Is Quickbooks For Me?

Hello All,

I work as a freelance developer in web technology and since I started
last year I have been using Quicken for my accounting... and a few
days ago I decided to see exactly how far I've come and the reporting
is so screwed up.

So I'm doing a revamp of my business, actually getting incorporated
and all that and I know this time around my account needs to be in
shape.

Will Quickbooks work for me? I need to send invoices, manage customer
payments, track sales of each service I provide, possibly time sheets.
And the only other thing, I don't have any employees, it is just me so
how would payments work? My personal checking account is used for all
business transactions anyway, what would I do then?

Thanks for any advice.

"Sharif" <> wrote in message
news: ps.com...
> Hello All,
>
> I work as a freelance developer in web technology and since I started
> last year I have been using Quicken for my accounting... and a few
> days ago I decided to see exactly how far I've come and the reporting
> is so screwed up.

Can you be a little more specific? Quicken (and quickbooks) reporting is
only as good as the user sets things up. If you did not set things up
properly then your reports will not be meaningful.

> So I'm doing a revamp of my business, actually getting incorporated
> and all that and I know this time around my account needs to be in
> shape.
>
> Will Quickbooks work for me? I need to send invoices, manage customer
> payments, track sales of each service I provide, possibly time sheets.
> And the only other thing, I don't have any employees, it is just me so
> how would payments work? My personal checking account is used for all
> business transactions anyway, what would I do then?

Depending on your actual company tax entity you will either pay yourself a
paycheck or take draws. Talk to your accountant to see how he/she wants you
to handle payments to yourself.

The first thing you should do to set things up correctly is to get a
business checking account and credit card. Stop using your personal accounts
asap. That will simplify your QB setup and accounting.
>
> Thanks for any advice.
>

I also run a Web Design business. I use Quickbooks and it works fine. It
does all of the things you listed. I strongly recommend you get business
checking and credit accounts and keep everything seperate from your personal
accounts. The IRS does not look fondly on comingling monies. If you
incorporate, you'll have to keep them seperate. If you decide to use
Quickbooks makes sure your accountant can read your data files.

Mike

"Sharif" <> wrote in message
news: ps.com...
> Hello All,
>
> I work as a freelance developer in web technology and since I started
> last year I have been using Quicken for my accounting... and a few
> days ago I decided to see exactly how far I've come and the reporting
> is so screwed up.
>
> So I'm doing a revamp of my business, actually getting incorporated
> and all that and I know this time around my account needs to be in
> shape.
>
> Will Quickbooks work for me? I need to send invoices, manage customer
> payments, track sales of each service I provide, possibly time sheets.
> And the only other thing, I don't have any employees, it is just me so
> how would payments work? My personal checking account is used for all
> business transactions anyway, what would I do then?
>
> Thanks for any advice.

If you are incorporating then your company will have at least one employee
requiring payroll, namely you.


>

Allan Martin wrote:
>
> If you are incorporating then your company will have at least one
> employee requiring payroll, namely you.

I'll bite: why must a corporation have ANY employees? Can't the Board of
Director (not employees) hire a management company who, in turn, contracts
all the work out to off-shore workers in Bangladesh?

"Sharif" <> wrote in message
news: ps.com...
> Hello All,
>
> I work as a freelance developer in web technology and since I started
> last year I have been using Quicken for my accounting... and a few
> days ago I decided to see exactly how far I've come and the reporting
> is so screwed up.
>
> So I'm doing a revamp of my business, actually getting incorporated
> and all that and I know this time around my account needs to be in
> shape.
>
> Will Quickbooks work for me? I need to send invoices, manage customer
> payments, track sales of each service I provide, possibly time sheets.
> And the only other thing, I don't have any employees, it is just me so
> how would payments work? My personal checking account is used for all
> business transactions anyway, what would I do then?
>
> Thanks for any advice.
>

QuickBooks could be for you... .so could Quicken Home & Business. Both
software programs are equipped to handle invoices, customer payments, sales
(not sure about time sheets).

That "the reporting is so screwed up" is, as you suspected, due more to a
need to 'revamp' your business practices and record keeping then to your
choice of software.

You have bigger questions than just software.

You mention that you are "actually getting incorporated and all that" and
then state that your "personal checking account is used for all business
transactions".

If you incorporate, you will no longer be able to co-mingle business and
personal funds. You will also need to issue paychecks - at least to
yourself.

When researching the options for our business, my husband and I took a
course at a local community college. Among other things, the course
discussed the different tax structures for a business, as well as basic
record keeping. The state partially funded the course as part of 'small
business' services, and so the cost was minimal. The hours were suited to
folks who are currently employed.

That course, and a preliminary meeting with an accountant, were among the
most important steps we took in opening our business.

"HeyBub" <> wrote in message
news:...
> Allan Martin wrote:
>>
>> If you are incorporating then your company will have at least one
>> employee requiring payroll, namely you.
>
> I'll bite: why must a corporation have ANY employees? Can't the Board of
> Director (not employees) hire a management company who, in turn, contracts
> all the work out to off-shore workers in Bangladesh?

How do you expect the owner to be paid? Can't take a draw, must take wages
hence there is at least 1 employee of the corporation.

"HeyBub" <> wrote in message
news:...
> Allan Martin wrote:
>>
>> If you are incorporating then your company will have at least one
>> employee requiring payroll, namely you.
>
> I'll bite: why must a corporation have ANY employees? Can't the Board of
> Director (not employees) hire a management company who, in turn, contracts
> all the work out to off-shore workers in Bangladesh?

Yes that can happen but making that assumption in this case would require my
being on drugs at the time.


>
>

Laura wrote:
> "HeyBub" <> wrote in message
> news:...
>> Allan Martin wrote:
>>>
>>> If you are incorporating then your company will have at least one
>>> employee requiring payroll, namely you.
>>
>> I'll bite: why must a corporation have ANY employees? Can't the
>> Board of Director (not employees) hire a management company who, in
>> turn, contracts all the work out to off-shore workers in Bangladesh?
>
> How do you expect the owner to be paid? Can't take a draw, must take
> wages hence there is at least 1 employee of the corporation.

Uh, the corporation may have several million owners. They take their
compensation in a form I like to call "dividends."

hatesspam wrote:
>
> You will also need to issue paychecks - at least
> to yourself.

Why?

>
> When researching the options for our business, my husband and I took a
> course at a local community college. Among other things, the course
> discussed the different tax structures for a business, as well as
> basic record keeping. The state partially funded the course as part
> of 'small business' services, and so the cost was minimal. The hours
> were suited to folks who are currently employed.
>
> That course, and a preliminary meeting with an accountant, were among
> the most important steps we took in opening our business.