Choosing a credit card processor is a daunting task for small business owners. The number of card classes and rates is designed to be overwhelming, and the pricing can be very confusing. In the past the sales pitch for selecting a merchant services company has centered on price comparison based on rates and fees. Merchant services companies took a copy of the current rates and almost always returned with a proposal reflecting the rates and fees were somehow reduced. The problem was the rates would be reduced on certain classes of cards to make the quote look better, but the reality of the quote was the classes may or may not match so the savings may or may not occur. This left consumers feeling mislead or cheated. Over the last 18 months many banks have joined the merchant services space, and the conversation has shifted from being a pure rate… Read more!
In case you missed our office move announcement on Instagram, facebook or Twitter, it is official…the e-vos HQ has moved to James Island! Come by and check out our new digs at 109 Wappoo Creek Drive, Suite 2-B! (Call (843) 410-0050 if you need directions, but we are conveniently located on your right if you are driving down to the Crab House on the Wappoo Cut.) Our conference room is set up and ready for you to come in and discuss your cloud computing, bookkeeping and website design needs with us!
For most businesses expenses are simply the money attributed to the business that makes it operate from day to day. Common expenses include utilities, rent, meals and entertainment, and depending on the good or service the business sells there are expenses customized for the business. Managing expenses can be as simple as coding debit entries inside of QuickBooks, but as a business starts to grow two of the most difficult elements to keep control of are expenses that should be billed to a client and the problem is compounded by additional credit cards and bank accounts. Clients often want a business to purchase any goods necessary for their service in advance and then be billed for them later. For a service provider these expenses are essentially a cost of goods sold. There are tax consequences associated with these types of transactions so be sure to consult a tax professional before… Read more!
Bookkeeping for Sales People Improving bookkeeping for your sales people means focusing on the two issues that cause them the most issues, tracking receipts for expenses and mileage for work related travel. These issues can be solved with a mobile device such as a phone or tablet which can use GPS to track miles traveled and a camera to photograph receipts. If you connect the device to an app that allows you to tag and upload the receipts to a shared folder then you can streamline the reimbursement process for your sales team. Time Tracking Improve time tracking by using apps that are designed to synchronize to all of your devices so that you can always enter time no matter where you are working. Taking the time to perform the administrative task of time tracking after every task will help you track time and gather more accurate data to process… Read more!
e-vos bookkeeping services can help businesses streamline their bookkeeping processes, improve reporting and reduce overhead. Bookkeeping services are cloud based and can be provided to businesses outside of Charleston, South Carolina. ________________________________________ This is a piece reprinted from Gurufocus.com about spotting theft with bookkeeping and accounting Edmond Locard, a pioneer in forensic science, formulated the very basic principle of forensic science: Every contact leaves a trace. Companies which cook their books will leave investors with clues of their actions in the accounting trail. While it is impossible to catch all the thieves, investors should equip themselves with basic forensic skills to avoid the most common accounting shenanigans. I introduce five items to take note of, in the process of checking for possible accounting shenanigans. A large amount of cash with extremely low deposit rates is a major warning sign. If the company’s cash yield is significantly lower than bank deposit… Read more!
Below is a reprint of an article by Joyce Rosenberg of the Associated Press. The article talks about employee theft and preventing employee theft when bookkeeping is involved. Bookkeeping services are a great way to prevent employees from becoming entrenched and controlling the flow of information. The e-vos bookkeeping service takes the idea a step further by allowing business owners to outsource their bookkeeping services completely in order to shift the risk of theft from the business owner to e-vos. NEW YORK — It often starts with a trusted employee. Invoices might be forged, or checks might be stolen. By the time the boss catches on, thousands of dollars have been stolen. Employee theft or fraud is a big and expensive problem at many small companies. But the pain is often more than monetary. A boss feels a sense of betrayal, anger and shame. A look at the problem, and… Read more!
Sales commissions are often a difficult thing to balance and manage for any startup company. The sales people want their commissions yesterday and the business is afraid if they do not pay the sales commissions immediately the sales people will stop working. However, a business needs to understand the process of generating revenue, entering deposits, reconciling books, calculating commissions, transferring funds if necessary, and finally paying the sales people their commission. A business generates revenue from clients and looks to pay sales people a commission for bringing that business to the company. In a perfect world money would be paid by the customer and the sales commission would be immediately deposited into the sales person’s bank account. However, the reality of the situation is that money does not typically enter a company on a single day. Revenues typically trickle in over a 30 day… Read more!
Credit card processing has become a vital tool for many small businesses. The ability to swipe a credit card and accept payment on site allows businesses to improve their bookkeeping and owners to avoid the headaches and time commitment associated with collections. The collections process is often the most difficult and tedious process for business owners and professional services because often clients do not have the funds available or the work has already been performed. Credit card processing can streamline collections, but for the legal industry a different issue arises when trust accounts are involved. This is based upon South Carolina rules so please consult your local jurisdiction’s rules before considering whether or not to accept credit cards. In South Carolina the Bar association is clear that funds which are to be held in trust must be deposited directly into the IOLTA account, and… Read more!
Last week I wrote about the bookkeeping process for businesses and the importance of managing that process. This week we have been working with a client on a project which has a bookkeeping process that requires a large amount of data entry, and more difficult has been the processes which manage the paper inside the business prior to it reaching the bookkeeper for entry. While many businesses are working toward becoming paperless other businesses are required to manage paper invoices through a managerial approval process before the bookkeepers can ever enter them. Invoices which arrive on paper must be kept in order, signed by appropriate managers, and organized for handoff to the bookkeeping department. Making sure the invoices are received, approved, and organized often requires multiple parties all doing one or more tasks in a timely manner. The process seems simple, but for business… Read more!
Bookkeeping is the least sexy of all the business processes, and is often viewed as a chore more than anything else. Most business owners do not pay attention to their bookkeeping process except once a year when taxes are due. Unfortunately, the people who decide it is important are often the ones who are finding out there is an issue with their bookkeeping process. Problems with bookkeeping often lead to increased accounting costs, fees for unpaid taxes, higher tax burdens, or penalties for payroll taxes. With the tax deadline recently behind us this is a great time to look at your company’s bookkeeping process and see if there are ways to improve the process or reduce costs. The costs associated with bookkeeping are primarily staff, software, payroll processing, and accounting fees at the end of the reporting period. For the average small business the… Read more!