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How do I do accounting/bookkeeping for my business?

ryanmcblade

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.
 
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aeden

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.

Not sure if you've already set up your business in your locality - if not you may need to do that first or in parallel to your initial setup of your accounting.

Options for bookkeeping/accounting:

- Hire a CPA (local, or otherwise) to advise you on the initial setup and handle your bookkeeping and tax filing.
- Use Online Bookkeeping Services for Your Small Business | Bench Accounting for the bookkeeping part and get a CPA for tax season.

Bench also happens to have a nice article on basics of bookkeeping: Bookkeeping Basics: A How-To Guide for Small Business Owners | Bench Accounting

Finally, you could opt for the YOLO mode and solve peoples problems first and deal with bookkeeping/accounting options after you've made some sales, however I advise against this (having done it the first time I set up a business ;) ).
 

YoungPadawan

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.
I use QuickBooks online. I've used Wave in the past, but it was a bit glitchy for me. QuickBooks online is pretty cheap and works well.
 

mikemiller

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.
Hi,
You can try using software if you want to maintain accounting all by your own!
 
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Strm

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How far are you with your business?

I don't think you need an accountant to get your first sales. I didn't have one until I was about a year in. If you pay a salary/VAT then you'll probably need help. At least that's how it is here in Estonia. That's my experience only.

You can send invoices and do all the other stuff yourself first.
 

Lex DeVille

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Start your business first. Figure out accounting later. Until you make sales it's mostly you spending money out of pocket on stuff. You don't need accounting to buy a Big Mac or a video game. No point in spending time or money on software, accountants, or courses until you have something to account for.
 
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Black_Dragon43

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.
No, we can't, because you haven't specified what sort of business entity you're doing accounting/bookkeeping for, and what country/state you're based in. The laws and regulations are different in different parts of the world. For example, for a limited liability country in many parts of Europe you're not even allowed to do your own accounting... you must hire an accountant.

So we need more information to help you.
 
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bracknelson

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.
Follow these steps to do accounting for your business;
  • Open a bank account.
  • Track your expenses.
  • Develop a bookkeeping system.
  • Set up a payroll system.
  • Examine import tax.
  • Learn how you'll get paid.
  • Set sales tax procedures.
  • Manage your tax obligations
  • Calculate gross margins
  • Periodically re-evaluate your methods
 

SteveO

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Keep it simple at the start. I used a spreadsheet with income and expenses at first.

My tax accountant helped me to tweak it a bit. He appreciated the simplicity.

I began using quickbooks as it got more complex.

It really helped to learn the process by using a spreadsheet for a while.
 
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G

Guest-5ty5s4

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Not sure if you've already set up your business in your locality - if not you may need to do that first or in parallel to your initial setup of your accounting.

Options for bookkeeping/accounting:

- Hire a CPA (local, or otherwise) to advise you on the initial setup and handle your bookkeeping and tax filing.
- Use Online Bookkeeping Services for Your Small Business | Bench Accounting for the bookkeeping part and get a CPA for tax season.

Bench also happens to have a nice article on basics of bookkeeping: Bookkeeping Basics: A How-To Guide for Small Business Owners | Bench Accounting

Finally, you could opt for the YOLO mode and solve peoples problems first and deal with bookkeeping/accounting options after you've made some sales, however I advise against this (having done it the first time I set up a business ;) ).
As someone who started a business with virtually nothing in sales at first (as I'm sure many here can relate to),
I opted for the YOLO method.

First year I didn't have any taxes to report because I was still getting everything set up. This year I will.

But honestly, a better business would be one with high revenue the very first year...like a service business.
 

Johnny boy

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this entirely depends on the type of business. It might be one with vendors, tons of contractors, complex systems, etc. Maybe you just need to track sales and a couple of expenses for an online shop. What's your business? You may have to do a ton of work. Maybe very little.
 

Tanu1234

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I'm looking to get a business started. My main issue is that I have no clue what I need to do for the accounting/bookkeeping for my business. I have no clue where to look, what documents I need, nothing. If anyone can point me to the right resources on how to do accounting/bookkeeping for my business I'd appreciate it.

Hi,
First, I want to congratulate you on starting a business.
You need to take the following steps:
  1. Create a folder - preferably cloud based for your books/accounts.
  2. Save all your expense / receipts / invoices / agreements in separate folder.
  3. Create a month-wise folder.
  4. Get a subscription to cloud-based software - QB, Xero, Wave are great.
  5. Use the software to send the invoices to clients.
  6. Do weekly / monthly bookkeeping ( or hire someone to do that for you).
  7. Review the financial statement - income statement and balance sheet every month.
  8. Create a budget for your business and compare it with actual performance.
  9. Contact local CPA for taxes.
  10. Know the due date of taxes by visit gov website.
  11. Only register your business with a sales tax regime if it is applicable to your business. There is a certain threshold to get registration of sales tax.
( I have published a post on a similar topic here )

Let me know if you have any other questions.
 
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