Accounting/Banking/Credit

Accounting/Banking/Credit (109)

Less Than One Week to File W-2 and 1099s

Reminder to businesses with employees or anyone who has contracted out more than $600 in work to a freelancer or subcontractor: you have until Jan. 31, 2012, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients. 

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Concur Study Finds December 20th As Busiest Day for U.S. Expense Claims

Concur Expense ManagementConcur (Nasdaq: CNQR), a leading provider of integrated travel and expense management services, has identified December 20th as the busiest day for submitting expense claims in the U.S. Based on an analysis of its clients’ expense transaction volume, the number of claims made in the U.S. on this day is 167 percent above the daily average, as staff rush to recoup costs ahead of the holiday season – adding to the pressure faced by accounting teams expected to process all the last minute submissions.


With more than 10,000 clients globally, Concur has unprecedented insight into corporate T&E spend. Similar to the results Concur saw last year, expense reporting volume tends to spike as companies near the end of the year. A key factor contributing to the dramatic increase in claims during the holidays is a surge in client and staff entertainment. Another cause is the backlog of receipts and expenses incurred by employees in previous months and reconciled by the end of the calendar year as a way of recouping extra dollars for holiday travels and entertainment.

“As year-end approaches, many employees rush to submit expense reports, putting increased pressure on accounting teams responsible for processing everything before the holiday break,” said Mike Hilton, executive vice president of worldwide marketing for Concur. “Automated expense systems that directly import credit card charges and take digital images of receipts using a smartphone can help significantly, eliminating frustrating and time-consuming practices like stapling all of the right receipts together and filling out reams of paperwork.”

Advancements in travel and expense management technology mean organizations can now gain complete visibility and control over the entire expense claims process. Companies like Concur make it easy for employees to submit and track expenses online or from their mobile devices and convert paper receipts into digital records. Employees can even take photos of receipts with a smartphone, automatically attach the receipt image to an expense claim, and get reports approved much faster than filing expenses by hand.

“There are three spikes for expense submissions in our business – one around the time of our trade fairs, one at year-end and one just prior to the Christmas season,” Stratis Tsapoitis,treasury/controller at Pentax Canada said. “I remember life before Concur when we used to have piles of expense reports traveling around internal departments and receipts would become detached or lost. Today, we have an automated, scalable solution. Our staff submits expenses while travelling using Concur mobile on their smartphones and regularly do their expenses on the move making it less onerous for everyone involved. It’s also helpful being able to reference expenses from a year ago and track the audit trail.”

Methodology

Data is based on expense claims submissions inserted into Concur’s automated expense management tools, used by thousands of businesses across the world. Results are based on expenses submitted between January 1, 2010 and December 31, 2010.

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Local Banks Are Logical Choices

One of the most important decisions you can make for your company's long term success is choosing a lending institution that can meet the needs of your business both today and in the future. There are many good reasons to consider a community bank for your business instead of a large institution. With so much focus on the disastrous effects of irresponsible lending on the economy, more businesses are moving away from large, national banks to smaller community banks.

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Financial Choices Available - Credit Unions and Banks

When it comes to choosing a financial institution for your small business, your choices fall into two basic categories- banks and credit unions. Both offer the same basic services, but depending on the needs of your business, one may be a better match for your company. Understanding the differences between the two can help you make the decision about where you should bank, borrow money, and conduct other financial business.

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3 Options for Taking Online Payments

Square-Accept-credit-card-payments-with-your-mobile-phoneTrying to find a way to make online payment easier for your customers can be a challenging task if you don't know where to start. Online payment methods like Square, Paypal, Click2Pay, and Moneybokers.com are just a few of the choices available to business owners today.

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Advantages of Online Checking Services

ebankingAn online checking or better known as online banking is becoming a common service to all business endeavors. Almost all of people, be it company associates or small business owners, rely on this service for years. However, what is really the meaning of online banking in layman’s terms? This is actually a computerized service that can let the customer view his transaction history and accounts. Even you can go online with the bank thru the aid of telephone lines. It also mean of more transactions on a particular bank through the use of internet. Online checking or banking is an attribute to its valued customers and most banks also have it.

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Three Best Ways of Reducing Tax Burden in your Small Business

tax burdenA tax burden worries small business owners in most of the states in America. However, they look for means of reducing its costs. Be updated on the tax laws concerning small businesses if you own for one. As an owner, you must also know about tax planning and accounting systems. Talk with your accountant about your plan of maintaining the business without higher expenses.

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Track Expenses The Easy Way With These 8 Apps

trackexpenseAs a business owner, you need to keep track of all your expenses because that will lead to your success. If you don't know how to manage your finances, then you will be in great danger. So, make sure that you are very particular when it comes to spending. You need to keep a record of all the money outs and ins. Well, don't worry because even if you are not in the office, you can still have the chance to track your expenses with the help of apps. They are free o you don't have to worry about anything.

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