Bill.com, launched in 2008, follows the Software as a Service (SaaS) model to manage your Accounts Payable process online. The service can save small and mid-size business owners time and money – reducing AP costs by up to 50%.  Invoices from vendors are simply scanned and emailed or faxed to Bill.com for processing. The service provides the following benefits:

• Automates the internal payment approval process, sends reminders, tracks notes and comments
• Pays vendors by check or electronically with ePayment (payments only 49c -  less than most banks)
• Easily digitizes invoices and other financial documents (unlimited file storage available)
• Documents scanned using OCR are indexed and easily searchable
• Provides to-do list and online calendar for payment scheduling
• Maintains a detailed audit trail of all transactions
• Provides advanced check fraud protection
• Integrates with accounting programs such as QuickBooks and Intacct, eliminating duplicate data entry
• Provides access to client documents online
• Benefit from a truly paperless office

All information is encrypted and protected with 256-bit Secure Socket Layer (SSL) technology, the same as used by banks.

There’s a free 30-day trial. Charges are $24.99 per month per user. Up to 10 additional users cost $9.99 each per month. Any additional users after that cost $4.99 each per month. Also includes 5 free check payments per month (additional checks 99c each).

Update: New subscribers can save 20% if they sign up before the end of April 2010. For more information, visit the Bill.com website.

Outright.com is a free web-based bookkeeping service ideal for the self-employed, sole proprietors and very small businesses that want to manage their bookkeeping online.  It was created by former Intuit employees in 2008 and is simple to use with a very user-friendly interface.

All the usual accounting tasks can be performed, such as tracking income and expenses, capturing business deductions, and monitoring business performance with reports (e.g. Profit and Loss, Income by Customer, Expenses by Vendor, 1099 ) .

What differentiates Outright the most from other online accounting software is that it calculates estimated quarterly taxes owed and helps meet tax deadlines with the use of timely reminders.  Users can thus avoid tax penalties and also budget ahead of time, knowing how much they’ll need to pay for taxes.

Outright conveniently integrates with other applications and services in the following ways:

• Freshbooks (online invoicing & time tracking service):  imports customer invoices, payment information and expenses
• Shoeboxed.com (mail-in paper receipt scanning service):  converts scanned receipts into business deductions right into your Outright account
• eBay and PayPal:  imports transactions
• Xpenser (mobile expense tracking & management): imports cash expenditures

Outright also provides an easy online 1099 filing solution.   It can automatically track down W-9 information (users need to provide contractor contact information), prepare IRS form 1099-MISC, and file it with the IRS.  Tax deadline: 1099s must be sent to contractors by 1 February  2010.  We can currently offer 50% off the price of the Outright efiling service with our coupon code.

The creators of Outright have recently launched RightTaxesNow.com, a website providing tax advice and information about IRS rules, as well as a platform for people to get involved in the tax legislation process. Online petitions are set up to urge the passing of pending tax relief legislation for small businesses.

Outright online bookkeeping keeps your financial information secure; all data is encrypted and backed up on an hourly basis.  The service remains free to users, with plans to add extra paid services in the future.

Microsoft has announced that it will no longer be selling its Office Accounting software after 16 November  2009. As was mentioned here at News & Reviews earlier this year, Microsoft has discontinued a number of software and web services such as Microsoft Money Plus personal finance software.

The reason given by Microsoft for the decision is that their free Office templates (for invoices, expenses, timesheets and budgets) used along with Excel is a better choice for small businesses, as well as their Dynamics products for mid range businesses. But since their launch of Office Accounting in early 2005, they have been unable to break into a market dominated by QuickBooks in the US and Sage in the UK. Most people will prefer to use a full accounting package and will perhaps now consider moving to QuickBooks (check our website for QuickBooks special offers).

Microsoft have stated that existing customers will receive five more years of product support. Meanwhile, some services such as  eBay online sales, Equifax credit profiles, payroll and ePayment will discontinue after 15 December 2009. However, customers will still be able to pay emailed invoices through PayPal; and credit card processing  and checks & forms ordering will still be available.

Customers who have recently purchased the software and now wish for a refund can obtain one – return policy is 30 days from time of purchase.

We are pleased to report that Intuit have today released their new 2010 accounting software. Some of the new features this year include:

• More customization options for the Company Snapshot view
• New Document Management – users can now scan documents and attach them to their customer, vendor, employee or transaction records in QuickBooks. Attached files are stored online and can be shared with other users.
• Improved add/edit feature for multiple list items – users can now save time by editing multiple lines in item lists rather than edit each item individually.  It is also now possible to copy and paste directly from Excel.
• More form customization features and new free professional templates available. Users can now obtain help designing unique forms from professional designers, through Intuit Creative Solutions.
• New redesigned Report Center includes new ways of searching for reports including a new carousel view.
• New Intuit Payment Solutions add-on allows users to scan checks or key in check information for immediate, electronic deposit.

New online services are now available to QuickBooks Pro and Premier 2010 customers, directly from within QuickBooks. Users will have access to more than 25 web-based business applications in the new Intuit Workplace App Center. The New Marketing Center helps track and manage e-mail marketing campaigns and sales leads. All applications offer free trials, and many work directly with QuickBooks data,  eliminating data entry.

Intuit also launched a new version of QuickBooks Premier Accountant, which offers tools for increased productivity and better integration with client data.

Intuit has released the iPhone/iPod Touch application GoPayment this month. The new app which is free to download, will allow business owners to process customer credit card payments on the go.

Business owners will now be able to process payments as soon as they finish a job, by entering credit card numbers directly into the App or by using a credit card scanner to swipe cards. They can also print & send electronic receipts by email and text message. Those who use Intuit’s accounting software can also import card transactions directly into their QuickBooks Pro or Premier 2009, saving time.

GoPayment will be very useful for those who sell products or services away from the office.  Giving customers the option to pay by credit card can increase sales considerably, and business owners can get paid faster and improve cashflow with GoPayment.

Users must have passwords to access GoPayment data  and credit card details are not stored on the handsets. Data is protected during transmission with 128-bit SSL encryption, such as used by banks and financial institutions.

An Intuit GoPayment merchant account is required to use this service, ($19.95/month) with a $59.95 setup fee. For a limited time, Intuit will not charge new customers for the setup fee nor for the first two months’ charges. No long-term contracts are required.

Experts predict the recession will continue until the end of 2010, followed by a slow recovery. However, small businesses are better placed to adapt to change and weather the storm. And those businesses that prove themselves to be more flexible now will find they are in a position to continue to grow when the worst of the financial crisis is over.

There is quite a lot that can be done now to beat the recession. Here are a few areas of your business you should be paying particular attention to:

Cashflow. The first thing you should do is review your cash flow as that will determine your current position. Estimate whether you can still pay expenses should your revenue decrease.  It’s helpful to run some ‘what if’ scenarios e.g. loss of a main client, decrease in sales revenue, delays with client payments.   Check all upcoming expenses, customer orders, and unpaid invoices. Are you in a reasonable position or do you need to take drastic action now?

Accounts Receivable. You’ll need to increase your cashflow so start chasing those outstanding invoices. If you have a good accounting system that keeps accurate records  this will really help you to keep on top of your unpaid invoices. Be aggressive but not impolite when pursuing clients.  Offer customers a discount for settling their accounts sooner, such as 1-2% off for paying within 10 days.  And you’ll need to consider closing orders or reducing services to those who are not paying or paying too slowly.

Accounts Payable . Try to save money with suppliers, inventory and utility expenses.  Speak to different companies and check what better pricing they could offer you. See if your current vendors are willing to match any lower prices. Ask for better payment terms (e.g. 45 days rather than 30).

Put off any major purchases of any non-essential items. Reduce travel expenses where possible by using phone or video-conferencing. Look into negotiating more favorable rates for any outstanding loans taken out more than six months ago.

Unfortunately, you may not be able to afford regular staff social events and big Christmas parties this year, but there are still ways to let your employees know how important they are to you. Be creative and think of other ways to treat them.

Customers. Now is the time to make sure you are providing excellent customer service. It’s much, much easier holding on to existing customers than finding brand new ones. Over-deliver on expectations.

Look for ways to get more business from existing customers. Ask customers what new products or services they may need and consider whether there is anything else you can provide. Ask for referrals.

Try to find out how your customers are coping financially to avoid providing credit if they seem to be having difficulties.

Employee Involvement. Communicate with your employees; they should be aware of the difficulties your company is facing. They may also be able to offer ideas on ways to increase revenue and reduce costs. Include them in your recession-busting plans and they will be motivated to work extra hard for you. If you can avoid lay-offs by cutting everyone’s hours by 10%, do that. Your staff will understand it’s in everyone’s best interests.

Advertising/Marketing. Increase your advertising and marketing efforts now, but look for lower cost avenues such as the internet. Get a website if you don’t already have one. Learn about web marketing techniques such as SEO (Search Engine Optimization) and pay per click advertising.

Inventory. Monitor your inventory very closely. Try keeping less stock (including office equipment and supplies) to lower costs. See if your suppliers can deliver more frequently.  Get rid of your worst selling products now.

Promotions. Offer special offers and discounts to increase sales, however calculate costs carefully before discounting prices to make sure it’s still worth it for you.

Credit Cards. If you do not yet process credit card payments, consider obtaining a merchant account. Some of your smaller customers may need to pay by credit card if they are having cash flow issues.

Now is also a good time to obtain quality accounting software. There are excellent free accounting software options on the market, such as QuickBooks Simple Start. It’s really important to be able to see all your financial data in one place so you can determine exactly how your business is doing and you can make sure you have enough cash to pay your suppliers. You’ll also need to check your Profit & Loss statements often.

Accurate forecasts will help you keep an eye on the near future and reports will help you make those difficult decisions. And keeping good tax records now will make sure you claim for every deductible business expense you can.

QuickBooks accounting software can help with all of this. It grows with your business too; so when your business comes out of the recession and starts growing again, your accounting data can be easily imported to the next level of accounting functionality.

It’s important to remain positive and to keep moving forwards.  Remember all the efforts you put in place today will result in your continuing business growth.