Forums: Discussions for entrepreneurs and small business.

i would like to know the steps to daily bookkeeping. what you should do before the business opens. during business operations and after closing hours. i would like to know this in very detailed information if possible. i think the fear of opening a business for me is not know the accounting part of a business. thanks

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trying to make the world a better place for my son.

As an accounting professional (well for a while longer anyhow!), I would strongly suggest that you find a CPA if this is something that you`re not familiar about.  In addition to the everyday bookkeeping, you`ll find that they`re invaluable in advising you regarding things you need to do to not have "tax issues" later.  When I was in public accounting, I saw so many clients do so many things that I or one of my associates would have advised against, but what something is done...it`s done. 

Many small, local CPA firms will work with you to keep fees at a manageable level.  They can probably give you a pretty decent tutorial on doing your day-to-day bookkeeping so that you can keep your fees even lower.

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MeLissa
Independent Chocolatier for Dove Chocolate Discoveries http://www.ChocoRocco.com Facebook: http://www.Facebook.com/ChocoRocco

If you are using quickbooks, they tutoral is very good too. Incase you cannot afford a bookkeper.

I was in the exact same boat. I didn`t know exactly how to track
and log accounting activities. I took my thoughts to a local tax
preparer and basically asked for a quick lesson about this part
of my business. They were happy to get me started without
cost. Of course, since I was familiar with them, they now have
my business as a tax accountant. Ask someone local to you
that has the time to deal with you. You scratch their back by
talking seriously about becoming their client and they are likely
to speak opening to you. Everyone needs new friendly clients!
[:)]

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Vincent Wilcox (a.k.a. KRAKR)
Drummer
My band: Letters Make Words

Such a great question dreamer.  I currently use Quicken, but it doesn`t do nearly as much  as I think it does.  Each year after I`ve tracked my expenses so well, I find myself spending way too much time fixing the problems that I created because I don`t know tax law too well and I was labeling everything improperly.  I haven`t used one yet...but I`m guessing MeLissa is probably right on this one...get a CPA. 
Hopefully somebody can help us figure out how to find a good CPA.  What are good questions to ask?  Where are good places to look?  What are reasonable fee`s to pay (you know us startups don`t always have money to burn)?

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Text is so black and white...it doesn`t have as much color as the tone in somebodies voice.

Here is a link I found that I think will give you all some great pointers on finding a good accountant.  If you`re in Colorado Springs, CO or the Bay Area, I can actually recommend one or a few (depending on location!) to you as well.  :)

http://www.score.org/om_21.html

 

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MeLissa
Independent Chocolatier for Dove Chocolate Discoveries http://www.ChocoRocco.com Facebook: http://www.Facebook.com/ChocoRocco

Dreamer,

Don`t let your lack of training on bookkeeping/accounting hold you back!

I bet most of us have areas of our business that we outsource - because it`s outside  of our core business or area of expertise. In my experience, where a lot of folks make a mistake is that "they don`t know what they don`t know".  At least you are thinking intelligently about what it is you might need outside assistance with!

Try the book Start Up Nation Open for Business - there is a lot of information in the book to help you figure out how to plan to start a business. 

I agree that you should consult with a CPA - for startup financial advice and getting you "started" on a system and a method of financial reporting that lets you stay on top of your business throughout the year.  But, for day to day bookkeeping -  most of the small business accounting packages make it pretty easy.  If you need more structured assistance - there are some in-expensive 1 or 2 day classes you could take.

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Night Hawk

I purchased quickbooks, then took a class on how to use it. Will be taking the intermediate course as well. I use quicken for personal checkbook items and quickbooks is a bit more of a challenge with the credit and debit side needing to be tracked thru the system. I also recommend a CPA, I have one, they do my taxes every year, so I trust them. I will use them as consultants as I go along. My quickbooks instructor also offered some "free" support via phone after we took the class as questions come up. Not having any employee`s makes things easier for a startup, but as soon as you add one, things will start to get more complex.

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Tim McLaughlin
PetsStock
http://www.petsstock.com
Where your Pets Buy Stuff !
Internet Supplier of Quality Pet Supplies for Dogs and Cats

QuickBooks has a fairly new version called QuickBooks Simple Start Edition.  Although I haven`t yet "opened for business", I have consulted with a CPA, and the Simple Start files can and do interface with the accountants` more advanced QuickBooks programs. 

The beauty in this is that the Simple Start edition is much easier to use (almost like a check register). The accountant can tweak the numbers, if need be, when you get her/him the files.

Good Luck in your business endeavors!


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John Incantalupo AnglerUniversity.com joninc@AnglerUniversity.com "Many go fishing all their lives without knowing that it is not fish they are after." - Henry David Thoreau

Dreamer,

Try the IRS.  They have GREAT advice on how to start keeping books required for the year end taxes.  You can usually find something online, and right now you may even find it at the local library.

It`s called the Tax Guide for Small Business.  You may find other advice as well, but start there.  Who else to help tell you what to do than the IRS??

Quickbooks is a great program, too.  I tested the simple start program and helped them tweak it to be the program it is now.  You might be pleasantly surprised.

Currently, I use Quickbooks Pro, but need a lot of help with it, and want to convert over to my new MS Small Business Accounting program I won from Start Up Nation.

Good luck to you.

 

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But without faith it is impossible to please him; for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him. Hebrew 11:6