EP41 – Accounting Tips for Your Divi Business

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
:P 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.