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10 Replies Latest reply: Oct 13, 2011 3:33 PM by sharonphilip RSS

Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?

Gotham Newbie
Currently Being Moderated
Hi Everybody,

I have a brand new LLC. It's a partnership with 99% (me) and 1%(my friend) shares. I'll get the 100% of the income. My friend will be resposible running the company and he will be the ONLY employee at least for a while. Two days ago I got my EIN number too. For the process i worked with a lawyer. He did all the job.I'll get my DBA in next couple of weeks too. I need it because I was told that if the name of the LLC and the website are not the same then I need a DBA. So, right after I get my DBA my lawyer's job going to end.

My question is, I've come so far but NOT WHAT I NEED TO DO? I dont have an accountant yet. It's gonna be a tiny company in the beginning.
Do I need an accountant? Or should I try to keep things in order with a cheap or free software?
Do I need to get my invoices printed? Or printing them from my computer would be OK? What kind of software do I need to be able to print software?
Do I need to get any registration to anywhere for my accounting? How can I get my tax things get ready when they needed?

It's gonna be an online retail company. I sell electronic gagets online. I know how to run my business but I HAVE ABSOLUTELY NOOOOOOOOOOOOOO IDEA HOW TO SET THINGS for a company. I've been selling online for more than a year but it was only for my own name. There was no company in the beginning. Now I got my company but dont know what to do about the accouting things and taxtion.

I'm writing to this forum just to be able to know what i need to do and NOT TO GET RIPPED OF BY AN ACCOUNTANT. You know if s/he knows that I have no idea, then most probably would have tried to .... me up with very high service prices. I dont know if I need an accountant and if I need how much do I need to pay for the sevices that s/he going to give me. Could you guys please let share your own experiences with me PLEASE?
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    LUCKIEST Master
    Currently Being Moderated
    Do I need an ACCOUNTANT

    YES every body in business needs an accountant.

    Who r u?? Go to Members page and share some info
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  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    bm911tax Apprentice
    Currently Being Moderated
    You should call 3 or 4 accountants for a quote. It will give you an idea which accountant will overcharge you. Yes, you definitely need one.
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    mariastax Newbie
    Currently Being Moderated
    hi! I'am maria, i do tax services and bookkeeping, i know how you feel, specially when it's time to file your taxes, first i advice you to try to get an accounting software, that way you can manage your sales and expenses there is a bookkeeper software and it's easy to follow, also, yes make invoices, for each sale. second try to make a file for every company that you make purchases and bills, all the bank statements with deposit slips. since is an small business you should try to start organizing it your self, it's going to help you save money. this is going to help you when you pay your sales tax if you are reporting sales tax., when you are ready to pay pay your sales tax look for a tax service or accounting service and take your sales total to do your sales tax. if need more information you can e-maile me at mariastaxserv@yahoo.com I hope this help you in some point!

    maria
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    ndeluca Newbie
    Currently Being Moderated
    Yes, accountants are necessary and yes the bookkeeping can be done by yourself. Companies like yourself, online retail, are really the best candidates for outsourcing your financial services. Why? It will save you a ton of money as compared to hiring a firm to do it and you will save yourself time on figuring out bookkeeping software. Software is helpful if you know at least basic accounting principles. If not I would suggest using a company like www.virtualaccountingonline.com or www.peakaccountingonline.com There are others but that is a couple to name a few. Good Luck!
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    hconnections Novice
    Currently Being Moderated
    If an Accountant is out of your price range, working with an outsourced bookkeeper could be a solution. See what most small business owners don't realize is that having the accounting/bookkeeping software is fine, well, and good. But if the operator is unsure of how to properly categorize expenses and enter data, you could wind up overpaying on your taxes. Often times you will find that working with an accountant and/or outsourced bookkeeper, you will be at peace of mind knowing that they are helping you to stay compliant with the IRS.

    For more bookkeeping and tax tips to help your small or home based business, visit www.outsourcedbookkeeping.info.
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    JMMCPA Newbie
    Currently Being Moderated
    Hi there. I happen to run across your post and thought your question was interesting. I also happen to be an accountant, more spefically a CPA (certified public accountant). It often surprises me how often people are concerned about the cost of a CPA or an accountant. The stories I could tell you of the money I have saved people and the money that people have lost because they came to me too late. Unfortunately, there are some in our profession, as in all professions, that are out-of-touch with reality when it comes to small business and small business owners. Having been a small business owner myself, I try to remain focused on my clients' needs and that includes the need to keep their costs down. I have clients in my home state and many others and I like to think that it is because clients know the 'devil is in the details'. I believe you have gotten sound advice from those who have insisted you need an accountant. I hope you heed that advice or have done so already and I wish you the best of luck.
  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    OfficeGoddess Expert
    Currently Being Moderated

    You need to set up a bookkeeping program and use it faithfully,  Starting out, you have the option of doing it yourself or hiring an outsourced bookkeeper (I am a virtual bookkeeper, myself).  If you are not prepared to hire a bookkeeper to help you at first, I recommend you purchase "How To Do Your Own Small Business Bookkeeping" from Amazon.com.  This book will help you set up your QuickBooks software and train you step-by-step in day-to-day bookkeeping and year-end procedures.  A good, experienced outsourced bookkeeper will cost you between $40-$50/hour but once the accounting is set up you will probably only need 4-5 hours/month of work until your business grows (approx $200/mth).  At year-end, you will want a good CPA firm to do your taxes.  However, if your books were set up right, this won't cost you an arm and leg, either.

  • Re: Have a New LLC.Do I need an ACCOUNTANT? How Much It Costs?
    sharonphilip Newbie
    Currently Being Moderated

    No, you do not need an accountant. You can use quickbooks. Go to a local SCORE counselor and get a software for free. It will help a lot

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