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

Intro to Quickbooks

• Introduction of Speaker

• Rules for the seminar– Meet your SBDC

Counselor– Q&A for end– Evaluations

Why Accounting?

• Taxes• Profit or Loss?• Selling the Business

someday…• Last but not least for

Managing the Business! (Managing by the numbers)

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

Where do I begin?

• Keeping track of expenses

• Receipts & Logs

• Separate accounts for business & personal

• Shoe Box Accounting is expensive in the long run

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)

General Recordkeeping• Mileage, Entertainment,

Travel• Payroll Accounting• Customer Lists & Records• Financial Statements:

– Income Statement– Cash Flow– Balance Sheet

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

The Financial Statements

• Balance Sheet

• Income Statement (P&L)

• Monitoring performanc– Monthly for P&L– Compare to budget

• Cash Flow Statements

Other Considerations

• Recordkeeping Schedule

• Tax schedules

• Records retention

• Do you really need Quickbooks??

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

Accounting Policies

• #1 – Accounts Payable• #2 – Budget & Cost Controls• #3 – Cash Flow Management• #4 – Reimbursements

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!

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