DIY Bookkeeping: Learn the Essentials

This event will cover the topics of listed below.  Lunch will be provided (More information is given in ticket purchase confirmation). 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.

 Each Ticket holder will be mailed One Chance Bookkeeping Merchandise prior to the event: 

• Coffee Mug
• Notepad with Pen
• Tote