January has arrived and the busyness of annual tasks begin! Reconciling accounts, filing W-2s, preparing for tax returns, reviewing accounting system processes, and of course the 1099 process. We’ve listed three tips to help ensure your 1099 filing is accurate. After the three tips, we’ve shared how to generate a few reports in SL and Intacct that might help with the 1099 review process.
Tip #1 – Take the time to review 1099 reports. Don’t let lack of time take away from the important task of taking the time to review reports. Reviewing reports helps you spot items that might be inaccurate. It takes far more time to file amended 1099s than to ensure they are right in the first place. In some instances, companies can get fined by State and Local agencies for not issuing 1099s, or for issuing them with the wrong amount. A few extra minutes on the front end is well worth the effort. [Choose Full Article Below]
1099 Process in Dynamics SL
1099 Process in Intacct
The annual board meeting just wrapped up. You know what’s coming. “We need to document our accounting policies,” says a board member. “What if Jane CFO wins the lottery and never comes back? Our company would be a disaster!”
Organizations often focus on the wrong reasons to document their accounting processes. The chances of someone winning the lottery and not showing up for work are so unlikely the accounting team isn’t motivated to do it. Or, they don’t know where to start or don’t understand the benefits. The three top reasons for implementing accounting policies and procedures are to develop consistency, accountability, and standardization.
1 – Consistency. With documented processes, all employees are following the same practices throughout the different accounting modules. Checklists, policies, and processes look and feel the same, have the same flow, and are logically consistent whether entering a journal entry, adding an accounts payable bill, or performing the bank reconciliation.
2 – Accountability. When employees know they are going to be held accountable, they do a better job. Having documented processes and procedures provides a measurement tool for management to use as part of the employee review process. That’s accountability.
3 – Standardization. Each time a process is completed, it is done the same way, whoever is tasked with it. Whether it is the person hired to do the job or someone filling in, the accounting process is done exactly the same, every time. Standardization is a huge benefit when it comes to how your accounting processes are accomplished.
If you need help developing accounting policies and procedures within Microsoft Dynamics SL, contact Synergy.