Learn Everything Entrepreneurs and Freelancers Need to Know About Accounting

By Trevor McKendrick 👋 - Have you read my free newsletter?

UPDATE: The course is now closed

Avoid tax penalties, limit your liability, and keep more of your money

A Course for People Who Want Peace of Mind

Tired of reading through 30 different browser tabs looking for answers to your basic accounting questions?

“Surely someone has already answered this” you tell yourself.

It’s not like you’re the first person to ever have to report expenses or run payroll. Best practices do exist.

Then why are they so hard to find?

Accounting for Entrepreneurs and Freelancers

Here’s a few of the questions the course will cover:

  • What’s the difference between a bookkeeper, an accountant, and a CPA? Which one do I need?
  • When should I incorporate? How do I do that? What state should I incorporate in, and why?
  • What expenses can I deduct? What counts as a “business expense”?
  • I’ve heard something about saving money by getting an S Corp… what is everyone talking about?
  • How do I pay myself a salary without getting into trouble with the IRS and owing extra taxes?
  • What’s payroll? How do I set it up?
  • How do I file my taxes?
  • What does an accountant even do? What do they not do?
  • Do I need to file separate taxes for my business?
  • How do I pay my contractors?
  • What does reconciliation mean, how will it save me money, and how do I do it?
  • What software should I use to account for my expenses and manage my books? If I want to outsource everything, who should I use?
  • And more…

There’s very few parts of your business where, if you screw up, you earn the privilege of both losing money and going to jail.

Get the peace of mind that comes with being informed.

Can’t My Accountant Handle All This?

I’ve heard lots of horror stories of entrepreneurs and freelancers losing money from bad accounting decisions.

The problem isn’t that the accountant doesn’t give the right answer.

The problem is the entrepreneur didn’t even know to ask the right question.

Here’s a typical conversation between a freelancer and an accountant:

Freelancer: Here’s all the money I made. How much do I owe the IRS?  

Accountant: Your total tax bill comes to $10,000. So you owe the $10k minus whatever you’ve already paid in quarterly tax payments.  

Freelancer: Uh… quarterly tax payments?  

Accountant: *Realizing his client is about to be really upset* Um, well, normally your employer withholds those taxes for you and pays them throughout the year. But since you’re self-employed now that’s your responsibility. Unfortunately with interest and penalties you owe $11,000 instead of $10,000.

Freelancer: $#*@

This story happens all the time. Especially to freelancers and founders of smaller companies.

Your accountant cares about you as a client, but they often have bigger fish to fry.

Hey, it’s easy for an experienced accountant with a huge client base to forget to mention an “obvious” thing like “don’t forget to make your quarterly payments!”

What About Accounting Books or Classes?

If you want to read an accounting book or take a full-on class, fine by me! You’ll pay for it though, both in money (classes == $$) and time (reading about accounting is the best cure for insomnia).

But here’s the thing: you don’t need to become an accountant yourself you just need to know enough to keep yourself out of trouble.

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