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posted July 30, 1996
"I recently started a small business, and am struggling to make ends meet. I have been trying to do the books and taxes myself, but now realize that I am in over my head. Before I get myself in serious trouble, how can I get affordable help and advice?"
gkr: I run my small business on Quicken.... take the time to learn this program and TELL your accountant that this is your system and to get used to the idea.
Have shoeboxes for each expenditure category and treat unpaid invoices as forward receipts (say, at the end of month). Quicken is simple...takes me about 30 minutes per day.meganc: Find a starving college student or other bright, quick-learner who is willing to do the work for a small hourly fee in exchange for the experience. I'm a big believer in hiring people who are simply intelligent enough and have the time to figure things out, and don't think that you need to go find an accounting major, necessarily. Do investigate software options...I've heard good things about Quicken; I've also used software called Manage Your Money (MYM) for home and office.
GooRoo: Okay, so you are going to hate my answer..heh! But, there are plenty of free services available to you. Stop by your local library and pick up a book called "Information USA" by Matthew Lesko. In it he lists services offered by the government for free (marketing advice, advertising) and who to contact to try and sell to the government in your area. You may be surprised to know that you have some representatives that have lists of items that the government wants from businesspeople like yourself. Just be ready to research past bids so that you can make yours as profitable as possible. You may get some great bookeeping tips and programs. I agree that Quicken is an easy program to operate, I use it myself and it breaks down income and expenses in every imaginable way. On taxes...if you are being honest...don't pay to have them done. The IRS will give you every break possible, and even will bring deductions you may not be aware of to your attention. Too many people suffer from IRS Paranoia. Each time they do my taxes for me, its quick, and they are very helpful They once even found mistakes IN MY FAVOR that H. and R. Block had made!! That one gave me another $450! Learn all you can in these areas and you will never be short on options.
grok: Get QuickBooks 4.0 or higher -- most of the fed payroll is covered, plus some good basics for state stuff. And the reports can be easily put together and customized (with a little practice) so you can figure out where the money is coming from and where it goes. My biggest complaint is that it's more oriented toward service and retail, and manufacturing has to "make do."
tyeoman: First -- DON'T put off dealing with the dilemma. I'm a professional accountant (but retired! 8-) ). If you cannot motivate YOURSELF to take the good advice already given about using Quicken or a similar product, then please find someone to get on your back until you have the books up to date (and keep them that way). The only trouble with a "student solution" is that they may not be able to "bug" you openly to pay attention to your finances and suggest analysis. Professional help MAY be well worth it.
KenKurson: I think you should ignore the problem. Focus all of your energy on wishing the hassle didn't exist. Treat yourself to a Cookie Puss and some cigarettes -- you deserve some stroking after all that psychic expenditure! Take a bath and throw in a scented bead. In a few hundred years, nobody's going to care if you kept good records or not -- life's too short!
Failing this strategy, I too have had good success with QuickBooks 4.0, which is easy to learn and straightforward for non-accountant types like myself.
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