I started a small business iSTEAM Studio to teach kids STEM and Coding. I started very quickly and did not really pay attention to managing accounts. Where should I begin? What should I do?
I have some receipts not all...I remember most of my incomes as I have a new account opened. but some payments only...Please help.
Start with an initial session with a CPA that you like to work with. We all need good professional guidance as the tax rules change, for how they apply to us and our specific activities, etc. Unless you already know Accounting, Tax Regulations, etc.
Then, get the Tax Form you will file. This is your Best Guidance for the accounting. You cannot report what you do not track.
You don't need to meet with a CPA in order to use QuickBooks Online. But if you have tax questions or have accounting questions that you don't know the answer to then you should consult a smart Accountant to help answer your accounting specific questions.
Congratulations on turning your passion into a business. Accounting can be really tricky to understand, it's like a different language! What's good is that you recognize the importance of setting up your books correctly, and seem to have just a little bit of catching up to do. You'll want to make sure to separate your business and personal expenses, do a review of your chart of accounts, and then set up a basic bookkeeping system that is easy to manage and set aside a little time each week to get it done.
Do you understand basic accounting terms like cash flow, balance sheet, profit and loss? Sometimes, those reports can seem very overwhelming, and double-entry accounting (which Quickbooks Online makes easy) can be tricky to understand and do correctly. If you don't want to do the books, consider hiring a bookkeeper, at least for a little while so you can focus on your business. I offer a basic setup service and can help you if you want. We can find those business expenses and get them correctly recorded and I can review your chart of accounts. What version of QuickBooks are you using?
You'll want to make sure to separate your business and personal expenses,
If this is a sole proprietor, then no need have separate bank accounts if that is what you mean. QBSE assumes you won't