Salesman Account
Manager Account
Executive
Situations |
Credit Co. Summary |
Bill Payment Provider |
IC-Home
Edition |
(These cases apply to
employees)
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This is not Business
Accounting But, it tracks Rental Properties and side
business
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• Out of town travel - need to look
ahead for expenses that need to be paid • Long workdays meeting
with clients • Reliance on software to schedule
activity |
• Nothing |
• Can make fixed repeatable
payments automatically • All other payments require remembering
that they are due, action to pay and then record it in the
register |
• Shows which expenses need immediate attention
whether it be personal or sales related • Provides the ability to
see (look ahead)which expenses need attention because they
will arrive while traveling • Automatically schedules the
next Due Date when an expense is paid |
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Need to
save money for promotional gifts or material |
• Nothing |
• Nothing |
• Expense
items can be established with a target date; amount to spend and a
reminder lead time to start shopping |
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• Want to save
money • for Gifts, • a new PC, • new tools,
• non-monthly expenses, • License renewals
, •
yearly insurance premiums? |
• Nothing, • they don't know about it until an item is paid
with a credit card |
• Nothing, • they don't know about it. • Banks suggest you have separate saving
accounts for each |
• When a deposit is made, funds are factored
based on the target date and allocated to each expense; • this is true whether it is a bill or a future
expense wish |
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• Want
to Ease checkbook
balancing ? |
• Nothing |
• Nothing; • payments still need to be recorded in the checkbook
and • Checking account
balanced manually |
• Recording
of payments generates an automatic check register and • balancing is just a few clicks;
• checkbook balancing report printed with a click
of the mouse |
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Need to separate and, • group expenses
according to IRS tax reporting requirements • Year end requires
tabulation |
• Knows nothing
about Salespersons tax reporting •
Can group some expenses if a separate Credit Card
is used only for sales related expenses |
• Seldom used by sales
people • Expenses are reactionary usually based on need to advertise,
buy supplies or renew License |
• Individual tracking provides for
the distinction of each item paid; • items carried to the
appropriate report and the corresponding line for tax preparation
reports |
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• Ever Pay Tolls or
Parking; • tipped a Bellman or • Luggage Handler; • buy
gasoline; • pay
for temporary help with
Cash? •
Need to separate
Personal from Business or Home Improvement?
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• Nothing, • they don't know about
it |
• Nothing, • they don't know about
it |
•
Having a
Cash Allowance item established, cash paid expenses are recorded and
• the allowance is
replenished; • items carried to the appropriate report and the corresponding
line for tax preparation reports
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• Use
same checking account for both personal
and Sales related non reimbursable expenses • keep Sales related receipts separate • Year
end requires tabulation |
• Knows nothing about checking account
usage |
• May be used to pay some personal
bills • Not applicable
for most Sales specific expenses |
• Individual tracking provides for
the distinction of each item paid; • items carried to the
appropriate report and the corresponding line for tax preparation
reports |
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Use same Credit Card for Personal
and Sales expenses • Need to separate Personal from Business?
• Year end requires
tabulation
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• All Restaurants
grouped together • All Office Supply stores grouped
together • Can't tell which are business and which are
personal • Can't tell
the business category |
• Show that Credit Card was
paid; • some show total
Restaurant expenses •
some show total Office
Supply expenses • Can't tell which are
business and which are personal • Can't tell the business
category |
• Individual
tracking provides for the distinction of each item charged;
• items carried to the appropriate report and the
corresponding line for tax preparation reports |
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• Keep
separate checking account for Sales related non reimbursable
expenses for IRS tax reporting requirements
• Year end requires tabulation |
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Knows nothing about checking accounts |
• Seldom used by Sales
people •
Expenses are reactionary usually based on need to advertise, buy
supplies or renew License |
• Manages multiple checking
accounts |
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• Have
a separate Credit Card for Sales related expenses but have only
one checking account
and pay the card from
that checking account • Year end requires tabulation |
• As long as the card is used diligently only for non
reimbursable sales expenses, it can show year end summary by store type when it
knows. • Can't tell if office supply store purchase was for • advertising or office supply •
or training or licensing |
• Office expenses, •
Advertising expenses, • purchase
job supplies and • Licensing expenses may be paid online but •
can't be scheduled |
• Individual tracking provides for
the distinction of each item charged; • I tems carried to the
appropriate report and the corresponding line for tax preparation
reports |
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• Accumulate money to
pay taxes
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• Nothing |
• Nothing • Banks
suggest you have separate saving account to save for taxes |
• When a deposit is
made, funds are factored based on the target date and allocated to
each expense; •
this is true whether it is a bill or a future expense wish
• Establish a "Tax to be paid" expense item and money will be
allocated to it with each
deposit
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