In This Issue
6 Invoicing Changes for Better Cash Flow
Expanded 1099 Requirements?
QuickBooks Tip
Quick Links

Six Invoicing Changes for Better Cash Flow 

1. Know who you're dealing with.  Confirm the payment of current customers. Research payment records through professional references.
 
2. Get the invoice out fast.  Send invoices the day a project is completed or as soon as goods are shipped.
 
3. Make it easy to pay on time.  Accept checks, credit cards, and use electronic funds transfer (ACH) services
 
4. Give them what they want.  Ask what your customers need on your invoices.
 
5. Be clear about what you need. Be clear about your payment terms and due dates
 
6. Be prepared to make the call.  Don't wait to make the call to collect outstanding invoices.
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 Pro Advisor, Diana Fields
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Happy the Hippo
Happy the Hippo
 Washington, DC

Fields Bookkeeping Services Newsletter

Greetings!  
Welcome to the July 2010 newsletter for Fields Bookkeeping Services.  Have you entered the summer slow down or are you swamped with work?  If there is a slow down in your business, now is the time to start a marketing plan that can be implemented in the Fall. Get the phones ringing again! Swamped with work?  Look for a teenager, neighbor or stay at home Mom to help you with some of those tedious administrative tasks.  Your time is better used finding new customers and managing the high end tasks!
Expanded 1099 Requirements?
 
According to WebCPA, "Businesses will have to issue Form 1099 for goods (and services) purchased after 2011, regardless of the corporate form of the vendor."  What does this mean for you?  You will need to send IRS Form
W-9's to capture TIN  (Tax Identification Number) information to sole proprietorships, S corporations, C corporations, partnerships, charities and other tax-exempt organizations and probably to many federal, state and local government entities.  What can you do? There are two camps, the Wait and See approach or the Proactive approach.  As most of you are proactive, begin the process of capturing TIN information now.  Check with your accountant to see if it is wise to place your TIN on invoices you send out.  TIN fraud is always one concern. 
QuickBooks Tip 
Fanned Money
Question: 
I have a couple of contractors and a part-time employee.  I am losing track of what customer jobs and tasks they are working on.  Is there an easy and inexpensive product that can capture this information?
Answer:
Yes there is.  I have been testing and using a web-based time and expense software program that fits the bill. My contractors rave about how easy it is to use and it integrates seamlessly with QuickBooks.  Give me a call and we can discuss if this product will fit your needs. 
Payroll Tidbit
 
Planning to Hire in 2010? If you're planning to hire in 2010, you may be eligible for new tax credits introduced by the Hiring Incentives to Restore Employment (HIRE) Act. The HIRE Act provides up to $6,621 in payroll tax credits and up to $1,000 in business tax credit per eligible employee.
 
Get every dollar of the HIRE tax credit you deserve. Employers who hire eligible employees may qualify for a reduction in social security taxes as well as a tax credit for retaining certain employees. Fields payroll services will help you efficiently handle payroll taxes and keep the tax credits you are eligible for in your pocket.
 
Confidently stay in compliance, year-round. We keep up with changing payroll requirements such as the HIRE Act for you, ongoing, so you can focus on what matters most. After legislation is enacted and the IRS releases guidelines, we will update our payroll software and services to support payroll related changes, whether related to the economic stimulus, HIRE Act, health reform or otherwise.
Call or e-mail today for QuickBooks consulting, help with any add-on products you are considering and to have your bookkeeping and payroll questions answered by a QuickBooks Pro Advisor.
 
Thanks for reading my newsletter, 

Diana Fields, Managing Partner
Fields Bookkeeping Services, Inc.
Phone: 703 689-3536
Fax No:1 866 278-7100 (Toll Free)
If you have any questions or comments regarding my newsletter or services,
please call or e-mail today. 
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SET-UP 
Free Set Up For New Payroll Customers.   Join my payroll service and receive free set up of employee and employer information.  Up to a $200.00 in savings.  Say goodbye to payroll hassles.  Payroll taxes made easy and guaranteed accurate.  FREE year-end 1099 creation for active, online payroll customers as of December 31.