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Vol 6 No. 1 January e-Newsletter
Greetings!

Welcome to this edition of the free e-Newsletter brought to you by AdvantEdge Accounting Solutions.

Every month, we strive to bring you news, reviews, tips, and ideas to help you get the most out of your accounting software and help keep your business running smoothly!

Please feel free to forward this e-Newsletter to colleagues you feel might benefit from this information.

Sincerely,
Jodi Coppens

Build up your weaknesses until they become your strong points. - Knute Rockne
HOW WILL YOU FEEL AFTER 2007?
  B2B Forum Business Seminar

How will you feel after 2007?

  • I end up with the SAME company year after year!
  • We're working far too hard for TOO little!
  • If we accelerate our growth, will the wheels come off?
  • Why can't I get my entire team to be engaged like my star performers?

    All companies were once start ups . . .
    All companies faced these problems . . .

    Attend the next business seminar sponsored by my B2B Forum group and Learn to convert your frustrations to SOLUTIONS strategically and . . . MAKE 2008 Your BREAKOUT Year!

    All of us, here at AdvantEdge, want to take this opportunity to wish all of our clients and business associates continued SUCCESS and PROSPERITY in 2008!!

    • W-2's AVAILABLE ONLINE
      No software necessary!

    Complete up to 20 Forms W-2 right on your computer, electronically submit them to SSA and print copies suitable for distribution to your employees. No software is needed.

    However, you do have to register, so don't wait until the last minute! Remember the W2 forms are due to your employees by January 31 st!

    SAGE MAS 90 & 200 YEAR-END TAX UPDATE
      Year end is here!

    Tax table updates (TTU's), and year end program changes for Sage MAS 90 and 200 are available for download.

    SAGE has posted the necessary year end files for versions 3.71, 3.72, 3.73, 4.0, 4.05, 4.10 and 4.2 - prior versions will not be supported.

    They will also update the TTU with late-breaking changes as necessary each week through January 2008.

    AVOID COMMON PAYROLL MISTAKES
      At Year-End!

    Common mistakes on payroll tasks at year-end can quickly multiply your headaches during an already busy time.

    We've compiled the following tips to help you avoid the most common mistakes made at year-end. Follow these tips, so you can focus on your business and celebrating the New Year.

  • Set aside enough time to prepare your end-of-year tax forms.
  • Download software payroll updates before you prepare tax forms.
  • Use the correct tax tracking type on payroll items to help ensure that amounts appear in the correct box on Form W-2 and on other federal and state forms.
  • Set up employees properly for state taxes.
  • Print your employee W-2 copies from your software onto a preprinted form or onto blank perforated paper (*OR* see the article in this eNewsletter on filing electronically thru the IRS website.)
  • Use the software state forms that can be scanned, even though they look different.
  • Examine the dates on payroll liabilities checks to understand the numbers on your Form 940.
  • Set up your independent contractors as vendors, not as employees.
  • Download payroll updates before running your first paycheck of the New Year.
  • Update your SDI and SUI rates before running your first payroll of the year.

    • CA SDI - The Wage base is now $86,698 and the rate is .8% for all employers.
    • CA SUI - Don't forget to review your DE2088, which you received from the EDD in December 2007, for the Unemployment and ETT rates specific to your company.

    SPECIAL NOTES!!
    For California employers;
    New as of January 1, 2008, you MUST provide all employees, within 1 week (before or after) of providing their federal W2's, a separate notice stating that they may be eligible for the federal EITC (Earned Income Tax Credit). The fact that this information is also provided on the employee's copy of the W2 is irrelevant!

    While the Federal Minimum Wage is $5.85/hr - Minimum Wage in CA (which takes precedence) is $8.00/hr and $8.50/hr in San Francisco.

    • THE SIX KEYS TO KEEPING YOUR EMPLOYEES ENGAGED
      Employee engagement is a hot buzzword among employers today!

    An employee who is engaged in his work is a person who cares about the future of the company he works for, is passionate and emotionally involved in his work, and moves the company forward.

    Most employees who are engaged believe they have an impact on improving the company's services or products and can positively impact customer service. The problem is only 29 percent of employees are engaged in their work, 54 percent are not engaged, and 17 percent are actively disengaged. This latter group of disengaged employees costs U.S. employers $350 billion a year ( Gallup).

    Here are seven keys to help your employees become more engaged at work.

    FRAUD
      An article by SMB Finance Magazine

    SMB Finance magazine recently published an article that grabbed my attention, and I'm sure it will do the same for you. They reported:

    "According to the Association of Certified Fraud Examiners in their 2006 "Report to the Nation on Occupational Fraud and Abuse", the median loss due to fraud suffered by companies with fewer than 100 employees was $190,000."

    TIP'S & TRICKS
      Critical NOTES for year end financial reports!!

    Improve the QUALITY of your INFORMATION!!

    Produce a "supporting schedule" for All Asset and Liability accounts to go with your Balance Sheet

  • Use the Reports available in your software to produce the easiest ones like, Accounts Receivable and Accounts Payable
  • Create custom reports for each of the other accounts
  • In QuickBooks; reconcile your other balance sheet accounts (like; suspense, customer deposits, advances, etc.) to create schedules for open transactions!
    • Use reconcile feature to clear transactions
    • Create custom Summary Reports to track each balance sheet account; filter by account
    • Set filter for uncleared items only
    • Total by name, not account

      Give us a call if you need assistance with this task. The reports are easy to create and memorize and we'd be happy to help.

  • Perform Year End CLOSE!! In MAS 90/200 this is a specific function in each module. In QuickBooks, Edit Preferences to Set your Closing Date.

  • Create a .pdf copy of ALL year end reports! There is nothing more frustrating or time consuming than trying to figure out why and how your numbers have changed from last year's tax return and fixing the problem! If your numbers have changed, you MUST fix the problem, so making a .pdf copy that you can refer to is the easiest way of making that happen! Remember, to make .pdf's of all the supporting schedules, too!
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    Contact Information

    phone: 760-722-6839