If you are looking for an online accounting services solution - consider our new web-based accounting and reporting solution. For a nominal fee, we can host your Quickbooks file in our new online accounting system. You will have the access to work in your Quickbooks file as usual with one big difference. We, acting as your accounting firm, will also have access to your Quickbooks file. This will make it much easier for us to oversee your bookkeeping and accounting requirements throughout the year. (Note: A separate fee is required for bookkeeping and financial reporting)

Depending upon the type of services you require, we will be able to make month end/quarter end/year end adjustments to your books, as well as prepare your financial statements. You and your employees can access this system from anywhere. Year end will be a breeze for your firm. Since we have been working with you all throughout the year, the preparation of your tax returns will be much easier and much more painless for you at tax time.

For more information about these services, please contact: Lisa Khayyat Email: info@LisaKhayyatcpa.com

The IRS has instituted new documentation requirements to deter fraud in the reporting of the first time homebuyers credit. Taxpayers claiming the credit must now paper file their tax returns due to these new documentation requirements. They will not be able to e-file their tax returns. Additionally, the IRS has announced that those taxpayers who will be getting refunds will have to wait an extra 2 -3 weeks for processing of the refund. (Refunds normally take 4-8 weeks.)

All taxpayers must include one of the following documents with their 2009 tax return in order to claim the first time homebuyer credit:

1. A copy of their settlement statement or Hud-1. Both parties names and addresses must be completed as well as the sales price and the date of purchase.

2. A copy of the executed retail sales contract for mobile home purchases. The contract must show both parties names and addresses as well as the purchase price and the date of the contract.

3. A copy of the certificate of occupancy for newly built homes, when a settlement statement is not available.

The IRS encourages using direct deposit of your refund in order to speed up the process a bit.

Microsoft Office Accounting Customers:

Transition your business with Intuit QuickBooks!

QuickBooks has been the leader in small business finance software for more than 25 years and welcomes Office Accounting customers to the Intuit family. Now is your opportunity to change how you manage your business finances and take advantage of several new features in QuickBooks to help grow your business and make key insights to protect the bottom line.

QuickBooks 2010 can transfer your data from Microsoft Office Accounting easily allowing you to leverage the new features and connected services of QuickBooks to meet your unique needs.

If you need assistance in transitioning to Quickbooks, contact me: Info@Lisakhayyatcpa.com.

If you want to stay on top of your finances, but do not want to hire a full time controller - why not consider a “Virtual Contoller”?

A Virtual Controller can provide management valuable financial advice and customized financial reports that provide real value to their businesses decision making.

Here are some of the ways that a Virtual Controller can assist your business:

1. Guide you through the start up process and assist in getting your accounting system set up correctly in QuickBooks.
2. Train your bookkeeper or other assistant in the proper accounting procedures for your particular business.
3. Work with your bookkeeper on a monthly basis to ensure that transactions are recorded correcly and records are kept up to date. Is also available to assist the bookkeeper if problems should arise.
4. Offer guidance in the budget planning process and provides budget-to-actual analysis on a monthly or quarterly basis.
5. Discuss project or department profitability on a monthly or quarterly basis.
6. Prepare fixed asset depreciation schedules on all equipment and keep the list current with new purchases.
7. Schedules a monthly teleconference with management to discuss results of operation as well as other business decision making issues that may arise during the month.

If you would like to learn more about Virtual Controller Services, contact Lisa Khayyat, CPA:
info@LisaKhayyatcpa.com

Q: What skills and equipment will get a CPA up and running in the virtual world?
A: Most - if not all - services that a CPA currently provides can be accomplished on a virtual level without ever leaving the office. Telecommuting has been around for a long time - but it has taken the corporate world a bit longer to accept this type of work arrangement. Smaller firms seem a bit more willing to work with virtual providers.

Basic equipment is needed to operate a virtual business and would include: An updated desktop or laptop computer, high speed internet access, and possibly, a second computer monitor . Good backup and recovery tools are also essential in a virtual environment - don’t overlook this step or you could get burned. Then of course you have to decide what type of online collaboration tools you will utilize to work with your clients.

Q: How does a virtual CPA communicate with clients?
A: First of all - the CPA provider of services - has to establish a clear line of communication with their clients. Emails have to be answered within 24 - 36 hours and phone calls need to be returned just as quickly. Responsiveness is the key to building strong and continuing business relationships. If the provider ignores client email and is unwilling to return phone calls - those clients will go elsewhere.

Q: What are some ways to develop a client base base for your virtual CPA services?
A:Once you purchase your domain name and get your web site built - the rest is about marketing. You should start marketing your services to your current local clients by making a case for the efficiency of working in a virtual environment. Other initial sources for projects include elance.com, guru.com, and monster.com. Then of course, you can do web searches on “Business Resources” to find other places to post your web site information. Creativity is the key to getting web site exposure.