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EP41 – Accounting Tips for Your Divi Business

EP41 – Accounting Tips for Your Divi Business

Divi Chat vor 9 Jahren

Accounting... not something that gets most of our juices flowing LOL, but it is a very necessary topic to cover since we all run our own businesses. We hope to have a future episode on this topic again (or very similar) but with non-US based hosts so w...

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Accounting… not something that gets most of our juices flowing
LOL, but it is a very necessary topic to cover since we all run
our own businesses. We hope to have a future episode on this
topic again (or very similar) but with non-US based hosts so we
can discuss options for our non-US listeners.

Our own Shannon Shaffer has gathered a ton of useful resources
for your accounting pleasure
Hosts Present:

David Blackmon – Aspen Grove Studios / FB / @aspengrovellc

Cory Jenkins – Aspen Grove Studios / FB / @aspengrovellc

Tim Strifler – Divi Life / FB / @timstrifler

Shannon Shaffer – PFS Digital / FB / @purplefinchfoto

Leslie Bernal – A Girl and Her Mac / FB / @agirlandhermac

Josh Hall – JoshHall.co / FB

Awesome Resources: Determining Your Entity Type

When beginning a business, you must decide what form of business
entity to establish. Your form of business determines which
income tax return form you have to file. The most common forms of
business are the sole proprietorship, partnership, corporation,
and S corporation. A Limited Liability Company (LLC) is a
business structure allowed by state statute. Legal and tax
considerations enter into selecting a business structure.

Government Resources (USA only)

Sole Proprietorships

Partnerships

Corporations

S Corporations

Limited Liability Company (LLC)

Other Resources

Different Types Of Business Structures You Need To Know

Sole Proprietorship The Best Legal Structure For Your New
Business?

How Structure Affects Your Small Business Tax Obligations

How To Create A Limited Liability Company (LLC)

What’s An S-Corporation, And How Do You Form One?

How To Form A Corporation: 9 Vital Steps

Obtaining an EIN

Employer Identification Numbers are issued for the purpose of tax
administration.

Learn how to obtain an EIN here.

Accounting Software

Choosing your accounting software can be overwhelming, here are
some of our favorites. Keep in mind that not all of these systems
are full accounting systems, but provide the base accounting you
need for a CPA.

Wave Accounting

Wave accounting is free accounting software that is an good
choice for beginners. There are fees for upgraded offerings. Wave
features true double entry accounting, invoicing, payments,
payroll and more. Pay only for the upgraded features when you
need them.

Easy, real accounting

Run multiple businesses in one account

Seamless integration with payroll

Bill and invoice reminders

Connect Wave with PayPal

Customized, professional invoices

Easy bank reconciliation

Unlimited expense tracking

Freshbooks

Freshbooks is a clean, easy to use system, perfect for small
business or sole proprietorship. Freshbooks starts at $15 a month
for an entry level plan. Freshbooks definitely is designed with
the non-accounting professional in mind. Freshbooks also
integrates easily with many common apps and SaaS offerings.

Some features include:

Online invoicing.

Time tracking.

Electronic payments.

Timesheet management.

Late payment reminders.

Expense tracking.

Accounting reports & taxes.

Automatic expense import.

17 Hats

17hats goes beyond just an accounting system. It is a system that
helps to automate your business processes. It is designed to
allow you to invoice, send quotes, and manage leads. This is a
better option as your company grows. 17hats starts at $25 a month
and allows you to manage your entire business in one spot.

Some features include:

Client Profile Management

Invoice Management

Scheduling

Credit Card Payments

Templates

Online Contract Signing

Billing

Lead Generation

Dubsado

Dubsado is a newer player in the accounting world. They call
themselves a “Client Management System for Creative
Entrepreneurs” . This system allows you to send contracts,
invoices, questionnaires and manage all things business in one
system.

E-Signatures

Automation

Accept Credit Cards

Client Portals

Send Questionnaires

Calendar Sync

Lead Tracking

Quickbooks

Quickbooks is the grandaddy of all accounting systems. Setup may
be a little more difficult. Quickbooks also does not include some
of the business management systems that you may find in other
programs. Quickbooks is a great option if you will be doing all
of your accounting. It truly is a full service accounting suite.

Ultimately, you want to hire a professional to review
your particular situation and rules in your area. Here are some
tips for choosing a Tax Prep professional.
Other Misc. Resources:

Bookkeeping Essentials

Record Keeping Requirements

https://youtu.be/7uyZfdfrK0M