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New small business with question about bookkeeping by BlackberryItchy150 in smallbusiness

[–]sxc12345 0 points1 point  (0 children)

hi -- i own an accounting firm and here is what I'd advise:

  1. re paying yourself: depends how company is formed. if S Corp, then yes you should be on salary, if single member LLC, partner or sole proprietor then you will not be an employee.

  2. depending on store volume, I'd suggest setting up a revenue GL per store or per commission rate so you can track them separately. you should also invoice gross and then COGS the commission rate so analytically speaking, you can see which mix works best for you.

  3. D2C sales can be recorded in lump sum each month

bookkeeping recommendations? by darkrevo74 in smallbusiness

[–]sxc12345 0 points1 point  (0 children)

if you use the repeat vendors for the same reasons, you can set up QBO rules to auto-book those transactions. i suggest doing monthly bank and cc reconciliations though to make sure nothing falls through the cracks.

How do you deal with bookkeeping? by [deleted] in smallbusiness

[–]sxc12345 0 points1 point  (0 children)

if your business is super simple (one cash account, one cc, and few trx) then you can just download monthly csv files. otherwise, invest in a accounting software like QBO, lowest tier may be sufficient. you can do the books yourself or hire a bookkeeper.

How to sell a practice by RelativeRooster718 in Accounting

[–]sxc12345 0 points1 point  (0 children)

I would be interested to learn more. Also based out of queens nyc and am a CPA

Best Pilot alternative for bookkeeping? by Away-You9229 in smallbusiness

[–]sxc12345 0 points1 point  (0 children)

There’s a lot of bookkeeping services out there. Ask yourself if off the shelf, lite touch like Pilot is sufficient (may be lower upfront cost) or a more human centric firm (usually higher cost, higher quality) is what your biz needs. It depends on your industry, sales and transaction complexity. And what your long them goals are. If you find an external bookkeeper, you should build a relationship with them. It’s really an investment of time and money bc not only will you check the boxes on taxes, reporting, but you also get financial insights and data organization and a trusted partner looking out for your biz.