Books ( Accounting )

[Mojo]

Just wondering who handles your books for you.

Do you do them yourself ?
Does your better half do them for you ?
Do you have an accountant ?

I just purchased quickbooks this year and my wife handles all the books for us. We also dissolved our Delaware Corporation and Incorporated as an LLC in Florida. Florida changed their tax structure so you do not start paying corporate taxes until your net profit goes over $ 50 K.

My Boss now has everything set up on quickbooks. Invoicing, materials, shipping, etc. It has really helped us get our stuff together. It is not the most easiest program to learn but it is VERY powerful.

How do the rest of you handle your books and do you do them yourselves ?

Chris

[Eric]

Quickbooks, I do everything until end of year, then accountant receives copy. He takes everything from there.
Eric

[MinUph]

Been using QB since version 1.0 Just ordered 2013. I use it for all my business and personal accounting. I was checking out an open source program called kmymoney which is pretty good but not as good as quickbooks. I guess it would take time to learn QBs but not that long it is the simplest accounting package for small business. I remember when I bought Peachtree many years ago it was amazingly hard.

[byhammerandhand]

Been using Quickbooks for the last 11 years.   I set up the chart of accounts with an eye on schedule C 1040.

98% of my sales are labor, not materials, and I don't "inventory" anything.   Although I do stock some common parts, I just expense them as I buy them and charge as I sell them.  Incidentals parts and materials are buried into the labor charge (though a lot of auto mechanics tack on 5% or so, regardless if they use anything or not to cover hand cleaner, rags, lubricants, nuts & bolts, etc.)

I treat accounting like I did learning a foreign language -- Never get behind.   I never defer the day's transactions until the following day.    I do all the day-to-day transactions -- invoices, estimates, sales receipts, payments, deposits, bills, checks, and credit card charges.    At the end of each month, I have to file sales tax with the state.   It's a bit complicated because it's based on the location of the service, not my location.   I do work in about 8 counties intra-state and two other states.

Fortunate enough to have a wife who's a CPA.   She closes the books at the end of every month, balancing bank accounts and such.   She also does quarterly IRS estimates and 1040s at the end of the year.   Thank you thank you thank you.   We have a somewhat complicated tax return for a number of reasons, but it normally takes her 60-80 hours to do it.   Glad I don't have to pay $120/hr for that.

[MinUph]

Never get behind.

KEY