Accounting

Accounting

Preface

I am constantly asked after Hell Week™, what’s next? Well, the answer is somewhat simplistic. There are quite a few steps to take to establishing a business. But I believe the most important step, the number one step, is to establish a Business Plan followed by an Accounting Plan (program).

This series of posts will concentrate on the accounting side of your business. Absent a good accounting plan, you will not know how well you are doing – without a good accounting plan, there are no milestones to be met. If you’re intention is to just make a few bucks in addition to your regular job, then an accounting program won’t be important to you. That’s because it’s a hobby and not a business. A hobby allows you to increase your personal wealth with no consequences should it fail.

I’m all about business, profit, and money not spent (it’s called profit).

As you know, I’m a full-time instructor. To me, it’s not about making a few hundred dollars after a class. To me, it’s about making a living, paying bills, and enjoying life. As a business owner, its about measuring my effectiveness, my impact on others, and meeting personal goals along the way. It’s about raising my family, sending them through college, and having a retirement plan. To me, having an accurate accounting plan that measures how well I am doing is paramount to the success of the business.

Let’s get started…

Accounting Programs

There are several accounting programs available on the market. Some are intuitive, others are not. Accounting programs basically report money-in verses money-out; the end report is a profit or loss statement. Did you make money or did you lose money? A simple analysis. At Level 1 Firearms Training, LLC, we use Intuit QuickBooks for this solution. Why? Because it integrates with Intuit tax programs. We do not spend thousands of dollars paying an accountant to file taxes; we simply transfer our QuickBooks to Intuit taxes and let the Intuit tax program do the rest.

Moving Forward

With all that said, we will base our accounting series on the QuickBooks program. If you are using a different accounting program, if it works better for you, by all means stick with it. If you cannot convert what we are doing in QuickBooks to your current accounting program, you’ll have to find another resource for solutions – we will not be able to address other accounting questions.

Conclusion

We are asking for feedback on this subject. If we don’t have a sufficient response to accounting solutions, we will stop here. If there is a sufficient interest in this subject matter, we will continue. Send a response to info@level1firearms.com and place the word “Accounting” in the subject line.