Business needs accurate bookkeeping service..!!!

Accounting software can differ in many solutions from big companies to simple single user lists of income and expenses. Simple accounting solutions are most suitable for small business.

The important of accounting software in the many huge companies are the accounting functions in those organisations with various financial modules for accounts receivable, accounts payable, stock control, general ledger and fixed assets. These accounting modules may also be integrated with non accounting functions such as production and dispatch functions and also divided into separate modules within the accounting function.

Small limited companies must obtain accounting software based upon double entry accounting principles as in addition to producing a profit and loss account and a trial balance to demonstrate accuracy and integrity of the financial records plus a balance sheet is required for reporting purposes. Accounting Standards the limited company to have a system of financial control and accounting software is an essential tool in achieving this.

The main purpose of accounting records of an enterprise is to have a record of receipts and expenses of its activities on a daily basis. In addition, accounting records, it is easily accessible for business owners to evaluate and analyze business performance. This will help the owner to decide what progress they need to create, or what product to continue to keep the firm in its place successfully.

Many reputable firm provide accurate accounting services accounting entire list of services includes:

• Bank Reconciliation
• Preparing the trial balance
• Preparation of financial statements
• General Ledger Balance
• Accounts receivable
• Payables
• Payroll

If you prefer accurate bookkeeping accounting services so, this time outsourcing services is effective. So, if you desire to save your precious time for main processes of your business then
use Numia is the greatest option. By using our accounting software you can also focus on other significant processes of your core business without any pressure.

Accounting with Numia (Ver 2.0)

I always mentioned Numia is a free online accounting software designed for todays modern business. Available 24 x 7 from anywhere the accounting software can scale from single to many users.

Numia is free of cost, The free online accounting software is easy to use, up and running in hours not days saves spending money on expensive training and consultancy. Numia has many features and its updating itself from time to time . And all these updates are still available for free. Other online accounting services are having few features for free and give rest of them for paid service.

So numia would be a better choice for your small business.

There will be a new release of Numia 3.0 within end of this year.

Look at what's new in Numia accounting @
http://numia.biz/edodocument/newfeatures.html

Numia has special feature of adding transaction from mobile by just sending a SMS.

Want to know more about that?

Just have a demo

Accounting Myth Vs Reality

Myth: I have a small business, I don’t need accounting.

Reality: Always give due respect to business and to the government, whether small or big it’s a good habit to have proper accounts for the finances of the organization. Without accounting one can evade tax or manipulate funds but only a methodical accounting can enable a small business to grow based on its finances, create budgets for future, and evaluate losses incurred.

Myth: I’m not good at maths to do accounting

Reality: To do accounting one doesn’t need to be a genius in mathematics, if you know addition and subtraction and little bit of multiplication and division can make you accountancy literate. Accountancy is all about putting the expenses and revenues in the right way to get precise details

Myth: I hate large accounting books?

Reality: Most of the accountants are using computer based software or an “Accounting Information System” for accurate financial reports. But if you don’t have any idea to implement a customized software solution due to budget constrains, websites like numia.biz can be a good solution for your bookkeeping needs that too with double entry book keeping.

Myth: Accounts are for qualified accountants only?

Reality: If your are running a large company definitely you need an expert accountant or even need a separate finance department. Online accounting services like numia.biz is for people who are not accountants and for small business owners. With easy to navigate screens, option to make a transaction with SMS, many more easy to use options, it’s a boon for the accountancy toddlers.

Businesses or individuals adapting to financial record keeping need to follow some of the basic rules or principles of accounting as in any other activity. It better not to go ahead with accounting without following the basics or the Generally Accepted Accounting Principles(GAAP), that may rather end in messing up with finances. Apart from this by adhering to proper accounting guide lines makes both the internal and external customers confident about an organization.
Most accounts of businesses are based on two methods of accounting the cash basis and accrual basis. In cash basis accounting the transactions are recorded based only on the transfer of cash, like when the cash is received it is recorded instantly, expenses are recorded only when the real payment happens. In the accrual method whether the cash is paid or not the transaction is recorded and the credit owed to the company and credit owed by the company is recorded.
Almost most of the small business people follow the cash method as the number of transaction will be less as the information of payments can be noted down easily. But in case of large corporations accrual method is most preferred. Small business owners can manipulate their revenues from the eyes of tax authorities by recording the cash received to the next financial year to evade tax. But large corporations cannot do this because of large amount of cash transactions and the other factor is the fear of loosing their reputation with stakeholders if tracked by the government agencies.
Whatever accounting principle is followed it is mandatory nowadays to have an accounting information system in place. Small business people will find difficulty in investing for this kind of a setup. To get more functionality and accuracy as expected with information system, but always with a higher price tag.
Numia a simple online service that is aimed at small business accounting with the flexibility of using both the cash and accrual basis of accounting. Even though it is aimed at small business accounting it can be used by even larger companies due to fact that it supports accrual basis accounting.

How to Get The Best Accounting Software For Your Small Business

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 software with little or no support.

Software Prices

The cheapest software cost US $89.99 and the most expensive software cost US $1,499. It was interesting to note that the top 3 ranked websites were not the most expensive and cost between US $250 - US $300.

Software Features

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 less expensive alternatives. The breakdown is very detailed and you'll be able to see for example if the software offers e-mail invoicing.

Software Support

The most important feature in our opinion is the support. The top 4 accounting packages include toll free support and FAQ's.

Hopefully you now have an idea of what to look for in an accounting software package and how much you should pay. If you would like the link to the website we researched to compile the above information please visit our website.


Free Online Accounting Service - http://numia.biz

Source - accounting software articles

Setting up your accounting system for your Small business

There are four types of accounts: assets, liabilities, income, and expenses. First, you have to specify what type of an account you want to set up. There will be more than one account in your system, and you will need to set them up according to their parameters. The components of an accounting system may include, accounts receivable, accounts payable, order entry, inventory control, cost accounting, payroll, and fixed assets accounting. Accounts receivable and accounts payable are used to record sales data and bills that need to be paid. Individual information received from these components is sent up to a general ledger, which oversees all financial operations of a business.

There are certain restrictions that apply to each type of account. That is why it is very important to keep all accounts separate. This can be easily achieved in an automated computer program developed by experts that by-default sets parameters for different types of accounts so that you do not have to enter all information manually. It also helps to check errors that may cost a lot of money if left unnoticed. There are some other accounts as well that need to be considered, even though they are not updated daily or weekly. These accounts include bad debts and prepaid expenses.

Bad debt is the amount of money lost due to bad customers who place an order but never pay their dues. This information might be recorded in accounts receivable, but in order to distinguish these expenses from those, which will actually be received, one has to create a separate account. Similarly, prepaid expenses that come under accounts payable should be recorded separately. Once all your accounts have been set up, start entering data on a regular basis. Whenever you receive an invoice or write up a cheque, make appropriate changes in the computer system.

Most accounting software provide facility to generate and print out reports. These reports may include payment summary or any other type of information about your business in a summarized or easy-to-understand format. In addition to these, you can also generate management reports to calculate profit and loss for a given month or year. Remember to create a back up at the end of each financial year so that valuable information is not lost. This data helps to make intelligent business decisions later on in order to increase profits and control or mitigate loss. Keep all documents in one place so that they are easily found whenever needed.

Easy basics in Accounting

Assets

Assets are things that a company owns and are sometimes referred to as the resources of the company. Joe readily understands this—off the top of his head he names things such as the company's vehicle, its cash in the bank, all of the supplies he has on hand, and the dolly he uses to help move the heavier parcels. Marilyn nods and shows Joe how these are reported in accounts called Vehicles, Cash, Supplies, and Equipment. She mentions one asset Joe hadn't considered—Accounts Receivable. If Joe delivers parcels, but isn't paid immediately for the delivery, the amount owed to Direct Delivery is an asset known as Accounts Receivable.

Liabilities

The balance sheet reports Direct Delivery's liabilities as of the date noted in the heading of the balance sheet. Liabilities are obligations of the company; they are amounts owed to others as of the balance sheet date. Marilyn gives Joe some examples of liabilities: the loan he received from his aunt (Notes Payable or Loan Payable), the interest on the loan he owes to his aunt (Interest Payable), the amount he owes to the supply store for items purchased on credit (Accounts Payable), the wages he owes an employee but hasn't yet paid to him (Wages Payable).

Stockholders' Equity

If the company is a corporation, the third section of a corporation's balance sheet is Stockholders' Equity. (If the company is a sole proprietorship, it is referred to as Owner's Equity.) The amount of Stockholders' Equity is exactly the difference between the asset amounts and the liability amounts. As a result accountants often refer to Stockholders' Equity as the difference (or residual) of assets minus liabilities. Stockholders' Equity is also the "book value" of the corporation.

* referred from other accounting websites