Intro to Quickbooks Workshop Presented by: Mark Engle, DirectorMCCD Small Business Development Center 2400 N. Central Avenue, #104 Phoenix, AZ 85004 480-784-0590
Intro to Quickbooks• Introduction of Speaker• Rules for the seminar – Meet your SBDC Counselor – Q&A for end – Evaluations
Why Accounting?• Taxes• Profit or Loss?• Selling the Business someday…• Last but not least for Managing the Business! (Managing by the numbers)
Should I hire an accountant? • What is your time worth? • Would you do your own dentistry or legal? • Getting help to start • Bookkeeping vs. Accounting
Where do I begin? • Keeping track of expenses • Receipts & Logs • Separate accounts for business & personal • Shoe Box Accounting is expensive in the long run
General Recordkeeping• Revenue & Expense Records – Vendor Center – Employee Center – Customer Center – Petty Cash• Balance Sheet – Inventory Tracking – Fixed Assets – Accounts Payable (bills) – Accounts Receivable (credit sales)
General Recordkeeping • Mileage, Entertainment, Travel • Payroll Accounting • Customer Lists & Records • Financial Statements: – Income Statement – Cash Flow – Balance Sheet
Where to Start with Quickbooks• Chart of Accounts – Number your accounts – Control who creates accounts – QB’s help can help!• Setup Vendors, Customers & Employees through Use
The Financial Statements • Balance Sheet • Income Statement (P&L) • Monitoring performanc – Monthly for P&L – Compare to budget • Cash Flow Statements
Other Considerations • Recordkeeping Schedule • Tax schedules • Records retention • Do you really need Quickbooks??
When You Have Employees• Legal Considerations• Costs involved in bookkeeping• Penalties are severe for non- payment of taxes• Have separate payroll account and deposit for employee and employer weekly
Where to go from here• SBDC Open Labs for video tutorial and try the program• Get professional help• Have controls in place for accounting systems• Use financial statements to make your business succeed!
Intro to Quickbooks Presented by: Mark Engle DirectorMaricopa Community Colleges Small Business Development Center 2400 N. Central Avenue, #104 Phoenix, AZ 85004 480-784-0590 www.maricopaSBDC.com