Hello and welcome back to this weeks' article on Ecommerce Beginnings.
Well I think we all know what time of year it is, don't we. Yes - it's tax time. This is that wonderful time of year when we need to make sure that all of our records are in order so we can submit our tax forms to Uncle Sam and hopefully don't have to pay any additional taxes.
This year will be my first year completing my taxes as an official business. I incorporated as a single owner LLC. This means that any income, etc. will pass through the corporation and will be treated as personal income. Well, I started off the year doing everything I thought I was supposed to do correctly. I went out and bought Quickbooks Professional and spent some time setting up my company file, with the chart of accounts, etc. This program is an excellent and fairly straightforward piece of valuable software to keep your books with. Don't just take my word for it, you can trust the thousands of other satisfied customers opinions on this matter.
Well, I kept fairly good records throughout the year, but I didn't enter the information into Quickbooks like I should have. This neccessitated me spending an entire day with a friend who is an accountant to input all of my data around 2 weeks ago. I learned a valuable lesson here, because it can be difficult to try to remember what all of the transactions were throughout the year and we know what the result of this can be - CHAOS!!!, which for people who are over 40 know is the opposite of CONTROL. Remember: GET SMART!
The end result is that I now have a nice, well organized balance sheet, a profit & loss statement together with all of my records now accurately documented. I also have a clear picture of the current state of my new business. Shame on me for not doing this along the way, but I definitely learned my lesson going forward.
Two links that I am recommending:
QuickBooks and Janelle Elms to help you with your finances and general business advice. Both are excellent sources of information to guide you in your business.
That's it for this week. I hope you have a great week and please stop back next week for another informative and possibly entertaining article.
Mark@original-new-england-enterprises.com
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