accounting

Discussion in 'Starting a Lawn Care Business' started by Clear-Cut, Feb 10, 2007.

  1. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Messages: 481

    i am a small business (less than 30 weekly accounts)

    i am taking an accounting class in school now and i was wondering...do i have to keep books like all that? balance sheets and income statements and cash flow and retained earnings, ledgers etc.

    all of that seems like its based towards a larger company...i know it can help me out, but im still small and dont really think i need all of that to keep track of everything

    i have lawnpro right now..is that sufficient enough to take care of all of that (especially come tax time)?

    does quickbooks track all of the stuff that was mentioned above this way i dont have to put it in myself..i just put in the invoice or expense and quickbooks will sort it into the journal it needs to me in? (balance sheets and income statements and cash flow and retained earnings, ledgers etc.)

    sorry if it sounds confusing lol
    justin
     
  2. echeandia

    echeandia LawnSite Bronze Member
    Messages: 1,131

    If you use QuickBooks it is much simpler. You create invoices, log payment receipts, log bills, and write checks. It does all the double entries for you.
     
  3. JFGLN

    JFGLN LawnSite Senior Member
    Messages: 975

    It takes awhile to get the hang of Quickbooks, but once you do it makes accounting easy. It will do the reports you mentioned.
     
  4. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Messages: 7,961

    Quickbooks pretty much does it the way you are learning. This is why QB is confusing to so many people.

    It does make it easier.
     
  5. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Messages: 481

    good stuff...i know the basics of accounting i just dont feel like dealing with all that book work if i can get a computer program to do it for me.

    thanks

    btw i just downloaded that free microsoft accounting 2007 software...it seems like it is almost the same as quickbooks...anyone know of the differences?
     
  6. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Messages: 7,961

    No but if it is free then it is likely a case of MS trying to put Quicken and Peachtree out of work.

    It is unlikely.

    With Quick books, you can also do what is called an accountant's copy. You can set up the books, then send to a CPA to review. Gives a certified set of books much cheaper. You might want a certified set one day if you ever go to sell or look for a loan.
     
  7. echeandia

    echeandia LawnSite Bronze Member
    Messages: 1,131

    A lot of accountants are set up to use Quicken. Check with yours to see if they can accept the Microsoft data.
     
  8. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Messages: 7,961


    Why?

    I have QB not Quicken.
     
  9. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Messages: 481

    so im probably better off just going with the quickbooks huh?
     
  10. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Messages: 7,961

    Do you have sales tax to track? I paid over 300.00 to get sales tax set up on QB.

    It was worth it. My bookeeper/ CPA wants nothing to do with sales tax. Too many risk.

    QB Helps a bunch.
     

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