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
Friday, November 27, 2009
Thursday, November 12, 2009
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.
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.
Saturday, October 24, 2009
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.
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.
Friday, September 25, 2009
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
Wednesday, August 26, 2009
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.
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.
Thursday, August 20, 2009
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
Monday, August 10, 2009
25+ Tools For Accounting and Budgeting
Buxfer.com – Does a bit of everything in that it aggregates your different accounts from banks and credit cards, lets you budget and also lets you do shared accounting with other people. The service allows login via Open ID, Facebook , Google and more.
ClearCheckbook.com – This personal accounting system leaves you very little room to say you didn’t have time to update by giving you an iPhone interface and SMS updating, as well as via instant messenger services such as AIM, GTalk and more.
ElectricCheckBook.com – Besides the normal personal accounting tools, Electric CheckBook also allows you to invite others to join in for collaborative accounting which makes it perfect for new couples who are just opening their first checking account.
Foonance.com – Do your accounting, but instead of seeing where all of your money is going in a boring graph or chart, you give them tags and can see them represented in a tag cloud.
IndyBudget.com – Offers free accounts that will show you upcoming activity, recurring payments, budgeting and more. Also has a reasonably priced pro account you can upgrade to at any time that gives you even more features.
Mint.com – A completely free financial management tool that offers nice perks like integration with numerous banks, retrieves new transactions daily and even puts them into categories for you automatically. set budgets that will warn you when you’re close to going over and much more.
Money2Manage.com -Gives you all of the basic accounting tools you will need such as categories, report generation and money tracking, as well as access via the phone.
MyBillQ.com – Allows you to keep your personal accounting organized while also letting you set up shared expenses you may have with roommates, friends or family.
Quicken.Intuit.com – Probably the best known name in personal online accounting software. They do offer an online version that you can access from any Web browser so that you can keep your accounts up to date no matter where you happen to be.
Rudder.com – Delivers your information to you via email so that you don’t even have to visit their site to see how you’re doing.
Zefty.com – An accounting system for parents to help teach their kids about the value of money and how to manage it
GoBootstrap.com – Helps you fill out forms, remember to pay estimated taxes, get the most deductions possible, generate graphs to see how your business is doing and more.
LessAccounting.com – Attempts to be a more streamlined, less labor intensive accounting system for small businesses in an attempt to free up more of your time.
Peachtree.com – Peachtree brings their popular accounting software online, giving you features such as check writing, invoicing, sales and all of the other bells and whistles you would expect.
Quickbooks.Intuit.com – The well known Intuit program also has an online version that can allow multiple people to log in and view finances, perfect for businesses with multiple partners in different locations.
numia.biz - An Free Online accounting service. Very easy to handle it, have video tutorials and basic accounting concepts. It helps in keeping the records secured.
TheBudket.com – You can use this system for financial planning, cash flow analysis, collaborative accounting and more.
Budget.10try.com -The Plan2spend app allows you to keep track of all your expenditures while giving you a glimpse as to what your future balance will be so that you can avoid overdrafts.
BudgetEdge.com – BudgetEdge doesn’t only help you keep track of your current expenses and assets, but it also helps you predict how much you will have left at the end of the next payment cycle so long as you enter all of your information faithfully.
ExpenseView.com – Enter your expenses to get a better grip on what is eating up the majority of your budget.
Gastus.com – While not a full accounting app like the majority of the others, it does let you track your expenses to see where your money is going and also offers an iPhone interface for updating on the go.
Mvelopes.com – Helps you see exactly where your money is going and tries to find money you are losing in “hidden” fees and expenditures.
Billhighway.com – A shared accounting system designed with non-profit groups and Greek organizations in mind.
Billshare.org – Allows you to easily share expenses with others by creating receipts for one another and having them delivered via RSS.
Expensure.com – A unique accounting system that helps roommates pool their expenses and then divide them while keeping track of who owes money to bill collectors or other roommates.
Money.Tra.in – An accounting system specifically for people living together that need to split bills. Has an old school ASCII feel to its graphics.
Spendji.com – System for keeping track of projects and plans for friends, groups and organizations.
SpicyDigits.com – A group accounting system that allows any member to enter a new expense and then an automatic email is sent to each member informing them of their share. Allows you to invite new members as needed.
ClearCheckbook.com – This personal accounting system leaves you very little room to say you didn’t have time to update by giving you an iPhone interface and SMS updating, as well as via instant messenger services such as AIM, GTalk and more.
ElectricCheckBook.com – Besides the normal personal accounting tools, Electric CheckBook also allows you to invite others to join in for collaborative accounting which makes it perfect for new couples who are just opening their first checking account.
Foonance.com – Do your accounting, but instead of seeing where all of your money is going in a boring graph or chart, you give them tags and can see them represented in a tag cloud.
IndyBudget.com – Offers free accounts that will show you upcoming activity, recurring payments, budgeting and more. Also has a reasonably priced pro account you can upgrade to at any time that gives you even more features.
Mint.com – A completely free financial management tool that offers nice perks like integration with numerous banks, retrieves new transactions daily and even puts them into categories for you automatically. set budgets that will warn you when you’re close to going over and much more.
Money2Manage.com -Gives you all of the basic accounting tools you will need such as categories, report generation and money tracking, as well as access via the phone.
MyBillQ.com – Allows you to keep your personal accounting organized while also letting you set up shared expenses you may have with roommates, friends or family.
Quicken.Intuit.com – Probably the best known name in personal online accounting software. They do offer an online version that you can access from any Web browser so that you can keep your accounts up to date no matter where you happen to be.
Rudder.com – Delivers your information to you via email so that you don’t even have to visit their site to see how you’re doing.
Zefty.com – An accounting system for parents to help teach their kids about the value of money and how to manage it
GoBootstrap.com – Helps you fill out forms, remember to pay estimated taxes, get the most deductions possible, generate graphs to see how your business is doing and more.
LessAccounting.com – Attempts to be a more streamlined, less labor intensive accounting system for small businesses in an attempt to free up more of your time.
Peachtree.com – Peachtree brings their popular accounting software online, giving you features such as check writing, invoicing, sales and all of the other bells and whistles you would expect.
Quickbooks.Intuit.com – The well known Intuit program also has an online version that can allow multiple people to log in and view finances, perfect for businesses with multiple partners in different locations.
numia.biz - An Free Online accounting service. Very easy to handle it, have video tutorials and basic accounting concepts. It helps in keeping the records secured.
TheBudket.com – You can use this system for financial planning, cash flow analysis, collaborative accounting and more.
Budget.10try.com -The Plan2spend app allows you to keep track of all your expenditures while giving you a glimpse as to what your future balance will be so that you can avoid overdrafts.
BudgetEdge.com – BudgetEdge doesn’t only help you keep track of your current expenses and assets, but it also helps you predict how much you will have left at the end of the next payment cycle so long as you enter all of your information faithfully.
ExpenseView.com – Enter your expenses to get a better grip on what is eating up the majority of your budget.
Gastus.com – While not a full accounting app like the majority of the others, it does let you track your expenses to see where your money is going and also offers an iPhone interface for updating on the go.
Mvelopes.com – Helps you see exactly where your money is going and tries to find money you are losing in “hidden” fees and expenditures.
Billhighway.com – A shared accounting system designed with non-profit groups and Greek organizations in mind.
Billshare.org – Allows you to easily share expenses with others by creating receipts for one another and having them delivered via RSS.
Expensure.com – A unique accounting system that helps roommates pool their expenses and then divide them while keeping track of who owes money to bill collectors or other roommates.
Money.Tra.in – An accounting system specifically for people living together that need to split bills. Has an old school ASCII feel to its graphics.
Spendji.com – System for keeping track of projects and plans for friends, groups and organizations.
SpicyDigits.com – A group accounting system that allows any member to enter a new expense and then an automatic email is sent to each member informing them of their share. Allows you to invite new members as needed.
Monday, July 20, 2009
Accounting Services & Softwares
To all beginners and experts in accountancy. I'm here to discuss about an on-line service which made my accounting more clear and understandable for my business. I'm a normal small level business person to whom 'Accountancy' is always a 'mystery'. I had always been running around digits, credits, debits, ledgers, assets, liabilities etc etc. When i thought about using some tool then found many which were excellent in performance but I can't afford to buy those tools for my small business. So I need to go for an accountant or a free tool to maintain my records. So through search I came to know about Numia and used it which is a free accountancy service. I thought to try it as demo as it is a free service. I needed to know whether services like this are more trustworthy or not. I have been using Numia for nearly 6 months. It is a good business accounting tool, and really a better way to keep your records more secure.
But it isn't downloadable software. To use the program, you must login to Numia website. It provides basic accounting tools to create invoices, record customer payments, write checks, track expenses, produce customer statements, and generate financial statements.
Numia is intuitive and makes everything easy. I appreciated the step-by-step instructions that map out each accounting task. This makes managing finances easier, especially for the beginner who doesn't understand every step in each task.
Getting started is easy using the Setup Guide and instructional demos. Simplified navigation saves time and helps you track customer invoices from billing through payment. Ideal for start-ups and small businesses that are switching from a manual system or personal finance software.
One drawback to this design is that Numia navigates from screen to screen only as fast as your Internet connection will allow. This can be annoying if you use a dial-up modem or a lower speed DSL connection.
What ever may be whether it is a tool or a online service I needed my account more secure and should be easy for me to use and also it should be free of cost. So these all needs were satisfied to me by Numia. As an accountant(beginner,intermediate,expert) you would surely never be disappointed in using this Free online accounting service.
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