Small Businesses Get Help From Intuit’s TurboTax CPA Select

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Intuit’s TurboTax CPA Select

New TurboTax CPA Select connects small businesses with CPAs

Intuit has announced a new online service known as TurboTax CPA Select, that links small businesses who need to file their taxes with a CPA.

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The inventor of TurboTax, Quicken, and Quickbooks, Intuit has come out with a great new tax preparation and filing service right on schedule for the approaching tax season. The program, TurboTax CPA Select is intended to assign small businesses who need tax help to a CPA. These business owners can know have an accurate estimate of the cost of their tax preparation before they have to file them.

Brian Crofts, Group Product Manager of Intuit, states that with CPA Select our focus is to be able to handle business on both the customer and CPA side, giving customers what they need and want.”

The new service was introduced by Intuit on January 23 at the Small Business VCon and again on January 29 at Intuit’s Innovation Gallery Walk.  The Gallery Walk was held at the Mountain View headquarters of Intuit from 4-8 p.m. Pacific Time and gave them a chance to show off their latest products/services. The CEO and other leaders of Intuit shared their predictions about technology as well.

TurboTax CPA Selects lets users search a group of selected CPAs. The CPAs have profiles of themselves with a photo, client reviews, star ratings, and educational and professional information. Once a small business picks a CPA, they simply upload and submit their tax return from the prior year along with any other necessary documents such as 1099s and W-2s. Within 24 hours, the selected CPA will give that business an estimate based on what they have submitted.  Users can then accept or deny the estimate. If it gets accepts, the CPA prepares and files the tax return.

This online service is not only for small businesses, but also for individuals. Users can sign up by filling out the registration form or using the link to their Facebook page. Requirement 7216 asks users to give consent to submit documents by having them type their full name, their spouse, and the date. TurboTax CPA Select is simple for messaging the CPA directly or to chat or message Intuit customer service.

Crofts states that he wants the service to be convenient and easy to use for individuals and businesses, even if they only need one-time help with their taxes.

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CPAs that belong to the TurboTax CPA Select plan can link their profile to their social media sites and manage everything from their dashboard. They are also able to send messages to their clients directly.

Plans starting at just $89.95 are now available. Mint.com users may be able to use CPA Select since it is on their advice list of services that can save them money.

Small Business Growth Narrows Loss for Intuit

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Intuit Inc.’s INTU’s fiscal first quarter loss narrowed to a margin of 1.23% as it acquired Demandforce and recently sold assets, while posting improvements in its small business area.

In this current quarter, predictions showed an adjusted profit of 43 cents up from 40 cents. The revenue was projected to increase from $1.02 billion to $1.04 billion. According to Thomson Reuters, the profits were expected to be an estimated 59 cents and revenue, $1.1 billion.

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Image via CrunchBase

Intuit, the maker of TurboTax and QuickBooks, has changed the services it provides to small business and plans to create other higher-margin online services including managing customer relations.

Intuit also plans to expand globally and is widening its scope to create online tools for QuickBooks which would give customers social media access to improve customer service. Demandforce was acquired for $423.5 million for the purpose of providing mobile, social tools and email to assist small businesses with automating their communications and marketing.

When the quarter ended on October 31, Intuit’s loss was listed at $19 million or six cents per share. The previous year’s loss at the same date was around $64 million or just about 21 cents per share. The latest period shows income of 11 cents per share which comes from operations that were discontinued; whereas there was a loss of two cents per share one year ago. After stock-based compensation and other payouts are calculated, the loss from the continued operations was three cents per share. The previous year’s loss was eight cents per share. Revenue climbed 13% to $647 million.

In August, Intuit had forecasted a loss adjusted from six to seven cents per share and revenue adjusted from $630 million to $640 million.

The small business segment showed revenue increase from 18% to 21% in Intuit’s payments area. Demandforce show growth of 60% in its subscriptions and subscribers for QuickBooks Online increased 29%. Overall, these growths contributed to a 20% increase in Intuit’s financial management solutions business.

The TurboTax earnings showed a revenue drop of $36 million down from $41 million one year ago, since customers filed less extended returns during the 2011 tax year compared to one year ago.

The shares closed at $58.77 on Thursday and dropped by 17 cents after a few hours. For this year, the stock has increased by 12%.

H&R Block- Small Business Tax Software Review

H&R Block- Small Business Tax Software Review

H&R Block is one of the best tax preparation software used worldwide. Today more than 500 million clients mainly in Australia, the U.S., and Canada use H&R block. With almost 50 years of small business experience H&R Block system understands the requirements of their clients and creates, sustains and implements such systems to support the franchisee in their business growth.

H&R Block

Not only experience, but the H&R block tax preparation services has very strong recognition, making itself a house hold name all over the world. H&R Block is one of the leading and top selling products in tax preparation and continues to use it every year; that has built its own reputation on popularity, reliability and simplicity. Millions of people today use H&R Block to prepare their State and Federal income tax returns each year as they trust the professionals. Various features include Tax Tips, along with a knowledge center that offers useful information on how to increase your refund. FREE Tax Calculators and Tax Estimator for various purposes help in computing your tax figures easily. Online help from the H&R Block professionals is at your fingertips at any point of time, and uncomplicated forms with step by step assistance ease you through the tax return process.

3 Tips for Buying Accounting Software

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When running a small business, purchasing accounting software is typically an essential step so that you can keep track of your business finances. While there are plenty of different options out there for you to choose from, not all accounting software programs are created equally. Here are three tips to keep in mind when it comes to choosing a business accounting software package.

Check Out the User Interface
When you buy an accounting software package, you’re going to be spending a lot of time using it. Because of this, you’ll need to choose a software package that has a user-friendly interface. While they all claim to be user-friendly to some degree, some are better than others in this regard. Typically, you can download a demo or try out the software before you buy it. When you are looking at a few different software options, try out the user interface to make sure that you feel comfortable using it. Look at the different features that the software offers and find out how to access them through the user interface.

Search for Integration
Another word factor for you to consider when buying a business accounting software package is whether it integrates with your current system. If you are already using some other software products, you may want to buy a software program that is designed to work with them. For example, if you are using some kind of payroll software to do your payroll, you may want to buy an accounting package that integrates with it seamlessly. By doing that, you will be able to get right to work once you buy the accounting software. Otherwise, you may have to invest in other software programs to go along with your accounting package.

Look at the Features
The features of the accounting software are what you’ll actually be using on a regular basis. Because of this, you need to check the list of features on the accounting software package to make sure that they meet your needs as a business. Some businesses do not meet all of the features that come with the more advanced accounting software packages. Sometimes, your business might need more features than what some of the smaller accounting software packages offer. Regardless of what you need, make sure that it is included in the package that you’re about to buy. For example, you may need to be able to print purchase orders or invoices with the software. You might need to be able to keep track of employee’s working time through the software program. Once you find a program that provides what you need, purchase the software and get started taking control of your business finances.

For businesses large and small, it’s crucial to have the right tools to help you manage day to day and future growth. For expert business accounting software installation advice, contact Horizon Business Systems today.

How Accounting Management and Software Can Help Your Business

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With every new company, it is important to have an accounting system that works well and is prepared to grow with the business. Office work may be the least favorite part of getting a start-up off the ground, after all, you are a visionary with a great business idea, and taxes and sales reports aren’t exactly exciting. The future of any new business depends on careful planning. Not being prepared with the tax and bookkeeping management can turn even the greatest business plan into a failure.

Choosing Software

The type of accounting software you choose really depends on the type of business. For many small companies, QuickBooks is the first choice, mostly because it has been around long enough to improve itself over the years. If your business is more global, a cloud-based program such as Salesforce.com may be more your speed. This application is useful for customer relationship management. It combines record keeping with customer interactions, which can help a new company grow. Freshbooks is another program that provides streamlined billing and organization tools you can manage online.

Keeping Track

A new business should keep track of all receipts and all expenses from the beginning. It is crucial to know how much money is going in and out of the accounts. Taxes aren’t something you think about once a year, as your business grows, new requirements come with it, such as quarterly filings with the state or federal governments. Many Balancing books and keeping track of the latest tax laws could very well be the reason why one business outperforms a competitor. Keeping the books balanced means you have fewer problems to fix, and let an owner spend time making the business a success.

Hire an Expert

The best way to make a company more productive is finding the right people to do the job. If you have an employee who is a natural with numbers and bookkeeping, let that be their specialty. If your establishment has more of the innovative and imaginative types, let them shine where they belong and hire an outside firm to do the books. Many accountants make a living helping small firms with their tax and record keeping tasks.

Plan Ahead

Getting a new business off the ground can be difficult, but the mistake many of them make is not continuing with their planning. Very few successful companies still use the same bookkeeping system they started with. Maybe a laptop and a simple software program was all you needed to get started, but after a while, your needs will change as the business does. Thinking about an expandable accounting system from the start will ensure that you have a start-up that takes off and stays profitable for the long haul.

Aristides Trimindis is the Managing Director of Istos Global Limited an independent Firm offering Cyprus Accounting, Audit, Cyprus Tax services and Advisory services. In addition to the above Istos Global can help you Register a Company in Cyprus.

Essential Tax Tips for Freelance Writers

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The career of a freelance writer can be very rewarding. However, the career can quickly lose its appeal when tax time arrives and you owe several thousand dollars. Thankfully, there are things you can do to reduce your tax bill and prevent owing such a large sum at once. The following are just five essential tax tips for freelance writers.

Pay Your Estimated Taxes

This cannot be stressed enough. Freelance writers need to pay estimated taxes in April, June, September and January of the following year. These payments will ensure that you don’t get penalized for paying your taxes late and will help ensure you don’t have a large tax bill come April. There are a number of easy to use resources online that will help you determine the amount of your estimated taxes.

Setup a Home Office

If you’re working from home, you should be able to deduct part of your rent/mortgage and utilities. However, when setting up a home office, it needs to be an area that you use solely for the purpose of your business. This does not have to be an entire room. It may even be a small corner of your home. The biggest thing to remember is to save this area for work.

Understand Your Deduction Rights

As a freelance writer, you can deduct many different things. It may be books you purchased to help teach you how to write a novel or even office supplies. Take the time to find out what you can deduct and how much of a deduction you can take. For example, you may be able to deduct part of your internet costs as long as you have proof of the percentage of time that the internet was used for work purposes.

Keep Each and Every Receipt

It doesn’t do you any good to purchase books, pens and other office items if you don’t keep the receipts. Without these receipts, if you get audited, you will be in big trouble. You need to be able to account for each and every item you count as a business expense. You should also start a filing system that keeps the receipts in order based on the type of expense.

Take Advantage of Deductions

Being self-employed means that you can deduct items that most people might not be able to deduct. For example, you can deduct the cost of health insurance. You can also setup an IRA and deduct up to $5,000 a year. Do your homework and see which items can get you the biggest deductions.

It can be hard to pay your taxes when you’re self-employed, but the good news is you may not have to pay as much as you originally thought. Follow these tips and you’ll have an easier time staying on top of the taxes and getting the biggest return.

About the Author: Wendi Ginter is an accountant who offers tax support to a wide variety of freelancers and small business owners. Make sure you talk to your accountant about any and all deductions you wish to make to ensure you’re listing them legally and properly.