“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?
Here’s a few of the questions the course will cover:
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.
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.
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!”
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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