Numia Accounting

Advantages of E-Invoicing

2011-04-06T05:32:00.000-07:00

To make your business sense and to have a business wealth, E-Invoicing is one of the convenient ways to deliver the invoice and other related information regarding the company to its customers through online mode. E-Invoicing is no longer paper based which tends to achieve the low cost accounts payable transactions and grows your business faster by setting up the automation of an organization’s billing process.

E-Invoicing provides an effective solution in small and medium-sized business sectors by removing the manual calculation process with the paper-based system. Highly securable documents including the real time reports and other related statements can be transferred and accessed easily through this E-Invoicing system. It’s not necessary to replace the existing system and technology on working with this invoicing system.

This real time processing system has various benefits:

- Managing the accurate information which can be used for the cash-flow strategies.

- Highly securable, as it uses digital signature to guarantee that the file remains unchanged

- Multiple data format invoices can be processed.

- Quicker response in delivering the real time data that enables the suppliers to pay on time.

- Eliminating the errors and increasing the visibility of the data.

- Highly improved service levels with internal controls.

The disadvantage is that the user can download an invoice only after receiving an invoice through e-mail and can manually proceed by entering the data in bookkeeping system. An E-Invoicing system helps in addressing the entire requirements and benefits to automate the accounting and finance process. The issues regarding the integration of new technologies can be overcome with the existing invoicing network. Invoicing solution provides greater benefits in the business process.

How to measure productivity of a business

2011-03-09T04:23:00.000-08:00

When dealing with business scenario, irrespective of its success measuring the productivity is a major factor. Strangely some business people are left with no answer when they are asked about the methodology to measure the productivity of a business. In few cases, business might yield unexpectedly a high profit that might satisfy the organization. But the businessmen will not be aware of the fact that the same business would do three times better while measuring the productivity.

Earlier there was a myth that business can either be improved or cannot be improved, but now it is not so. Productivity can be measured with certain business aspects in such a way that the business operations get reviewed at all the stages with the evaluation of their improvements. Under the pricing options see what could be measured to enable tracking of costs. Are the customers satisfied with the business pricing of the company.

In the conventional business, quality for the products was not given importance as it was considered to be an expensive one. Now the steps have to be taken to track the two critical indicators of quality, say the defects and variance. Next is the performance of the company’s employees . This plays a very important role in determining the productivity. So their performance should be tracked in order to predict the future productivity and if any improvements needed should be indicated.

Desired business outcomes are determined along with any other outcome that would leverage the further business activities. Risks are not anticipated in a business but it is obvious for it to occur. Try to measure the risks at an early stage that your customer cares about. Evaluate the feedback system from the employees and customers too. To improve the business henceforth, the above factors are to be followed and measured accordingly.

Online Accounting Revolution

2011-03-02T03:08:00.000-08:00

The online technology has revolutionized over past ten years in which each and every business sectors are gaining their potential benefits of internet certainly where accountancy has no exception. Accounting profession is going through a revolution to make the business to track in a faster and hassle free manner. Technology has laid its impact on accounting with the advent of certain features to keep over your business track to run in a smooth way. Online accounting would highly be a preferable way of managing the finances of your business either for a freelance or work on short term contracts.

The online accounting is known for its simplicity, as the complexity in financial management can be overcome. With the online accounting program, the business owners can track their financial position in easier and quicker way. Computerized accounting systems have now replaced manual accounting systems in most of the organizations. Many online accounting services allow the users to record their transactions, view their current assets and also renders in creating their own invoice and pay slips.

Accounting application has in fact allowed maintaining the proper tracking of the information, based on regular interval basis resulting in the better efficiency and accountability. Users are able to access their financial information wherever they are without waiting for the accountant’s report looking into the current cash flow. Also it would be highly securable as the data are encrypted and stored online. Both the time and expense are saved with the accountancy programs leading to the significant tax reductions.

Online accounting would be ideal for the business owners in managing the finance on daily basis in an easily accessible way with more accuracy and security rather than moving with the services of an accountant. A new era of forensic accounting helps to keep in track on frauds during the sabotage of the electronic information which engaged in the accounting improvement as well as it allows in maintaining a track on their personal money. Now it would be much easier for the business owners to stay connected with their financial information in an easy way with the help of this online accounting technology.

Outsource Bookkeeping Needs

2011-02-09T01:06:00.000-08:00

Being a small business owner, it’s highly important to maintain the record of your financial transaction and the data. This would highly be a time consuming task and makes the business owners to spend most of the time in doing bookkeeping. A lot of time has been spent on preparing the financial reports and book of accounts which makes the accounting and bookkeeping task to be greatly annoying and a difficult task for most of the business companies.

As this process acquires a lot of patience, most of the companies prefer outsourcing to save their time and to be more efficient in working on their own business. Outsourcing has now turned into a new trend in this business world. The bookkeeper records the business transactions and updates regularly from time to time. The business owners would come to know the real status of their enterprise with the summarized financial report with the accurate description of the financial condition of the company.

Apart from tax planning strategies, with outsourcing the tax payment of many small business companies are done on time. The skillful professional in bookkeeping recommends the business plans, enabling the business owners to succeed in their business. The reports provided by the bookkeepers are on the basis of income and profitability, sales and invoices, assets and liabilities in the business. It’s been quite easier to develop a valuable customer relationship with the excellent handling of bookkeeper.

The financial data can be accessed from anywhere and at anytime by the business owners. Nowadays every process which is required throughout the business is outsourced. The outsourcing of bookkeeping service helps to overcome the competition in your business fields and helps to benefit the clients with quality bookkeeping accounting. The operational cost to do bookkeeping is reduced along with the employee issues.

If you outsource bookkeeping for your online business, the management would be free from tiring in handling the most complex job and in saving a large amount from getting new employees to do the task. These would make the bookkeeping jobs to be simpler for large business corporations, small business companies in an efficient manner to expand their business with more revenue and production.

Small Business Marketing Forecast in 2011

2011-02-02T00:32:00.000-08:00

Marketing the small business can certainly raise the revenue and establish the company worldwide. Of course Small businesses must be flexible in order to be successful. When economic times change, business firms must change their sales forecast. The marketing and finance departments can work together to provide a meaningful sales forecast.

As a new year begins small business should keep track on all these for sales accurate prediction and promotion.

Study the economic data and find out how much are sales in your particular line of business (retail, manufacturing, etc.) expected to drop or rise?
Confer with your marketing department and sales force. What are they experiencing out in the field?
Based on your particular line of business, adjust your sales forecast up or down? For example, some businesses are recession-proof and actually do well in a recession. Other businesses, such as those offering luxury items, will not do well in a recession.

When discussing about Small Business Marketing Forecast in 2011, the results tend to show there will be remarkable improvement in online marketing tactics. The reason behind it is online marketing is cheaper. Small business firms may not have the resources of big businesses, but things like online and social media help level the playing field.

With social media only growing stronger, we're starting to see more companies using email to drive a conversation within social media. Companies always link to their social media properties, such as their Face book, You Tube, and Twitter pages, as well as blogs and email marketing campaigns.

Simultaneously, there seems to be some relatively untapped, cost-effective digital options like online videos, as well as increased mobile advertising, as viable marketing options this year.

Small companies are putting energy into their websites and e-mails also.

Researches say

45 percent of businesses plan to use online video in their marketing in 2011, vs. 28.4 percent in 2010.
35.9 percent of small businesses surveyed plan to use mobile advertising in 2011, vs. 21.3 percent in 2010.
Approximately 15 percent say group deals and social couponing sites like Groupon and LivingSocial are beneficial to business.

Other key results say

Nearly half of SMB owners plan increased ad spending for 2011; just 29 percent said that for 2010.
Twenty two percent say trying to understand online advertising frustrates them.
Sixty four percent report having a website, up nearly 20 percent from the surprisingly low 53 percent last year.
Fifty percent say they plan to devote more resources to trade shows in 2011.
Traditional media types such as direct mail (24.9%) and newspapers (19.2%) also should see increased resources in 2011.

Budget Planning for Small Business

2011-01-27T04:57:00.000-08:00

Every successful business relies on comprehensive budget planning. Planning a budget is an essential process in order to ensure the proper flow of a business.

Before planning for a budget, take into consideration the type of your business, what are all the expected expenses, how frequent they are, how the company will pay for it. These are all the vital measures that you have to look into.

It would always be good enough to use previous budget records as a guideline. In case, if you are a starter of a new business look for the similar business budget models.

You can make use of a spreadsheet program or any computer accounting software for planning your budget. This is not only time consuming but also assist you with the realistic in line business financial plans.

Proper recording and monitoring of budget planned with major financial transactions that occurs inside a company is mandatory for every business. A budget that is not regularly monitored cannot do any good at future financial crisis.

Plan your budget in a right way with the help of an trusted accounting professional and act accordingly.

Business networking commandments

2011-01-27T04:37:00.001-08:00

Networking is a major prospecting tool for most of the business people. It establishes the relationship with other business people and the customers. With the business networking you can use to grow your business and the revenue. Business networking is all about building relationships, finding the people having common ideology.
Business networking helps you to meet the people and get to know about them in determining whether they are good referral partners or clients. You spend most of your time and effort on people who can help each other in your business. When the process is done properly it can truly make a difference in building a wealth of resources and the amount of business your company generates in a successful manner. If it is done incorrectly, it would actually harm your business.
In order to gain the most out of business networking, use the following commandments:
1. Always have the business networking tools with you all times, like business cards, brochures, pamphlets that tell about your business, an informative name badge and a pocket-sized business card file containing cards of other professionals whom you can refer.
2. Identify your goal to meet the number of people, as people have to trust you before they will do business with you and make sure you get all their cards. It’s an important aspect to get the business card of everyone whom you meet. This sets the stage for networking to happen. Write notes on the backs of business cards that you collect, it might be useful in remembering a person more clearly. Don’t give your business card to everyone you meet. Rather, give it to anyone who asks you for it.
3. Be a host to do things for others and help to greet people, since a guest sits back and relaxes. If you see visitors sitting, introduce yourself and ask if they would like to meet others.
4. Pay attention to the events and conversations, so that you’ll be able to learn a lot about the people in your network. Be specific and brief, before you are to say something in your discussion and make sure how you want others to know you.
5. Always try not to close a deal as networking is about developing relationships with other professionals. Meeting people at events should be the beginning of that process, not the end of it.
6. Be prepared to give the list of referrals whenever possible. If you are unable to give someone a bona fide referral, try to offer some other information that might be of interest to them (about the incoming event). Have a specific list of referral needs. The more specific you are about, then you would be able to receive more referrals.

7. Time management is an essential factor to be considered. When you delay in sending a message to your fellow groups, indirectly you specify them that you only care about yourself and you don’t take the time to learn about their needs. Be careful in spending too much of time with any one person, as your goal is to meet a given number of people. Always try to have direct contact with that person, so that he would gain confidence on your small business.
Follow the above commandments effectively to develop relationships with people who we can help and who can help us. Also be sure to fulfill any promises which you have made. Make most of your time to spend on business networking.

Corporate Social Reponsibility

2011-01-27T01:08:00.000-08:00

Corporate Social Responsibility is operating a business in a manner that meets the ethical, legal, commercial and public expectations that society has of business. To be more precise it is a continuing commitment by business towards economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. CSR is most significant in large companies and small business organizations too.

Instilling and maintaining values of CSR in the employees is very important in an organization. This can certainly be done through few activities like:

Corporate governance: Ensuring sound corporate governance and compliance practices. Effective governance system includes good internal control System, management System, and auditing System.

Compliance policies are to create awareness around white-collar crimes such as bribery, dishonesty, corruption and fraud. Campaigns include

War on Corruption: Raising the profile of white collar crime
Identity Theft: Reminding staff to verify client identities and to keep information confidential
Know Your Customer: A training programme for staff as required by the Financial Intelligence Centre Act.

Reporting: CSR Reports now not only include the environmental performance of the organization but also the most organizational social issues and non-financial key performance indicators. Increased transparency on reporting should be adopted.

Ethical policies: Maintain ethical policies and provide training to ensure that all employees perform with high standards of integrity and trust. Ethical policies include real concern and respect for employees (training, development, rewards, work-life balance, incentives, perks), for customers (safe, quality, value for money products and good customer service), and for suppliers (fair trade policies etc.)

Products and services: Develop and enhance products and services that provide social and environmental options for clients and prospects.

Well-being programs: Continue to provide talent management and well-being programs on stress management, physical fitness, nutrition and counseling through which employees can thrive and excel As part of employee assistance, these programs may offer health assessments, wellness workshops, counseling sessions and fitness center memberships, among others. Employee wellness programs aim to enhance employee health, leading to more productivity in the workplace.

Relationship: Build relationships with suppliers whose CSR goals and activities are aligned with expectations of the company.

Security programs: Ensure proper risk management, data security and privacy programs are in place.

Though there has been considerable research into the relationship between corporate social responsibility and profitability, the results proposed no relationship between them. Specifically, varying levels of social orientation were not found to correlate with performance differences too.

Why do businesses need to asses Risk management?

2011-01-19T00:51:00.000-08:00

The latest recession has reminded us all that what can happen in business and its obvious for all of us to think over about it. Every business faces risks that could present threats to its success. Risk is the probability of an event and its consequences in a business environment. And all the companies have started giving more importance to risk management programs these days.

Under the main factors of risk first comes credit risk. The pain of the credit crunch persists. According to the Small Business Association, guaranteed loans were down 30% in 2008. The second one is legal risk.There are possibilities that for faulty products or hazardous working conditions in an organization. Then there are many possibilities of concentration risks, financial risks and regulatory risks.

So in order to overcome all these, risk management programs should be implemented.

This includes 5 steps First you need to work out how people could be harmed. When you work in a place everyday it is easy to overlook some hazard. Walk around your workplace and look at what could reasonably be expected to cause harm. Ask your employees or their representatives what they think.

For each hazard you need to be clear about who might be harmed; it will help you identify the best way of managing the risk. Having spotted the hazards, you then have to decide what to do about them. Putting the results of your risk assessment into practice will make a difference when looking after people and your business. Review the assessment and update it regularly.

Tips to be a great sales leader

2011-01-18T23:50:00.000-08:00

A person is said to be a great sales leader, only when he is capable of building his team in an efficient manner to achieve the sales target and company's goals. A great leader is an inspiration, a motivational tool and give their significant contribution to the success for their sales team.

Following are some of the tips to be a successful sales lead:

* Sales Managers and Sales People required to practice the professional development in order to value their growth and clients/customers.

* A well versed professional with his core skills such as, Planning, Execution, Current Marketing Trends, Industrial Knowledge, Product and Customer Satisfaction, Communication and Differentiation skills.

* Good at major accounting strategies, competitive strategies, presentation and proposal writing skills.

* Must be specific, set deadlines for the targets, capable of tackling the worst marketing situations. Share the facts and vision of the organization with the team mates and motivate them for their utmost contribution.

* Try to understand the difficulties of the sales team and support them with the necessary resources.

* Capable of learning and implementing the advanced sales techniques.

* To be an inspiring leader, you must be a reflective and risk takers.

* Value the skills of the sales person and give high training and focus on attitude.

* Communication plays a vital role to interact with the sales people. Active listening to the team mates is very essential.

The great sales leads know how to get a work done by the people. They set proper goals and encourage their team to meet the necessity. Promote an enjoyable work environment and build a culture were people value themselves, each other, company and the customers.

Top 10 trends In Indian E-commerce in 2010

2011-01-13T03:10:00.000-08:00

2010 has been a very remarkable year for the Indian e-commerce sector because this sector has caught the fancy of investors and has generated multiple entrepreneurial avenues, broadband penetration, change in buying patterns and the success of group buying sites globally.

The top categories within e-commerce are travel, classifieds, group buying, auto sales and luxury brands.

Nowadays because of life in fast pace everyone is in dire need of all the facilities online.

Online ticket companies are making huge turnovers in their companies these days. Online bus ticket booking companies and train booking are in fast growth.

Next comes Books. They were a good hook to draw in users but on its own, book retailing online is not a scalable business. It will work online but can never become very big as the average book value in India is very low.

Indians are always in love with discounts. May discount be on anything, they are always ready to afford for that. This also has been a great trend in 2010.E Bay acquired Germany’s fashion and lifestyle shopping site brands4friends.com for $200 million for high end luxury portals. In India, sites such as 99labels.com, exclusively in and Fashionandyou.com are competing in this segment.

There is a strategic shift in e-commerce. Many portals are expanding horizontally too.

Jobs, real estate, matrimonial continue to see traction. Linkedin, Naukri and Monster.com have top-recall followed by TimesJobs.com and Shine.com by HT Media. Matrimonial sites such as Consim Info Pvt Ltd’s Bharatmatrimony.com, Shaadi.com and
Jeevansathi.com continue to reign.

Expected Customer Trends In 2011.

2011-01-05T04:12:00.000-08:00

Yet another new year has begun and there is new door for plenty of opportunities. In this year there are a list of trend for the consumers which they might feel is significant for them.

Primarily consumers expect few acts of kindness at random from business enterprises. Initially kindness was perceived only as inflexibility but now it is being seen as charismatic and more compassionate towards them.

Today 50 % of the consumers are urban citizens and they are prone to trying with new arrivals though they seem to be distanced from traditional social and familial structures.

Next, in terms of owning, bulky and irregularly used items is both expensive and unsustainable, especially in dense urban environments where space is at a premium. So consumers feel it becomes easier to book items whenever and wherever they are needed.

It is expected to see consumers rushing to sign up to services with planning that allow for endless mingling with friends, family, colleagues or strangers in this year.

Traditional marketing trend has started to diminish because booking items online has become most popular way of buying.

In 2010 companies began to take social media marketing seriously and because of that we saw social media explode as a marketing tool. This year we will begin to see companies integrate social media into their overall marketing plan.

Till now mobile phones provide access to email, messaging, calendars and websites but now location based services help in marketing through phones.

BUSINESS SOCIETY IN FUTURE

2011-01-05T03:31:00.000-08:00

Predicting the world business in future will be imperfect but there are chances of all the types of business getting expanded due to current market situations.

All the business activities in an enterprise like accounting and banking applications are being done online through upgraded versions of software. Day-to-day activities like travel bookings, listening music, news ,information on stock, shopping and retailing are already being done in the internet which is in growing space.

Today’s Education system includes entrepreneuship and business tactics at an early stage. So the future business society in world will have young business people as there are plenty of exciting business opportunities in the fields of Internet ventures, outsourcing technology, e-commerce opportunities, software development opportunities.

Ofcourse the future business would turn everyones life into fast pace because of unbelievable technological growth. The globe seems to become small because of the technological improvement in communication sector but there are certain bitter things like global warming and inflation which are believed to affect business in a big way in future.

In the business scenario of last two years, inflation affected world business drastically. The negative impacts of inflation are the distortion prices between different time periods, interest rates rising, uncertainity , redistribution between wealth and income.

There is a led to collapse in social order and throughout their business operations because of global warming. Companies have an important impact on the natural environment .Each and every individual in a business enterprise should take responsible for saving the ecosystem in the future.

Boost your small business traffic

2011-01-04T22:26:00.000-08:00

On the internet, search engine optimization and marketing is vital to gain an edge over your competitors.

Listed below the basic seo and internet exposure strategies to be followed inorder to boost your small business sales.

Basic Elements of SEO Strategy:

-Client expectations and objectives
-Keyword research to identify the right keywords
-Website analysis
-Competitor analysis
-Website optimization using the right keywords
-Content strategy development
-Linking strategy – reciprocal and one way link building campaigns
-Submission of website in search engines
-Directory submission
-Social media optimization strategy - news releases, forum postings, article writing and submission
-Use of natural and white hat SEO strategy to promote website
-Evaluation and tracking
-Maintenance

Achieve Better Internet Exposure:

-Establish a more successful website with better usability
-Enhance your reputation as a professional
-Boost your brand visibility, traffic and revenue
-Generate increased referral business
-Establish tremendous client loyalty
-Establish long term client relationship
-Establish your credibility

Impact on Accounting Education

2010-11-30T04:02:00.000-08:00

Accounting is considered to be the language of business. The number of globalized businesses in the world is vast and increasing, which emphasizes the importance of achieving a common accounting language. Accounting is predominantly known as the profession that analyzes the past, but because of globalization it is important to look into the future.

As a result, it is important to educate the accounting field on the standards of other countries. The IRSF was created by the International Accounting Standards board. The Financial Accounting Standards Board created the generally accepted accounting principles.

Accounting is predominantly known as the profession that analyzes the past and looks into the future. Globalization plays a huge role on accounting education. Thus it is more important to educate accountants on the standards of other countries, so that they are knowledgeable in their field because many businesses operate with countries across the world.

The accounting education is more important in such a way that the accountant becomes a part of the management and decision-making team, rather than just providing the financial information. Accounting in the future will require not only specific knowledge but also must also be able to change with the globalization. Accountants will need to be well prepared in computer skills, the ability to learn new software and new accounting rules.

Realizing the importance of information technology most of the colleges and universities have added a new track called Accounting Information System. The Professional accountants employ extensively in the computer applications to perform their tasks such as email to communicate, Internet for search, and accounting software to record and analyze financial transactions for decision-making. Computerized accounting systems have now replaced manual accounting systems in most of the organizations.

Significance of Accounting Payroll

2010-11-29T22:52:00.000-08:00

Payroll Accounting is important for an Employee and the Employer, which deals with the payment of your employees and paying the appropriate taxes to the government. The payroll system is the most frequently updated part of financial record in most of the organizations. Nowadays even a small business can manage this system with the online processing sites.

Payrolls are considered to be the lifeline of any organization. It consists of procedures and mechanisms ensuring that an accountant processes the employee salary information in complete manner with accuracy. Also allows the business owners to create a function that is easy for them to understand and use. Usually small businesses run their payroll systems like that of the larger organizations.

In many organizations there are several pension plans, offered to their previous employees based on the duration and the importance of their responsibilities. It is very important for an organization to maintain and manage their payrolls. If the payrolls are kept by the organization in an efficient manner, it would keep the employees, in the healthiest state of mind.

If there is any occurrence of issues in the payrolls of the company, then it may lead to the employee dissatisfaction having a direct bearing on the efficiency of their services. Thus the Payroll accountant has to take care of the payrolls right from the salaries and wages such as paid vacation, insurance coverage of the company. They must properly integrate the pay records with the payroll and the benefit systems.

A manual payroll system requires that the payroll to be processed by hand and is therefore a considerably slower procedure. But an automated payroll system enables the employer to process its payroll through a computerized system which makes the process faster by reducing the errors that occurs in manual system. This may be considered as one of the demerit that the employer must invest in for the payroll software and maintain it.

Closing of Account in Numia

2010-09-17T02:11:00.000-07:00

Numia provides you a way to close your account by retrieving all your accounting transactions. Closing of your accounts prevents you from logging in and to access any of the services provided by Numia. The steps followed in closing of account in Numia are

1) Select Company -> Close Numia Account.
2) A new window will be opened similar to the screenshot as below.

3) By clicking the "Close Account" Button, Your account will be closed.

As soon as you closed your account, You are not logged out immediately. You may manage your accounts even now too and it will be audited as before.

If you want to reactivate your account with Numia, You will be given a period of 48 hours or 2 days (from the time you closed your account) to login again. You or the persons linked with this account can login to the website within this stipulated period of time to activate your account.

After the deadline given by Numia to reactive your account is completed, Your account will be permanently closed. You can contact support@numia.biz for retrieval of your accounting records or any kind of assistance.

Banking Registers

2010-09-09T22:21:00.000-07:00

Register is basically the official written record of names or events or transactions. Banking Registers are the records which are maintained in order to keep track of your banking transactions.

Numia, online accounting software not only helps you to record your accounting transactions or maintain your banking records, but also enables you to edit or delete the transaction. You can view the report of the transactions each and every bank separately within your desired time period.

The steps involved are as follows:

• Select Bank-> Banking Registers.
• Select the bank name to view the accounting transactions in that specified bank.
• Select the account name.
• Now you can view the list of transactions made in that bank in the corresponding account name.
• Edit or delete the transaction by just clicking the edit or delete icons which is viewed by moving the cursor over the transaction.
• You can also customize the report by clicking “Customize” option. Customizing allows you to view the transaction report within specified dates and to differentiate the transactions based on reconciliation.
• You can also export the report to “Excel spreadsheet” or simply print it.

Exporting your Report to Excel Spreadsheet

2010-09-09T22:11:00.000-07:00

In Numia, You can easily export your report to excel spreadsheet. By exporting your report, You may be able to save the report under any name in your desired path and you can make whatever changes you want to do. The steps involved are given below:

1.Select Report -> Choose the report you want to export.
2.Click “Excel Spreadsheet” Button.
3.Choose “Save file”.
4.Select the folder where you want to save the file. You can also change the name of the file.
5.Open the file in excel and make the changes you want. This change does not affect the data in the Numia reports.

The screenshot is as follows.

Ebay Transactions :

2010-09-06T06:00:00.000-07:00

Ebay is an American internet firm which acts as a world’s online marketplace. It manages a website, ebay.com which is the place where buyers and sellers come together and trade goods, services and almost everything. Ebay has been started in 1995 and it is now multi-billion dollar business comprised over thirty countries.

The basic working of Ebay includes two factors such as Bidding and Buy it now.

•A seller can list any kind of item like antiques, cars, books, sporting good and almost everything on Ebay.
•The seller has to decide whether he prefers bidding by accepting bids on the item or he may choose buy it now option to make the buyers to buy the item right away at a fixed price.
•In the bidding method, the auction is opened by the seller for some price and it remains in ebay for certain number of days. Then, the buyers are allowed to place the bids on the item. When the specific period ends, the buyer with the highest bid will win.
•In Buy it now option, the buyer who accepts the seller’s price at first gets the item.

Numia, the online accounting software is making lots of improvements with simpler accounting modules, each aiming to make this accounting software better and easier to use. In the path of development, Numia’s future plan is to include the access to Ebay transactions to make the accounting processes in a effective manner.

Sending Report Through Email

2010-09-06T05:57:00.000-07:00

Reports act as a document for viewing all of your transactions in a same place. They are the formal account of the proceedings or transactions of a group. The basic purpose of reports is to inform, in terms of a written document featured with informations.

Numia provides a simple way of sending any report to multiple email ids in a easier way. The steps involved are as follows.

• Select Reports -> click the report you want to get emailed.
• Click "Email" option.
• Email form will be shown.
• Enter the email address to which the report has to be send.
• You can also enter the message, if you wish the report to be sent with the message.
• Then by clicking "Send Report", Your report will be sent.

Memorized Reports

2010-09-03T02:19:00.000-07:00

Reports are often used to display the result of an experiment, investigation, or inquiry. Memorized reports help you to memorize the important reports and make it easy to view.

Numia provides a better way to memorize your reports to have them for future reference. By memorizing, it gets saved automatically in the Memorized Report List. Then, when you want to create a similar report, you can go to the Memorized Report List to find it.

The steps involved in memorizing a report are

* Click Reports -> Select the specific report you want to memorize
* Click the "Memorize" Button.
* Enter the title under which the specified report is going to be memorized
* By clicking Memorize button, the report will be saved.
* You can view, edit or delete the memorized report by selecting Report -> Memorized Reports.

Adding and deleting accounts using chart of accounts

2010-08-26T23:22:00.000-07:00

Chart of accounts is the list of predefined account names that a company has identified and that is made available for recording transactions. Chart of accounts may be of different kinds. It may be as large or as complex as the company itself. For example if we look international corporation with several divisions may need thousands of accounts, whereas a small organization could manage in few hundred accounts.

In Numia, the common accounts used across the world for small and large businesses have been listed in Default accounts. In case if you find that your accounts is not listed in default accounts, you can add new accounts. If you need more accounts or sub accounts other than the 'Default accounts', then you can create your own accounts by clicking 'Add new' Button at the page. Just follow these steps to add new account type or account name.

Adding Accounts :

Go to Banking menu and then select Chart of Accounts.
Now you can view the list of default accounts and user created accounts.
If you have not created any accounts then only defaults accounts are listed.
Click the “Add New” button to add new account type and account name.
Fill the details like account no, account section, description then click Add Type button.
Now you new account type is created. You can view the newly created account type in the chart of accounts main page.
You could also have the provision of editing your user created account types. Just click the edit button in the Chart of accounts page. Then you can change the account type of the existing accounts. But you can't edit the default accounts.

Deleting Accounts :

It is possible to delete your existing accounts in Numia. In “Chart of accounts” page the default accounts and the user created accounts are listed. Just click the delete button corresponding to the account type you need to delete. But once you deleted the account, it is not possible to recover it or view it.

Reversing of Transactions

2010-08-20T02:49:00.000-07:00

When a transaction has been entered incorrectly by mistake or accidently, You may need to reverse the transaction. Reversing a transaction means turning the transaction and make it’s effect to zero in the financial records. This process of reversing the transaction is the matter of reversing the debits and credits within the transaction.

When the transaction is reversed, the system will create a new transaction that simply reverses the original transaction debits and credits. In Numia, the Online accounting software, Reversing the transaction can be done by following the steps below.

• Choose Report -> Transaction List.

• Select the transaction that need to be reversed.

• Click on the “Reverse” Button to reverse the transaction.

Editing and Deleting of Full and Partial Payments

2010-08-20T02:43:00.000-07:00

Many sellers allow the buyers to pay for the product or service both in terms of full payment or partial payment. They make the buyers to pay in installments ie partial payment when he cannot pay the full amount. Partial payment is nothing but the payment that is less than the due amount.

Numia, the online accounting software provides a simple way to record partial payments from your customers. The steps involved in recording partial payments are

• Select Customer -> Receive Payments.
• Choose the customer from which the partial payment is received.
• Select the Payment mode from either cash, cheque or credit card.
• To deposit the payment amount to any of the bank, choose the bank in the “Deposit the amount to field”
• To keep the "Cash In Hand", don't select any option.
• If you want to keep the cash in a fund to deposit later, select Group with Undeposited Funds.
• Choose the invoice for which you have received the partial payment.
• Enter the partial amount paid in the Amount Paid field.
• Click Submit to record partial payment from the customer.

Now, in Numia, you can easily edit, delete the partial and full payments on customer and vendor transactions and do a complete edit / delete of any reconciled / un-reconciled transactions. This can be done by selecting “Reports -> Transaction List”. In the transaction list, just select the transaction to which change has to be done. You will be redirected to the form. Now you can edit and after clicking “Save changes”, your changes has been saved. Numia will automatically add to the credit if you change the amount. You can also delete the transaction by clicking “Delete”.

Deciding Between Bookkeeping Software and Bookkeeping Service

2010-07-19T03:32:00.000-07:00

Bookkeeping - the record of day to day financial transactions such as sales, purchase, income and payments by an individual or an organization. These records needed to be produced at the end of every financial year. From small to medium to large business, maintaining financial records is a mush which therefore necessitates bookkeeping process.

The choice of preparing and producing the accounts: organization basically have three options: one is to prepare and maintain records manually; next can be to employ the bookkeeping services and the last option is to use bookkeeping software system.Each has its own advantages and disadvantages. What ever may be the employed method, the ultimate thing is to produce accurate accounting information needed on time.

As the recorded financial transaction is very important for financial decisions and knowledge over the business performance, efficiency and accuracy over the recorded transactions becomes the major concern. Further, the accounting information is the accumulation of documents such as sales invoices, purchase invoices and possibly bank records during the financial year and after the end of the financial year for tax purposes.

Improper records of the above said data (as financial records) leads to unwanted penalties, simply administrative burdens. In analyzing the choices: keeping and maintaining manually may lead to data lose, inaccuracies, fines and penalties thus leading to severe issues at the end of the financial year.

Manual bookkeeping needs regular and periodic evaluation of the data. In going for the choice of having a bookkeeper, trust and knowledge over the operation becomes the mandatory thing for any organization. Also periodic and regular tracking of the works and records maintained is necessary. Having bookkeeper, it is also partially includes in manual work where accuracy level is still depends on the knowledge of the bookkeeper.

The third choice of installing bookkeeping software also has few disadvantages. But these are overruled by its wide advantages. The major advantage is the reduction in paper work and 90% of reducing the manual work thereby achieving accuracy and efficiency. By having bookkeeping software, no one other than the business owners and the authorized person know the financial status which can be called as the security over the accounts.

So by having the gist in hand, the advantages and disadvantages over the choices can be analyzed as discussed above. It can be said with proof that accounting software provides better financial control and performance over the others: manual bookkeeping and having bookkeeper. Thereby administrative burden can be reduced and the organization can focus on its core activities.

How your bookkeeping can boost your tax deductions

2010-07-19T02:31:00.000-07:00

Bookkeeping is the key way to bring one’s tax strategy in full circle. It’s the best way to know what is deductible and how to maximize your business deductions. Here is a checklist that make sure bookkeeping is maximizing travel, meals and entertainment deductions. Since these are the three ways where everyone doesn’t have restrictions to themselves. Everyone have to consider these 3 things as major constraints in bookkeeping in order to boost your tax deductions.

Get reimbursed for business expenses that you pay for personally.
Have you ever been to a restaurant that only takes cash? Or traveled in taxi that only accepts cash? Or have you misplaced your business credit card and had to use your personal credit card? These are just some examples where we have to pay our business expenses with personal funds. We could easily miss these expenses so keep an file handy and put all of your receipts in that file. So that you have got a handy report that you have spent from your personal fund.

Have separate account for code meals that are 50% deductible in order to keep them distinct from other expenses that are not subject to this 50% rule. Many times we could see just one meal account in the chart of accounts. The problem with this is that while meals are generally only 50% deductible, some meals are 100% deductible. The mistake that we see most often when reviewing a prospect's prior year tax return, is all meals are treated as only 50% deductible (because they are all coded to one account) and we don’t have any strategy to identify meals that are 100% deductible.

Always maintain your travel expenses separately from your meals and entertainment expenses. As business travel is 100% deductible so separate it out as part of your bookkeeping system. Otherwise, you will have to sort through that account at the end of the year, or worse, you may sometimes forget to sort through that account and everything in the account is treated as only 50% deductible!

Use a separate section in your online bookkeeping software to make notes about who, what, when, where, how much and the business purpose of your travel, meals and entertainment expenses. By proper bookkeeping it is easy to boost your tax deductions, particularly for travel, meals and entertainment. This is an area where deductions are regularly missed and not properly documented, but once you know the rules and use my system, you'll find more and more deductions.

Reporting Trial Balances in Numia

2010-06-20T03:06:00.000-07:00

Trial balance is the bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial balance is to ensure the entries in a company's bookkeeping system are mathematically correct. The trial balance has three columns. They are name of the ledger account, Credit amount and Debit amount.

The main objectives for preparing trial balance are
• To check arithmetic accuracy.
• To help in preparing Financial statements.
• Helps in locating errors.
• Helps in comparison
• Helps in making adjustments.

In Numia, Online accounting software, You can get the trial balance report easily, showing the debit and credit balances of each account in the chart of accounts. The screenshot for trial balance report in Numia is shown below:

The steps involved are as follows.

• Choose Reports-->Reports review-->Trial Balance.
• The report shows the credit and debit balances for each account.
• You can restrict the report details by selecting dates.
• You can either print the report using print option or export the report to Microsoft excel sheet. You can also able to email it or memorize.

Payroll Accounting in Numia

2010-06-20T02:51:00.000-07:00

Payroll is the sum of all financial records of salaries, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services, they provided during a certain period of time. Payroll accounting is profitable as you manage and balance small and medium sized businesses.

Online Accounting software, Numia provides you an easier way to calculate and to keep track of the payroll informations of your employees. Add your employee details by entering the required informations. Once you have added the pay tax, pay schedule and deductions of your company, you can easily add payroll for each and every employee. The Screenshot in Numia for adding payroll is shown below:

It can be done by following these steps.

• Choose Add Payroll from the Employee menu.
• Choose the pay schedule for the employee.
• Select the Employee name and enter the rate and quantity for the payroll.
• The net pay will be calculated automatically.
• Click “Add Payroll” to save the payroll created for that employee.

You can also create paychecks for each employee by selecting bank name, account name and entering the check number.

Vendor payments through credit

2010-03-26T03:02:00.000-07:00

Most Business persons will avail a credit balance to Vendors. On further purchase to the vendor the amount can be subtracted for the availing credit balance. To take an account of this transaction, Numia provides an option through "Pay Bill" form.

You can either record the payment for a single vendor or multiple vendors. If you wish to pay only a part of bill through credits and the rest by other means, you can enter the amount to be reduced from your available credits in the "credits" box and the rest amount in the "Pay Amt" box.The credits will be applied automatically.

Numia provides Help Links for each task. These Help links are very much useful to record the transactions without any queries.

Giving refund for a prepaid order

2010-03-25T23:37:00.000-07:00

Business, more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight. It is very common in business, for an order to be placed or repelled from our hands.

There may be many reasons for the order to repel. But the thing is that, it is a bit hard to maintain the accounts for a prepaid orders. We may really feel chaotic to tally the money, which has to be refunded. Numia provides an easy option to manage this issue.

It has a form for "Customer Refunds". Just enter the details mentioned in the form.

If you have any queries regarding the "Customer Refunds" form, Help links "Giving refund for a prepaid order " is available for it. The help link explains you, each and every step to proceed the task.

Do Transactions From Your Mobile Phones

2010-03-05T05:57:00.000-08:00

SMS Transaction is a service that Numia offers to its customers to get their own company data and add some kind of transactions into their numia account using SMS from mobile phones. For some reasons we offer this service only to U.S phone numbers. Will make it world wide in future soon.

This service makes your job easier, it helps you to do transaction whenever you want to do. You don’t need to login every time for doing transaction, just it is enough if you send SMS from your mobile number. You can register your mobile number in the user accounts section of Numia.

A user must access from only one mobile number. If your company has registered 2 mobile numbers for the same account, you can access it from both the mobile numbers. You can also customize your desired keywords for various transactions. For example i have customized Chk for check transaction as highlighted in the below screenshot.

If you have registered your mobile number, you can receive text of keywords. Just send Text "numia" to 41411 and you will receive a text of keywords you can use for your numia account or follow the SMS instructions.

Following are the steps for SMS transaction :

Select Company --> Click Texting/SMS List
Click Add List.
Select the transaction type and choose your desired transaction name for that transaction type.
Then click save transaction.
Similarly Create your SMS Transaction list.

Once you have customized your transaction list, you can do transaction , on your cellphone itself, You can now send "numia Chk 18 350.00" where "18" is the transaction number on the "SMS Transaction List".

Importing data from Quickbooks

2010-03-05T02:28:00.000-08:00

It is a well known fact that “not everything is easy”. Same fact is applicable in Accounting Software’s too. Some Software provides easy way of managing the business accounts and some not. The problem arises when the user finds it difficult to work with the software and wan to shift its account (in the same state) to another, which he/she finds easier. This is because; beginning an entirely new account is utter waste of time and energy. Therefore, the data files needed to be exported and imported.
In Numia, the option of Importing data from Quickbooks Online®, enables the user to proceed with the present state of accounts. The new registered user is able to import the Intuit Interchange Format (IIF) files with the help of the below page:

In Quickbooks, the data file (IIF) can be exported by clicking: company -> Export your data -> local copy interview.
Thus, this feature of Importing or exporting data with IIF files helps the users to manage their business accounts effectively in case of shifting from one accounting software to another.

Closing Books

2010-03-05T01:51:00.000-08:00

First of all everyone need to know the exact meaning of closing book or closing entry in terms of accounting. Revenue, expense, and capital withdrawal accounts are temporary accounts which have to be reset at the end of the accounting period, so that they will have zero balances at the start of the next period. Closing books or closing entries used to transfer the temporary accounts into permanent accounts.

Closing book or closing entry should be done at the end of every fiscal year. After the closing entries have been prepared, the temporary accounts will reflect in retained earnings and an intermediate account called income summary is created from which revenues and balances are transferred to retained earnings account(capital). Dividend or withdrawal accounts should be closed to capital.

Numia, provides you easier way for closing your book, having 2 choices either you can close manually or automatically. You can manually close just by selecting yes in the “Require manual closing of books” option highlighted in the above screen shot. And it closes automatically if you choose no.

Following are the steps for closing of books :

Select Company --> click preferences.
Fill the details.
Select Require manual closing of books as ‘YES’ if you want to close your entry manually.
Default option will be set to 'NO' which automatically closes the account and adds new entry for the next financial year based on the fiscal month.

Customizing and printing of Invoice in Numia

2010-02-05T05:37:00.000-08:00

Invoice is a bill that lists the quantity of each item, price, service description and a contact address for payment. Numia, our online bookkeeping Software helps you to create an invoice and customize as per your needs in an easy way.

The steps involved in customizing and printing invoice are

* Select customer -> create invoice.
* Enter customer name, date and address.
* Select product or add new product and enter its rate and quantity.
* Select tax details and deduction rate.
* Enter the due date and click send mail if a mail has to be sent.
* Click on the save and print button.

--> On clicking this save and print button, all your transactions will be saved.

* It will ask whether you want to customize the invoice or not.
* Click OK to customize the invoice.
* A popup window appears.In that you have the option to upload your company logo to appear in the invoice.
* Choose the fields you want to appear it in invoice and type customer message if any.
* Click submit button.

Now you can see the invoice as you wished. Click Print to print the invoice.

Customizing Homepage

2010-02-05T02:29:00.000-08:00

In Numia, the home page gives details of all the recent activities carried out in your account. The home page lists the recent activities in invoices, Due receipts, Due payments, checks, deposits, aged customers, cash sales, etc. Recent activity of an individual and log in details are also included in the home page list. There is an option to customize your home page, i.e. to add or remove gadgets of your choice. This feature facilitates to make your home page to list the details you want. Also you can easily go through the recent transaction details and log in details.

The important advantage of this feature is that you can avoid going deep into your account for viewing the recent activities.

Sending Invoice through email in Numia

2010-02-05T01:59:00.001-08:00

Invoice is nothing but a written record of a transaction submitted to customer or client when requesting payment for services or goods delivered. Even it is also called as bill sometimes statement, but according to me the term statement has a different meaning that does not include a formal request for payment.

A Sample screenshot from Numia,

Sending invoice through mail makes very easy for the customers/clients since it takes less time and it will be more secure. Why spend valued resources on paper and postage when you can easily convert invoices electronically and email? We at numia (an online accounting, bookkeeping software) provides option for sending invoice through mail.

Following are the steps to send invoice through mail:

Select Customer - > click create invoice.
Fill the details.
Check the send mail box to send the invoice through mail.
If the option is checked, the invoice will be mailed to the customer’s email address automatically.
The invoice will be in excel format.

Writing Checks

2010-01-29T01:55:00.000-08:00

This is a paper instrument that orders bank to pay money at the request of customers. A check, thus, eliminates the need to carry large amount of money for the buyers to purchase and it is produced on demand.

In this business era, check plays a major role in any transaction. Every part of a check: place of issue, check number, date of issue, payer, amount, signature of payer is important. So, it is usually printed nowadays. Printing enhances the clarity in writing checks.

Numia allow writing checks. The steps that are followed are:

-- Select Banking --> checks
-- Fill all the details
-- Select "save & print" option to print the checks
-- Enter the height and width of the check.
-- Align the content of the check to the required position.
-- Select "Upload check image" to upload any check image.
-- To store and print later, select "save" option.
-- Use "Print Check" option to print the check.

Need of discussion forum in Numia

2010-01-16T02:30:00.000-08:00

I have always been thinking of the difference between a Blog and a Forum. A blog focus on your writings, and allows others to comment. You can write on anything and bring visitors to read it and make them to appreciate or disagree your writings by their comment. But where as Forums is a self-sustaining community where everyone has an equal voice.

Blog contains articles related to enhancement of particular product or any topics etc. And by using RSS feeds we can update the latest news going on. Personally, I prefer forum since you can discuss with other members. Each one will have their own ideas and when it comes to discussion then it will be really a great credit for particular product or any community talk.

Forums save information posted on a particular topic for other people to see at any time, this creates a discussion environment. Everything that gets posted gets read again and again. The fact that the discussion isn't real time means that it rarely turns into heated arguments as people are given time to research and consider their comments before replying, this makes for mostly high-quality discussion.

The advantage of Numia forum is that the views and advice offered by visitors' stays on enhancing our product to the next level. It also help us in collecting valuable data and feedback about our industry and we can implement to improve the business.

Numia forums will help in creating and building a rapport with visitors, which can turn into long-lasting relationships. This will increase the trust factor of our Website.

I would suggest you to keep discussing about our product in our Numia forums. There will experts online to entertain you with their replies to any of your question and discussion.

Happy Weekend..!!!

Recording Bad Debts in Numia

2010-01-15T21:57:00.000-08:00

In a perfect world customers would pay their invoices in full and on time. Unfortunately not every customer is perfect and, despite even the most air-tight credit policy, a start-up will have to learn some of the accounting rules behind bad debts.

If your company keeps records on an accrual basis, you’ve already recorded income when a job is completed and invoiced, even though you haven’t yet received the payment from your customer. So when you discover that the customer isn’t going to pay, you need to offset the income you recorded with a bad debt expense.

Here are few steps for Numia

> In the Receive Payments page select the customer from whom you can't collect
> Select the particular invoice which is to be a bad debt
> Select the option Bad Debts for that invoice
> Dont select the options Deposit this amount into, Group with Undeposited Funds
> Click on the Submit button

If you want to avoid any kind of bad debt there can be absolutely NO allowance for procrastination in your invoicing and collections process. Now I hope so that you understand how to record a bad debt.

Trusting Online services

2010-01-08T06:38:00.000-08:00

Trust is the primary goal of any online marketing effort.

Everything you do online should be done to increase the trust that others have in you.
“Others,” in this case, includes both the initial new users and the existing customers of Numia. When you have the trust of those two audiences, you’re perfectly positioned for long-term success.

As there is say by David Temple "It’s easier to build trust offline because you have an office, a store, a physical manifestation of your presence. Those signals make it easy for people to trust you. Online you don’t have those same signals so you have to build them".

And the other one from Debra, "Your site may be functional from a usability standpoint, but if it doesn’t build rapport or contain credible content, visitors will leave and place their confidence elsewhere".

One great way to generate trust online is to contribute, be a member of communities that are of interest to your company, and respond to topics that may not be in your direct line of business.

So thats why, Numia have both forums and blogs to have its discussions going on and also too to respond to your needs. We need you to be open minded and share your feel on using our product. If it is good we would be happy and if there is any issues we would change it. All comments are given by you are appreciated by us.

Why Numia is Online Software?

2009-12-24T23:26:00.000-08:00

Numia allows you to access your files and perform your work online by the use of selected browser without limitations to place and time. The context of migrating your data and other work to the web is to enhance productivity and improve work efficiency. Many people are becoming aware of the importance of migrating your data and workstation to the internet.

Installing the accounting software to the local computer hard disk drive may be good if you are just using one computer for your business. This may be inconvenient and costly if you have multiple computers using the same business software because you need to buy one software for each computer you need to install unlike the Numia where anyone can access anywhere by their individual user names. Software limits mobility and most likely controls productivity because of user physical space limitations.

Numia allow you to collaborate, work your project online, and communicate in a secure medium online. This online accounting software practically saves time, money, and work force installing software to different computers across the globe.

If you do small business or large business, you don’t want to hire personnel for software and want to low cost account software. For that it is best that use Numia so you don’t worry about changing computers, storing the data and lost of data. Data in Numia is always secure. And important thing is you can access it at any time.

Happy Christmas

Depreciation in Numia

2009-12-19T04:01:00.000-08:00

Most assets lose their value over time and must be replaced once the end of their useful life is reached. Decrease in value of your asset due to obsolescence or use is termed as Depreciation. It is considered an expense and is listed in an income statement under expenses.

For Instance, consider that you buy a Computer for your organization. The computer loses value from the minute you bought it. Computer is considered as a fixed asset of the organisation. Each year the value of the computer keep on reducing . Measuring the value being reduced is called as depreciation. This depreciation value may vary depending on the type of asset you own.

Depreciation is calculated in two methods namely, Percentage method and Straight-line method. In the former method, a percentage will be fixed according to the type of asset and that percentage of amount will be reduced every year from that asset. In the later method a formula is used to calculate the depreciation value.

Depreciation value = (cost of the asset - expected salvage value)/ Years of estimated useful life

Strainght line method is the most commonly used method. Numia ,our free Online Accounting Software uses both these method for calculating the depreciation value of assets. We provide you an option to select time period like full-year, quarterly and half-year for calculating the depreciating value.

To find the annual depreciation cost for your assets, you need to know the initial cost of the assets. You also need to determine how many years you think the assets will retain some value for your business. In the case of a computer, it may only have a useful life of ten years.

Chart Of Accounts

2009-12-18T21:21:00.000-08:00

A Chart of Accounts(COA) is a list of all account names and numbers in your company's general ledger . The chart of accounts contains the account number, account name, and the information that controls how an account functions and how a G/L account is created in a company code.

Chart of Accounts is classified into one of the five categories :

1. Assets - It is the group of things that you own. Assets could include a car, cash, a house, stocks, or anything else that has convertible value.

2. Liabilities - It is the group of things on which you owe money liabilities could include a car loan, a student loan, a mortgage, your investment margin account, or anything else which you must pay back at some time.

3. Equity - It is same as "net worth." It represents what is left over after subtracting your liabilities from your assets.

4. Income - It is the payment you receive for your time, services you provide, or the use of your money.

5. Expenses - It refers to money you spend to purchase goods or services provided by someone else.

Each account in the chart is assigned as unique identifier, typically an account number.For very small businesses, three digits may suffice for the account number. COA should be designed to capture financial information to make good financial decisions.

Whether you run a business or a student of business, Our online Accounting software Numia ,will help you to maintain your accounts easily.In Numia , we have many default accounts which covers almost all small scale business needs.

According to your business You can create your own accounts and account types too.

FEEDBACKS on our Accounting Software

2009-12-18T05:18:00.000-08:00

Accounting is complex and difficult to understand – especially for individuals with minimal accounting experience. Even the accounting basics like credits, debits, assets, and so on get confusing to some and can be the kind of things that turn people off from accounting, despite the importance of it. This is why it is important to find software that makes entering transaction easy and possible without knowledge of what kind of transaction was just completed.

However, in most cases, businesses do not want to spend time doing something that is complicated that they may not completely understand if there is software available to do it for them.
For most small businesses, Numia, online accounting software is something that is easy to use and powerful. Information should be easy to input and reports should be easy to understand.

For example, most accounting software will include an invoicing feature. Some software will begin with the accounting ledger and give users the option to create a custom invoice from the ledger. However, this is not the easiest method to complete this task for most users.

An easier manner is, to create the invoice and have the software automatically update the ledger like Numia. Finally, you will be using our software. If you find the interface simple/difficult or any other feedbacks, give your valuable inputs . In nearly all cases, new software will require some training. And we need the training(suggestions) from 'YOU'.

Reports in Numia

2009-12-10T23:10:00.000-08:00

Numia provides facility to generate and print out reports. These reports may include payment summary or any other type of information about your business in a summarized or easy-to-understand format. In addition to these, you can also generate management reports to calculate profit and loss for a given month or year. Remember to create a back up at the end of each financial year so that valuable information is not lost. This data helps to make intelligent business decisions later on in order to increase profits and control or mitigate loss. Keep all documents in one place so that they are easily found whenever needed.

How to Get The Best Accounting Software For Your Small Business

2009-12-05T05:09:00.000-08:00

This topic have been discussed in many areas like forums, blogs, different account related websites. So I thought to write a few lines about Numia with other online accounting softwares.

Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy.You certainly wouldn't want to get accounting software and then find a few months later that the software can't handle your growing business.And worst of all you don't want to get software with little or no support.

Software Prices

The cheapest software cost US $90 and the most expensive software cost US $1,500. But Numia absolutely a Freeware and mainly it has all the features as many paid services.

Software Features

As per our analyzing team each accounting software package has been thoroughly analyzed and there is a detailed breakdown showing the features of each. Most packages offer all the most important accounting modules. It was interesting to note that the most expensive software did not offer some of the modules offered by Numia.

Software Support

The most important feature in our opinion is the support. In Numia we give instant reply for your e-mails and also there are Video tutorials to guide you to use our product very easily.

Thus, Numia have all the features and also it can compete with other major accounting softwares in future.

Reverse Journal entry in Numia

2009-12-04T06:05:00.000-08:00

Last week we had discussed about the multi currency,options for choosing number formats in Numia. Here comes an another updation. We dint have reverse journal entry in our older version of our accounting software. Now this option has been added.

Mainly Reverse Journal entry changes the signs on the original entry, (i.e), change the Debit to credit and vice-versa then re-post the journal. Reversing entries are an optional accounting procedure which may prove useful in simplifying record keeping. A reversing entry is a journal entry to “undo” an adjusting entry.

Reversing entries would be appropriate for those adjusting entries that involve the recording of accrued revenues and expenses; specifically, those that involve future cash flows. Importantly, whether reversing entries are used or not, the same result is achieved.

FREE ONLINE ACCOUNTING SOFTWARE

Bank Reconciliation with Numia

2009-12-04T04:49:00.000-08:00

The process of tallying the organization's own accounting records with the bank statement is called Bank Reconciliation. This is done on the end of every month and the main objective is to reduce the differences arised between the two records (bank statement and the own accounting statements maintained).

When the process of Bank reconciliation is done regularly and carefully, can reduce error free accounting system.

Reconcile Bank account page of Numia, allows to enter the Bank account details such as Bank interest earned, service charge, etc. A click on the button "Start Reconcile" starts the Bank reconciliation process against the accounting records maintained in Numia. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments, this new value should reconcile to the balance of the accounting records.

Numia, compares your accounting records maintained, with the bank statement. A list is generated showing the outstanding, if any. Make adjustment entries, where ever necessary and finish the reconciliation process.

This process is outsourced in larger organization. But Numia, provides you with quicker, reliable, safer and error free Bank reconciliation.

Profit & Loss Account

2009-12-04T02:28:00.000-08:00

In Accounting , the term Profit refers to , A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity.It is calculated as :

Profit = Total Revenue –Total Expenses

Loss refers to , A negative difference between Total Revenue and Total Expenses. It is a condition in which a company's expenses exceed its revenues.

Profit is the incentive for business; without profit people wouldn't bother. So in business, Profit and Loss are monitored as a separate accounts. The Profit & Loss Account has three parts, The Trading Account , The Profit and Loss Account proper and The Appropriation Account.

The uses of this account is to measure profit , if the profit(loss) has been accurately calculated, this can then be used for comparison of business in the past . Profit & Loss Account can be accurately calculated with the help of Numia, Online Accounting and Bookkeeping software.

Reports can be viewed as charts , can be customized in Excel sheets , e – mailed and can be printed.

Customize Profit and Loss Account

Numia provides advanced features like Profit Analysis based on timeperiod , customers and also for various products.

Analyze your Profit and Loss more efficiently using Numia.biz .

Setting Preferences for currency & number formats

2009-11-28T04:35:00.000-08:00

As per user suggestions last month there had been few changes in setting preferences for multi currency options . Numia had only ten settings for setting currencies for handling the bookkeeping. We had a TO DO in future for adding those currency options but anyway it is added now. Now you can add any type of currency while setting your preferences.

And also there had been few suggestions regarding selecting the number format as per user defined in generating reports. Besides, changes has been made by which user can set in any number format he/she needs.

Managing Budget with Numia

2009-11-28T02:46:00.000-08:00

BUDGET is nothing but a financial plan to manage the spending and saving of money.It lists all the revenues and expenditures for a period of time in advance. Budget is one of the fundamentals to run any kind of business , government or a family.
There could be a budget for specific purposes, e.g., for the bank, for the head office, optimistic budget, realistic budget, pessimistic budget, etc. Departmental Budgets such as Marketing Budget, Finance Budget, Sales budget , Production budget , Cash Flow/Cash budget , Project budget , Revenue budget , Expenditure budget can also be created.

A budget may be prepared simply using Ledgers , or on computer using a spreadsheet program like Excel, or with a Online Accounting Software like Numia . Time periods can be alloted for the budgets depending on our requirements such as monthly or yearly budgets. Preparing Budgets with our online software Numia.biz is much easier task when compared to other resources.

We provide Multiple Budgeting options along with the time period limit as Month , Quarter-year and Year

This is the create budget form of numia.biz for monthly budgeting.

This is the form for quarter-year budgeting.

This is the form for Yearly Budgeting.

Make your budget and save your precious time being wasted.

Double Entry Bookkeeping Method – An accurate recording of transaction

2009-11-28T01:20:00.000-08:00

Accounting should be concentrated, as small errors can have huge impacts. To resolve this the concept of Double entry bookkeeping is used where single transaction will always have impact in at least two different accounts. It serves as a kind of error detection; i.e. "if at any point, the sum of debits do not equal to the corresponding sum of credits" , an error has occurred.

Numia, use this method of Double entry bookkeeping to record transactions, i.e. one entry as a debit in one account and the other entry as a credit in another account. These two entries needs to balance the accounting equation, thus helps to have an error free transaction recording process.

Find out what's new in Numia accounting (Ver 2.0)

2009-11-27T02:31:00.001-08:00

Numia is a free online Accounting service . Numia has many
features and it is updating . All these updates are still available for free whereas other online accounting services are having very little features as free and the updates as paid
service.

Look at what's new in Numia accounting @
http://numia.biz/newfeatures.html

You are lucky if you want more in numia , Numia acconting Version 3.0 is due in short period.

Numia has special feature of adding transaction from
mobile by just sending a SMS.

Want to know more about that?

Just have a demo @ http://numia.biz

Video Tutorials - Accounting made easier

2009-11-27T01:46:00.000-08:00

During past the accounting was more of book keeping done in huge ledgers. But at present everything had changed. Accounting is much more widely accepted as a business function and general people also look for the accounting details of the firms they are associated with.

In day to-day business maintaining book keeping in ledgers is hard in few situations(both for small and large business). Huge amount of time and man power is required for maintaining those kind of records. So Online accounting service, viewed as merely experimental a few years ago are now becoming the vital role to run a business.

These softwares becomes more transparent for businesses where limited time & man power is required. Our main aim is to make numia easier and comfortable for user/business. So we had a team to create these video tutorials for you to get a clear picture on what you are working into. Each process has a video tutorial so go ahead and come out with any suggestions.

Video Tutorials in Numia is intuitive and makes everything easy. The step-by-step instructions that map out each accounting task. This makes managing finances easier, especially for the beginner who doesn't understand every step in each task. Getting started is easy using the Setup Guide and instructional video demos.

Ago a go - Slow startup for Numia

2009-11-26T22:56:00.000-08:00

Its been since 2 years Numia was launched, An Online accounting software. Started with a team of young, youthful software engineers who always had a thirst to succeed. Now this online accounting serves more than 1k companies and 850 individual users. This is low when compared with other services but numia always had trusted users.
Being a Free Online accounting software, this has all options compared with other paid accounting softwares. With in two years Numia team had learn't a lot in developing the software more easier and flexible for the end users.

As there are many giant paid accounting softwares and also they have huge number of customers, its very tedious for numia to reach the online customers without promotion. Even though numia had very nice features compared to other paid sites it has lacked in reaching customers for a while. But for the past 4 months numia is having a rapid growth both in system level and also in user level.
The main objective for creating a blog is to have the technology in its place and all about providing an insight in order to build an audience. Mainly learn from sharing, Numia want to be conversational, personable and transparent.
From now there will be multiple authors to write blogs about the product, features and usage of Numia. So keep reading our blogs to know the day to-day updates and also comment on anything you like... Suggestions invited. Only you people are going to use our Free Online Accounting Software - Numia.