Mondloch on sat 29 mar 03
Just when I finally had my bookwork going smoothly, Quickbooks made me
upgrade to their new version- We take Master card through them so no choice.
Now it's entering things differently and my books are all screwed up- again-
ARRRRGH!
I'd really like to just not have to do the bookwork anymore. I wouldn't mind
paying someone else to do it, but don't know how to proceed. I'm wondering
how others have made a transition from doing your own books to having
someone else doing them. Do you take a shoebox full of receipts to an
accountant? have someone come in? how much of a handle do you keep on what's
going on? We're both doing this full-time, with no employees and Mark has
no interest in taking on the bookwork either.
Any advice and insight greatly appreciated!
Sylvia
---
Mark & Sylvia Mondloch
Silver Creek Pottery & Forge
W6725 Hwy 144
Random Lake ,Wi 53075
HotArt@silvercreekpottery.com
http://www.silvercreekpottery.com
John Rodgers on sat 29 mar 03
Sylvia,
You did not mention the version of QuickBooks you are using, so it is
difficult to address the problem.
I did all the accounting for my shop I had in Alaska. I did it for
eleven years. I started out the direction you want to go. I also have
done bookkeeping for several businesses here in the south, the last one
being bookkeeping for a small company doing 3/4 of a million a year.
Doing it one way or the other depends on your volume and your total
revnue. One thing that is imperative.. If you farm out the work, you
absolutely must keep a close eye on the accounting operations. You can
let someone else do the data entry, invoicing, deposits, etc, but you
must institute some controls so you can monitor what is going on on a
daily basis. This will take some dicipline on your part. This is where a
lot of small businesses loose it. You must routinely look at you balance
sheet, your P & L, your sales report, collections reports, cash flow
reports. And monitor your AP and AR.
At times I had up to ten people working for me in my studio, and I tried
hiring bookkeepers, but for me that did not work. I found that I needed
hands own accounting so I could keep up with and manage all the little
nuances that small businesses must deal with, like timeing of orders,
timeing of payments, etc. I would keep money in a momey market account,
and delay payments to the last minute, to draw maximum interest until a
bill was actually due. Then payment was made promptly on the due date or
the day before on occasion. Often payment would be made just in time to
realize the advantage of the trade discount offered if paid early. Like
a 2%/10 days/Net 30 deal. I would weight that 2% and then decide if it
was worth the early pay, and if it was, then pay on the 10th day. It's a
manipulation game for maximizing profits. Required great attention to
detail.
It's difficult to hire someone that will have the same level of interest
that you do. After all, it's your busines, your credit, your livelihood.
Don't know that I have helped or not, but maybe it's something to think
about.
Best,
John Rodgers
Birmingham, AL
Mondloch wrote:
>Just when I finally had my bookwork going smoothly, Quickbooks made me
>upgrade to their new version- We take Master card through them so no choice.
>Now it's entering things differently and my books are all screwed up- again-
>ARRRRGH!
>
>I'd really like to just not have to do the bookwork anymore. I wouldn't mind
>paying someone else to do it, but don't know how to proceed. I'm wondering
>how others have made a transition from doing your own books to having
>someone else doing them. Do you take a shoebox full of receipts to an
>accountant? have someone come in? how much of a handle do you keep on what's
>going on? We're both doing this full-time, with no employees and Mark has
>no interest in taking on the bookwork either.
>
>Any advice and insight greatly appreciated!
>Sylvia
>
>---
>Mark & Sylvia Mondloch
>Silver Creek Pottery & Forge
>W6725 Hwy 144
>Random Lake ,Wi 53075
>HotArt@silvercreekpottery.com
>http://www.silvercreekpottery.com
>
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