3 accounting Discussions

 

I have three discussions. I need 200 words discussion for each and two replies for each. I will send replies later. Please send separate files for each discussion. No Plagiarism. Due in 18 hours. 

Discussion Question One:

Most companies do their accounting with computer software programs. Research a technical computer or accounting or business magazine for their most current list of the best accounting software programs. Describe and compare their top four programs for their features, advantages/disadvantages, and costs. Which one would you use if you were starting a small retail store and why?

 

Discussion 2 

You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to the company. How would you determine that the car manufacturer has a good record of servicing sales and paying its suppliers? What are the signs you would look out for in the financial statements for the possibility of bad debts? What are the advantages and disadvantages of allowing customers to make purchases on credit? 

 Discussion 3

Inventory is a critical asset for retailers. Retail firms are at risk that their inventory will become obsolete.

• What does obsolete mean?
• Talk with a local retailer in your area and tell us about what they say they do to minimize this risk?
• Describe how they should account for the loss from that obsolescence.

Week 3 Discussion

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Shadarius Smith posted Dec 17, 2020 11:34 PM

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For this discussion I will be exploring the facts in to compare and contrast four online accounting software products using data provided by Capterra. Which is an online search engine which provides informational based data on accounting products for consumer use. The four top ranked found within the database of Capterra are YayPay, Netsuke, QuickBooks by intuit, and Bench. 

YayPay is best use for Midmarket to enterprise level businesses in adtech, software manufacturing, distribution, transportation/logistics, and wholesale retail. Software product only has two consistent standing features being accounts receivable, billing and invoicing. Although an advantage is low cost, the main disadvantage is the limited services offered within the product software. The lack in expense tracking leads to seeking an additional cost of an accounting software that offers a digital visual of tracking of expenses paid in any department within a business small or large. 

Netsuite has outstanding advantages for online accounting software, leading with overall benefit for small to midsize businesses which has been a national trend in todays economy. For example, there has been a substantial amount of growth in small businesses like Nail bars, Barbershops, hair vendors, and clothing&apparel companies. Advantages of services provided are Accounts Receivable, Billing & Invoicing, Expense Tracking, Fixed Asset Management, Fund Accounting, Payroll Management, Project Accounting, Purchase Orders, Tax Management. Disadvantages are start-up with consumers understanding on use of the software itself with multiple steps being the process to an efficient accounts workbook. 

The Infamous QuickBooks powered by Intuit which also powers other online software like Turbotax is well known by many consumers with a  widespread of efficiency. Has been named number one accounting and financials software for small businesses in the industry of software. Similar to Netsuke in amount of services offered by the product, QuickBooks has historical data representation of efficiency and contribution to the financial success of many businesses. Services included are CPA Firms,Expense Tracking, Fixed Asset, Management, Fund Accounting, Government, Nonprofits, Payroll Management, Project Accounting, Purchase Orders, and Tax Management. In Addition, learning and developmental services such as live online training services, Webinars, and training and education on Documentation. QuickBooks is used globally with cost per quality of product being a disadvantage although affordable for most small businesses still more so costly for consumers but the rate of return on product productivity level is outstanding. 

Lastly, Bench is one of the top ranked software as well as its competition it has advantages and disadvantages to its product. Small business owners who want to focus on their business, not their bookkeeping. Advantages of services are bank reconciliation, CPA firms, expense tracking, nonprofits, project accounting, and tax management. Consumers report the software is easy to function and keep consistent, with the access to CPA firms, owners of midsize and small businesses can invest more time and energy into improving and expanding business vs. attention to detail on every single digit. This peace of mind leads companies to grow from small to midsize and on to big business. With a continuous monthly fee of of $159.00/month many consumers seek to use Bench. 

                                                                                                Reference

YayPay vs NetSuite vs QuickBooks Online Advanced vs Bench. (n.d.). Retrieved December 17, 2020, from      

https://www.capterra.com/accounting-software/compare/137795-135757-189398-213360/Bench-Bookkeeping-vs-NetSuite-vs-QuickBooks-Online-vs-YayPay

Week 3 J. Ward

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janet ward posted Dec 17, 2020 10:27 AM

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Most companies do their accounting with computer software programs. Research a technical computer or accounting or business magazine for their most current list of the best accounting software programs. Describe and compare their top four programs for their features, advantages/disadvantages, and costs. Which one would you use if you were starting a small retail store and why?

FreshBooks: Is geared towards a small business that wants an accounting service on-line. The program went through an upgrade and now is very user friendly. There is a monthly fee for this program and rates increase depending on the number of clients you have. Some of the features found in FreshBooks are inventory tracking, mileage tracking, and checkout links that the client does not invoice. It is very user friendly to setup and will walk you through the process. Once it is done, the home screen is easy to manage. The downfall to this is you cannot customize the invoices. It is totally online, so you are dependent on the site not crashing. 

QuickBooks: Is a popular program that everyone knows about. It is a monthly online program that is higher priced than other similar programs. A nice thing about this program is that you can import your information from an Excel program to QuickBooks. Some reviews showed that you may need the help of an accountant to transfer the information to QuickBooks. Another feature that is unique to QuickBooks is that you can have a special email that sends receipts to you. 

Sage 50cloud: Has customization options for their software. It uses Microsoft 365 which is a downfall if you are an Apple user. This program must be installed on a computer, so it is not a complete web-based product. This software is better used in a more complex business.  

Wave: At first look this is a cost-effective accounting system for start up businesses. The accounting part is totally free to use. The charge for the product comes from the processing costs. The advantage is that it supports different currencies and gives instant payouts. The downside is that the Android system is not supported with some of the features. 

If I had a small business, I would use FreshBooks. It seems to be a simpler program that is cost-effective. You can use any computer system with the accounting system. I would like to have customized invoices but with the user-friendly functions I will take that over anything. 

Yakal, K (Dec 11, 2020) The Best Small Business Accounting Software for 2021. Retrieved from 

https://www.pcmag.com/picks/the-best-small-business-accounting-software?test_uuid=001OQhoHLBxsrrrMgWU3gQF&test_variant=a