Minimum Wage Increases
Amid the election results, a large change included the Colorado minimum wage increase. Amendment 70 passed in November by a 54 to 46 margin in favor of a gradual increase. Starting as of January 2017, the minimum wage will rise by 90 cents per year until it reaches $12.00 in 2020. After 2020, the minimum wage adjustments will be made to reflect increases in the cost of living. Tip-based employees will continue to be entitled to a wage that is $3.02 less than the regular minimum wage. The increase in minimum wage to $9.30 per hour, or $6.28 for tipped employees, begins as of January 2017. Please note you will need to post the new Colorado Minimum Wage Order poster when it comes out.
QuickBooks Updates and Options
QuickBooks has quickly grown to be one of the best accounting software options among businesses of all types. And while this is a great software solution, there are a few ways to make your experience using it even better.
If you currently are utilizing the desktop version of QuickBooks, you need to be aware of Intuit's strict "sunset policy" on their versions of software. This means Intuit will only support the current and two prior years' versions of their QuickBooks products.
Support for QuickBooks 2014 will end at the end of May 2017, while support for anything older than the 2014 version has already expired.
If you are not utilizing add-on services, upgrading is completely optional, although you may not have any support if you choose to not upgrade. Our recommendation is that you upgrade your QuickBooks at least every three years. Not only does this guarantee you'll have Intuit support, but you'll benefit from new features and functionality that QuickBooks adds each year.
If you are tired of upgrading your QuickBooks year after year, another option for you could be to switch to QuickBooks Online.
Intuit has recently announced they will be prioritizing their QuickBooks Online software over their desktop versions. If you have been hesitant about making the switch, here are a few reasons why you may want to move to the Online version:
We can access your books in real time to answer questions, fix problems, and do anything needed to get you ready for tax time
QuickBooks Desktop will not be receiving any specific features updates in 2017.
QuickBooks Online allows users to access data from anywhere at any time from multiple devices and platforms
QuickBooks Online offers unlimited technical support and a 30-day risk free trial
Special Features include:
QuickBooks Online Mobile App allows users to add transactions by taking a photo of receipts and automatically recording the transaction
QuickBooks Online automatically downloads and categorizes bank and credit card transactions
QuickBooks Online is user-friendly and the setup process is relatively simple. Our team here at Soukup, Bush & Associates is more than capable to assist you in making the switch and ensuring you are properly set up for your business needs.
We hope that these updates and tips will help you in your way to a prosperous 2017. If you have any questions regarding the above changes, please do not hesitate to give us a call.