Meeting with an accountant

[Redbull]

I posted this in the business management forum as well but I thought it would be a good idea to put here as well since it relates to being new in the business.

2006 will be my first year operating my tree service full time. So far my record keeping has been pretty hit and miss. I am meeting with an accountant on Wednesday to help me get off to a good start. I am compiling a list of questions for her and looking for suggestions. Anyone have any ideas?

 

[skwerl]

Something I put off doing for many years but it's saving me an incredible amount of time now-
Get a separate business Visa or Mastercard and use it for every possible business related transaction. you get a comprehensive year end statement with everything categorized for you. I put 95% of my expenses on mine which means a 95% reduction in my shoebox full of receipts. Instead of a massive stack to sort, organize and count, I have one statement plus a few cash receipts from places where I can't use a credit card. I absolutely hate paperwork and tracking receipts has to be one of my least favorite tasks. This reduces it to about 10 minutes per year.

 

[BlueRidgeMark]

VERY good advice, skwerl. Folks, if you are not keeping your accounts seperate, you are just making yourself crazy. It's much easier when you do it right.

The credit card approach is probably the easiest way to keep it all straight, as long as you don't abuse the credit.

Seperate checking account is a must.

 

[daveyclimber]

Yeah , I would like to see some of these suggestions posted , I plan on starting my own business at the first of the year

 

[PTS]

We have a little different approach. I do use fuel cards. I have them in all of my trucks. When the guys fill up they have to put in what unit number mileage if it applies and there personal number. I get a receipt at the end of the month with a detailed printout of who filled what.

I do have a credit card specifically for the business however I like a business checking account better. I had to learn to be religious about using the memo spot and put in it what I had purchased. I get a receipt with my purchase and take it home and into the receipt box it goes. My wife on almost a daily basis puts the checks into the computer using Quick Books Pro, and it is ready for tax season. (My accountant said that as long as I have the transaction in Quick Books than the receipt is the IRS's problem to find it in the box. )I recommend the Quick Books Pro, and I recommend a wife willing to use it I got on it the other day and was afraid to touch anything for fear of screwing it up :bang: but when I ask her for something she has it at her fingertips.

 

[jp hallman]

We have a little different approach. I do use fuel cards. I have them in all of my trucks. When the guys fill up they have to put in what unit number mileage if it applies and there personal number. I get a receipt at the end of the month with a detailed printout of who filled what.

I do have a credit card specifically for the business however I like a business checking account better. I had to learn to be religious about using the memo spot and put in it what I had purchased. I get a receipt with my purchase and take it home and into the receipt box it goes. My wife on almost a daily basis puts the checks into the computer using Quick Books Pro, and it is ready for tax season. (My accountant said that as long as I have the transaction in Quick Books than the receipt is the IRS's problem to find it in the box. )I recommend the Quick Books Pro, and I recommend a wife willing to use it I got on it the other day and was afraid to touch anything for fear of screwing it up :bang: but when I ask her for something she has it at her fingertips.

You said it right bro. Quick Books Pro is great!(I use it) IF you have a wife, or somebody, that will sit down and input the pertinent facts. If not, it's worthless.

 

[Koa Man]

I have a Northwest Business Visa card. I put as much of my business expenses on it as possible and pay it off monthly. The annual fee is $85 a year, but I can easily rack up $50K in business charges in that time, which is 50K airline miles, or 5 round trip interisland tickets, which is worth over $1500.
40K will get you a round trip ticket between the CONUS and HI.

 

[Redbull]

Met with the accountant today. I posted how it went in the Business Management forum cause Vharrison asked about it there. http://www.arboristsite.com/showthread.php?t=27445