Universal Business Computing Company, a leading provider of high-volume, high-productivity payroll and accounting software, recently announced auto-fill and auto-populate features have been added to its general ledger and bank reconciliation data entry screens.
The auto-fill and auto-populate features help accountants ensure compliance with the upcoming 1099 requirements by providing consistent account coding and data descriptions. These new 1099 requirements are scheduled to become mandatory in the 2012 calendar tax year. Additionally, these new features improve accuracy and significantly reduce typing keystrokes for the operator.
The upcoming 1099 tax compliance law change is a significant concern to accountants and their small business clients. In July, 2010, the Maryland Association of CPAs published a letter written by The American Institute of Certified Public Accountants, addressed to the United States Senate and the House of Representatives, expressing grave reservations about the burdensome compliance requirements placed on businesses with the expansion of information reporting in 1099's. The AICPA states this requirement may significantly exacerbate the hurdles to growth and formation that businesses already face.
"It is critical to stay ahead of the changing tax laws in order to ease the process of compliance for our clients. We are very proud that our team has worked proactively to provide our clients with 1099 tax law compliance features well in advance of the mandatory timeline," said Ken Garen, CPA, cofounder and president of UBCC. "In addition, these added features contribute to our clients' productivity and competitiveness in the current economy, and their ability to offer cost-effective compliance services to their clients," said Garen.
UBCC's auto-fill and auto-populate features provide "type ahead" capabilities showing the operator words that match previously entries. The account number and dollar entry amount of the last entry can be "accepted" or replaced by typing over. Previous entries for each client ID are automatically pulled into the auto-fill table (all entries, or from a defined date forward), and new entries on an ongoing basis are automatically added to the table. "This totally automated process substantially reduces the amount of time spent in the data entry of checks and journal entries and the subsequent preparation of 1099s; while the consistent data entry assures their accuracy," continued Garen.
About Universal Business Computing Company (UBCC):
Founded in 1981, UBCC is the leading provider of high volume, high productivity payroll and accounting software for payroll and accounting professionals. UBCC offers four different packages to professional accounting firms, payroll service bureaus and commercial businesses: Client Data Center, Payroll Service Bureau, PEO Enterprise, and Real-Time Accounting for Business. Modules include: Unified Payroll, General Ledger, Accounts Payable, Accounts Receivable, Bank Reconciliation, Depreciation, Order Billing, Inventory Management, and Job Management. Technical support and customer service is available 24 hours a day, seven days per week. For more information, call toll-free (800) 827-8610 or visit UBCC online at www.ubcc.com.