Step 2. Buy Quickbooks and get the chart of accounts properly set up. Your financial system is there to help you MANAGE THE BUSINESS. It's NOT to simply to keep track of how much tax you need to pay. The chart of accounts is the heart of your financial system, and it MUST be set up properly. The problem is that most people rely on an accountant or bookkeeper to set up the chart of accounts instead of someone who knows how an auto repair shop needs to run. The accountant will set up your chart of accounts to make it easy for THEM to do your taxes, they will NOT set it up so you can manage your business because they don't know how to manage your business.
I just started doing this over the weekend... what does your chart of accounts look like?
Need some advice
in Accounting, Profitability, & Payroll
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I just started doing this over the weekend... what does your chart of accounts look like?