CSUN 5 Accounting Challenges

Select ONE article, read it, and answer the questions – Part 1

You will not see any of the answers posted by your classmates until you finish reading and answering the questions related to the article of your choice.   

Instructions:

Pick one of these three articles, and read it. 

  1. 5 Accounting Challenges Startups Face and the Tools That Will Fix Them (Smale, 2018)
  2. Intuit Updates QuickBooks Online Accounting Tool With Customizable Features Aimed at Small Businesses (Kabin, 2013)
  3. New in QuickBooks: 3 Features That Make Accounting Easier (Reason, 2021)
  4. QuickBooks Online vs Desktop: Which Is Right For You? (Lobb, 2020)
  5. How to Choose the Right Quickbooks Online Subscription For Your Company (Schaedler 2021)
  6. QuickBooks Online vs Desktop: Which Is Right for You in 2020 (Tyder, 2020)

Answer the following questions:

a) Tell me the name of the article, the author, and the date of the article you selected.

b) What did you learn from this article? (Your answer must be a paragraph with a minimum of five long sentences for this question.)

c) What would you add to the article? Mention something that is not in the article.   (Your answer must be a paragraph with a minimum of five long sentences for this question.)


Part 2 – Asking Questions to Peers

Read the posting that your classmates posted and ask questions to at least two of your classmates. It is important to ask questions to continue with the conversation. 

  • Click on the REPLY button listed underneath each of the students that you selected to ask them a question.
  • You need to post your two questions by Friday so that your classmates can answer your questions back to you over the weekend. If you submit your questions late, try to ask questions to those students that no one has asked them questions, please.
  • Also, use the Like feature for those postings that you like.

Reply to the Comments

Manraj Singh

a) The name of the article is “QuickBooks Online vs. Desktop: Which Is Right for You?” , the author is “JENNIFER LOBB” and dat it’s written on is “March 31st, 2020”.

b) QuickBooks Online and QuickBooks Desktop operate on true double-entry accounting principles and have both accrual and cash-basis accounting. Each offers a detailed chart of accounts, journal entries, bank reconciliation, accounts payable, accounts receivable, and the basic reports needed to run a company. However, QuickBooks Desktop offers better reporting and supports more complex accounting.

Both QuickBooks Online and QuickBooks Desktop offer a large number of features. While they share many of the same features, QuickBooks Desktop’s features are often more developed, except when it comes to invoicing. Even though QB Desktop has more comprehensive features in general, there are some key features that only QuickBooks Online has, including lending, international invoicing, and mobile apps. So, it really comes down to which features your business values most.

c) One of the biggest differences here is that QuickBooks Online now offers a bookkeeping service called QuickBooks Live Bookkeeping where you can pay for professional support from certified QBO accountants and CPAs. For small business owners new to the accounting scene, this new service may be a much-needed peace of mind when it comes to managing your books and filing small business taxes. When it comes to invoicing, QuickBooks Online blows QuickBooks Desktop out of the water. QuickBooks Online makes it easy to create beautiful, customer invoices. The designs are clean and modern, making it easy for customers to understand their invoices. With QuickBooks Desktop you can set recurring invoices and track invoices, but you’ll miss out on many of the other modern, cloud-based automations that QBO provides.

Candice Bouldin

Jul 22 9pmA) 5 Accounting Challenges StartupsT Face & the Tools That Will Fix Them. By Thomas Smale . 2018

B) I learned about 4 tools that I had never heard of before. The 1st tool I learned about is Siftery which is a service used to track business expenses. That’s important because a business is able to see exactly what they’re spending their money on monthly or annually. The 2nd tool is Humanity which is a cloud based time tracking program for a business’ employees & scheduling. This tool can be used to ensure accurate employee timesheet & accurate wages. The 3rd tool is Expensify which is an app used to keep track of all a business’ expense receipts, so when tax season comes around all your business expense receipts are organized & ready to go. The final & 4th tool I learned about is Fundbox which is a service used to determine the credit-worthiness of your business for funding purposes. In addition Fundbox provides funding offers based on that credit worthiness. All 4 tools can be linked to a business’ Quickbooks.

C) I found the article very well rounded in providing different tools to help with different aspects of your startup business but I would have added pricing or pricing estimation for each of these tools/services. This article is geared towards startup business’ so budgeting & knowing the costs of these services is pretty important. In addition I would add focus on a business getting paid in an efficient manner. So I would add a tool/service for seamless invoicing/billing. While I agree with the author Thomas Smale that expense tracking, accurate timesheets/accurate employee wages, & cashflow are important. I also think invoicing/billing is extremely important. I would like to know of at least 1 tool that would assist a business to get paid in a timely fashion.

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