EP41 – Accounting Tips for Your Divi Business

Accounting... not something that gets most of our juices flowing LOL, but it is a very necessary topic to cover since we all run our own businesses. We hope to have a future episode on this topic again (or very similar) but with non-US based hosts so we can discuss options for our non-US listeners. Our own Shannon Shaffer has gathered a ton of useful resources for your accounting pleasure :P Hosts Present: David Blackmon - Aspen Grove Studios / FB / @aspengrovellc Cory Jenkins - Aspen Grove Studios / FB / @aspengrovellc Tim Strifler - Divi Life / FB / @timstrifler Shannon Shaffer - PFS Digital / FB / @purplefinchfoto Leslie Bernal - A Girl and Her Mac / FB / @agirlandhermac Josh Hall - JoshHall.co / FB Awesome Resources: Determining Your Entity Type When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure. Government Resources (USA only) Sole Proprietorships Partnerships Corporations S Corporations Limited Liability Company (LLC) Other Resources Different Types Of Business Structures You Need To Know Sole Proprietorship The Best Legal Structure For Your New Business? How Structure Affects Your Small Business Tax Obligations How To Create A Limited Liability Company (LLC) What’s An S-Corporation, And How Do You Form One? How To Form A Corporation: 9 Vital Steps Obtaining an EIN Employer Identification Numbers are issued for the purpose of tax administration. Learn how to obtain an EIN here. Accounting Software Choosing your accounting software can be overwhelming, here are some of our favorites. Keep in mind that not all of these systems are full accounting systems, but provide the base accounting you need for a CPA. Wave Accounting Wave accounting is free accounting software that is an good choice for beginners. There are fees for upgraded offerings. Wave features true double entry accounting, invoicing, payments, payroll and more. Pay only for the upgraded features when you need them. Easy, real accounting Run multiple businesses in one account Seamless integration with payroll Bill and invoice reminders Connect Wave with PayPal Customized, professional invoices Easy bank reconciliation Unlimited expense tracking Freshbooks Freshbooks is a clean, easy to use system, perfect for small business or sole proprietorship. Freshbooks starts at $15 a month for an entry level plan. Freshbooks definitely is designed with the non-accounting professional in mind. Freshbooks also integrates easily with many common apps and SaaS offerings. Some features include: Online invoicing. Time tracking. Electronic payments. Timesheet management. Late payment reminders. Expense tracking. Accounting reports & taxes. Automatic expense import. 17 Hats 17hats goes beyond just an accounting system. It is a system that helps to automate your business processes. It is designed to allow you to invoice, send quotes, and manage leads. This is a better option as your company grows. 17hats starts at $25 a month and allows you to manage your entire b...