Top products from r/Bookkeeping

We found 5 product mentions on r/Bookkeeping. We ranked the 5 resulting products by number of redditors who mentioned them. Here are the top 20.

Next page

Top comments that mention products on r/Bookkeeping:

u/willow625 · 3 pointsr/Bookkeeping

The standard that you have to meet, and what you would have to prove to an auditor if (when?) you get audited is that these are “ordinary” AND “necessary” business expenses.

“Ordinary” means that they are typical expenses for a business of your type. If you can reasonably prove that other business owners in your business category have these same expenses, then you could justify claiming them as business expenses. You could do that by reaching out to other people in your industry, or maybe just by looking around, and seeing how, and if, they do these types of things as part of their business or if they keep them in their personal lives.

“Necessary” means that these expenses help your business make money. The justification on this doesn’t have to be particularly strong, but it does have to be something. Imagine yourself sitting across from a stoney faced auditor and explaining how these expenses help you make money. Do you think he would be convinced?

I’ve seen this book recommended to help business owners find what is deductible and what isn’t, though I haven’t checked it out myself.

Also, the IRS has some very specific guidelines on things that you cannot deduct, so you’ll want to make sure that you don’t run afoul of those things, ie meals and entertainment.

u/numberjack · 7 pointsr/Bookkeeping

What we would charge the client for what? A full 2015 transaction import and books review for one bank account? Five bank accounts? A manual entry of all paper invoices and receipts? A two-hour training session to teach them how to do it themselves?

If you're doing fixed pricing, you need to have every detail of what you're agreeing to do for them on your agreement, down to the months that you're reconciling and which bank/credit accounts you'll enter. Once I get an idea of what the client wants (sometimes they just need training and hand-holding, sometimes they want absolutely nothing to do with it) I generally give them three options (silver, gold, and platinum, if you will). To find my "minimums" I usually estimate how long each part of the agreement will take me (estimate high), and multiply that by a theoretical hourly rate. Then adjust as needed.

If you have the time to read Implementing Value Pricing by Ron Baker before making your agreements, do it. If not, read it before taking on too many other clients.

The Journal of Accountancy has a pretty good Spark Notes version on their website.

u/whskid2005 · 1 pointr/Bookkeeping

See if your library has the accounting game it’s a book that teaches accounting basics with a lemonade stand as the example. Super simplistic and easy to follow

u/VixenVlogs · 2 pointsr/Bookkeeping

Quickbooks (despite what they tell you) is not programmed to correctly handle non-profit accounting. I read this book to help me understand how to jimmy-rig the system and make it work, but you will need a solid grasp of the basic fundamentals first. Non-profit accounting is far more complicated than regular bookkeeping.

https://www.amazon.com/Running-QuickBooks-Nonprofits-Comprehensive-Guide/dp/1932925309/ref=sr_1_2?keywords=non+profits+quickbooks&qid=1572303673&sr=8-2

u/Captainonetwomany · 2 pointsr/Bookkeeping

I'm kind of in the same situation. I do have a accountant that I work with to set up my Quickbooks and process payroll. But I also like to stay educated on the subject matter. Here are some resources that helped me in my research.

The Uniform System of Accounts for Restaurants (8th Edition) https://www.amazon.com/dp/0133142876/ref=cm_sw_r_cp_apa_T2uTAb3SYT6H8
https://www.restaurantowner.com/public/DOWNLOAD-RestaurantSpecific-Chart-of-Accounts-for-QuickBooks-Online.cfm