Free Agent Services
So You Want to Be Independent?

Accounting

"Money has become in all civilized nations the universal instrument of commerce, by the intervention of which goods of all kinds are bought and sold, or exchanged for one another."

 

  • - Adam Smith, 1776

 

So you have your client and you have started to work.  Everything is right with the world!

 

Well, it is a good start but your work at the client is only part of the effort involved in being a Free Agent.

You have incurred expenses, invoiced the client for services, maybe even gotten paid!  Good for you!  Now, you have to account for the money!  All of it!

 

Whether you are acting as a Sole Proprietor, Sub-S Corporation or LLC, you have to account for both your income and expenses.  Some less sophisticated may use a shoe box for receipts and such, but we won't let you get away with that!  No, you have to be ORGANIZED and that means accounting!

 

There are lots of ways to do this.  You can hire an accountant (at your expense and reduced profit margin), or you can learn and do it yourself.  If you are very lucky, your spouse, family member or someone may perform this task for you; for which you will pay them and incur deductible expenses!  You see, the better you account for your expenses the better prepared you are for the IRS!  Small Business deductions are very favorable to the Small Business Free Agent!

 

These programs are well worth the investment!

 

These three support products are probably the best investment you will make for getting and staying organized.  Because they work together, it is even easier!  Using these three program products will give you an advantage over others less prepared, by producing professional accounting records and billing documents for your client.  They also will keep your books and records in order and help you make decisions for business growth and control.

 

QuickBooks can be configured as to line of business so is excellent for consultants, small manufacturing, or services organizations.  It will handle everything from accounting for services performed, expenses, banking (online) transactions, payments and even Electronic Data Interchange (EDI).

 

ExpensAble, while not quite as important will allow you to maintain and prepare expense reporting to your client and maintain proper tax deductible expense records for you.  Interfaces to QuickBooks make recording keeping easy!  The forms and formats for reporting and maintenance are fast and flexible. Don't fail to keep up with your expenses, once they get away from you it is a nasty task to catch up.  Remember, as a company you have to match expenses with receipts!  This will enable you to product accurate Profit & Loss statements to your partners and stockholders (if you have any!); these are also required for any financing you may seek.

 

Turbo-Tax, is well pretty self explanatory.  If QuickBooks is set up correctly, just a touch of a button for the interface and your taxes can be completed in minutes each year.  Another button and BAM, filed electronically.  It is scary how easy it is; BUT you have to have your chart of accounts set up to integrate correctly. 

 

Your accountant can help you with this; it may just be a one time setup charge unless you change your business significantly.  We are also able to help guide you; see our services section.  Services=>>