Accounting Question

[MGM Tactical]

We are a new dealership and are quickly realizing how our accounting is going to take a bit more time than we expected. Any pointers or programs that you guys use? Any input would be greatly appreciated.
Thanks

[cmichini]

MGM

Quickbooks is a very robust accounting application that is easy to use for accountants as well as non-accountants. The menus allow you to select the activity you want to record (i.e., make purchases) and it creates the appropriate document type to affect the desired transaction.

You have many options about how to set up your system icnluding:
Options for inventory for tracking or not,
Vendors, projects, customers, etc.
I think you can also do payroll through them (costs apply I'm sure)

I think an important thing to consider before you do a good amount of set up is to think a head as to how you may need to manage certain details (customers, vendors, 'items', etc).

For example you may have some periodic inventory reporting required by DOJ/ATF (I have a C&R license so I don't use Quickbooks for any firearms related activity, I assume there's SOME reporting requirements).

By trying to give some consideration as to the future (reporting needs, co. growth, co. evolution, etc) you can save yourself some headaches later down the road.

You can give them a look (I think they're www.quickbooks.intuit.com). For a few 100$ you get a pretty robust small business accounting application that successfully serves MANY thousands of small business.

EDIT:
The reports in QB can also be configured to map to specific line items for your tax return and/or if you use turbotax (and if you don't have crazy deferred tax issues it's advisable) you can import your financial statements right into turbotax and save lots of time on your return preparation including the dreaded balance sheet and retained earnings rollforward as well as the schedule M-1 (reconciliation of book income to taxable income).

There are similar accounting applications on the Quickbooks level (Peachtree is one, I haven't used these smaller applictions for a while so there's probably more out there), but my experience in this realm has been setting up companies on Quickbooks.

Give it a look (I think they're www.quickbooks.intuit.com).

If you have any follow up questions, feel free to shoot me a PM with some contact info.

Hope this helps.

Cheers,

[tenpercentfirearms]

I use Quickbooks for my financial and Quickbooks Point of Sale for inventory. Although the Quickbooks will do inventory, Quickbooks POS enables me to scan barcodes which is critical in a shop where not everyone knows how I enter items into the software and for keeping a semi-accurate inventory for phone and web inqueries.

[SDProtection]

+1 for Quickbooks.

[Bobula]

I don't wanna date myself, but all my schooling was done with peachtree.