Thread: Tax HELP!!!
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Old 01-09-2013, 10:18 AM
Roger Roger is offline
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Join Date: Dec 1999
Location: McMurray, PA
Posts: 5,892
Your post/questions point up the need for using good financial management software, such as QuickBooks.

QB makes all your invoices, records all receipts, functions to reconcile your bank statements, tracks credit cards (expenses, payments), records and categorizes all expenses, and makes a concise P/L statement.

As others have said, giving your receipts for expenses to the CPA is costing you lots of money. How does he/she know how to categorize these expenses? Why wouldn't you want to track these for your information to help make business decisions? Also, why wouldn't you want to track income through categories so you know exactly where you are taking income?

I understand this is the first year, and kudos for getting started and addressing these matters. I think many of us who have been in business for many years would urge you to get started soon with sound financial management practices. The primary reason for business failures is not making crooked lines across a yard with your mower, or not having shiny wheels on your truck, but rather failure to manage finances well. Not to overstate the matter, but business is about financial stability, not about the joys of riding a ZTR.

I wish you well. Keep asking questions and learning.
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