Accounting info: October 2007

How to Protect Your e-Gold Account - Especially Important for HYIP and Autosurf Investors

HOW TO PROTECT PEOPLE STEALING MONEY FROM YOUR E-GOLD ACCOUNT

The biggest problem with e-gold is that if somebody steals funds from your account, it is almost impossible to recover them! If somebody gets access to your e-gold account then they can empty it immediately, load your money onto an anonymous ATM card and have your money in their hands within minutes. No matter how computer savvy you might be please read this article - many of my computer-savvy friends have fallen victim to e-gold theft.

I'll list some of the least obvious tips first because I hope that veteran computer users will realize early in the article that they might not have done everything they could do. Major users of e-gold are people involved in the Autosurf / HYIP industry so I've written this article with them in mind. If you use e-gold for other reasons this article is still highly relevant.

Tip # 1: DON’T TRUST ANY AUTOSURF / HYIP OWNERS!

Nowadays there are many fly-by-night autosurfs, and many of you will no doubt put a few dollars into them. Unfortunately it is extremely easy for anybody to set up an autosurf or HYIP company, to get a few dollars in from excited new members and then vanish. This article isn't about how to select autosurf sites that are credible but I want you to be aware that when you join any autosurf you are giving the webmaster your email address, e-gold number and a password to login with.

ALWAYS use a unique email address for every autosurf you join with. If you don't, then a dishonest autosurf webmaster might see if your username and password are useable in other autosurfs, they might test it out with your e-gold account, or maybe they might try to get into your emails, eBay or amazon.com account.

Tip # 2: DON’T TRUST INTERNET EXPLORER OR ANY VIRUS CHECKER!

I’ve got nothing against the software itself. Internet Explorer might be the best program in the world but the problem lies with it being the most popular. This means that every thief who tries to attack your computer will be trying to find weaknesses in Internet Explorer’s security. Firefox is an alternative web browser and not only is it less open to virus attacks but it is also a very reliable and feature-packed program.

Any page you view when autosurfing may contain a virus or similar. If you are like me, you probably view the first sites in the rotation and then leave your computer to surf without you. Imagine the damage this could do if one or more viruses infects your computer during this time.

Virus checkers give people a false sense of security. Certainly they have a lot of uses but it is still possible that you will get a virus that is not recognized by the checkers. Sometimes programs that record your keystrokes aren’t technically viruses and they may slip through the net.

Despite my warnings about virus checkers it is still a very good idea to have one. Do regular scans and try to have the virus checker turned on at all times. Just don’t fall in to the trap of assuming you can never have a problem because you have a virus checker already.

Tip # 3: USE COMPLEX PASSWORDS

Unless you are a high profile celebrity or government high-flyer it’s not likely that a determined group of thieves will take much time to guess your password. That said, it’s no extra effort to make your password a little more complicated.

Don’t use a complete word as a password. Force yourself to use a password with both numbers and letters in it. The practice of this will mean that your password will be harder for somebody to guess. Make sure you avoid the most obvious passwords of your pet names, mother’s maiden name or company name.

Tip # 4: USE DIFFERENT PASSWORDS

It’s not possible to know who lies behind every website you visit. I know of a number of instances where a person has set up a website as a way of collecting usernames and passwords from its members and then trying the same usernames and passwords in popular websites such as eBay, PayPal and Hotmail.

One clever method that I’ve found is to create a formula that can create a different but easy-to-remember password for every site I visit. You could create a simple formula like this.:

abc + [number of letters in the websites name] +[last 2 letters of the websites name] + XYZ

so if we used this formula for Hotmail PayPal and eBay we’d have these passwords:

abc7ilXYZ for hotmail abc6alXYZ for paypal abc4ayXYZ for eBay

If you have a secret formula just for you, then you will always be able to work out what password you have used for every website. Anybody who sees the one password you use on a site will not be able to guess how the formula works elsewhere.

Tip # 5: AVOID ENTERING PASSWORDS FROM YOUR KEYBOARD

This is the mistake Paul made. Without knowing it, and without the virus checkers spotting it Paul had a ‘keylogger’ program hidden on his computer. Every key press Paul made was recorded and sent to the thief. When he entered his username and password for Gmail, the thief was alerted to it immediately.

So how is it possible to stop this happening?

There are a few options for you here:

You can install a ‘Password Manager’ Program for your computer. The two best programs are AI Roboform (for the PC) and 1Passwd (for the Apple Mac). What these programs do is they store your passwords securely and paste them into your web browser when you need to. Both program are also excellent for storing your personal information and for filling in all manner of online forms. AI Roboform is extremely useful when traveling as it can be stored securely on a USB drive and used securely from internet cafes and shared computers.

If you need to type the password in then enter the letters in the wrong order. To do this lets assume your password is 123456 (a stupid password for sure, but its good for this example). First we just enter ‘234’ in the ‘password box’. Using your mouse, click back to the beginning of the field and type in ‘1’ and finally click to the end of the field with your mouse and enter ‘56’. The reason for doing this is because if a secret program is recording your key presses it will not know that you have used your mouse to enter letters in the wrong order. The keylogger will get a record of you entering ‘234156’ which is obviously far from what your password is.

Tip # 6 DON’T KEEP YOUR WELCOME EMAILS ONLINE

This tip would have saved my friend Paul a lot of headaches. He used Gmail and every time he joined a new website he’d receive an email which welcomed him to the site and reminded him of his username and password. Paul kept all of these emails in his Gmail account for reference. When the thief managed to get Paul’s Gmail password he must have been delighted to find all that information. He certainly made a lot of use out of it.

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Do You Want To Pay Less Tax? - Part III

There are 5 factors in which the accounting professional will take into consideration in determining the fee.

The complexity of the business depends on the nature of the business. It will determine the amount of time and effort to record the business transaction. It will layout the guidelines as:-

- how transactions are to be recorded,

- how to calculate cost and the appropriate allocation

Service based and product based business are two common business nature.

Service based business sell services. It is difficult to associate the cost of providing the services. In general, most small service based business would do away with ascertaining the cost of service provided. They would take the revenues generated from the services and less all deductible expenses to attain their net income. This nature type requires lesser time and effort compare to product based business.

Product based business sell products through various channels. It can be single product or multiple products. Stock inventory management is preferred for this business type. Itemized costing will be tedious and time consuming. More setup works and tracking are required. However, it can capture the cost of sale accurately thereby presenting a fair and true view report of the business.

The support from the business operator themselves can lighten the workload of the book keeper. The operators can help the book keeper to prepare some documents / data for the transaction records. This summarized information will cut down the time and effort on the recording.

The frequency of the report very much depends on the business operators. The book keeper will charge a higher fee if the reporting is more frequent. A yearly reporting will cost much lesser to a monthly reporting requirement.

The detail of the report would be a factor only if the business operators require additional information from the book keeper. The book keeper will furnish the business operators with a standard industry set of reports. If an additional report is requested, it may subject to adjustment in fee charge.

The support from the accounting professional would be the extra services other than the book keeping service. It could be filling out a survey requested by statutory board, assistance to obtain credit line from banker, etc.

The best way to save and pay less tax is to pay the correct tax. It is recommended to properly record the business transaction and report the correct earning. Outsourcing the book keeping function is a definite solution to business with limited or no resources to perform the duties.

Do You Want To Pay Less Tax? Part II

Early in the year, the Inland Revenue Authority of Singapore (IRAS) laid their hands on the tax evaders. Those got questioned, investigated have to pay the authority the tax shortfall due to under declaring income. To add icing to the cake, they are ordered to pay huge fine as a penalty.

Among those got caught admitted outright that they reported their “estimated” income as they find it difficult to keep proper records. The tax authority checked and agreed that they are not genuine tax evaders but “they had not been keeping proper records.”

The above incidents prove that, with the support from the tax authority, it is important to keep business transaction record. Not doing so may result in substantial repercussion.

Small business setup, particularly those “One man management” and those with a couple of staffs doing sales and logistic duties, are the group in concerned. They are ranked along with the hawkers, taxi drivers, etc, as most likely not reporting their accurate and exact income.

These business operators usually focus on the operation of the business instead of keeping the records. They claim to know the profitability of their business “by the heart” and declined to rely on the books record. “Too busy”, “I do not know how”, “It is difficult to keep proper records” are the common reasons given. However, these reasoning will not be accepted in the court of law and the business operators must bear the consequences at the end of the day.

How can the problem be resolve?

An option is to outsource the recording function to a third party individual. An accounting professional is equipped with the adequate knowledge to maintain the book keeping records for small business as well as for sole proprietors.

An accounting firm would also be engaged to provide the required services. However, the fee charged by the accounting firm is generally higher as to the fee charged by an accounting professional.

Whichever option, the cash they fork out is money well spent given the penalties for tax dodging.

So how does the accounting professional charge their fee? The fee for the book keeping services will base largely on the following 5 factors:-

i. The complexity of the business
ii. The support from the business operator themselves
iii. The frequency of the report
iv. The detail of the report
v. The support required from the accounting professional

Do You Want To Pay Less Tax?

It is every company, business and income earning individuals wish to pay lesser tax on the income earned. However, paying lesser tax and tax evasion is separated by a thin border, which can be costly if not dealt with carefully.

Big organization engaged experienced knowledgeable tax professionals to work out the company tax liability. These professionals take into account all deductible expenses, capital allowances, etc, in a legitimate manner to achieve their objective, pay lesser tax. On top of it, the organization employs accounting professional to maintain the transaction records of the business, detailing every sales, purchases and expenses. These records enable the auditors and tax professionals to accomplish their objective.

The cost of hiring accounting professionals, tax professionals will be offset against the saving in tax liability. The saving can be very substantial so big organization can justify the expenditure.

What about small businesses? Most small businesses can afford accounting personnel to track the business record and is willing to spend the money. They will then outsource the tax computing function to a third party tax agent and pay a nominal fee for their services.

Individuals running businesses can opt for the same method to declare their tax liability. But many did not do so, instead, prefer to “estimate” their earning and report it for tax purposes. Some small business operators also choose to report “estimate income”. This is a dangerous move. Among this group of individuals and small businesses are hawkers, coffee shops and food courts operator, generally from the food industry.

These groups of people from the food industry generally remiss in keeping records of their earnings and expenses. Many only estimate their incomes, and do not submit documents to back these claims. The common mindset was to save the cost of hiring and paying lesser tax than actual.

Early in the year, the Inland Revenue Authority of Singapore (IRAS) hauled up a dozen of hawkers and companies running food stalls for trying to evade taxes.

On conviction of tax evasion, tax evaders and those who abet them have to pay a penalty equaling three times the tax lost by IRAS. In more serious cases, they can be slashed with penalty and jail terms.

Part I – to be continued

Denied - Why The Bank Has Refused Your Merchant Account Application

Having an application for a merchant account rejected by your local bank can be a soul-destroying experience, especially if you have expended a great deal of time and effort on your application, and when your business operations are already in a high-risk sector, such as adult entertainment, travel services, online pharmacy, escort services, dating, telemarketing, high-volume or multilevel marketing.

If this happens to you, your next step depends on a number of independent factors, but whatever the specifics of your situation, it still undoubtedly useful to understand the reasons why your application has been rejected, both so that you can better deal with the set-back, and so that you are better informed and equipped to move on with your business.

Bank rules for accepting or rejecting account applications are numerous and complex, and several minor mistakes or inappropriate answers can easily mount up to rejection. It may be that you have only done a few small and easily righted things wrong, so it pays to examine just what your mistakes may have been. The basic types of mistake are outlined below. Lack of documentation

It may be that you have failed to submit all the necessary documentation for your application to be successfully processed. Banks can require a vast number of documents to accompany any application, as well as complicated application forms requiring a great deal of information about the merchant, including details of the merchant's legal name, their DBA (Doing business as) name, their URL, and their contact details including email, address and telephone number. The most standard requirements for accompanying documentation include driving license, passport, proof of incorporation or business license, monthly processing statements, and monthly bank statements. If your company already has an online presence, then this entails further paperwork, including a BBB (Better Business Bureau) report for your DBA, Legal Name and URL, printed yahoo.com search results for your DBA, Legal Name, and URL, a printed list of your domains from whois.webhosting.info, as well as print-outs from your website showing product descriptions and merchant policy.

Failure to supply any of the above documents may result in your application being denied, although it does depend on your specific situation. For banks, the lack of complete documentation can be taken as a sign of your company's inability to follow straightforward rules. Better business bureau complaint record

For 80 years, the BBB has served as a consumer watchdog, handling disputes between consumers and merchants, and reporting its findings to the public. An independent non-profit organization, the BBB attempts to resolve disputes concerning consumer dissatisfaction with service provision, delayed refunds, non-payment of bills, overdue accounts, and other consumer worries, without recourse to the courts. They count among their members the vast majority of businesses dealing with the general public.

If a consumer complains to the BBB about your company, then you will be notified and informed of the details. At this point you should do whatever you can to rectify the problem, as failure to do so will undoubtedly cause difficulties for your business in the future, and records of unresolved disputes may well provoke banks to refuse your account application. The BBB is a neutral organization, and ensures that both consumer and merchant rights are respected when seeking a resolution to problems. Record of Rip-offs

In this context, the term "rip-off" refers to overcharging for goods or services presented at a lower price. In other words, the customer agrees to purchase and receives the product they have requested, but the provider then charges them at a higher rate than was advertised. Evidence that you have been a victim of rip-offs is likely to damage banks' confidence in your ability to manage your business adequately. It is therefore always worth double checking prices and receipts, particularly for expensive items or services. Misrepresentation

When you submit your application for a merchant account, the bank will thoroughly check that all the information you have provided is true and accurate. This entails contacting the main credit rating agencies (Experian, TransUnion, and Equifax), checking your record with the BBB, and possibly contacting your business partners to ensure you are telling the truth about the location and nature of your business. This may also entail contacting your landlord to check that you really do occupy the space you have claimed. They will also compare your claimed processing volumes with your monthly statements to check that they tally. In other words, banks go to great lengths to verify that the information you have supplied is genuine and accurate. For this reason, you, too, will have to make considerable efforts to ensure that you are telling the whole truth in your application. Moving on

If you can establish with some certainty which of the mistakes listed above was the reason for your merchant account application being rejected, you will be better prepared to assess your next move. Hopefully, you will be able to learn from your errors, so that you will have more success in the future, whether it be with a new application to a different bank, opting to work through a merchant account provider, or trying to set up an offshore merchant account. If you can rectify your mistakes, all these options are still open for you.

Tips For Accounting Outsourcing

Accounting is the vital part in any size of business. Since accounting is a tedious and time consuming job but it is very important that accounting is outsourced to offshore company. This decision helps the company to concentrate in their area of specialization and not worry about the accounting aspect of the business. Outsourcing has several advantages and these include the following:

• The services of experts are available at a fraction of what would have been paid to hire them on a full time or part-time basis.
• An offshore accounting outsourcing service provider provides reliable and competent services that are an asset to the company and simplify its working.
• Outsourcing relieves the company of the tedious and yet crucial process of accounting bookkeeping.
• When a company considers outsourcing not only does it not bother with recruitment of accounting professionals but also saves on office space and related expenditure.

Certain Tips

1. The total cost is always a factor in the company while off shoring a job. But the lowest bidder need not always be the best bet because accountancy job is a big risky job. So you should be careful while selecting a company.

2. Don’t feel shy to ask query to the vendor if your have any doubts. Also do ask them whether they have done any similar project or not. Its better to ask them for sample example.

3. Milestone should be created for the free flow of the project to completion. This not only save time for both the party but helps to make the payment in installations as and when completed.

4. Accounting is a very tough job. So this must be done from certified public accountants and in case of offshore outsourcing you need to confirm that the accountants are qualified to handle and provide accounting solutions. So check the offshore vendor is dependable or not. Don’t believe them blindly.

5. Start with a small project so that you can give the vendor a chance to prove their caliber.

6. Security issue must be discussed upfront to get clear about it. Accounting information is crucial to the success of every business and any leak of such information can have drastic consequences.

7. Clear your expectation from the vendor otherwise it creat problem. It is really a vital thing to specify your needs and expectation.

8. Communication with the accounting outsourcing firm is of utmost importance and you should be able to interact and communicate freely. Thus the service provider ought to have communication facilities that are satisfactory and should be easily contacted.

9. Reviewing previous projects that the vendor has done will give you a fair idea of the level and quality of accounting that they can deliver. So that you can judge their line of thinking and working. It is also recommended that you initially start with a pilot project that will assure you of the services that you have been promised.

10. A contract must be made before start of any project which clearly deals with your expectations, accuracy of work and deadline to complete the work. This contract must contain all information from major to minor details so that you don’t face any problem.

Accounting outsourcing is always ideal in any size of business.

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