DIY Bookkeeping: Learn the Essentials Online

This event will cover the topics of listed below.  Bringing your laptop is not required but encourged. All ticket holders will be provided with a 30 day Quickbooks Free Trial subscription option, and $15/month afterwards for 1 year. (This is only for the software, not the service fee for us to become your bookkeeper).

Bookkeeping-

Record Keeping Essentials:

• Setting up a well-organized filing system for receipts, invoices, and other financial documents.
• Understanding the importance of accurate record keeping for tax purposes and financial analysis. 

Chart of Accounts:

• Creating a customized chart of accounts that suits your business needs.
• Categorizing income and expenses appropriately to track financial transactions effectively. 

Income Tracking:

• Developing a system to record and track all sources of income, including sales, services, and other revenue streams.
• Managing invoices and ensuring timely payments from clients or customers. 

Expense Tracking:

• Categorizing and tracking business expenses, such as supplies, equipment, rent, utilities, and more.
• Separating personal and business expenses to maintain accurate financial records.

Mileage and Travel Expenses:

• Tracking and documenting business-related mileage and travel expenses. 
• Understanding how to calculate and claim deductions for these expenses.

Bank Reconciliation:

• Regularly reconciling bank and credit card statements with your financial records to identify any discrepancies or errors.
• Identifying and addressing any inconsistencies in your financial data. 

Hiring Contractors and Freelancers:

• Managing financial records related to hiring and paying contractors or freelancers. 
• Understanding the difference between employees and independent contractors for tax and reporting purposes.

Business Tax Obligations -

Quarterly Estimated Taxes:

• Calculating and paying estimated taxes on a quarterly basis to avoid penalties at tax time. 
• Planning for varying income levels throughout the year.

Sales Tax Tracking:

• Understanding sales tax requirements in your jurisdiction.
• Tracking and remitting sales tax collected from customers, if applicable. 

Tax Preparation-

Year-End Procedures:

• Compiling and organizing all financial data for tax preparation for your preparer.
• Collaborating with a tax professional to ensure accurate tax filing.