The accounting tag has no wiki summary.
16
votes
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 ...
13
votes
2answers
450 views
What is the single ONE book should every startup owner read about accounting?
What is the single most useful accounting book for the bootstrapped entrepreneur? It is my single largest flaw in my business education, I imagine a lot of people are in the same boat.
11
votes
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, ...
9
votes
4answers
1k views
how much money do you spend on accountants - for small startups
For small startups of 3 or less owners:
How much money do you spend on accountants per year? What is a reasonable amount?
do you recommend "doing it yourself" ?
does it matter the quality of the ...
7
votes
6answers
344 views
How much accounting should a founder of a startup know?
I just started up a mobile game company, set up Quickbooks online, and now I'm trying to read up on accounting.
Right now I'm reading The Accounting Game. It's a great book and it makes really easy ...
6
votes
5answers
461 views
Building an Effective “Chart of Accounts”
I am currently setting up Quickbooks for my manufacturing business. I have tons of historical data to enter. I added all my vendors and I am now at the point of creating my "Chart of Accounts." After ...
6
votes
4answers
686 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
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 ...
5
votes
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 ...
5
votes
3answers
306 views
Accounting for personal credit card
I have a personal credit card that I use for both personal and business purchases. Ideally, I would have a separate credit card for each. Until that is sorted out, how does my business spending on my ...
5
votes
6answers
205 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. ...
5
votes
2answers
621 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)?
5
votes
4answers
291 views
accounting package
Can you suggest an accounting package / method / minimum MUST HAVEs when starting up. I know we have to keep track of our finance but I'm not an accountant or that way inclined. So whats the basics ...
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 ...
5
votes
1answer
356 views
Is it possible to delay customer invoices to the next financial year so I can save tax?
I'm operating a startup in its 1st year. This year's sales from consulting services is very good but the pipeline for next financial year is very very weak.
My question is, legally, can I delay ...
5
votes
3answers
350 views
How to record monies owed to me by my new startup? (bookkeeping question)
I have recently started a startup.
I am totally bootstrapping the startup, and so costs are being kept to a minimum. There is no way the company can afford to pay me my normal (or even 'discounted') ...
4
votes
2answers
1k views
Claiming Laptop as LLC expense
I don't have a separate bank account for my LLC (I am sole owner). I am planning to buy a new laptop. How do I claim it as an LLC expense, come tax time?
Related questions:
What are pros/cons of ...
4
votes
8answers
435 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, ...
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?
4
votes
3answers
259 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 ...
4
votes
3answers
512 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 ...
4
votes
3answers
203 views
Is an experienced accountant necessary for an s-corp formation?
I need to form an s-corp in Delaware. The corporation will be taking on angel funding as soon as it is formed.
I have retained an attorney experienced in the formation & funding processes. The ...
4
votes
1answer
447 views
Is there any tax advantage or incentive to leave money in an LLC at the end of the tax year?
We're forming a 2 person LLC and part of what we're trying to figure out is how much to leave in the LLC to build up some capital reserves.
Since an LLC is a pass through tax entity if the LLC earns ...
4
votes
2answers
186 views
Two startups - how to split the 'common' costs?
I'm in the process of starting up a new company, while ramping up an existing one. Are there any generally accepted ways to manage / document the splitting up of office rent, equipment, etc? In the ...
4
votes
2answers
273 views
Startup Taxes and Accounting: Finding services, Best practices, & How not to go to jail
There are many money issues that neither add to my code base nor user base. For example:
payroll taxes and excise taxes
W2 W3 W4 I9 941 940 1120 + all the equivalent state forms
all of those ...
4
votes
1answer
302 views
How To Do Single Person LLC Accounting?
I am in a single person LLC, so I am allowed to file my taxes on my personal return and I don't have to cut myself paychecks. I would prefer to take all of the money out at the end of the year. ...
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 ...
3
votes
4answers
451 views
Should I incorporate myself, use a high end law firm, or somewhere in the middle?
I am launching a startup (who isnt :) ) and while I am not planning on looking for outside funding, I'd like to leave the option on the table in the event that I catch a tiger by the tail (meaning ...
3
votes
5answers
2k views
What set of expenditure categories would you recommend for your bookkeeping?
Boring subject, I know, but...
I am looking to set up my company's accounts shortly and would appreciate some guidance from more established business operators. I don't know if there is any standard ...
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 ...
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 ...
3
votes
2answers
375 views
Web-based bookkeeping services for small businesses?
Is there an equivalent of Google Docs but for accounting?
I am looking for a web-based accounting solution that provides the bookkeeping capabilities of Quickbooks. Multi-user support would be nice ...
3
votes
1answer
162 views
How to handle tiny income streams?
As a site owner, I often get emails from random people about doing blog posts, asking for promotions, etc. This amounts to a tiny income stream, often at random timing and rate.
The transactions are ...
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 ...
3
votes
1answer
150 views
Accounting Software a Coder Would Be Happy With?
I'm looking for accounting software a software developer would be happy with.
Available integration with most big US banks.
Ability to submit tax forms electronically.
An API I can call into to send ...
3
votes
3answers
2k views
How do I correctly document my initial investment and any ongoing investment in my S-Corp?
I'm starting a small business and have decided to form an S-Corp. Like many, my goal in forming an S-Corp is to avoid limitless personal liability and to take advantage of the (potential) tax ...
3
votes
3answers
141 views
How important is to establish a relationship with a lawyer and an accountant in early stages of a company
The older I get and the more I get into entrepreneurship, I find myself having to talk more and more with different type of lawyers and accountants.
Does it make sense to establish a relationship ...
3
votes
4answers
870 views
How to organize source documents and other documents required to run a business
I feel a bit embarassed asking this question - since it sounds like a kind of "how do I draw a circle?" type of question - i.e. at first blush, almost asinine.
BUT, this is a real problem I have, in ...
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 ...
3
votes
3answers
810 views
Startup LLC, tax time HELP, anyone?
I registered my company as an LLC last February(2009). Since that time, I've had a lot of expenses, but no revenue because it's not quite completely up and running.
How should I file my taxes now? ...
2
votes
2answers
1k views
How do I classify money I put into my own business for tax purposes?
S-Corp. I am currently the only shareholder. Doing taxes for my first year. How do I properly account for money I've put into the business both in my accounting system, and for tax purposes?
Is it ...
2
votes
5answers
1k views
Can I have two different websites using the same PayPal account?
I have one site up that is struggling to find a MVP and getting dangerously close to running out of cash.
I have PayPal set up under that entity. However, now, I'd like to create a separate website ...
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 ...
2
votes
2answers
553 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 ...
2
votes
1answer
115 views
Are shipping charges taxable?
I purchase products and resell them, adding services that relate to computers and technology. For example, I might purchase a laptop, install custom software and settings according to my customer's ...
2
votes
6answers
698 views
What is a good free Business management software?
I'm starting up a lawn mowing service, and I want to know if there is any free software, where I can track sales, customers, expenses ect.
It doesn't need to be feature-crazy as my business will be ...
2
votes
1answer
31 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 ...
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 ...
2
votes
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 ...
2
votes
3answers
4k views
Examples of Manually Entering Payroll in QuickBooks for 1 person S-Corp
First, my apoligies if I'm on the wrong board. Please point me to the right site.
I have a 1 person S-Corp in California and use Paychex for the payroll. I simply want to enter the data into ...
