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using quickbooks as your accounting software

There’s no business like show business, but there are several businesses like accounting.

– David Letterman

You need to keep detailed track of all your finances. Your tax accountant can guide you on specific accounts to keep but it is your responsibility to keep track of everything. And what if you make a mistake? No sweat, you can change it later… just make sure it’s a simple mistake and not a purposeful mistake!

 

Creating the Company File

The first step when starting with QuickBooks, is creating a company file. QuickBooks does have a sample company that you can play with to get an appreciation of what you will be doing, but creating your own company allows you to focus quicker, especially if you have a stack of receipts lying next to you.

To see what is involved, watch this YouTube video QuickBooks Training – Creating a New File.

Learning Accounting Basics

A Jack of all trades, a Master of none

Being a small business owner means that you need to understand the basics in all parts of your business. You may be the expert where you service is concerned, but unless you minor in Accounting, you will need to learn.

The good news is that if you can balance a check book, you can learn that little bit extra to manage your business finances (until you can at least hire a full time book-keeper!)

Check out FULL CONTACT ACCOUNTING: The Best Way to Learn Quickbooks, Accounting and Bookkeeping for some accounting basics. At the end of the year, your tax accountant is going to “fix” everything for you. By year 2 you are going to be semi-literate!!

Year-End Activities

Yep – you do have a year-end, and yes you do have additional work to do. Month by month you have been comparing your actual vs. budget spending, correct? At year end, your accountant is going to ask for the following:

Check out the 5 documents your tax preparer needs to file your taxes. In addition, be prepared to file 1099’s for all vendors that provided your company a service that totaled $600 or greater – this is an IRS requirement so don’t missed. The deadline is end of January for the vendor to receive their 1099 AND you must have already received a W9 form from the vendor and have it in your files!!

 

Where you are now

p2r - Building - IT Tools

About Tom Joe Finnin

IT professional for over 20 years... currently working at a Fortune 100 company for last 15 years. Love to help people help themselves - let me help you create a web presence quickly and efficiently.

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