Top 5 tips for choosing Business Accounting Software

If your current business accounting processes are running out of steam or your business is simply growing too big for the standard accounting package you currently use, upgrading is the logical next step.

Whether you’re a small start-up or a complex enterprise, you’ll be met with myriad of software choices. Let’s look at five no-nonsense tips for choosing the right accounting software package for your needs:

  1. Identify extra features you may need – most businesses will need the basic out of the box finance package as a given which usually includes accounting, sales and purchasing management, asset registering and payroll. But do you also need stock control? What about intercompany reporting?
  2. Make sure the new software integrates with your existing processes – Let’s face it, your staff are used to doing things in a regular way and while it’s still effective, why change it? Some of the better accounting software products such as MYOB EXO Business will fit into your existing business processes and also help improve them.
  3. Multi users and security – Dealing with sensitive company financial data should be limited to those who have the rights to do so, but going a step further, you need to be able to limit what each user can access. For example, a junior accounts person should be setup with a restricted login with less access privileges than the chief financial controller.
  4. After sales support and training – learning your new accounting software and sorting out inevitable teething problems are made easier with quality support and training. Phone and email support are essential as is face to face training involving all relevant staff. This help can be particularly useful when software updates need to be applied.
  5. Speak to others in your industry – at your next networking function, actually raise the subject of accounting software. Now, you may think it’ll send people running for the toilet of a drink refill, but you’ll be surprised how many people will tell you their experience. They’ll often recommend business software experts who helped them.

So, there we have 5 brief but very important considerations to take into account (bad pun intended) to help you make the right decision. Making the wrong choice of software can lead to headaches further down the track and even worse, you could end up making some bad business decisions because of it. Take the time to weigh-up the functions and features you need and look for a product which comes with upgradable modules you can ‘snap’ in as and when you need them.

If you’re looking for a consultant who can scope, design, implement and configure a business accounting software solution specialising in MYOB EXO, try Horizon Business Systems, a Perth based, MYOB Platinum Partner.

Can You Discharge Your Tax Debts In Bankruptcy Court

There are many debts that you can discharge through bankruptcy. Is tax debt eligible for discharge through bankruptcy? In some circumstances, a taxpayer can go to bankruptcy court and have an old tax debt discharged. There are criteria that have to be met for that to happen.

The Debt Was From A Tax Year At Least Three Years Ago

A petitioner facing a judge in bankruptcy court today would only be eligible for relief from taxes filed before 2009. Any other tax debt would be ineligible for discharge in bankruptcy court. The 36 month period starts on the day that your tax debt was due. Any extension of your due date will extend the amount of time you have to wait before that debt becomes eligible for discharge.

The Tax Return Was Filed At Least Two Years Ago

Taxes that were filed after 2010 would not be eligible for discharge at the current time. Any recent tax debt would not be eligible for tax relief until 24 months after filing. The 24 month time period begins on the day that you actually file your tax return. Tax returns that were not filed will not qualify for discharge no matter how old that debt may be.

Your Tax Debt Must Be At Least 240 Days Old

The tax debt must be assessed at least 240 days before you can ask for the debt to be discharged. It does not matter in what manner the tax was assessed against you. However, it might be easier to get the debt discharged if the tax assessment was a result of self-reporting of taxable income.

The Return Was Filed In Good Faith

A judge is not going to discharge any tax debt based on a falsified tax return. Attempting to evade taxes is not an acceptable basis to have your debts discharged. The IRS will help to determine whether the returns were filed in good faith or not.

Your Creditors Will See Your Returns

It is important that the borrower files their taxes on time each year. The bankruptcy court is going to ask for your last four tax returns. Your creditors are going to have access to any tax information that you hand over to the court. Furthermore, you would have needed to have your tax return filed before you first met with any debt relief services. You may not be able to reach a tax debt settlement if you did not file your taxes before seeking relief.

It is possible that your tax debt could be discharged. However, you have to make sure that you were actually filing your tax returns in an honest manner. Tax debt may not be eligible for discharge if you are simply trying to evade payment of taxes. Do plenty of research before you seek any relief from past tax debt. The courts will not be likely to discharge your debt if you do not follow all of the rules. Ignorance of the law is never a defense.

Four Structured Settlement Questions and Answers

If you have recently come into a large sum of money, you may want to think about setting up a structured settlement instead of receiving a lump sum. While this option isn’t for everyone, it can be beneficial when it comes to budgeting, and paying less tax on your earnings.

Here is a four-question guide to structured settlements.

1. What is a structured settlement?

A structured settlement is when you receive periodic payments for the money awarded in a lawsuit that you have won. It is “structured” because you are agreeing to receive a set amount of that money each month, week or year, and it is a “settlement” because you typically received the money as the result of a settled lawsuit.

2. What if I want/need a lump sum?

Although structured settlement payments have a lot of benefits, it’s also entirely possible to receive a lump sum. One way to do this is to sell lottery payments or other kinds of earnings to a financial assistance company. In exchange for a portion of your earnings, you can get the large chunk of money that you need very quickly.

This can be a good option if you have a lot of debt to pay off, college tuition that needs to be paid before the semester begins or medical bills that add up with interest if they’re put off.

3. What if I need money before my lawsuit case ends?

If you don’t want to take a lump sum, but still need money before your lawsuit comes to an official close, you can often get pre settlement funding from financial assistance institutions.

Some reasons that you may need funding ahead of time include urgent medical bills, car repair in the event of an accident and more. Sometimes, you just can’t wait for the money, and thus, a cash amount is necessary. It’s possible to get between $1,000 and $30,000 in advance. You simply borrow from financial funding companies beforehand and give them a portion of your reward once it’s received.

4. Are there benefits of receiving an annuity payment over a lump sum?

Yes, there are benefits to receiving annuity payments. One of these is tax-related. If you get a lump sum and invest it all at once, you will be taxed on the dividends of your investment. On the other hand, if you receive payments and use them for expenses and purchases, they become tax-free.

It’s also much easier for some people to budget when they have a stream of equal-sum payments coming in periodically. This can help you plan your financial life much easier.

If you are interested in learning about how you can convert a lump sum to structured settlement payments, or vice versa, research online now.

 

There are many things Brian enjoys writing about, but one of his favorites is finances. If you’d like more information regarding Sell Lottery Payments, please visit http://www.senecaone.com/