Tuesday, 23 December 2014

Cheyney Group Marketing News: Nike Orders Decline

Nike, the largest provider of sporting gear in the world has slid the most in the last couple of quarters after orders has failed to measure up to analysts' forecasts, mainly because of the slow demand from emerging markets.

A primary factor which contributed in the fairly high expectations is the good performance of Nike shares in the previous year. According to Cheyney Group Marketing's statement, orders for Nike gear have previously been on an upward trend, hence the 11% gain that was predicted by analysts. As they say, when you're already in such a high place, it's not enough to just rest on your laurels -- you have to plan how to surpass your own records.

In Nike's biggest market alone, orders increased by 13%, but still slightly under the 13.1% forecast while in Europe, they also rose by 13% but significantly lower than the 15% estimate. Moreover, orders coming from other markets only rose by 1% compared to the 7% estimate.

Not only did the NKE shares slide as much as four percent but also those of retailers that offer its products such as Finish Line and Foot Locker.

Meanwhile, net income on the last quarter increased by 23% or 70 cents per stock which just about fulfilled the prediction of Cheyney Group Marketing analysts. On the good side though, its revenue has increased by a whopping 15% while beating forecasts of analysts.

Such orders were observed closely for most investors see them as a foreshadowing of how the brand will sell in the future.

Though NKE shares did drop because of last week's unfavorable results, they increased fairly well on the first quarter of 2014 as the brand's athletic wear finds its way into mainstream fashion and casual outfits through the "athleisure" trend.

Meanwhile, Nike's close rival, Adidas, has consistently exceeded expectations of analysts by posting favorable profit and sales numbers -- perhaps owing to the fact that it has reduced its profit estimate due to weak demand in sports gear.

Tuesday, 19 August 2014

Cheyney Group Marketing: 5 tips on having a happy budget

Many of us have that recurring nightmare of being in Accounting 101 class in college on the last day of the term for the first time — and it happens to be final-exam day! You suddenly wake up sweating and panicking and realize you have never been that good in your own financial accounting. You feel like the unfaithful servant to whom the master says, “Give an account of yourself!”

Dreams have an uncanny way of mirroring life. Perhaps, there is a way to change reality by making our dreams more to our liking. In my friend’s case, he never had an Accounting unit his entire student life; so he went on to change his dreams by reading and studying about Accounting and Finance until he gradually overcame his financial woes.

Here are 5 tips (or principles) he shared to start having a practical and efficient personal financial discipline:

1. Have a budget

This is essential! No matter how little money you have, having a budget is a must. But if you do not have money at all, there seems to be no sense in having a personal budget. Wrong! Zero is the least money you can have. If you do not have a budget, then you will never have practice when you get some money eventually. Truth is, we all have some money, no matter how little; and knowing how to manage your money is a vital habit every person needs to develop.

2. Start with how much you need, not how much you have

For years, my friend made a yearly money plan starting with how much he needed to support himself and to implement his projects. After many years, he finally found enough income to rent a decent apartment, buy appliances, travel more often and start living his dreams (and reduce his nightmares). Being positive, especially during those times we are really down, is not mere pretending but practicing a lifetime of hopeful anticipation. As they say: Dreams are free; so, get dreaming!

3. Next step, obviously, is to have a realistic budget

Having a workable budget can often be depressing. (This is when you really need optimism!) Workable means allocating as much money for all essential expenses. You know you will need some more money to fill in the deficit and sourcing it is part of the Accounting problem. Realistic, ironic as it may sound, means figuring in what you need to overcome your deficit. This may mean a lot of waste of time; but it is an exercise in optimism and practice for the fat years ahead. The next step further explains what realistic means.

4. Every budget must include a deficit budget and a plan for filling the deficit

A plan for sourcing out the money you do not have is the best part of a personal budget. It draws out the creative juices hiding within you. It could be that business plan you have had for years for a small venture that will give you the impetus to go ahead and take out a loan and do it finally. Or, you can take an extra job to raise the funds you need for the needed capital. Work your plan.

5. It is all about discipline

Little or much, money is all about stewardship of something we do not own ultimately. People who presume too much and think they can do whatever they want with money lack the discipline and are not qualified to teach others who need budgetary discipline. And those who do not have enough money and think the same way will have a hard time acquiring the discipline they need to get over their financial problems.

Discipline is ultimately about perseverance and seeing our dreams come to fruition by the day.

Counting money and using it wisely, whatever is there left after all the necessary expenses, is a primary human activity most people still need to handle properly. And even those who have much of it have so many obligations they probably have more nightmares than those who know next to nothing about Accounting.

In the end, losing sleep over money is counterproductive. And so is losing money because you lack sleep. It is always better to be content with what you have and strive to be happy over other things money could not buy for money does not guarantee us happiness or peace.

A happy budget, remember, is one that you make because you are happy to be alive and have enough to last till the next pay day.

Sunday, 27 July 2014

Cheyney Group Accounting: Top 20 SaaS Accounting and Cloud Bookkeeping Online Software Reviews

When I was in college, I supported myself by starting my own small business on the side. I still remember collecting all of my receipts and business documents in a plastic bag, and then handing everything off to my bookkeeper at the end of the year.

That was so dumb. If anything happened to that bag, my business would’ve run into some serious problems.

But that’s no longer the case today.

Today’s businesses have access to a wide array of online, electronic bookkeeping applications which make this job so much easier. Especially within the past few years, we’ve seen a lot of important advancements in technology which have made bookkeeping easier.

- Credit card transactions can be automatically added to the books.
- You can use a camera phone to upload a receipt.
- You can collaborate with business partners through a single application.

Bookkeeping is so much easier now than it’s ever been before. Even if you don’t understand accounting, you can still manage your own books.

Below, I’ve compiled a list of the top 20 online bookkeeping applications that are available from a Software-as-a-Service delivery model.

Zoho Books - Zoho books is the ideal accounting software for small business. Zoho books is easy to use, and lets you share and collaborate effortlessly. And since it’s part of the Zoho suite, you know it’s a great system.

Outright – The automated approach to bookkeeping. It lets you say goodbye to old-fashioned accounting.

Kashoo – Kashoo helps you become more organized while also saving you money on accounting fees with their collaborative, tablet-friendly accounting software.

Pavintheway – Manage your entire company from this full-featured robust online accounting package.

Clear Books – Time-saving online bookkeeping software that’s in use at thousands of British companies.

Accounts Portal – Manage your entire business from a single handy and easy-to-use accounting system.

Yendo – With a Web 2.0 approach to finance, Yendo plays nicely with mobile devices and third-party cloud services.

Xero – This is an incredibly easy accounting application that makes finance a pleasure.

Netsuite – Good friends of the blog. This fast-growing company offers CRM, accounting, ERP and ecommerce software… all from a single source, and all from the cloud.

NolaPro – Allows you to create your own online accounting site, or rent the hosted version directly from them.

Merchant’s Mirror – This is the next step in the evolution of online small business accounting software.

Envision Accounting –  An online accounting suite that’s specially designed for project-driven companies. Incorporates accounting and project management into a single suite.

Quickbooks Online – QuickBooks is one of the best-known and most trusted brands in accounting. And this is their hosted online product offering.

Wave Accounting – Easy to use with a high degree of automation. Get your accounting out of the shoebox, and into this simple, well-organized, secure solution.

Skyclerk – Skyclerk offers dead simple accounting that’s elegant, reliable and secure.

Perfect Books – Spend more time focusing on your business with the help of this free, paperless and automated online bookkeeping application.

Financial Force – A cloud-based financial suite that’s affiliated with SalesForce and UNIT4.

Freeagent Central – A stress-free online bookkeeping service that’s used every day by thousands of companies.

Less Accounting – Less Accounting believes that accounting should be easy. Why do more accounting when you can do less accounting?

Intacct – Award-winning accounting software that’s used by over four thousand organizations.


Want more? Visit Cheyney Group Marketing Blog for more articles.

Friday, 25 July 2014

It used to be that keeping "the books" for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business' essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business that you couldn't see in paper form -- such as generating sales forecasts for the next quarter, determining which items are overstocked, and pinpointing your least profitable service.

Business accounting software can be the source of all this information. But finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. In order to choose a business accounting software program, you need to understand some business accounting basics, take a good look at your business and its accounting needs, and assess the products available today.

"It's real important to get this right. In a lot of cases, it can make the difference between businesses that are profitable versus not profitable," says Mike Budiac, president of Find Accounting Software, an independent website affiliated with CPAOnline. The website allows you to complete a two-page survey about your software needs which it will match to qualified vendors. "I think it's pretty essential for everyone these days. And the product prices are so low in some cases, that the smallest businesses can be helped by using software. As they grow, larger the impetus to do it is even stronger."

How to Choose Business Accounting Software: Business Accounting Software Options

Types of accounting products available

The range of accounting software products available for small and mid-sized businesses has been growing steadily. Right now, there are a few general categories to choose from: small business payroll and accounting packages, more full-service business management programs, online Web-hosted applications, and free programs. Here is a run-down of each category and some of the popular products available for small to mid-sized firms:

Small business payroll and accounting. There are several top-selling accounting software programs you can buy off the shelf, or over the Web, that will meet most small business needs by providing the accounting tools and reports you need to use your financial data. These include the best-selling QuickBooks series by Intuit, which is available in a variety of tiered editions and for which there are add-ons, such as a cash-flow calculator. Other popular products include the easy-to-learn drag-and-drop formatted Simply Accounting by Sage Software, which is available in up to 20-seat licenses. Sage also makes Peachtree Complete Accounting Software, which comes in tiered offerings serving from 1 to 40 users and has targeted modules for construction, distribution, and manufacturing businesses. Other popular options include Cougar Mountain Software and MYOB Accounting.

Business management software programs. These are higher-priced and more full-features accounting programs that may also include other financial functions you need to track in your business, such as point of sale, inventory control, customer relationship management (CRM), billing, purchasing and even enterprise resource management (ERP). Some popular picks in this category include Everest's Business Management Software, which integrates all business processes into one solution, and NetSuite -- the latter of which boasts that it's "everything you need in one powerful solution."

Web-hosted accounting applications. A new breed of online financial management applications has emerged in the last few years, taking advantage of the growing confidence that businesses are developing in the Web as a safe business environment. Now that entrepreneurs are indeed becoming comfortable with the 'software in the cloud' model and the inherent benefits it offers, they are in growing numbers starting to look beyond e-mail or office productivity to more sophisticated and sensitive applications like financials. The heavyweight of small business accounting, Intuit, has launched an online alternative called Quickbooks Online. Peachtree also has debuted a well featured online version. Some vendors offer online-only accounting packages, including Clarity Accounting, Less Accounting, NetBooks, and NetSuite, which has a more comprehensive business management package online.

Free accounting software programs. Most small businesses need to be skeptical of "free" programs, particularly when it deals with the financial data of your business. But a free version of QuickBooks lets you create invoices, print checks, handle payroll, and manage up to 20 customer accounts. There are plenty of free bookkeeping tools on the market, but QuickBooks is the best option for growing companies, because it's easy to step up to the paid version, which lets users track more than 10,000 customers.

How to Choose Business Accounting Software: Understand Your Accounting Needs

The first step you need to take in choosing accounting software for your business is to undertake a good needs analysis, which will address both managerial and financial needs. It should be broad, exploring both obvious questions and ones that really make you think. Take your time with this important step, since the last thing you want is to have to repeat this process within the next two years. If you experience unexpected growth that forces an upgrade, terrific, but good planning at this stage can help you avoid having to change software too soon. Get some help before you buy anything.

What you need to know about your business

The first step you need to take before deciding on accounting software is to make sure that you are somewhat financially literate. "One of the mistakes businesses make when they buy accounting software is in believing that they don't need to know anything at all about financial accounting because the software will just take care of it for you," says Linda Pinson, author of Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business(Kaplan Business 2007). "They need to understand small business accounting."

There are several ways that an entrepreneur or small business executive can become proficient in understanding what data their business needs to keep (in order to make better business decisions) and what reports they need to generate (for the Internal Revenue Service and state tax authorities). You can read books. You can take classes. You can do research on the Internet. "You can't use any accounting software if it's like garbage in and garbage out," Pinson says. That's what the result is "if you don't understand what you're putting in."

Another consideration is the type of business you operate. Several different sectors have specialized modules or add-on packages because they need to keep specialized data. If you are a manufacturer, for instance, then you may need to have an understanding of inventory and handling of parts and labor. If you are a retailer, you may also need to have an understanding of your inventory through a point-of-sale program. A doctor's office needs specialized programs for billing insurance companies, although many may farm this function out to middleman and/or consultants.

Talk to your accountant and staff

If your business has an accountant -- either an outside consultant or an in-house accountant -- you would be wise to consult that expert before you take the plunge into accounting software. Your accountant may be able to recommend software that works with programs they have. In fact, Pinson says, some accountants may help you set up your accounting software so that it gathers the data that they need to help you file your taxes, as well. "They know what kind of business you have and what you need," Pinson says. "Most accountants work with a particular software. Frequently it's QuickBooks. They'll want you to use that same accounting software."

Your IT department is just as important as your accountant. You also need to understand your hardware situation. Business accounting software packages use big databases, usually consisting of many different data tables all working together, so take a good look at your disk space. As your accounting data grows, which happens quickly, the more room it will need. This is the most important item to review, but not the only one. You will need to evaluate the age of your system, as well as your back-up procedures and storage media.

How to Choose Business Accounting Software: What to Know Before You Start Shopping

Know your budget limitations

A key consideration is your budget. Off-the-shelf software, such as QuickBooks, Peachtree, and MYOB, are all very affordable. However, when you start focusing on industry-specific accounting software, also referred to as vertical software, the costs go up and up and up.

Most vertical business accounting software is sold through a value-added reseller (VAR), so they can demonstrate the program and assist you with the installation, set-up, and training. The software has a higher price tag since it has a smaller market than generic accounting software, and annual maintenance fee are required for you to receive updates and upgrades as they are produced. You also have to pay for the VAR's services. These costs need to be factored into your budget, if you go that route.

Reach out to other businesses and software consultants

Find out what everyone else is using in your industry. Okay, maybe not everyone else, but a least a few of your competitors. Business association meetings are a great place to chat about this, and you can also ask your accountant, since they should have at least one other client in your industry.

There are also consultants and/or services that will help you narrow down your options for the best financial accounting software for your business. FindAccountingSoftware.com operates independently of any software vendors but will help match your business needs with suitable software programs after you fill out an online questionnaire. The site promises to get back to you within days with appropriate selections. "We work with about 1,500 different companies in the U.S. and Canada. They are sometimes software resellers or software developers," Budiac says. "What we try to do is be the grease between the wheels."

You may also want to check software product review websites, such as CNET and PC Magazine.

Create your wish list

Now that you have gotten a lot of input, it's time to sit down and document what you want the business accounting software to do for you. Of course you probably won't find a business accounting software that meets every item on your list, so you should also decide which ones you can live without.

It is important to balance the information you have received from everyone you have spoken to with some factual information and objective views. Software vendor websites, such as QuickBooks.com or Cougarmtn.com, will include detailed lists of features and functionality, and objective reviews can be found at trusted sites such as Inc.com.

Some business accounting software can be used on a trial basis, giving you a feel for the interface and the functionality. Some of them are full programs that either allow a limited number of uses or a limited number of days of use. Other programs offer limited functionality in their trial versions. In either case, it's great to be able to try before you buy. But Budiac points out that it can involve a lot of work to test out an accounting product so be sure to only trial products that have made your final cut.

Make your business accounting software decision

Now it's up to you. The journey ends here. You've talked to many people, inside your organization and out, and you've read vendor literature and third-party reviews. You have used a few of the programs, or a least had a tour of the screens. So what is the deciding factor? That's up to you. Prioritize your needs analysis and make sure the software you choose meets most, if not all, of the features that are important to you. There is no 'best' business accounting software package, but there is one that's best for your business.

Wednesday, 23 July 2014

Cheyney Group Accounting: Freelancers, Here's How To Do Your Taxes

This is the second in a series of articles on managing your finances as a freelancer. Read part 1, on budgeting for freelancers, part 3 on how freelancers should save, pay down debt, retire and splurge, and part 4, on ways to protect and structure your business.

The freelancer’s life is to be envied: alarm clock-free, commute-free, business attire-free, it is a series of days of answering to no one but your own whims, punctuated only by afternoon naps, or, when the occasion calls for it, daytime dance breaks.

Freelancers forgo all the drudgery of full-time work in exchange for one concession : We have to do our own taxes. And, it’s not easy.

If you’re a freelancer, and especially if you are new to the game, nothing dampens the high of being your own boss like a massive bill from the Internal Revenue Service .

“I see a lot of people who are so excited, they freelanced their first year, they survived, and then they have a $5,000 tax bill and now they owe back taxes,” says Sophia Bera, a certified financial planner and founder of Gen Y Planning.


Here’s how to enjoy all the perks of the freelance life without having taxes kill your buzz.

1. Work with a tax professional.

Freelancers should always work with an accountant , says Bera. She recommends looking for one who specializes in freelancers or small business owners.

Yes, a good accountant can be expensive. But that investment can also save you money, time and headaches.

Shana Bickel, a Sarasota, Florida-based certified public accountant who focuses on small business owners, tells the story of a client who came to her while being audited after having used TurboTax to file. While redoing his tax return, she saw he had taken a deduction for educational expenses up to $250, which teachers take if they buy supplies for their classroom. But he was a personal trainer. When she asked him what that deduction was, “he said, ‘Yeah, I buy a lot of materials that I educate my clients with. I said, ‘Did you realize you just took the K-12 teachers’ expense?’ And he’s like, ‘No, I just answered the question how TurboTax presented it,’” she says. While it was true that he paid for educational materials out of pocket, “only a CPA would understand what that is — that if you’re not a teacher, this line should be blank,” says Bickel.

This is why she recommends that freelancers not use TurboTax or tax services like H&R Block HRB +0.28%. “People can do it,” she says. “It’s at your own risk, though. If you don’t know and understand tax law and how your tax returns should look, once you’ve put in your information and you’re just taking it as it is without proofing it, you’re signing it, so you’re responsible for what you file.”

Also, a professional, particularly one who specializes in doing taxes for the self-employed, may know ways you can save money on taxes in your profession that software or a commercial preparer may not.

2. Know what you need to pay and how much.

Develop a basic understanding of what taxes you need to pay so you aren’t completely in the dark.

Now that you’re independent, you are responsible for your self-employment tax, which consists of your Social Security and Medicare taxes, and for 2013 and 2014 is 7.65%. At a full-time job, that would have been automatically deducted from your paycheck. But now that you are also your own employer, you also have to pay the share your employer was paying, which is an additional 7.65%, for a total of 15.3%. (The silver lining: you can deduct the employer portion.)


Read more HERE

Monday, 21 July 2014

Cheyney Group Accounting: 6 Pros of Time and Attendance Systems

Time and attendance systems do a lot more than just track how many hours your employees log each day.
These systems also keep employees informed of how much paid time off they have left, help streamline the payroll process, cut down on overtime costs and let managers easily create work schedules.

Additionally, time and attendance systems give businesses added financial insight into their companies by churning out a variety of reports on employee hours and provide an audit trail for all daily time entries, timesheet corrections and approvals.

To highlight the benefits of these tools, several time and attendance experts offer some specific plusses of using such a system.

Improve workforce productivity

In a business environment, where people are asked to do more with less, repetitive manual and administrative tasks strain resources and slow down day-to-day operations, said Frank Moreno, director of product marketing at Kronos Incorporated, which offers its own time and attendance system. Without automated time and attendance systems, he said, employees often have to fill out time sheets that managers or payroll departments must then re-key in a different system so employees can get paid.

"With a time and attendance system, you can manage by exception instead of having to review every timecard," Moreno said. "In a matter of minutes, you can find and correct missed punches, respond to time-off requests, and even access and react to labor data in real-time to have a positive effect on your business."

Extra insight

Digital time and attendance systems give a business added financial insight into how the company is being run, said Matt Rissell, CEO of TSheets Time Tracking, a time and attendance system.

"The insight into labor expenses, project costs and overall financial analysis are true benefits to businesses using a quality time and attendance system," Risell told Business News Daily. "Compiling time-tracking data in real time is critical to payroll reporting, invoicing and job-costing accuracy."

Saves money

Moving from a manual system to a digital time and attendance solution will save businesses money, which is one of the biggest reasons to make the change, said Jim Wacek, president of the time and attendance division for Insperity, which offers TimeStar, a time and attendance solution.

"Organizations that implement time and attendance systems typically save 3 to five 5 of payroll costs, because the system automates time tracking processes and increases payroll accuracy," Wacek said.

Lowers frustration

Using a time and attendance system that makes sure employees are getting paid on time and properly helps keep frustration at low levels for everyone in a company, Rissell said. That includes hourly employees, managers, payroll staff, human resources professionals and the owner.

"Inaccurate and slow payroll, manual and error-prone duplicate entry, and the inability to track performance, labor costs, job costing and financials is frustrating for everyone within the company," Rissell said.

Minimize compliance risk

Businesses that use time and attendance systems benefit from ensuring they are complying with the numerous labor laws and regulations that apply to them, such as the Fair Labor Standards Act and Family Medical Leave Act, as well as any union regulations and company-specific work and pay rules, Moreno said.

"Maintaining compliance can be time-consuming, costly and sometimes lead to morale-busting employee grievances," Moreno said. "Automation also helps ensure you create a culture of compliance with centralized labor policies that keep pace with changing regulations, while ensuring compliance by taking work rule interpretation out of the hands of local managers and administrators."

Higher employee morale

Time and attendance systems can also boost morale by giving employees the ability to clock in and out, request vacation days and monitor how much time off they have left, Rissell said.

"A boost in productivity, a mutual respect between managers and employees with realistic expectations, and workplace flexibility are just three of the major contributing factors to employees experiencing an increase in morale when given control over tracking their time," Rissell said.

Originally published on Business News Daily

Sunday, 15 June 2014

Gibraltar Accounting firm marketing by Cheyney Group: Accounting


As a business owner, time is your most valuable asset. The more time you have to develop and manage your business, the more successful it will be. At Baker Tilly Gibraltar we help develop and improve accounting systems and controls, comply with industry and fiscal requirements, as well as changing regulations, and we account for complex transactions.

We can provide you with regular and reliable accounting information enabling you to monitor the progress of your organisation and make informed business decisions. We believe in working together with our clients to deliver a tailor made service that meets your individual needs and provides solutions so you and your business succeed.

Whatever the size of your business, give yourself more time for what you do best - running your business. We can help with the rest!


Bookkeeping

Our dedicated accounts team will undertake all aspects of your bookkeeping. Whatever the size of your business, we are here to help you run things smoothly according to your own particular needs.

Accounting information is sent directly to our Management Accounting services department for recording in your accounting records on computer.

Our bookkeeping services include:

·         Purchase and sales ledger
·         Trial balance
·         Bank reconciliations
·         Control account reconciliations
·         Customer statements, as required.


Management Accounting

We provide businesses with all aspects of your management and financial accounts according to your individual requirements.

Management accounts can include the following reports:

·         Profit and Loss – for the business and analysed by department if required.
·         Balance sheet
·         Cash flow statements
·         Analysis of any profit and loss or balance sheet captions if required.

Our advisers can:

·         Put the figures into perspective. We'll be able to discuss them with you to determine what the management accounts actually say about the state of your business.
·         Develop reports on all the vital aspects of your business so you know where you stand and can make decisions quickly.
·         Help you establish effective budgetary and cash flow processes so you know how much money you have to run your business.
·         Identify with you the key performance indicators for your business and together decide what other factors are significant.

Other Services

For clients with an in-house accounting function we Can assist with :

·         Management accounts preparation
·         Review and monitoring of accounts and control account reconciliations.


Preparation of Accounts

We can prepare year-end statutory accounts from the management accounts system in readiness for the annual audit and filing at Companies House.

The year- end statutory accounts and the accounts for filing purposes (if applicable) would be the logical conclusion to our involvement in the bookkeeping and/or preparation of management accounts.

We follow strict controls and procedures to assist you in your responsibilities to ensure that the statutory accounts, including group accounts (if applicable), comply with relevant laws and regulations and generally accepted accounting practices in Gibraltar.

We can also assist in the preparation of accounts for filing in Companies House.

Financial statements can be drafted in accordance with Gibraltar Accounting Standards (Gibraltar Generally Accepted Accounting Practice), UK GAAP, US GAAP or International Financial Reporting Standards.

Tuesday, 10 June 2014

Gibraltar Accounting firm marketing by Cheyney Group



GIBRALTAR SOCIETY OF ACCOUNTANTS

EXPLANATORY FOREWORD TO GIBRALTAR ACCOUNTING STANDARDS

Introduction

1. This foreword explains the authority, scope and application of Gibraltar Accounting Standards (GASs) issued by the Gibraltar Society of Accountants (GSA) and the circumstances whereby other internationally recognised accounting standards may instead be followed. The scope of GAS extends to entities licensed or authorised by the Financial Services Commission (“FSC”) unless the applicable legislation requires or the FSC permits the adoption of alternative accounting standards. This foreword also considers the procedures by which the GSA issues GASs and their relationship to accounting standards adopted or issued by the Accounting Standards Board (ASB) in the United Kingdom.

Accounting Standards in the United Kingdom

2. Accounting Standards issued by the ASB are “accounting standards” for the purpose of United Kingdom legislation which requires accounts, other than those prepared by small or medium sized companies (as defined by the UK Companies Act), to state whether they have been prepared in accordance with applicable accounting standards and to give particulars of any material departure from those standards and the reasons for it.

3. In addition the Consultative Committee of Accountancy Bodies (CCAB) is committed to promoting and supporting compliance with accounting standards by its member bodies and by their members, whether as preparers or auditors of financial information.

4. United Kingdom accounting standards, however, are not intended to apply to financial statements of overseas entities prepared for local purposes.

Gibraltar Legal Requirements

5. The GSA notes that Gibraltar Company law makes reference to, but does not define, the terms „Appropriate Accounting Standards‟, „Generally Accepted Accounting Principles‟ and „Accounting Rules‟ (collectively referred hereafter as “GAAP”). In absence of any statutory definition of GAAP, the GSA recommends that members follow the recommendations set out in paragraph 8 below. In addition Gibraltar Company law permits the use of International Financial Reporting Standards.

Authority

6. The GSA, whilst recognising that it does not have the authority to require its members to observe a particular GAAP, wishes to promote a formal framework for the preparation of accounts.

7. The GSA also notes that, commensurate with Gibraltar‟s status as an international offshore finance centre, there will be circumstances whereby internationally recognised accounting standards will be more appropriate. As mentioned in paragraph 5 above, Gibraltar Company law specifically permits the use of International Financial Reporting Standards.

8. Therefore, the GSA strongly recommends that its members who assume responsibilities in respect of financial statements do observe GASs or, where appropriate, follow instead internationally recognised accounting standards, as referred to in paragraph 11 below, whether in their capacity as preparers or auditors of financial information.

Scope and application of Gibraltar Accounting Standards

9. The GSA consider that GASs are applicable to the financial statements of Gibraltar reporting entities that are intended to give a true and fair view of the state of affairs at the balance sheet date and of its profit or loss (or income and expenditure) for the financial period ending on that date. GASs need not be applied to immaterial items.

10. Financial statements are normally prepared and presented annually and are directed principally toward the information needs of an entity‟s shareholders, proprietors or equivalent body of persons.

11. Where these information needs are such that they would be better met through the use of standards other than GASs then it is entirely appropriate to depart from GAS and a local entity‟s financial statements may in such circumstances be prepared in accordance with internationally recognised accounting standards such as International Accounting Standards, UK GAAP or US GAAP.

Compliance with accounting standards

12. Accounting standards are statements of how particular types of transactions and other events should be reflected in financial statements, and are formulated with the objective of ensuring that the information resulting from their application faithfully represents the underlying commercial activity. The GSA envisages that only in exceptional circumstances will departure from the requirements of GASs (or where appropriate internationally recognised  5accounting standards) be necessary in order for financial statements to give a true and fair view.

13. In applying accounting standards it is important to be guided by the spirit and reasoning behind them. The spirit and reasoning are set out in the individual GASs and are based on the ASB‟s Statement of Principles for Financial Reporting.

14. If in exceptional circumstances compliance with the requirements of a GAS is inconsistent with the requirement to give a true and fair view, the requirement of the GAS should be departed from to the extent necessary to give a true and fair view. In such cases informed and unbiased judgement should be used to devise an appropriate alternative treatment, which should be consistent with the economic and commercial characteristics of the circumstances concerned. Particulars of any material departure from an accounting standard, the reasons for it and its financial effects should be disclosed in financial statements.

The issue of Gibraltar Accounting Standards

15. The GSA has agreed to formally adopt United Kingdom accounting standards as issued by the ASB, which will be accompanied by Interpretative Notes (ITN's). The principal purpose of ITN‟s is to cite the recommended practice in situations where Gibraltar and United Kingdom legislation conflict and also in situations where reference is made in the ASB‟s accounting standards to United Kingdom legislation and no corresponding Gibraltar legislation has been enacted.

16. The ITN, issued by the Society, together with the ASB‟s accounting standard is referred to as a Gibraltar Financial Reporting Standard (“GFRSs”) or Gibraltar Statement of Standard Accounting Standards (“GSSAPs”). GFRSs together with GSSAPs are collectively referred to as Gibraltar Accounting Standards.

17. GASs are circulated as an exposure draft by the GSA‟s Technical Committee. An exposure draft is published to allow an opportunity for all interested parties to comment on the proposals and for the Technical Committee to gauge the appropriateness and level of acceptance of those proposals.


18. Although the Technical Committee weighs carefully the views of interest parties, the ultimate content of an ITN must be determined by the Committee‟s judgement, in conjunction with the Society‟s President, based on research, public consultation and careful deliberation about the benefits and costs of providing the resulting information.

Monday, 9 June 2014

Reviews Cheyney Group Marketing: Three reviews of accounting softwares for small businesses

Accounting is the language of business, and good accounting software can save you hundreds of hours at the business equivalent of Berlitz.

There's no substitute for an accounting pro who knows the ins and outs of tax law, but today's desktop packages can help you with everything from routine bookkeeping to payroll, taxes, and planning. Each package also produces files that you can hand off to an accountant as needed.

Small-business managers have more accounting software options than ever, including subscription Web-based options that don't require their users to install or update software. Many businesses, however--including those that need to track large inventories or client databases, and those that prefer not to entrust their data to the cloud--may be happier with a desktop tool.

We looked at three general-purpose, small-business accounting packages: Acclivity AccountEdgePro 2012 (both the product and the company were previously called MYOB), Intuit QuickBooks Premier 2012, and Sage's Sage 50 Complete 2013 (the successor to Peachtree Complete). All three packages offer a solid array of tools for tracking income and expenses, invoicing, managing payroll, and creating reports.

These full-featured and highly mature programs don't come cheap. Acclivity AccountEdge Pro, at $299, is the least expensive; and prices climb if you opt to use common time-saving add-ons such as payroll services, or if you add licenses for multiple user accounts.

All three are solid on the basics, but they have distinct differences in style and focus. The more you know about your accounting requirements, the more closely you'll want to look at the software you're thinking of buying.

Sage 50 Complete should appeal most to people who understand the fine points of accounting and can use the product's many customization features (especially for businesses that manage inventory).

QuickBooks works hard to appeal to newbies who need only the basics and might be intimidated by the level of detail and technical language exposed in the other two packages. At the same time, it also has a slew of third-party add-ons that meet specific needs and greatly expand its capabilities.

AccountEdge Pro balances accessibility with a strong feature set at an affordable price. It's especially suitable for businesses that need to provide simultaneous access to multiple users.

The featured article above was from Reviews Cheyney Group Marketing.

Sunday, 8 June 2014

Reviews Cheyney Group Marketing: The Best Cloud Accounting Software for Small Businesses


The very fact that you’re reading this marks a milestone. Would you have been interested in a “cloud based” accounting application only a few years ago? Probably not. You were probably, like myself and most small business owners, still trying to get your arms around the cloud and doubting that you would ever entrust your most critical financial data to some outside company. But things have changed. Online, or cloud financial applications, are slowly but surely becoming the norm. Many small business owners are taking notice, particularly because of their benefits.

And the benefits are many: access from anywhere, integration with other popular third party cloud applications and banking software, better backup, quicker bug fixes, immediate access to upgrades. And, let’s face it: better security. No cloud provider, not even the Department of Defense, can provide 100% security against hackers. But with so many threats today many business owners are reluctantly agreeing that their financial data is probably better secured by a cloud provider whose business model is reliant on security than on their own server that’s looked after maybe once a month by their local IT guy.

And now we hit the next milestone: the first comprehensive book on the market that reviews the leading small business cloud accounting applications. It was released just last week in the form of an ebook, is called Online Accounting Software: Finding the Right Match and can be downloaded for $79.95 here.  The book is produced by the Sleeter Group, an independent consulting firm that boasts 700 accounting experts who provide software and process consulting services to more than 300,000 small businesses. The company also produces reference books, webinars, seminars, and a very popular annual Accounting Solutions Conference and Tradeshow, among other services.

The ebook reviews these cloud accounting applications for micro and small businesses: QuickBooks Online, Xero, Cheqbook, Kashoo, Wave, Zoho Books, and FreshBooks. Here’s what I learned from reading it:

1. Online applications are not for everyone. Although the benefits are many, the book stresses that there are tradeoffs, including their dependence on a good internet connection and a culture that accepts less control over your data. As I’ll further describe below these applications mostly lack certain advanced features, have potential data and user limitations and contain less functionality for certain vertical industries.

2. The applications reviewed are still immature. Most do a good job handling the accounting basics, from invoicing to payables management to general ledger postings. But companies looking for more complex processing such as advanced inventory management, purchase order control, human resources, CRM and detailed fixed asset management are not good candidates for these products. End users looking for the ability to significantly customize the applications or implement advanced workflow processes will likely also find themselves disappointed.

3. The applications are mostly horizontal. Right now, they’re designed to handle the bookkeeping needs of most small businesses, regardless of their industry. But most small businesses I know have more industry specific requirements and will not have their needs addressed with these services. I’m keeping my eye on some of the up and coming online products not reviewed, like Plex for manufacturers and ServiceMax for people in the service industry, as well as bigger players like Intacct and NetSuite. The author’s approach for this book was to focus only on applications for micro-business, small business and invoicing. I’m not so sure they had much of a choice otherwise. There are few players on the market yet who do much else.

4. Online applications are positioned for an online world. They are all geared towards the mobile user, with access from iPhones, iPads and Android devices. They like to integrate with banks and online payment services. They are fighting with each other to partner with other online leaders like PayPal, Square, Bill.com and DropBox.

5. There are data and user limitations. As previously mentioned, the applications reviewed in this ebook are all geared towards micro and small businesses. To this end, the reviewers warn that even though some of the service providers say they can handle as many as a thousand transactions a month or even unlimited users you should still do your due diligence.

The book does a good job at breaking down and comparing the most popular deliverables offered by these applications and covers 18 categories of functionality including reporting, sales tax, inventory, job costing, payroll and fixed asset tracking in addition to the basic accounting and banking features. My only suggestion is to consider offering the book as a paid for monthly or annual service that’s continuously updated, just like the products it reviews.  That way I can be assured of the most current information while I go through my research.

The Sleeter Group also steps up and names which online accounting products are the best for both the micro and small business categories.  And who are the winners?  Oh, wouldn’t you like to know.

The featured article above was from Reviews Cheyney Group Marketing.