Legendary anchorman Ron Burgundy and Thrive Team Co-Founder Brett Ethridge discuss the incredible achievement of Dana Ethridge’s induction into USANA Health …
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Woodbury, NY (PRWEB) January 10, 2014
QuickBooks 2014 Premier and Enterprise contains many new features. Leading accounting firm Gettry Marcus CPA, P.C., provides an overview of the new features. Some of the new features of QuickBooks 2014 Premier are the following:
1. Client Collaborator – The best new feature of QuickBooks 2014 is the Client Collaborator that allows individuals to create transaction conversations with their accountant directly in QuickBooks.
2. Recording Bounced Checks with Ease – Efficiently records multiple transactions associated with a bounced check (NSF funds).
3. Income Tracker (can replace Collection Center) – Filter for transaction types. Manage actions in batch very efficiently.
4. Email Tracking, Templates and Attachments – More efficient email tracking, templates and attachments.
5. Adding Bill Credits to Bill Payment Stub – When a vendor bill is paid 100% by a credit memo, the bill and the credit will now display on Bill Payment Stub.
6. Improved Payroll Center – Tabs keep tasks separated. See current and past activity.
7. File Color Customization – Choose a color for each file. Choose to use Color Icons on Top Icon Bar.
8. Assign Reps to Job Records – Filter reports by Rep. Filter reports by job status.
9. Bank Feeds – Replaces Online Banking.
QuickBooks Enterprise 2014 also contains many new features. Leading accounting and business valuation firm Gettry Marcus CPA, P.C., provides an overview of some of the new features. New features include:
1. Customize Expense Transactions – Add sales rep and/or custom fields.
2. Job Work-in-Process Report – Used to calculate over/under billings. Can be filtered by sales rep or job status.
3. Committed Costs by Job Report – Includes open purchase order dollars. Includes wages on timesheets. Helps companies watch estimated costs closely.
4. Inventory Improvements
a. Auto-Build Subassemblies – Saves time. No need to figure what to order first.
b. Replace Components In Assemblies – New dialog, “assemblies where used.” Batch updating.
c. Options for BOM Cost – Option to default to total BOM component costs.
d. New Min/Max Inventory Reorder – When inventory levels drop, suggested level to order.
5. New Advanced Pricing
a. Price Rules – Converts price levels.
b. Quantity Discounting – Reward large orders with quantity discounting.
Our in-depth knowledge and training on QuickBooks makes us a leading firm in the industry in helping our clients with QuickBooks. These new features of QuickBooks 2014 will help our clients use the program more effectively and efficiently, says Brian Cohn, CPA, Chair, Gettry Marcus CPA, P.C.s QuickBooks Committee.
Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is “Always Looking Deeper” to build value for our clients.
Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler(at)gettrymarcus(dot)com.
Woodbury, NY (PRWEB) January 06, 2014
Gettry Marcus CPA, P.C., discusses common questions that will help evaluate if a cooperative housing unit is financially sound for purchase.
Before purchasing a cooperative apartment, working with an accounting professional will enable you to identify important questions a buyer should consider in order to develop a clear picture of the financial health and value of their potential purchase, says Joel C. Dressner, CPA and Partner at Gettry Marcus CPA, P.C., a leading real estate and business valuation firm.
What do the financial statements tell you?
It’s important to review the financial statements to determine the financial condition of the property. Does it generate sufficient cash flow? What are the liabilities? Has a reserve fund been established for future repairs and replacements? The primary responsibility of the cooperative housing corporation is to maintain and preserve the common property at a cost that is shared by all the owners.
Should I be concerned about uncollected maintenance?
Uncollected maintenance charges at the end of the month are typical and are not necessarily a cause for alarm. However, maintenance receivables that accumulate may indicate that management is not actively pursuing late payers and poor cash flow may result.
What kinds of improvements have been made to the property?
Major improvements such as a new roof or boiler indicate that the property is being well maintained and the investment is being cared for. In addition, new equipment such as a boiler should be energy efficient and reduce future operating costs.
Are reserve funds sufficient to provide for future major repairs and replacements?
This is not an easy question to answer, but an important one to raise. Has a detailed study been done that describes the condition of the major building components and service systems? How does the Board plan to fund anticipated future capital improvement and repair projects? Are the reserve funds sufficient to pay for them? Will additional financing be required or will a special assessment be imposed? If so, what effect will they have on the monthly maintenance charges? After repairs and improvements are made, is there a plan to replenish the reserve fund? Are flip taxes being considered as a source of additional income at the time an apartment is sold?
Are the liabilities a liability for me?
Are liabilities higher from one year to the next? Do they seem excessive? The explanations may be simple. Or are unpaid bills accumulating because of inadequate cash flow? The largest liability of the co-op is the underlying mortgage. The notes to the financial statements will provide the term of the mortgage, the rate of interest, and the maturity date. Is the rate competitive with current market rates? If the loan is maturing, will refinancing result in increased debt service payments that could increase maintenance charges? If refinancing conditions are favorable, will a prepayment penalty be imposed when the current mortgage is repaid?
With the help of an accounting professional and through a critical analysis of the information described above, a potential buyer can develop a clear picture of the financial health and value of their desired purchase.
For the full article on analyzing a cooperative purchase, visit the Gettry Marcus website.
Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is “Always Looking Deeper” to build value for our clients.
Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler(at)gettrymarcus(dot)com.
Woodbury, NY (PRWEB) December 27, 2013
Leading tax, accounting and forensic accounting firm Gettry Marcus CPA, P.C., comments on health flexible spending arrangements (health FSAs). Health FSAs are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor’s option, employees participating in health FSAs will be able to carry over, instead of forfeiting, up to $ 500 of unused funds remaining at year-end.
Health expenses
Health FSAs are designed to reimburse participants for certain health care expenditures, typically expenses that qualify for the medical and dental expense deduction. Medical supplies, such as eye glasses and bandages, are usually treated as qualified expenses. However, nonprescription medicines (other than insulin) are not considered qualified medical expenses.
Health FSAs are often funded through voluntary salary reduction agreements with the participant’s employer under a cafeteria plan. In that case, they are very taxpayer-friendly because no federal employment or federal income taxes are deducted from the employee’s contribution. The employer may also contribute to a health FSA. However, there are special rules which govern employer contributions.
Typically, participants designate at the beginning of the year the amount they want to contribute to their health FSA and these amounts are deducted from their pay. For 2014, an employee’s salary reduction contributions cannot exceed $ 2,500. The $ 2,500 cap is very important because cafeteria plans that do not limit health FSA contributions to $ 2,500 are not treated as cafeteria plans, and all benefits offered under the plan are included in the participants’ gross income.
Use-or-lose rule
As mentioned, the use-or-lose rule is a drawback to health FSAs. Unused amounts remaining in the health FSA at year-end are forfeited. Employers are not allowed to refund any unused funds in a health FSA. Critics of the use-or-lose rule argue that it has discouraged participation in health FSAs because many employees do not want to risk forfeiting unused funds. Often, participants have to scramble at year-end to use their health FSA dollars.
Grace period option
A few years ago, the IRS modified the use-or-lose rule. The IRS allowed cafeteria plans to adopt a grace period. Participants can use amounts remaining in a health FSA at year-end for up to an additional two months and 15 days. This grace period is optional. Employers are not required to offer the grace period, although many do.
To learn about additional options, visit the Gettry Marcus tax update page.
Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is “Always Looking Deeper” to build value for our clients. Visit the Gettry Marcus tax page here.
Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or at fdietchweiler(at)gettrymarcus(dot)com.
If and only to the extent that this publication contains contributions from tax professionals who are subject to the rules of professional conduct set forth in Circular 230, as promulgated by the United States Department of the Treasury, the publisher, on behalf of those contributors, hereby states that any U.S. federal tax advice that is contained in such contributions was not intended or written to be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer by the Internal Revenue Service, and it cannot be used by any taxpayer for such purpose.
Dubai, UAE (PRWEB) September 30, 2013
U.S. Embassy Kabuls Foreign Commercial Service invited Unisons president and co-founder, Robert Fardi, to speak on the importance of brand for international franchises. The sponsored franchise trade event for seven major international franchise brands and more than 100 Afghan businessmen was held in Dubai, United Arab Emirates. Unison is a brand innovation firm, based in Washington, DC, with expertise in developing brands and digital platforms for the restaurant and hospitality industry.
The over-subscribed event showcased Afghanistan as a viable market for the franchise business model and connected world-class food and beverage franchise brands with Afghan investors, featuring keynote addresses from two companies currently with franchises in Afghanistan: Cherry Berry and Ace Hardware. Representatives from Hot Breads USA, Yum Brands (owners of KFC, Pizza Hut and Taco Bell) and CKE (owners of Carls Jr. and Hardees) joined Fardi in the session.
Fardi was forthright in his assessment of prospects for the region. We are bullish on the opportunities in Afghanistan for food franchising opportunities by U.S. brands. With 60% of the population under twenty years of age, U.S. fast-food brands, in particular, represent both employment and professional training benefits and serve as a public diplomacy tool to stay engaged with our friends in Afghanistan as military involvement winds down in 2014, Fardi said.
Franchise representatives left the conference with a pronounced sense of optimism and a belief in the prosperous future of Afghanistan, according to a press release from the U.S. Embassy Kabul.
Job creation through trade is a key element of the U.S. government mission in Afghanistan. Franchising has proven to be an ideal market vehicle for both employment and economic growth. With the high demand for American franchise brands in Afghanistan, we are confident that this conference will lead to success for both American franchises and Afghan entrepreneurs, said Embassy Kabuls Senior Commercial Officer, Walter Koenig.
Unison will celebrate its 10th anniversary this year. In that time, it has established a formidable restaurant and hospitality practice applying its noted branding expertise to some of the best-known global food brands, including Cava Mezze Grill, Salsarita’s, sweetgreen, CaliBurger, Thompson Hospitality, ThinkFoodGroup, Gourmet Gulf Company, Snikiddy, Sushiko, Brown Bag and Artisan House LA among others.
About Unison Agency
Unison is a full-service brand and digital agency that develops integrated solutions by combining strategic, creative and technological capabilities to advance our clients brands across all touch points. The agency fosters enduring customer devotion by creating digital brand experiences that bridge the gap between offline and online interactions.
Unison strives to create rich, engaging and truly emotional experiences in the digital realm. By combining high-impact media and seamless usability with the latest technology in e-commerce, social networking and digital mobility, Unison designs online brands that are multifunctional, multi-sensory and multi-platform.
Unison has experience building powerful brands across a wide range of industries, including financial services, government, food service, retail, manufacturing, real estate, pharmaceutical, fashion, entertainment/media, consumer packaged goods and beauty products.
Over the span of a decade, Unison has worked with clients in thirty-five countries around the world, demonstrating its belief that artfully designed brands are universally engaging and transcend cultural and linguistic boundaries.
