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Thread: managing financials and documents

  1. #1
    GamerGripz is offline
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    Default managing financials and documents

    I have a small business with my friend, I am 16 and he is 17. Our business is just getting off the ground as we are now moving into tooling and manufacturing of our product.

    We have a folder that we put our important documents in and weve been keeping our expenses in a small notebook. Since soon we will have a lot more expenses and some revenues we want a better way to keep up with all the financials.

    Im not really sure how we should take care of all the financials, keep using the notebook, use a program online, not really sure what else we could do. So we are looking for a little help on how to take care of financials so when taxes come around we are prepared and also some help on how to stay organized with it all.

    appreciate the help.
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  2. #2
    Amail is online now
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    Google documents will save spreadsheets, and it's free. While you're small, this should be sufficient to keep track of your books.

    One you start to grow, spend a lttile money and get Quickbooks. Lots of features and easy to use.

  3. #3
    zendolphin is offline
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    1 3 ring binder, 1.98
    1 set of tabs in binder 4.98
    1 box of plain file folders, 15 bucks


    use binder for all things "corporate, or company " related (articles of incorporation, agreements with partners, EIN number, taxes ect)

    folders for operation.
    receipts to go into quick books later
    1 for customer information
    1 for your wholesale/manufacturing person
    1 for market research that you want to incorporate later into your deal

    spend 10 min a day early setting your to do list
    spend half hr a week on your folders. keeping things organized.

    being able to be organized enough to get a business going
    priceless

  4. #4
    GamerGripz is offline
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    thanks, info helps a lot. Sounds like a good way to keep it all set up and organized^
    @ProGripz on Twitter
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  5. #5
    GamerGripz is offline
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    what really entails our taxes? ive always been confused by taxes and they seem so stressful. what will we need when we have to get our taxes done at the end of the year?
    @ProGripz on Twitter
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  6. #6
    zendolphin is offline
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    Taxes....
    totally depends on where you live.


    recently we had to file for state of New Mexico Gross Recipts Tax, since we were informed that due to one of our offices was in the state, we qualified under the "nexus" effect and thereby had to file.

    sit with a good accountant at some point. I would say after 500 to 1000 in sales.
    till then, kinda not worth it.

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