Tag Archives: bookkeeping raleigh nc

There is an App for that

by Dwayne Murphy

Are expense reports frustrating to fill out? Can’t find that receipt you need? Keeping up with travel expenses can be a nightmare but with our technology today and smartphone capability, keeping up with travel expenses can be, and should be easy. There are a number of apps that will make the difficulty of expense tracking and reporting a thing of the past. Below is a brief description of just a few of the very many apps that that are available to help track and report expenses.

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  • Automated travel management app that requires little or no data entry. For example it gathers all of the information from the confirmation (e.g. airline, hotel, car rental & restaurant confirmations) when you email it to the app.
  • Organizes everything by day, trip and time and forms an itinerary that you can access and share with others.
  • Edit plans manually and sync with your calendar.
  • There is a free version and a paid version with the paid version including extra benefits such as flight tracking and reward program tracking.

BizXpense Tracker

  • This paid app records all of your expenses and provides a running total for each business trip you take and also has the ability to track time as well
  • Easy mileage tracking by entering total distance or start and stop odometer reading and will remember odometer readings for your next trip.
  • Remembers total mileage from previous trips and will pre-fill mileage when locations are entered.
  • Create and manage categories and sub-categories and mark as “reimbursed” or “submitted”.
  • Print finished expense reports in multiple formats.

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  • This free app lets you snap a quick picture of your receipt and select which report it goes on then Expensify does the rest.
  • Tracks your mileage through your phone’s GPS and allows time entry as well.
  • Easy report submission by use of email or the option to save to a PDF.
  • Integrates with any accounting, payroll, CRM or ERP solution including QuickBooks and ADP.

We all have enough to worry about and expense reports should not be one of them.  There are plenty of apps out there to make life easier and hopefully the list above can give you an idea of which one will be the perfect fit for you.

Dwayne ([email protected]) is an audit senior with Langdon & Company LLP.  He works with a variety of non-profit clients

Accounting Services Requirements

by Russell Barker

The accounting services department at Langdon and Company LLP utilizes a customized approach to serve many companies by providing varied aspects of a “backoffice” accounting department.  We can perform the following functions: accounts receivable, accounts payable, invoicing, payroll and financial reporting.  We communicate with the client to ensure that we have the needed documentation to properly record transactions.  We process transactions on a monthly or quarterly basis for general ledger processing based on the clients’ needs.  We also provide payroll services and offer direct deposit.  To efficiently and effectively perform these functions, great communication is required.  There is supporting information and documentation that is needed.

Typically, for a small business items such as bank statements, invoices, billing records, loan records, amortization schedules, credit card statements, etc. are required in order post to the general ledger.  For payroll, employee information, hours and pay rate is needed.  In order to properly maintain fixed asset records, invoices and applicable financing records are needed.

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With the client providing all appropriate documentation on a monthly basis and L&C recording proper transactions, this will enable our year end process to be more efficient, precise and timely in order for the tax department prepare the clients tax returns in a timely fashion.

 

Russell Barker is a QuickBooks Pro Advisor in the Accounting Services department at Langdon & Company LLP.  He specializes in periodic reviews for a variety of physician’s practices.

 

IRS Unveils New Form for Organizations Applying for 501(c)(3) Tax-Exempt Status

by Taylor Elliott

On July 1, 2014, the Internal Revenue Service (IRS) released Form 1023-EZ as part of its efforts to streamline the application process for organizations seeking tax-exempt status.  The form is specifically designed for charities who wish to be classified as exempt under section 501(c)(3).  An organization must meet several criteria in order to be eligible to apply using the form, including a gross receipts test of $50,000 or less as well as an assets test of $250,000 or less. The form instructions outline additional criteria, including an eligibility worksheet that helps charities determine whether the form is right for them through a series of yes and no questions.

The IRS has indicated that the overall goal in developing Form 1023-EZ is to reduce the time and paperwork associated with providing a charity a determination as to its tax-exempt status. Previously, the IRS has been intensely criticized for a lengthy and cumbersome 1023 application process that includes an application backlog that is many months behind. Until now, all organizations, regardless of size, have been subject to the same 23-page form filled with a seemingly endless list of tedious questions, many of which are not relevant to smaller, simpler charities. After soliciting feedback from impacted parties, the IRS was able to whittle down to Form 1023-EZ, a three-page form containing only the most essential questions pertaining to determination of tax-exempt status of smaller organizations. According to IR-2014-77, as many as 70% of applicants are expected to be eligible to use this form, not only slashing the time spent by those charities in completing the application but also minimizing the time spent by the IRS in reviewing their files. The electronic filing requirement  is  also expected to increase the efficiency of the process. An application fee of $400 must be electronically submitted with the application as well.

For questions about this form or the tax-exempt application process in general, please contact our office.  We would love to discuss with you the ways that Langdon and Company LLP can help your organization obtain and maintain a tax-exempt status.

Taylor Elliott is a tax manager with Langdon & Company LLP. She specializes in tax compliance and planning, working with several not-for-profit organizations in the Triangle area.

SNF’s will pay for Medicare’s Solvency

Medicare SolvencyAccording to an annual report, the Medicare Part A Trust Fund will be depleted by 2026.  This is a two year improvement over last year’s forecast.  The authors of the report credit the improvement to lower projected spending in most service categories, especially skilled nursing facilities.

Langdon & Company LLP provides services to many long term care providers in the southeast.  In addition to cost report preparation and consultation, services include audit, accounting, financial reporting, tax planning and preparation.

Benefits of Outsourcing Accounting and Bookkeeping

Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive.

While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time staff to prepare that data may not be a very good business decision at all.

Outsourcing this work to a Raleigh CPA firm can mean having the expert financial services that you need anytime while enjoying significant savings.

Continue reading Benefits of Outsourcing Accounting and Bookkeeping