Quickbooks for Woodworkers

[mgradwohl]

OK Pros, who else is using Quickbooks? What are the best tips? What's the best training? Do you do it yourself, or hire a bookie?

-Matt Gradwohl

Upper Cut Woodworks

[Gregory Paolini]

OK Pros, who else is using Quickbooks? What are the best tips? What's the best training? Do you do it yourself, or hire a bookie?

-Matt Gradwohl

Upper Cut Woodworks

I use QB pro. I do the data entry myself, but I do run things past an accountant who gives me tips on how to do things, as well as where to put things. Our business model has about a 1/2 dozen profif centers, and QB pro handles them all, allowing us to track where the most profitable portions of our business are, as well as where we're spending our cash, and how we can make things more efficent.

As far as training, Between a few books, and CD's/DVD's, and the tips from the accountant, that's it.

-gp

[thewoodwhisperer]

I too use QB Pro as well as Quickbooks assisted payroll. Sounds ridiculous to have payroll for a single-person company but you gotta do what you gotta do. I had my accountant do the initial setup for me to make sure the accounts are all configured correctly. One of the great things about Quickbooks is that you can share a copy with your accountant online. So he/she will be able to get your taxes prepped without you printing out a single piece of paper. But if the accounts aren't all set up properly, it can be a bit of a headache. So its probably worth paying them to help you with that part of the process. After all, it will make their life easier come tax time.

[mgradwohl]

Thanks guys. Looks like I need to find an accountant/book-keeper. Any tips on finding one? What's the diff between accountant/bookeeper? What's the going rate?

[thewoodwhisperer]

Can't really help you with rates and things. You'll need to call around. As I understand it, a book keeper is going to do most of the busy work, like inputing expenses, bills, and stuff like that. Personally, I can't imagine paying someone to do this since its so easy in Quickbooks, especially for a small business. And as far as my accountant goes, I only pay him when he does something. So usually that's once a year around tax time.

[Gregory Paolini]

Thanks guys. Looks like I need to find an accountant/book-keeper. Any tips on finding one? What's the diff between accountant/bookeeper? What's the going rate?

Prices are going to fluctuate, so what I quote could be wildly different in your area - But as Marc said, book keepers do a bunch of data entry - I spend less that a 1/2 hour a week doing my book keeping. Accountants, on the other hand, are generally CPA's and are well versed in the tax laws and General accounting principles. I don't bother mine at tax time, but will bounce questions off of her through out the year, or when considering purchases, or new ventures, or how current tax law affects my dicisions - For example: Should Gregory buy a new truck, or should GPD LLC buy a new truck, that gregory drives? For a small business, even though the same ammount of money is being spent, little things like that can make a huge difference at the end of the year.

-gp

[thewoodwhisperer]

And another thing an accountant can do is make sure your business is set up to meet your needs while putting the most money in your pocket. For example, your business structure (LLC, S-corp, sole prop., etc) could have a dramatic effect on your take-home cash. My accountant has saved me so much money over the years just by making sure the business is set up properly.

[Gregory Paolini]

And another thing an accountant can do is make sure your business is set up to meet your needs while putting the most money in your pocket. For example, your business structure (LLC, S-corp, sole prop., etc) could have a dramatic effect on your take-home cash. My accountant has saved me so much money over the years just by making sure the business is set up properly.

Amen to that!

[Lawrence Brown]

A CPA is a great thing to have. Back when I was running an animation business, I had one that specialized in working with artists and single-person business. It really does pay to have someone else worry about all the potential problems. All I had to do was hand her records and receipts, and she took care of the rest. I don't know how common this is, but she even based her rates on the amount of the taxes. Not the size of the return, but on the actual reported income. That way she could charge people that were just starting out less and those that were raking in the cash more.

[adamking]

If you're just getting started, Quickbooks offers an online version that is perfect for first timers. Quickbooks Pro is great if you're going to manage a lot of invoices, bills, and clients. If you numbers for all of those are going to be relatively low, than do the free online version until you see a need to expand.

If you can't find a good local accountant/bookeeper, there are a few who run online services made just for people who sell online etc. Like a VA but in accounting.

Also, FreshBooks is quickly overtaking Quickbooks in popularity lately. Check them out too.

[Bobby Slack]

Is Quickbooks the only good software? I use a contact Manager called Act and is incredible which links best with Peachtree. So to make a long question lllllonger. I think that any software that keeps track of time, materials and will link with your contact manager is good right?

As I type, I am finishing my Peachtree link with Act ....

[adamking]

Peachtree is very good. It's also usually pricey and designed more for high volume businesses. unless they have a smaller version I'm not aware of. It's been a while since I've looked. But, yeah it's really about finding what's simple, efficient, and works best for your situation. Good call.