online technology has revolutionized over the past ten years in which each and every business sector are gaining their potential benefits of the internet certainly where accountancy has no exception. The accounting profession is going through a revolution to make the business to track in a faster and hassle free manner. Technology has laid its impact on accounting with the advent of certain features to keep your business track to run in a smooth way. Online accounting would highly be a preferable way of managing the finances of your business either for freelance or work on short term contracts.

Online accounting is known for its simplicity, as the complexity in financial management can be overcome. With the online accounting program, business owners can track their financial position in an easier and quicker way. Computerized accounting systems have now replaced manual accounting systems in most organizations. Many online accounting services allow the users to record their transactions, view their current assets, and also renders in creating their own invoices and payslips.

Accounting application has in fact allowed maintaining the proper tracking of the information, based on a regular interval basis resulting in better efficiency and accountability. Users are able to access their financial information wherever they are without waiting for the accountant’s report looking into the current cash flow. Also, it would be highly securable as the data are encrypted and stored online. Both the time and expense are saved with the accountancy programs leading to significant tax reductions.

Online accounting would be ideal for the business owners in managing the finance on daily basis in an easily accessible way with more accuracy and security rather than moving with the services of an accountant. A new era of forensic accounting helps to keep track of frauds during the sabotage of the electronic information which engaged in the accounting improvement as well as it allows in maintaining a track on their personal money. Now it would be much easier for business owners to stay connected with their financial information in an easy way with the help of this online accounting technology.