Make QuickBooks Yours in 2014: Customize

The QBC: QuickBooks® Client Newsletter

QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight.

Filters

You’ll learn far more about your company’s financial status if you use Filters in reports. We can help you set up the most effective ones for your business.

While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for safety or convenience or aesthetic value?

You can’t buy “extras” with your copy of QuickBooks. You can select from the different versions (Pro, Premier, etc.) and extend the software’s functionality by installing integrated add-ons from the Intuit App Center. But if you install QuickBooks on two machines from the same DVD or download, they’ll look and work the same.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Insero & Company Acquires Marquise Business Solutions

Insero & Company CPAs, P.C. announced today that it has acquired Rochester-based Marquise Business Solutions, LLC.

Founded in 2007, Marquise specialized in accounting, finance and strategic business consulting for start-ups and small to medium-sized businesses. Paul LeFrois, Jr., former Managing Member, will continue to provide these services as part of Insero’s Small Business Group.

Paul LeFrois, Jr.

LeFrois is a graduate of Saint Bonaventure University and a recipient of the Rochester Business Journal’s Forty under 40 Award. He has volunteered for the Westside YMCA for the past 14 years and is currently serving as Chairman of the Board. He resides in Gates with his wife and twin sons.

“We have worked with Paul in the past and are very pleased that Marquise Business Solutions is now an integral part of our team,” said Nancy Catarisano, Insero’s Managing Partner. The acquisition is part of the firm’s initiative to expand its Small Business practice. “We are continuing our major push in small business because we believe small business is still a growth area in Rochester.”

Insero & Company CPAs, P.C. is one of the leading accounting and business advisory practices serving Western, Upstate and the Southern Tier of New York with offices in Rochester and Corning, New York.   A full-service public accounting firm with Tax, Audit and Outsource Accounting practices, Insero’s specialty services include Small Business, Employee Benefit Plan Audits and Outsourced and Virtual Accounting Services for businesses and not-for-profit organizations of all sizes.

 

Profile: Nancy Catarisano

Insero & Company‘s Managing Partner, Nancy Catarisano, was recently featured in the Rochester Business Journal.

Nancy Catarisano

Here is an excerpt from the profile:

Nancy Catarisano’s bookkeeping and accounting career began when she was a child collecting payments for her father’s lumber mill, logging in the workers there and balancing the company checkbook.

She is now managing partner at Insero & Co. CPAs P.C., overseeing 85 employees at its State Street headquarters and a branch office in Corning. The firm has plans to double employment in five years.

Catarisano, 52, became managing partner Oct. 1, 2012, after serving as chief operating officer since December 2008, when founder Frank Insero transitioned from managing partner to CEO. As COO, she managed the firm’s day-to-day operations.

“It’s a big change,” she says of being managing partner. “I have a lot less time to spend just doing relaxing things. The firm is on my mind 24/7.

“With any leader, that’s what you do. It’s a responsibility; I take it seriously. Everybody is looking at me to set the stage for the future, and set the vision and set the culture.”

Click Here to Read Full Article

Estate Planning Tip: Planning for Couples in a Second Marriage

There are many factors to plan and consider when preparing for marriage, especially if you have been married before.

Gold Wedding Rings

In a second marriage situation, it is important to discuss with your estate planning team exactly how estate taxes will be paid. If this is not properly addressed, there are situations where the estate taxes will be paid exclusively from the inheritance of the children of the first marriage. In this scenario, assets passing to the second to die’s heirs would not bear its appropriate share of the estate tax burden. With the proper planning, this unintended consequence can be avoided simply by including the necessary language in your will.

Client Update Newsletter: Winter 2013

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact business owners and financial professionals like you. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • Health care reform law gets underway for individuals
  • Year-End Tax Moves
  • 1099s: A little form with a painful bite
  • Business or hobby? Nine factors help the IRS decide
  • Financial tips for the 20-something generation
  • How to handle the financial issues after the death of a spouse

Coffee and Tablet

Receiving Payments from Customers in QuickBooks

The QBC: QuickBooks® Client Newsletter

Depending on the situation, there’s more than one way to record a payment in QuickBooks.

Cashier Accepting Credit Card

There are undoubtedly some QuickBooks tasks that are more enjoyable than others. It’s no fun paying bills, for example, and making collection calls on unpaid invoices can be downright unpleasant.

But you probably don’t mind recording payments after all of your hard work creating products or providing services, sending invoices or statements, and generating reports to make sure you’re on top of it all.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Estate Planning Tip: Planning for Estate Taxes and Income Taxes on Business Earnings

When creating a trust to hold a business interest it is important to determine where the money will come from to pay the income taxes associated with the profits of the business allocated to the trust. Sometimes the trust instrument is drafted in such a way that the trust legally owns the business interest but the original grantor of the trust is the “deemed owner” for income taxes purposes only. This is common estate planning technique. The value of the business interest is removed from the grantor’s estate for estate tax purposes and the trust assets are not used to pay the income taxes on the profits. In this situation, the original owner is responsible to pay the income taxes but the trust legally owns the business interest.

Since the trust legally owns the business interest, the trust would be entitled to any distributions from the business not the grantor. The grantor would not be entitled to any funds from the business to pay the income taxes. Proper planning is needed to determine how the income taxes will be paid.

Infographic

QuickBooks 2014 Simplifies, Accelerates Common Tasks

The QBC: QuickBooks® Client Newsletter

New version of desktop QuickBooks accomplishes goal of speeding up, refining your workflow.

Speed

If Intuit named its desktop versions of QuickBooks by the version number rather than the year, we’d be in version 20-something by now. QuickBooks, still the preferred software for small businesses, keeps getting smarter in its annual upgrades. Rather than pile on tons of new features in its upgrades, Intuit – for many years – has concentrated on making it easier for you to access the tools and data that are already there.

QuickBooks 2014 is no exception. Its combination of small-but-effective changes makes it easier to get in and do what needs to be done quickly, and then get out and move on to activities that will help build your business.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

International Banking & Tax Update

Join us for the final installment of Insero & Company’s 2013 CPE Series. The CPE Series provides financial professionals and business owners with relevant, up-to-date information and networking opportunities at an affordable price.

In today’s global economy, many local businesses are beginning to expand beyond our country’s borders. Join us for an International Banking & Tax Update presented by Richard Krucher, CPA of Insero & Company CPAs, P.C. and Grace Jahng of JPMorgan Chase & Co.

Click Here for More Information and Registration

Woman with Globe

When: Wednesday, November 20, 2013, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person
Presented By: Richard Krucher, CPA, Insero & Company CPAs, P.C. and Grace Jahng, JPMorgan Chase & Co.

To receive updates on future events, please join our mailing list.

Estate Planning Tip: Charities and Right of Survivorship

For those planning on leaving some of their assets to charities through their last will and testament, it is important that the assets are titled/owned in a way that the charities will receive the designated assets.

Plan Ahead

For example, if all of your assets are held jointly with the right of survivorship, although your will leaves monies to charities, the charities will not receive a penny.

The joint owner with the right of survivorship will receive the assets.

This is because the will only applies to assets that do not pass automatically by operation of law.

Joint survivorship accounts and retirement assets which name a specific successor/beneficiary are examples of assets that pass automatically by operation of law and are not governed by your will.

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