Accounting methods...

As I am booking more weddings for my first real busy wedding season next year, I am working to organize all of my financial data. I have ledger books to keep everything orderly and I am a business major in school, but my concentration is not accounting. I was just wondering how you all had your accounting systems set up to track sales, costs, customer accounts and such.

if you get Sage Line 50, it will do all that for you.

I do everything old school. By that, I mean with paper.

I started off on paper, but just recently went to excel, works the same way just easier to read.

JJacula wrote in post #4012345
I do everything old school. By that, I mean with paper.

I am looking to do everything on paper since I dont have the best luck with computer hard drives. Just wondering how you have all your accounts set up and how you record everything.

This year we have done everything on google spreadsheets and its been a pain, next year we are gonna use something like MYOB.

I would highly suggest doing as much as you can electronically and then make sure to have a good accountant by the end of the year. Someone you can trust and who knows what they are doing. Pay quartely taxes as well because if you are as busy as you say you are then you don't want to owe the feds a bunch of money come 2009!

Excel spreadsheets and an accountant

entrefoto wrote in post #4012421
I am looking to do everything on paper since I dont have the best luck with computer hard drives. Just wondering how you have all your accounts set up and how you record everything.

Hmmm ... I'm not the best at explaining it. I modelled my system on that of the lawyer I used to keep books for. Everything is simple, organized - anyone could step in and take over my book keeping with no problem.

I have a file full of blank order forms. When people call me with their order (if they don't mail the order form with their payment), I fill it out and give them a total. The order form goes into my pending file until their payment arrives. I issue a receipt for the payment, move the order form to my "paid" file and I send the order off to the lab.

I don't fill any orders until I see the money - hard lesson there - so I don't really even have an oustanding payments file.

At the end of the year, I total up my money received, subtract the money spent and thereby get my profit (or loss, depending how much I've spent on new equipment). I give my accountant the numbers that go into each section of the tax return, he works his magic and then the government deposits some money into my account. At some point here I'll turn a profit and have to write the government a cheque, but until I finish acquiring equipment that's not going to happen.

This is probably overly simple, but it has worked well for the web design company I've been running for six years, so I'll keep doing it this way.

Also helps that my mom is an accountant and answers all of my stupid questions and advises me on accounting and tax-related questions.

I have an accountant, and I use www.xero.com (maybe not available in the US quite yet).

Quickbooks

http://quickbooks.intu​it.co.uk …/products/simpl​estart.jsp

UK accountants usually have it. Just email the file to them before tax.

I have yet to start doing any paid photography projects (although I have booked my first wedding - can you hear my knees knocking?) but for my computer business, I use quickbooks accounting software. I know NOTHING about accounting and it works great for me. I have a friend that owns the premier collision repair shop in the area and their sales are over a couple million a year.. they are using quickbooks (and an accountant) and it works for them. I don't do anything fancy with mine, invoice, keep my checking balanced, pay business based bills and track business purchases. And at the end of the year, it all transfers to turbo-tax so I do my own taxes. I have nights where I sweat and throw up hoping I don't go to jail because I screwed something up, but it has been working well since January 2000.

Quickbooks all the way. It's simply amazing, and extremely flexible. Plus, our accountant accepts the files from it natively.

Agree with others... Quickbooks is the way to go.. plugs/imports right into many tax softwares and is very easy to use. There are many versions of the software (basic to advanced) to to help you through the growth of your business. Covers wide needs.

Another vote for Quickbooks. Does it all.