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Originally Posted by MrIzzz
so i've heard, lol. i actually have a box in my office that i throw all my reciepts in and my wife is an public auditor so she has taught me how to arrange everything into an excel spreadsheet etc..
i hate paperwork but its time i organized everything
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Being organized will save you from many problems. An audit may be the least of your worries for now but you must save all the paper for years. Also I have found it best to have a CPA do the quarterly and annual taxes versus an inhouse accountant. The Gov seem to question the CPA's less even if your in house accounts come up with the same exact figure.
Not sure what accounting program you are planning on or currently using but make sure YOU know how it works and where to find everything. There is nothign worse than someone quitting or being sick and you need to find something and do not know where to look.
If you are looking for business credit with no interest till 2007 Capital One had an offer like that for new businesses. The credit line is not going to be much at first but they seem to increase limits quickly.
I wish you all the luck and if there is one more thing I need to say it is "It is your business and you need to know your business" employees come and go but you will be there throughout everyday.
Also remember you are responsible for everything that your company does and every person who does something in the name of your company. Remember CEO is short for Covering Every One. It also means Chief Executive Officer but the above statement has more meaning.
I am not trying to scare anyone from forming a company but having been through quite a bit in my failed and successful business I have done some stupid things that I regret and hate seeing others make the same mistakes.
Again good luck.
