Accounting Setup:

Met with the accountants for the second time today. Get a copy of quickbooks pro if you have not already done so. This is imperative if you are planning to make any money at all. In two prior businesses we did not do this early enough. It is much harder to go back and do it once you have started.

The most important of the meeting today was setting up the proper accounts and understanding how we treat expenses. It is very important because this come April 15th. Most accountants will not charge for the first meeting, so have a good idea of the questions that you will ask so you get the most out of this meeting. You should discuss business structure (should you be an LLC a partnership etc..).


Another key point to understanding how accounting works is the relationship between a bookkeeper and the accountant. The CPA is for heavy thinking (taxes, business structure) and the bookkeeper handles the day to day paying of bills and accepting of income. Usually someone on staff will handle the bookkeeping. Also, there are many bookkeeping businesses out there.

So now we are all set to make lots of money!

Cheers,
Mike