Intro to quickbooks 2012 (1)
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Intro to Quickbooks Workshop
Presented by:
Mark Engle, Director
MCCD Small Business Development Center
2400 N. Central Avenue, #104
Phoenix, AZ 85004
480-784-0590
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Intro to Quickbooks
• Introduction of Speaker
• Rules for the seminar– Meet your SBDC
Counselor– Q&A for end– Evaluations
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Why Accounting?
• Taxes• Profit or Loss?• Selling the Business
someday…• Last but not least for
Managing the Business! (Managing by the numbers)
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Should I hire an accountant?
• What is your time worth?
• Would you do your own dentistry or legal?
• Getting help to start
• Bookkeeping vs. Accounting
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Where do I begin?
• Keeping track of expenses
• Receipts & Logs
• Separate accounts for business & personal
• Shoe Box Accounting is expensive in the long run
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General Recordkeeping• Revenue & Expense Records
– Vendor Center– Employee Center– Customer Center– Petty Cash
• Balance Sheet– Inventory Tracking– Fixed Assets– Accounts Payable (bills)– Accounts Receivable (credit sales)
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General Recordkeeping• Mileage, Entertainment,
Travel• Payroll Accounting• Customer Lists & Records• Financial Statements:
– Income Statement– Cash Flow– Balance Sheet
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Where to Start with Quickbooks
• Chart of Accounts– Number your accounts– Control who creates accounts– QB’s help can help!
• Setup Vendors, Customers & Employees through Use
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The Financial Statements
• Balance Sheet
• Income Statement (P&L)
• Monitoring performanc– Monthly for P&L– Compare to budget
• Cash Flow Statements
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Other Considerations
• Recordkeeping Schedule
• Tax schedules
• Records retention
• Do you really need Quickbooks??
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When You Have Employees
• Legal Considerations• Costs involved in
bookkeeping• Penalties are severe for non-
payment of taxes• Have separate payroll account
and deposit for employee and employer weekly
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Accounting Policies
• #1 – Accounts Payable• #2 – Budget & Cost Controls• #3 – Cash Flow Management• #4 – Reimbursements
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Where to go from here
• SBDC Open Labs for video tutorial and try the program
• Get professional help• Have controls in place for
accounting systems• Use financial statements to
make your business succeed!
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Intro to Quickbooks
Presented by:Mark Engle
Director
Maricopa Community Colleges Small Business Development Center
2400 N. Central Avenue, #104Phoenix, AZ 85004
480-784-0590www.maricopaSBDC.com