What I did for vacation

Now that the Thanksgiving holiday is behind us, many people are focused back on work and getting the best deals for the upcoming holiday season. Just before the start of the Thanksgiving holidays’ I had the pleasure of receiving a rather nice gift from Sage, the company that makes the Peachtree Accounting product. I would like to take time out to thank Gia Robinson over at Peachtree for sending me a copy of their Quantum Accountants’ software so that I could make the transition to their product from Microsoft’s Office Accounting. The Peachtree Quantum Accountants Edition is one of the most robust accounting software packages on the market so I was excited about loading it and learning my way around it.

My excitement was quickly changed into frustration since it took me all last week to get the software loaded (finally completed early this am). There were quite a few things that I had to do before I got the software to load and here are some of the problems (with error codes) and solutions that were provided by the Peachtree Users Group on LinkedIn, Peachtree Community, and Microsoft Support.

Error 1628 – This error is caused when the install is interrupted and does not complete. This was the easiest error to fix since the only solution was patience. The installation of Quantum took almost four hours for me so when it appears that the installation is hung, be patient and let it continue to run.

Error 1639 – This error was caused by an invalid command line argument that dealt with a Microsoft Installer problem. The fix for this error was to go to the Microsoft site and download the most recent version of Microsoft Windows Installer. Be sure to download the right version for your operating system.

Operating system issues seemed to have been causing the most problems. My computer was initially updated with Windows Vista SP2 and that proved to be a problem so I downgraded back to Vista SP1. I also had problems with deleting the prior partial installs so I also used Windows Installer Cleanup utility and Revo Uninstaller to clean up the leftover files and registry. There was also a particular file that Revo and Cleanup did not delete and that was an INI file located in C:/Windows that had to be deleted before another install could be completed. After all this was done and I was patient with the clean install, Quantum was finally loaded.

Now I guess I can spend the rest of the day going thru the training CD.

Thanks to all the help I received from Microsoft (Thinesh and Pressanna) and everyone on the LinkedIn Peachtree users group, and Peachtree Community for all your assistance even during the holidays.

B. N. S.

You Can’t Say That

This morning a friend and business associate of mine sent me an e-mail asking me “have I heard about this”. There was a link attached and it took me to a blog that contained information that many internet marketers really need to know about. According to the Federal Trade Commission (FTC), there are some new guidelines that will be going into affect beginning December 1st that will shake up how advertisers use testimonials, blogs, and celebrity endorsements for the advertising efforts. I did get a chance to do a little research on the FTC site and I read the blog about the switch, and it appears that the new guidelines will make it tough for most advertisers to use any kind of testimonials (or anything else) in their marketing efforts without doing statistical research. Research will be cost intensive for the small business marketer thus many ads will have to pull the testimonials. I am really interested to see how the FTC will enforce the new guidelines and there were already comments on the blog I read of ways to get around the new guidelines.

I would really like to hear some of your thoughts out there in blog land, so be sure to read the new FTC guidelines, and the blog and come to your own conclusions.

B. N. S.

Balance Coverage

Recently I have posted a great deal about the versatility of the iPhone and how it can make running a small business easier. Well I came across this new article on the LinkedIn iPhone users group that states that the main feature of the iPhone (the phone) is flawed. I do find it odd that the article is from Cnet UK and not the states. I would greatly like to hear from some of you out there in blog land with iPhones that are having “phone” problems. There have also been some discussions on the LinkedIn group that many have been having problems with dropped calls on their phones. Check out the article and see if you can relate. Personally no problems here (knocking on wood).

B. N. S.

Get more miles out this app

Small business owners that use an iPhone and are looking for a more tech savvy way to keep track of their mileage may get a kick out of this new app. Tap2Track by Intuit was recently updated on Nov. 5th and can calculate your mileage from starting point to destination using GPS. Once the trip is complete, the app will also e-mail you a copy of the mileage details for your IRS records. Pretty cool huh?

When the app was recently introduced on one of the accounting discussion lists that I belong to, there was a great deal of skepticism from some of the “tech challenged” members citing various IRS rules and Tax Court decisions regarding the use of technology to maintain mileage records. The IRS typically requests that taxpayers maintain a written mileage log for trips and Tap2Track is not written. I personally think that the app will pass the IRS’s test since technology is the way of the future. Just recently the Congress requested that tax preparers who file more than 10 returns must file those returns electronically, so I think small business owners will have no problem using this app for their mileage tracking.

B. N. S.

Wish List for Home Offices

Are you a small business that operates out of your home? Or maybe you are thinking about starting a small business from your home. If you fall into any of the previous categories, then the article I came across yesterday is for you. Get a little bit of additional insight into what technology tools you will need to make your home office operate efficiently. Personally I was a bit surprised to see that the article did give a little bit or coverage to the new way of working (that I really love)….cloud computing. Be sure to take a look at the technology that is out there now to make your home office operate like a big corporation, but with a smaller budget. Put these on your Christmas lists home business owners.

B. N. S.

A new tech toy

As many know, I am always looking for technology that can help small business owners and individuals work smarter and not harder and this weekend I came across another remote access tool that may prove to be a jewel for some. The software is called Laplink and it allows secure remote access to your PC’s from anywhere with an internet connection. Another great feature of the software is that the software can be used with any device including smartphones (you know I love that), laptops, and even gaming consoles (Nintendo Wii). Be sure to stop by the Laplink website and check out the screenshots and the interactive tour. Although Laplink does not advertise like the other remote access programs (Gotomypc and Logmein), it may be a viable competitor to the others.

B. N. S.

Tax updates this week

Last week I had the pleasure to sitting on a panel for the Atlanta Professional Business Network and the topic was taxes and small business. The discussion at one point moved toward the current tax laws and how they will affect the upcoming tax season. Many tax laws were set to expire and as we spoke, Congress was thinking of extending and few. Well the Senate has spoken and here are some of the results:

• The home buyer tax credit was extended and open to additional taxpayers
• Unemployment benefits have been extended
• Net operating losses can be carried back 5 years for 2008 -2009 tax years and,
• Failure to file penalties for S-Corps and partnerships have been increased

Here are just a few of the major tax updates that many taxpayers can use (once the President signs into law on Friday) for the rest of this year and next. Be sure to stop by the IRS site or speak to your tax advisor for more details.

B. N. S.

Microsoft’s Halloween Trick

After providing the technology world with a potential treat earlier this month with the debut of Windows 7, Microsoft closed out the month with a pretty slick trick for their Office Accounting users. According to an e-mail that I got early Friday morning, Microsoft will be discontinuing their Office Accounting product on November 16th of the coming month. This only gives many OA 2009 customers a few days to move their files to another small business accounting software title and that can be quite an expensive and labor intensive task. For me, however I can’t say that I did not see the writing on the wall especially since they stopped selling their MS Money product earlier this year.

Microsoft will still offer support for their product as per the support guide lines in their policy. Add on services that came along with Office Accounting (EBay, Equifax credit profile, tax mappings, and online banking) will be discontinued by December 15th, 2009. For many small business owners this change could be an indication that the time to look into another way of performing your accounting function is in order. There are other small businesses off the shelf software titles that can be used; however there is still the issue of yearly upgrades, costly “advisors” to help you setup the software, and the risk of downtime during the transition and bug fixes. Another option would be to use an online-based, on-demand accounting system that works collaboratively with your accountant. Either way, if you are a small business that uses Microsoft’s Office Accounting product your days are limited. Happy Halloween!!

B. N. S.

QuickBooks Problem….Solved??

Recently I did a post announcing the newest release of QuickBooks 2010 and according to a news article I came across today, this may be a good time to upgrade your software if you have not done so already. According to the article there is a security issue with older version of QuickBooks (2006 and Enterprise 6.0) that is related to Microsoft’s Active X technology. According to Intuit, the makers of QuickBooks, the security issue has been fixed (even though older versions of QB’s are not supported by Intuit) and the 2010 product has been updated also. Kind of makes a person wonder if there is a better way of keeping your small business books? If there are security problems with off the shelf software, I wonder if using an on-demand internet based accounting solution would be more efficient.

With an on-demand accounting solution gone are the days of upgrading your software every year (or three years) because the software maker no longer supports your version, gone are the countless software updates that have to be completed so that your software can operate efficiently. Also gone are the days of working around your accountant’s schedule so that they can make their adjustments to your books and then send them back to you. An on-demand solution may be in your future if you are ready to make the change to the newest technology available with possibly a lower cost of ownership. Be sure to find out the pros and cons of the new technology for yourself with the following article. Enjoy.

B. N. S.

Weekend Shopping

I was in the store this weekend picking up some snacks for the Sunday football games and could not help but notice that some of the sizes of my favorite snacks had been reduced considerably. A 16oz size of snack crackers has been reduced to a 13.4oz and the price is the same or at many times more than what it had been before. I thought to myself that I would have to pass on those snacks and decided to make my own.

When I get into the office this morning and check the newswires, I couldn’t help be click on the following article that essentially deals with my weekend experience. I guess the lesson to be learned from the story and my own experience is to be a more cost conscious consumer.

B. N. S.

Debt Forgiven but not Forgotten

As we continue down the road toward recession or recovery (depending on one’s point of view), there still continues to be a great deal of people who are having problems paying off their debts. Whether it is a house, car, or some other type of property, the process of paying off one’s debts can become quite stressful especially in a cash strapped economy like the one today. From a tax standpoint, the cancellation of a debt can become a bit tricky, but hopefully after reading this post, you will have a little more insight into how the process works.

According to the IRS via Publication 4681, a debt can include any indebtedness for which you are liable or which is attached to property that you hold. In regards to property, cancellation of debt occurs when foreclosure proceeding occurs on the property, the property is repossessed, the property is returned to the lender, or you abandon the property. When debt is canceled by a federal agency or a financial institution amounting to more than $600, you will receive a Form 1099-C showing the amount for the cancelation in Box 2. Typically the amount is taxable as income.

There are additional exceptions and exclusions of debt that would not be taxable, the most major one being the exclusion for principal residence indebtedness. Taxpayers can now exclude up to $2 million in qualified personal residence indebtedness. Be careful, if you used property to secure a debt and the lender takes all or part of the property to satisfy the debt, the transaction can be treated as a sale which could make you have a taxable gain. Be sure to speak to a professional tax advisor before making any decisions regarding the cancellation of debt.

B. N. S.

Looking Thru Windows 7

Well the week is finally upon us. The release of Microsoft’s Windows 7 product will be in stores on October 22 and is sure to bring a great deal of curious shoppers out to see what all the software can do. Windows 7 comes in three different versions (Home, Professional, and Ultimate) and consumers can also purchase the system in laptops and desktops pre-loaded.

So for those out there who hated Windows Vista and/or were still using XP (because you could not use some of the older software), now may be a time to step up into the new technology millennium at upgrade your operating system and your additional software titles to ensure your computer systems keep you productive.

B. N. S.

The Last Minute

So today has been a rather hectic day around the office since the personal tax extension deadline is tomorrow. Couple that with all the tax changes (i.e. first time home buyers, new auto deductions and more) that will expire in the next month, there are a lot of last minute planning strategies many taxpayers are trying to implement. I did however get to take some time out to read my daily tax and accounting e-mails and the one that caught my attention the most was an article regarding changes that will limit the deductions of many sole proprietors (Sch. C filers). According to the article, there may be some changes in the coming years on the amount of deductions that Sch. C filers and the IRS has a few options how they will do it. Be sure to check out the article and let us know your thoughts.

Well back to the tax mines, happy last minute tax filing everyone.

B. N. S.

Tech Updates This Week

There have been quite a few updates in the technology world this week and here are the one’s that caught my attention:

• Find Out if Windows 7 is right for your business
• Sage Software Offers a Free version of Peachtree Accounting to Atlanta flood victims
• Finally I came across a whitepaper detailing how cloud computing will cost small business owners less than off the shelf accounting packages. For more information regarding the whitepaper, feel free to contact us via our website
Enjoy

B. N. S.

Telling Signs of the Economy

The economy may be turning many honest taxpayers into tattle tells according to a recent article I came across. The Tax Relief and Health Care Act of 2006 created the Whistleblower Office and the office has seen a significant upswing in the amount of anonymous tips from law abiding taxpayers of those who shall we say like to live on the wild side of the tax law. Recent changes to the law have increased the payments from 15% to 30% maximum and the increase is certainly making taxpayers feel compelled to tell on those who want to evade taxes. The only problems with the new Whistleblower system is the time it takes for a claim to be processed and protection for employees who turn in their employers for evading taxes. All in all the systems appears to be a new option for many taxpayers to find additional money in this tough economy.

B. N. S.

New Product or New Way of Working

There were two events that happened this past week that are really the driving force behind this blog post, one is the introduction of Intuit’s newest QuickBooks 2010 offering. The marketing e-mails that I have received have promised that the QB2010 version is the best yet and it will save accountants more time when working with their clients due to the enhanced features. For small business owners that are interested in how QB2010 will make them work faster and smarter be sure to take a look at this web review of the product. At the end of the review there is also a way for QB2009 purchasers who bought their software 60 days before the QB2010 release to upgrade their product to the newer version for free.

A free webinar (for my CPE credits) is the other driving force that provided me with a viable option and a new (possibly better) way of performing accounting functions for clients, that allows accountants and small businesses both to work collaboratively. The webinar was titled “How to Transform Your Client Accounting Services Practice through Cloud Computing and On-Demand Accounting” and it explained how accountants and small business owners can use online accounting services instead of boxed software that would allow each to work virtually anywhere, have instant access to current numbers, and the piece of mind that the data is secure. Although the webinar was geared for accountants, small business owners may gain some insight into how cloud computing/on-demand accounting is different (and maybe better) than boxed software or a hosted box software solution.

So as a small business owner which strategy fits your business model? Feel free to post your comments.

B. N. S.

A Flood of Assistance

As many of you have heard on the news, in the past week the Atlanta area received a historic amount of rain that left many of the metro counties flooded. Many of the roads in the local area have been washed away and people’s houses are total losses. The vast majority of these individuals did not have flood insurance and are in great need of support and assistance. Representatives from FEMA, GEMA and the Red Cross are frantically assisting these individuals but more help is needed. I would ask anyone who is able in these trying times to please donate to your Red Cross for victims of the flood and if you are in the local Atlanta area, maybe go out and help in the cleanup efforts.

Additionally for those individuals (or businesses located in the flood areas) that are on tax filing extensions, the IRS is moving the tax filing deadline to Dec. 17th. The postponement is for return filing, tax payment and certain other time-sensitive acts otherwise due between Sept. 18 and Dec. 17. The IRS will also waive the future deposit penalties for employment and excise taxes due on or after Sept. 18th. For more information speak to your tax advisor or stop by the IRS website and put “Georgia Flood” into the search box at the top right hand corner.

B. N. S.

SMB’s Speak Up

This morning I was able to read a pretty revealing survey report sponsored by Netsuite regarding business leaders’ outlook on the economy and the direction they would be taking their firms to survive in the “new economy”. Survey respondents represented over 600 small to mid-sized businesses (SMB’s) and were from all different types of industries. The interesting thing is that the majority of their answers were the same. SMB’s were focused on cutting cost in conjunction with increasing revenue and these strategies are sure to help improve their cash flow.

Specifically SMB’s cost cutting strategies were reducing overhead, improving productivity and streamlining operations. Revenue generating activities included broaden product offerings and increasing revenue from current customers. SMB’s also showed an increased interest in software as a service (SaaS) and cloud computing as a way to improve productivity and reduce overhead.

Can some of these strategies work for you? More than likely yes, so be sure to stop by Netsuite and download the survey report yourself.

B. N. S.

Changes to Tax Filing…Coming Soon

While going through my moring e-mail news I came across some interesting information that islikely to affect everyone who files taxes. According to a report by the Treasury Department’s Inspector General for Tax Administration (TIGTA) they recommend that mandatory electronic filing of individual tax returns by professional tax preparers become a requirement by law. Currently about 43% of the returns filed are filed on paper (for tax year 2008). The IRS feels that by mandatory electronic filing of individual returns, the error rate for returns can be lowered and the IRS can operating more efficiently. The IRS will also begin using scanning technology to convert paper returns to electronic format.

What doe this mean to you?

More than likely if the law is passed, it will mean that the IRS will cut back some of their staff, those paper retuns that have errors will be caught faster with scanning technologies, and those professional tax preparers that do not want to embrace technology may have to look for other ways to bring in more revenue. The IRS is currently asking Congress for authority to make these changes as part of their 2010 fical year budget, so the changes are right around the corner.

B. N. S.

Tech Tools Keeping You Productive

Earlier this week I was speaking to a friend of mine assisting him with getting his small business off the ground and he mentioned that he had recently purchased a merchant account for his business. He will be using the merchant account to sell his motivational CD’s and other products but his problem was how he could sell his products while away from his office at seminars and conventions. That got me thinking if there was a way to use a smart phone as a credit card terminal. I have yet to find a way this can be done with a Blackberry phone, but did come across a couple of iPhone apps that will allow users to use their phone as a merchant terminal. The three that were at the top of the list are:

• Credit Card Terminal by Inner Fence, LLC
• iSwipe Pro Credit Card Terminal by AppNinjas, LLC
• Billing: Credit Card Terminal by Spartadata

As with any iPhone app (or any app for that matter) be sure to read all the fine print and maybe some of the reviews regarding any hidden fees that are not initially mentioned. I found the apps to be a great addition to any small business owner’s productivity toolkit because you can accept credit cards virtually anywhere from any customer, and this can improve your cash flow and allow you to operate your business at a higher level.

As for my friend we are still searching for a Blackberry app that will allow users to do the same. If anyone has any ideas feel free to post them.

B. N. S.