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BOOKKEEPING FOR CONSULTANTS. Bill Golton, Moderator John Newport Ron Bihovsky Our Vast Audience!

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(1)

BOOKKEEPING FOR CONSULTANTS

Bill Golton, Moderator

John Newport

Ron Bihovsky

Our Vast Audience!

(2)

What Needs to be Recorded

• Billable Time by Job, with details

• Billable Expenses by Job, with details

•Tax Deductible Expenses sortable by category

• Invoices

• Accounts Receivable

(3)

Bookkeeping Options

• Pen and Paper, Template for Invoices

• Spreadsheets, Templates for Invoices

• Specialized Software

• Hired Bookkeeper

(4)

TAX PREPARATION

USE SPREADSHEET

- RECORD ALL EXPENSES CHRONOLOGICALLY USING A

SEPARATE PAGE FOR EACH GENERAL TYPE (BUSINESS,

RENTAL INCOME, MEDICAL ETC). TRY TO BE

CONTEMPORANEOUS.

TYPICALLY USE 4 COLUMNS

DATE CODE AMOUNT DESCRIPTION

AT YEAR'S END SORT BY CODE , SUBTOTAL BY EACH CODE

TYPE, PREPARE A SUMMARY SHEET AND GIVE TO MY

(5)

2009 CHEMVENTIVE EXPENSES Mi l eag e rate 5 8.5 c/m

DATE TYPE AMOUNT DESCRIPTION 01/0 8 MIL ES 40.9 5 CHF JPS Ja n meeting 70 miles round trip 01/0 8 PARK 6.00 CHF JPS Ja n meeting Parking

01/1 2 SUPL 39.9 9 Stap les- th umb drives

01/1 2 SUPL 4.80 Priority mail of Questyle's Confiden tia lity Agre ement 01/1 3 SUPL 77.9 8 Stap les printer ink

01/1 4 SUPL 26.4 6 Stap les tra nspara ncies for CCN prese ntation

01/1 4 MIL ES 23.9 9 Visit to Rena issance Tech – roun d trip mileag e 41 01/1 4 TOLL 4.00 Brid ge toll for Cheminno lab mtg

01/1 4 MIL ES 28.6 7 CCN Jan meetin g (I was th e Sp eaker) 49 miles round trip 01/2 8 MAIL 4.95 Priority mail of proposa l to Sig htset Inc.

02/1 1 MIL ES 28.6 7 CCN Feb meeting 4 9 miles round trip 02/1 1 DUES 25.0 0 CCN Feb meeting fee

02/1 2 MIL ES 40.9 5 CHF JPS Feb Mtg 02/1 2 PARK 6.00 CHF Feb Mtg parking

02/2 5 MIL ES 23.4 0 ChemInnoLa b Partners meetin g 4 0 mi8les rou nd trip 02/2 5 TOLL 4.00 Brid ge toll for Cheminno lab mtg

02/2 6 MIL ES 47.3 9 Meeting with accou nta nt 8 1 miles round trip 02/2 6 TOLL 4.00 Brid ge toll for accounta nt mtg

03/0 6 TAX 47.3 9 Meeting with accou nta nt 8 1 miles round trip 03/0 6 TOLL 4.00 Brid ge toll for accounta nt mtg – taxes finishe d 03/1 1 MTG 25.0 0 CCN Me eting Fees Ch emventive C.No

03/1 1 MIL ES 28.6 7 CCN march meeting 4 9 miles round trip

03/1 2 SUPL 79.9 9 Replacement Cab le Mod e m Best Bu y b y Visa

03/3 1 FEE 42.0 0 PO Box for Chemventive L LC rene wa l -pa id onlin e with Amex 04/0 2 MAG 88.9 9 Ne w Scien tist subscriptio n Visa

04/0 8 MTG 25.0 0 CCN april mtg

04/0 8 MIL ES 28.6 7 CCN april meetin g 4 9 miles round trip

04/0 8 INS 126.00 State Farm Umbrella Insurance C.No 4 380

04/1 0 FEE 420.00 Katlee n Tomljenovic 20 08 Tax preparatio n Ch emventive ch equ e 04/0 8 FEE 1000 .00 Flaster Green berg reta iner

05/2 1 FEE 169.00 Nationa l Re gistered Age nts Inc Chemventive check 12 4 05/2 7 PARK 11.0 0 Parking for Stimulus Co nference

05/2 7 MIL ES 40.9 5 Roun dtrip mileage for Stimulus Conf 70 miles

05/2 7 MAIL 20 0 5 FedEx of Sigh tset contract to Sigh tset p aid with AMEX

(6)

BUSINESS EXPENSES

Internet cable (553.40) and Gotvmail ($159.93)

Fees ( Chemventive registration $169,PO Box $42)

Fees (Domain Names)

Fees – Superb Internet for Chemventive/ChemInnoLab website hosting &email

Fees – Legal charges for reviewing Sightset agreement

American Express Membership fee

Hardware (replacement laptop $429.99 & copier/fax/printer $226.36)

Laboratory equipmnt &supplies (includes spectrophotometer $782.77

Lodging

Meals while travelling

Books and magazines ($195.67+$98.99)

Mileage to meetings , conferences and libraries @0.505/0.585 c per mile

Train

Miscellaneous (priority mail))

Meetings

Parking

Software

Supplies

Tolls

(7)

Accounting Software for

Consultants

Ron Bihovsky

(8)

Accounting Software Reviews

(9)

Free Online Software

Billing Boss

Everything the product does right (no cost, simple interface and navigation, collaboration, etc.) is

tainted by the fact that users must do (and redo) a lot of unnecessary data entry as they create

invoices. It's recommended only if you want to retire your clunky credit card terminal for the

convenience of your smartphone.

FreshBooks

You get it all with the free FreshBooks, which is easily the best of the free small business

accounting applications: client and product/service records, easy invoice creation and dispatching,

document-sharing and reports, and the best integration/smartphone Support on the Web.

Intuit Billing Manager

Billing Manager helps you easily create and e-mail free, unlimited one-time and recurring invoices,

and tracks payments and sales taxes. It's a surprisingly plain vanilla offering from accounting

powerhouse Intuit.

Outright

Outright lacks some capabilities—and some partner choices—that would broaden its appeal. But

the free application's innovation, security, and simplicity make it a good choice for the

self-employed and very small businesses owner.

Wave Accounting

Wave Accounting is a new, free small business accounting site that lets you download

transactions from financial institutions and quickly categorize them. Its invoicing and

expense-tracking can't match competitors', but the company has made a good start.

Zoho Invoice

A member of the Zoho family of applications, the free Zoho Invoice does a commendable job of

creating, tracking, and dispatching invoices and estimates. It's a pleasure to use, and offers

multiple support systems.

(10)

Free Online Software Cont’d

Numia Online Bookkeeping

Free. Online Accounting Software that records and processes small business

accounting transactions within functional modules such as accounts payable,

accounts receivable, trial balance etc.

Wave Accounting

Free. Creates and tracks invoices, uploads bank statements, etc.

Free Accounting Software

Free. Receive payments from customers, pay bills, and make physical inventory

adjustments, etc.

GnuCash

Free. Customers, Vendors, Jobs, Invoices, A/P, A/R track bank accounts, stocks,

income and expenses, write checks, create invoices

(11)

Inexpensive Software

Simply Accounting First Step $70

Avanquest MySoftware Bookkeeper $40

Smart Business Package $30

Invoices and Estimates Pro $40

MyInvoices & Estimates $40

Peach Tree First Accounting $40

– Windows or Mac

(12)
(13)

Quickbooks

• Quickbooks Pro - Popular Bookkeeping Software

– $230 list, $150 Amazon

• Sold by Intuit – Also sells Quicken, Turbotax, etc.

• Runs on Windows XP, Windows 7, Mac

• Demonstration

Intuit Demonstration:

References

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