I will be opening my business very soon and I would like to meet with an accountant first, to get everything lined up. Can you all tell me :
Did you meet with an accountant to get tax and writeoffs down?
How often do you still meet? AND do you have an accountant do your books, or do you?
I know a business that drops off there info to there accountant each month with receipts and lets them do everything, anyone else out there have ideas?
We do our own accounting, we only had one initial meeting with an accountant who went over my QuickBooks file to make sure we were going in the right direction. Configuring QuickBooks isn't too difficult if you have some basic knowledge of accounting (a community college class would probably suffice if you have no business background).
Since I set up the QB file I enter invoices as they come in and process expenses, payments, and deposits once every few weeks. QB interfaces directly with TurboTax so it takes me about 15 minutes to do our corporate taxes. You don't need to do anything special to add writeoffs, as long as you enter expenses into the right QB account TurboTax automatically handles the deductions.
My business began long before computers. I bought a ledger, labeled the columns, and entered all my expenses once each week. And I had a small notebook for income.
It's not hard - I had no business background and math is not my specialty. But it takes discipline to sit down and do it. It's just not as much fun as baking and decorating.
Thank you both for your replies! I think I will sit down initially with an accountant and see what goes from there. Thanks!
In the end, it really depends on how good you are. I was a bookkeeper/accounting technician for many years, and the best advice I could give anyone is to at least have someone look over your books at the end of the first couple years. I know most people mean well, and do their best, but you wouldn't believe the mistakes I've fixed. If you can do your own books, and the accountant doesn't have to do much to fix things, than go for it on your own. But until you are absolutely sure that you are doing things right, it's best to get help. The last thing you would want is to potentially lose money, or have an audit go wrong. Sometimes you can even hire a bookkeeper to come in, and go over things a few times to ensure that you are doing things correctly. It's better to pay a little now to make sure things are right, than pay big bucks later to fix any errors.