The accounting tag has no wiki summary.
0
votes
2answers
65 views
How do I integrate accounting and logistics software into an all in one system?
I would be starting an online clothes shop. Instead of having 2 systems act independently when an order comes in where the logistics system would handle which item warehouse should be packing and the ...
3
votes
4answers
281 views
What online accounting software would you recommend? [closed]
I've been using QuickBooks Online and the desktop version before that. Since I tend to work off of multiple computers (especially when I'm traveling) I need some accounting software that I can access ...
4
votes
3answers
258 views
How do I choose an accountant for my small business?
I want to register a small work from home business and do yearly audits. I have found a tax consultant and we exchanged more than dozen emails. After I asked him about where he got his certification ...
6
votes
4answers
685 views
Alternative to QuickBooks for a small (1 man) S-Corp? [closed]
I'm currently using a 2009 version of QuickBooks Pro for my S-Corp accounting needs. They recently sent me a letter "suggesting" I upgrade to the 2012 version ($200+) as many of the features of the ...
5
votes
2answers
619 views
Cloud-based accounting software [closed]
I am in the process of starting a business. The nature of the business is Photography (weddings, etc.). What would be a good accounting software solution (preferably cloud-based or SaaS)?
0
votes
2answers
77 views
Apportioning annual expenses across multiple tax years
My wife is starting an architecture business as a sole proprietor. One significant expense is insurance.
Suppose that she pays $10,000 for insurance now that covers the period Nov. 1, 2012 to ...
0
votes
1answer
27 views
Should the purchase of an asset count towards the monthly net profit of a company?
We operate a network of websites and from time to time we purchase other websites to add to this network of sites. At this point our company is profitable and we do monthly distributions to each ...
2
votes
1answer
29 views
Using accrual accounting for recording catering transactions, should I have an account for each customer?
For example I could make a transaction like this:
Order Placed for Yummy Meatball Platter
$120 debited to Cash Account
$120 credit to Food Payable(?) Account
Then all outgoing payments (in the ...
0
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0answers
25 views
How to simplify my quickbooks items list
I am using Quickbooks to handle invoicing, purchasing, sales, etc. and so, to facilitate all these processes, I have an 'Items' list; I know, pretty standard stuff, right? Well, here's my problem, ...
1
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2answers
88 views
Who should process payments?
Suppose:
Company A owns product P
P is managed by company B
The sales contract is between A and customers
A has a contract with B such that B receives all income generated by P
Could B directly ...
-1
votes
1answer
76 views
What is really considered overhead in a web-based app business?
The setting is a web-based app that charges a fee per month to use the service.
You have rent, utilities, servers, developers, graphic designers, marketing, legal, accounting, office supplies, ...
0
votes
1answer
28 views
Tracking all work/items-delivered are invoiced
We are a small business and use Xero.com (which is an accounting system without ERP functionality).
What we have found that we have at times lost track of items requested by the customer, and have ...
3
votes
6answers
317 views
How do you choose the base currency for online and mostly international sales?
We are about to launch a website offering products. My "gut" feeling is that a good proportion of our customers will be based in the US. We are currently based in the UK, though that is likely to ...
1
vote
1answer
39 views
Accounting upfront payments in an accrual manner
In a subscription-model context, a customer can be offered to pay for a year in advance in exchange for a rebate. This might be desirable for the business for cash flow reasons.
In accrual ...
4
votes
8answers
431 views
how should I start bookkeeping for my tiny company?
I started a little software company as a sole proprietorship and I'm generating income from an app in the Mac App Store. I have made a few business related purchases (software, web hosting, ...
0
votes
2answers
135 views
What's the best way to deal with a proforma invoice?
I have a supplier that sends me invoices in advance, with so many days to pay. I want to enter these invoices into my accounting software as soon as they arrive, so I know what my commitment is for ...
1
vote
1answer
75 views
Tax Year & Incorporation Question
My partner & I just won $30,000 in a business plan competition. We haven't incorporated yet (and therefore haven't cashed the check). We plan on spending all the money to get the business ...
3
votes
8answers
872 views
Accounting software for a startup in India? [closed]
I was looking into the accounting software market on the big G, and was able to find many solutions for the US market but minimal suggestions/reviews appropriate for businesses in India.
What do you ...
1
vote
6answers
400 views
Can you suggest an effective and simple accounting program? [closed]
What is a good and easy to use bookeeping software/saas ?
I have very minimal accounting knowledge other than the one I took in university....which I also got C- in.
My friends use excel but I don't ...
0
votes
5answers
751 views
How to find and use a good bookkeeping service?
For 2010, I think it's finally time to get a bookkeeper. We're doing it in-house now, which means that it's always behind schedule and not as accurate as I'd like. In an ideal world, we'd like to...
...
3
votes
2answers
195 views
What are the variables that I must consider in putting together the accounting and legal fees budget?
I am estimating the total amount I need to spend to get things started the right way, but I can't figure out how much I should allocate for accounting and legal services.
My startup will be ...
0
votes
1answer
53 views
my customer is asking me for an organization number — what's that?
A first-time European customer is asking me for an "organization number" to enter me into their accounting system. Is this a standard term? Is this my (USA) Federal Tax/Employer Identification Number? ...
16
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6answers
3k views
How to choose between Cash and Accrual Accounting
I just started my first business. I’m debating on whether to go with cash-basis accounting or accrual accounting. From what I’ve read it seems that cash-basis is the easier method, but accrual is more ...
1
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1answer
237 views
Can a bank account accept checks written to two different business names?
Is it possible for a bank account to accept checks written to two different parts of an LLC?
For example, I have ABC LLC, which operates at ABC.com, and I accept checks using both the ABC and ABC ...
2
votes
1answer
73 views
Is a professional accountant required in a federal or a provincial corporation in Canada?
Is a professional accountant required by law to do annual taxes/reports/filings for a federal or a provincial corporation in Canada? I am about to incorporate my company but don't have enough money to ...
0
votes
1answer
165 views
How to withdraw funds from my LLC as a guaranteed payment?
I have checks for my LLC but can I also use electronic transfers? My business account is "linked" to my ING personal account and doing a wire transfer would be less of a hassle.
1
vote
2answers
110 views
If a business loan is taken out for a registered company, and the company goes out of business, does owner have to pay the loan?
I am curious whether the person is liable to paying back any business loans taken from a bank for a business that they have.
If the business goes out of business, does the load simply vanish?
How ...
2
votes
2answers
138 views
Paying S-Corp Owner Directly from Main Bank Account
I run a small US-based startup, (an S Corp), I am also a contractor of this business.
Am I able to withdrawl money from the main business banking account and pay myself (a contractor) without writing ...
0
votes
1answer
189 views
When to recognize an expense?
What is the recommended practice to recognize an expense using any computerized accounting system and base on the accrual method of accounting?
Should the expense be recognized when a Purchase Order ...
5
votes
3answers
1k views
c-corp tech startup with expenses but no income - worth getting a bank account and accounting services for writeoffs?
I recently formed a c-corp and am looking for outside investment very soon.
I'm paying out of pocket for startup expenses (office lease, office equipment, software licenses, etc). I will spend about ...
0
votes
1answer
113 views
When calculating Gross Profit Margin, do you include funds raised
When calculating Gross Profit Margin, do you include the startup funds you raised in your net sales or just the sales you've made
For example, should it look like:
Net Sales..
...Plus startup funds
...
1
vote
1answer
108 views
Does anyone have experience with Quickbooks for Mac?
I just installed the latest version, but I'm experiencing what seems to be software glitches...or I just don't know what I'm doing. I can't seem to classify a payment as a debit card purchase. If I ...
4
votes
6answers
266 views
What is the best invoicing tool you have discovered? [closed]
We're running an online store of electronic devices, and we need to start creating invoices for our clients.
What is the best invoicing tool you have discovered?
2
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1answer
151 views
Tax obligations of foreign operations for a US LLC
I live in a country where corruption and bureaucracy are widespread. Opening a business takes months and costs a lot of money, and will require one to hire somebody solely for handling all ...
4
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3answers
510 views
Do companies get taxed on money deposited by owners?
I just started a business (startup) and wanted to do the right thing by having a bank account for the company and putting all the business expenses on the business account. Now, I am in NY and I know ...
1
vote
1answer
1k views
How to “pay” one self in a single member LLC w/ separate checking account?
I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
5
votes
2answers
237 views
What is the difference between a C corp and an S corp?
What is the difference between a C corp and an S corp?
I'm seeking clarity to a comment to this question which says the type of corp changes from S to C if equity is vested in a company and not a ...
0
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2answers
617 views
Writing a check for myself from my business
I opened up a business in October last year and the bank account was created today and I deposited $1600. I need to use $600 for my personal expenses. I don't pay myself a salary from the company ...
5
votes
6answers
204 views
How do I prove my finances to a partner? My partner is afraid I will not give him his full cut
I own and operate a company selling products online. A partner is stepping in and wants to sell our product line across it's websites.
However, my company will accept the payments from the buyers. ...
0
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2answers
81 views
Tax law benefits?
I am thinking about starting a small charity to help find and support the "untapped Genius" in everyday people or people that might otherwise just end up in a dead end job or unemployed. The concept ...
5
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9answers
453 views
What application do you use for managing your business' finances?
I was wondering what applications other people here use to manage their business finances. I looked at some programs such as Simply Accounting and QuickBooks, but both of their free versions are ...
1
vote
2answers
357 views
Can we use the tax classification of “disregarded entity” for our LLC if all owners live and work outside the US?
We have registered a US LLC to help us get a US bank account. We are based in the UK, however we have some suppliers we import from in the US and we have clients who will purchase from us in the US. ...
3
votes
4answers
1k views
How do Royalty payments work?
I have been asked by another company to build them some software to operate some machinery.
The company sells this machinery to their own customers and wants to provide the software I write along ...
2
votes
2answers
551 views
What is the role of depreciation in financial models?
I do not have an accounting background so please excuse the point blankness of my question. I'm writing a business plan and saw that several sample plans include depreciation in their financial ...
1
vote
2answers
296 views
Bookkeeping practices for a website using electronic payments (e.g. Paypal)
I am in the process of setting up an accounting "system" (well set of procedures etc). For most businesses, the books of original entry include:
Sales Day Book
Sales Return Day Book
As I ...
1
vote
2answers
79 views
As a US-based LLC, how to properly account for offshore service providers
I am currently an owner of a US based single member LLC in Delaware which is in the startup stage. I am a US citizen, for what it matters.
Physically, I am living in Poland, which is part of the EU. ...
0
votes
1answer
263 views
When should we put salary under cost or expense?
We are currently structuring our book accounts and really do not have any idea when should we put employees salary under cost or expense. Some said that we should put it under cost but some others put ...
1
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0answers
126 views
Switching from a Canadian corporation to a Canadian sole-proprietorship
I currently run a Canadian Corporation, but I'm finding taxes (both accounting fees and bookkeeping) a real pain and expense.
I would like to keep the corporation and basically find out how to file a ...
11
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9answers
2k views
What accounting software do most software startups use?
I'm interested in learning how a software startup selects their accounting software, their chart of accounts, and when does it make sense to hire part-time bookkeeper, full-time bookkeeper, ...
2
votes
5answers
793 views
Project Accounting Software for an Ad Agency?
I am working with a startup ad agency that has some very large clients for some large, complex projects.
Many of their projects are subcontracted to other vendors and to crowdsourcing platforms, ...
