Shop Floor Talk  

Go Back   Shop Floor Talk > Members Only > SFT Information

SFT Search:   
View Poll Results: What type of Accounting software do you use?
Quickbooks Pro 13 48.15%
Peachtree 4 14.81%
other 6 22.22%
scrap paper and cardboard box 4 14.81%
Voters: 27. You may not vote on this poll

Reply
 
Thread Tools Display Modes
  #1  
Old 06-21-2006, 12:18 PM
dirtdigger's Avatar
dirtdigger dirtdigger is offline
Big Shovel
 
Join Date: Nov 2004
Location: Hillsdale, Michigan
Posts: 1,289
Default Accounting software

How many of you self-employed guys use Quickbooks (or Pro) or what other accounting systems you might use. I'm in the process of switching from a Sole Proprietor to an S-Corp. so I will have to start a new company on quickbooks. (if I stay with it)
__________________
I used to get in trouble for playing in the mud...........now I get paid for it!
Reply With Quote
  #2  
Old 06-21-2006, 12:38 PM
Shade Tree Welder's Avatar
Shade Tree Welder Shade Tree Welder is offline
Grumpy Bastard
 
Join Date: Jun 2004
Location: Kankakee County, IL
Posts: 21,033
Default

I just had this conversation concerning QB vs Peach and any others. He has all of them and says their isn't much difference between them. I you a familiar with one just stay with it for now. So we a staying with Peachtree.
__________________
Shade

"Prepare to defend yourselves."
-- Sergeant Major Basil L. Plumley, Ia Drang Valley
Reply With Quote
  #3  
Old 06-21-2006, 05:26 PM
rmack898's Avatar
rmack898 rmack898 is offline
That HURT!
 
Join Date: Feb 2006
Location: Honu Grove (NE Florida)
Posts: 4,035
Default

I use a combination of two, the cardboard box and QB. I dump it all in the box, when the box runneth over, I get my daughter to enter it all in QB. It works out to about once a qtr.

Dirtdigger, sole prop to S-corp, why? If you are only looking to decrease you personal liability, why not do a single member LLC. Same liability protection, but you still get to file a schedule C at the end of the year which is a big savings if you are using an accountant.
__________________
Mac
___________________________________________
One extremely happy former convict of the penal colony that lies between NY, PA, and DE. Now living the good life much further south. where they don't know what fucking Carhartts are.
Reply With Quote
  #4  
Old 06-23-2006, 09:53 AM
Clay Walters Clay Walters is offline
Junior Member
 
Join Date: Apr 2006
Location: Simpsonville, SC
Posts: 47
Default

Hi Dirtdigger,

One of the best decisions we ever made was to move to the Quickbooks world. As a service company it provides ease of use, setting up new company(s) a snap, and very nice reporting built right in. Since I don't worry with inventory I cannot attest to its function there nor do I connect to cash registers.

Peachtree has been around for years. It used to not co-exist well with other software, tended to become "full" and sluggish and then unstable if you didn't close out the year and reduce the detail. Others like Solomon and Macola which are more mid-level accounting packages are much more cumbersome but do offer 3rd party solutions to those that have specialized needs. But you need to keep your checkbook handy.

At one seminar a few years back I heard an interesting statistic that something approaching 95% of all CPA firms in the US used Quickbooks. And, many small personal businesses can function with Quicken just fine. If all you require is a cash receipts/disbursement journal Quicken is great.

Due to their flexibility (ie lack of controls) you do need to know what you're doing, how to reconcile to a bank statement and what financial statements are supposed to include, be structured, etc.. Otherwise hookup with a skilled accounting service of some kind (that you trust)throughout the year.

My two cents,

Clay
Reply With Quote
  #5  
Old 06-23-2006, 11:43 AM
fatfrank fatfrank is offline
Pit Boss
 
Join Date: Jun 2004
Location: Wichita Falls, TX
Posts: 1,211
Default

I wasn't going to chime in on this thread, because its a big question that is hard to answer without knowing what you want out of the software. I am an S corp also.

Are you planning on figuring payroll, payroll tax deposits etc. for a large number of employees yourself. Or are you wanting something to keep track of income and expenses.

I just keep track of income and expenses with Quicken. I turn in my employees time cards to my CPA and he cuts all the paychecks, figures all tax information for the pay stubs and tells me what I need to pay for my monthly payroll taxes etc. He is able to figure it up much quicker than I can so its cheaper for me to hire him to do it while I spend my time working. At the end of the year, I just turn in the backup of Quicken to him and he figures my 1120S, K-1, and W2's.
Reply With Quote
  #6  
Old 06-23-2006, 01:59 PM
dirtdigger's Avatar
dirtdigger dirtdigger is offline
Big Shovel
 
Join Date: Nov 2004
Location: Hillsdale, Michigan
Posts: 1,289
Default

Quote:
Originally Posted by rmack898
Dirtdigger, sole prop to S-corp, why? If you are only looking to decrease you personal liability, why not do a single member LLC. Same liability protection, but you still get to file a schedule C at the end of the year which is a big savings if you are using an accountant.
Well, the main reason (other than the liability protection) is to hopefully pay less Self employment tax. By becomning an employee I can draw a paycheck and pay regular SS tax (less than SE tax). Also I can be covered by workers comp insurance. (not sure if I will go that route, but might be worth it). I will be able to lease my equipment and buildings to the corp, so I will have income that way which will be taxed differently too.

But mainly I did do it for the liability. the funny thing is, even a LLC only protects your personal assets if your employee does something wrong. If I do something bad (run over somebody with my backhoe) I am still liable as a co., and as a person. But if my employee hits someone with a company truck. only the company can be sued, not me personally, but I could as a sole proprietor.

At least that's the way I understand it.

Bottom line.............more paperwork, more $$ to the accountant, and more $$ to the lawyer. At least I'm helping the economy
__________________
I used to get in trouble for playing in the mud...........now I get paid for it!
Reply With Quote
  #7  
Old 06-23-2006, 02:10 PM
dirtdigger's Avatar
dirtdigger dirtdigger is offline
Big Shovel
 
Join Date: Nov 2004
Location: Hillsdale, Michigan
Posts: 1,289
Default

Just to clarify a little better...........

I've been in business for 15 years now and have use Quickbooks Pro for most of that time. I like QB, other than the fact that each year at tax time I have a helluva time doing ACCURATE reports. We really have to check and re-check to make sure everything is included. Sometimes the problem is I might add a new expense account, but it doesn't get turned on in a memorized report or something.

My wife is an accountant "type" person and every single fricken penny better balence or it's a no-go. I'm a "screw the fine detail" person and figure if the IRS wants to sqable over a couple bucks so be it.

Well, guess who usually wins...........before it goes to the accountant, it balances. (to the cent)

I was just curious to see what the rest of the self-employed guys are using. It seems like almost all of the local small biz guys around here use QB. the two accountants I have used both hate QB, but use it in some form, cause all thier clients use it.

I don't like the fact that QB bends you over to subscribe to the payroll function, but, it's so fricken easy to use. I got suckered into the enhanced payroll that does all my state forms too, and it's nice to hit a button and print. I only have a couple employees, but it's still nice. I used to do it all by hand, but here I just enter the hours and whamo.

I am sure I will keep it and set up the new company with it. too hard to teach an old dog new tricks I guess.
__________________
I used to get in trouble for playing in the mud...........now I get paid for it!
Reply With Quote
  #8  
Old 06-24-2006, 08:28 AM
Shade Tree Welder's Avatar
Shade Tree Welder Shade Tree Welder is offline
Grumpy Bastard
 
Join Date: Jun 2004
Location: Kankakee County, IL
Posts: 21,033
Default

Quote:
Originally Posted by dirtdigger
...My wife is an accountant "type" person and every single fricken penny better balence or it's a no-go. I'm a "screw the fine detail" person and figure if the IRS wants to sqable over a couple bucks so be it.

Well, guess who usually wins...........before it goes to the accountant, it balances. (to the cent) ...
...sounds like our wives were cut from the same mold.

I am still a SP because I have no employees. When I do hire someone I will likely Inc. it up then.

Does anyone know the difference between the pro's and con's of an S-Corp versus LLC or LLP ???
__________________
Shade

"Prepare to defend yourselves."
-- Sergeant Major Basil L. Plumley, Ia Drang Valley
Reply With Quote
  #9  
Old 06-24-2006, 08:53 AM
dirtdigger's Avatar
dirtdigger dirtdigger is offline
Big Shovel
 
Join Date: Nov 2004
Location: Hillsdale, Michigan
Posts: 1,289
Default

Well, it's your call on which is better. If you have a good accountant, let him help you decide. I also had to get a lawyer to darw up the papers. So far it's been pretty painless , but I haven't got the bill yet.

I dug up some pretty good basic info on the S-corp versus the LLC. Might clear up a few questions. If you aren't worrierd about paying the Self employment tax, the LLC might be simpiler and a little cheaper. there is a little more paperwork involved with a S-corp and annual meeting and stuff like that.

the file is in MS word. I only have OpenOffice.org, so I hope it works. I also have it in Word perfect if anyone is interested.

Hope it helps!
Attached Files
File Type: doc S-corp vs LLC.doc (43.5 KB, 256 views)
__________________
I used to get in trouble for playing in the mud...........now I get paid for it!
Reply With Quote
  #10  
Old 06-24-2006, 09:57 AM
Shade Tree Welder's Avatar
Shade Tree Welder Shade Tree Welder is offline
Grumpy Bastard
 
Join Date: Jun 2004
Location: Kankakee County, IL
Posts: 21,033
Default

Thanks for the document Will.

Here it is as a webpage.
Attached Files
File Type: htm S Corp vs LLC.htm (24.4 KB, 218 views)
__________________
Shade

"Prepare to defend yourselves."
-- Sergeant Major Basil L. Plumley, Ia Drang Valley
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Web Search:

All times are GMT -5. The time now is 02:49 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.