45 karma · joined November 20, 2022
Vaccines to save us from ourselves ? I’m not sure about this one.
Why tackle the effect when we need to address the root causation ? Why is a person abusing opiates to begin with and how can we help them without enabling them further?
Sometimes these claims are limited in time by a number of days (like 30) so get it on it straight away!
Sometimes elegant well structured code that is 50 revisions deep doesn’t tell the story anymore
There was a real magic to LANs at one time, and these photos certainly bring back memories. University and college dorms were pretty fun too, I imagine their LANs are quite locked down now and only serve as an isp to the internet, but you used to be able to find eachother on the campus LAN fairly easily once upon a time, and there was a lot of associated fun and magic, from intranet messaging to gaming to file sharing
Accountant - you prepare everything, send to accountant prior to tax deadline. They prepare your taxes for you. Most accounting firms have various levels of service, this is the most basic and “unaudited” one. In various scenarios when you have a public company, you would have fully audited services where your accounting firm would go over every detail posted in your accounts, that’s not needed. For an accountant to take your G/L from accounting software and prepare your taxes shouldn’t cost a lot. You do not have an accountant do daily entries, that would be expensive and .. highly unusual. Basically you are your own book keeper.
Typically gross sales matters most, not so much the number of sales and it is because everything you’re doing relates to taxes. If you had 500 errors for sales under $20 it isn’t that big of a deal, if you had 20 errors on sales over $500 it’s a much bigger deal. (This is relative, to show a point, in reality you want every penny to balance with no errors) I kind of got off topic but when you start talking millions an accounting firm with various specialists have a lot more input and help than 1 accountant who is independent can provide and that was my point in my original post.
Profit and loss / balance sheet - I mention this only because I meet high paid E suite executives everyday who don’t clearly understand the difference, it’s just good to know. Here’s a basic overview link .. https://www.indeed.com/career-advice/career-development/bala...
Trial Balance - Accounting software I have seen usually uses this method, it is called the double entry system of accounting. I have never heard of gnu cash, but after a quick google I found you this article which explains the theory. https://lists.gnucash.org/pipermail/gnucash-user/2018-July/0...
You will want to check your trial balance prior to sending to accountant. Don’t waste a lot of time thinking about this right now. In fact overall I don’t want you to get overwhelmed or too far into the weeds on any one topic.
Try and get a basic high level understanding (which you are doing) then get setup and start focusing on your business (not so much accounting, this is what your accountant is for at year end)
Chart of accounts, one more thing - don’t change them during the year. Change them at year end from one year to the next. Eg, you don’t want to explain that from periods 1-8 in week 3 you posted Starbucks to account 5200 but then week 4 of period 8 through period 12 you added account 5203 and started posting there.. it’s just confusing
Software - I understand, in fact I haven’t used quickbooks in years, we switched to a custom ERP that runs on Linux which also does accounting. It is industry specific so no need to mention the name, But it’s no where near as sweet as quickbooks for user friendliness. It does other amazing things for our industry though and can import and export in archaic standards to our vendors and B2B customers that were developed over 20 years ago.
Yes A/R is accounts receivable, and banks just consider the money unrecoverable after a certain period of time. This only applies if you want funding or have an annual review on a business line of credit with the bank. It’s important to remember though if you are coming into such a situation.
Also, good luck! I love entrepreneurs !
A few tips,
Know the difference between your balance sheet and a P & L statement.
understand what a trial balance is
Don’t have 300 pages of expense accounts, you should be able to produce a financial snapshot at any of time of 1-2 pages
Quickbooks generally will do everything you need, the invoicing system is nice and can be integrated easily for credit card payments and recurring billing
Banks generally won’t count items older than 60-90 days on your A/R as an asset
Next up was a table to help workers move large objects with hydraulic movement and pins to hold the material in place via compressed air activation, and all the associated limit switches electronic eyes etc. cool enough.
Then the big leagues, a 300k (17 years ago) A-B (Allen-Bradley) robotic arm in an auto parts plant. Day 3 inside / outside / on top of the cage, I become aware of a number of people standing behind the yellow line staring at me, later cursing me, one threw some crumpled paper at me… I’m asking the plant foreman wtf is with those guys. He says well as soon as your robot works they’re all laid off. I left that day and never went back. Someone finished programming and set up I’m sure, I could care less, I didn’t. I thought one day I’ll get stabbed in the parking lot.
I realize that my automation didn’t take jobs away from society, I didn’t do anything evil. Those jobs would just move and hopefully spawn better jobs in the community (medium to long term). But in that small short term microeconomic moment, there were real consequences, and I was the face of them. I was not happy, I changed careers that exact day.