Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

Going Legit


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 03-14-2012, 09:31 AM
element009's Avatar
element009 element009 is offline
Senior Member
 
Join Date: Mar 2011
Location: Ocean County, NJ
Posts: 176
Rep Power: 4
element009 is on a distinguished road
Default Going Legit

Alright so last year I was not fully legit in terms of reporting my income, sales tax, etc. This year (my second), I would like to make the jump. However, I am a little confused over some of the practical matters involved.

I know I will have to open a bank account in the name of the business, as opposed to taking personal checks or cash payments. What I'm not sure about is how to track my personal income separately from business income. Do I just draw money from my business account as needed and then count that as personal income?

Also, I do not yet have an accountant but I'm researching local guys as we speak. Should I get an accountant now or wait until next year when I do my taxes? Furthermore, I'm looking into getting quickbooks to keep track of all my invoices/payments. Is there any better program than this? Right now I just do all my billing with a Microsoft Word template, but I think I'll need a more organized system of invoices in order to turn the numbers over to my accountant.

Any general advice on the financial side of going legitimate would be appreciated. Thanks.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 03-14-2012, 10:32 AM
abbot abbot is offline
Member
 
Join Date: Apr 2011
Location: Michigan
Posts: 63
Rep Power: 4
abbot is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Quote:
I know I will have to open a bank account in the name of the business, as opposed to taking personal checks or cash payments.
To do this you need a DBA or an LLC. You need to register your business. The bank will ask for a copy to prove you are a registered business.

Quote:
What I'm not sure about is how to track my personal income separately from business income. Do I just draw money from my business account as needed and then count that as personal income?
We could answer this. But your CPA could answer it much better.

Quote:
Also, I do not yet have an accountant but I'm researching local guys as we speak. Should I get an accountant now or wait until next year when I do my taxes?
No, you need one now.

Quote:
Furthermore, I'm looking into getting quickbooks to keep track of all my invoices/payments. Is there any better program than this?
Nope, Quickbooks is top dog. Look into "intuit merchant services" It's only $20/mo and you can set your clients up for auto reoccurring payments. Unless of course, you/they are old school and rather print/mail invoices.
__________________
Mitch Howard - Internet Consultant - www.webchoppers.com

I'm here to help and answer any questions that I can about your business's online presence.
Reply With Quote
  #3  
Old 03-14-2012, 02:05 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,307
Rep Power: 10
Steve has disabled reputation
Default

Quote:
I know I will have to open a bank account in the name of the business, as opposed to taking personal checks or cash payments. What I'm not sure about is how to track my personal income separately from business income. Do I just draw money from my business account as needed and then count that as personal income?
Can you set up a personal and a business account? When you have enough in the business account, move some over to your personal account for your salary. Keep track of what you paid yourself and you are all set.
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #4  
Old 03-14-2012, 06:00 PM
deschampsbrothers deschampsbrothers is offline
Junior Member
 
Join Date: Mar 2012
Posts: 12
Rep Power: 3
deschampsbrothers is on a distinguished road
Default Good Accountant is the key

Finding a good accountant is the key to taking alot of stress and worries off your hands, paying them a couple hundred dollars to have them file all your tax information and legalization of a business is the best money you can spend. It would take you a couple days to sit down and figure it out on your own, and then it prolly still wont be right so your better off going to work for those days to make money and leave the bs to the professionals to handle. dont just research for an accountant around you just to have one either. ask friends, family or other business owners you know who they use for an accountant and hear them out about them. ask them there pros and cons of doing business with them. another good thing to look for is an accountant who handles other landscaping businesses around you, they tend to have alot more knowledge on all the write offs and depreciation of equipment over time.
As far as managing your money you must open up a business bank account along with a personel account. you must have a DBA or LLC to be able to do this. Another thing you might want to look into is opening an additional account that you can deposit tax money that you collect into, then each time you go in and make a deposit you take your total deposit amount and take the taxes u collected from that and deposit it in the seperate one so u have it when its tax time. alot of people keep all of it together then run into a problem when they have to come up with a couple grand for it. When talking about personal money I went the route of just paying myself a set 200 bucks a week, anything closely related to the business or anything purchased while working then i would use the business account. i found this the easiest way because i have it automatically set up for the withdraw to happen every friday and it is an easy way to keep the things that your not able to write off seperate from the business paperwork. Quickbooks is a nice chunk of change to spend on a computer program but it is worth every cent, nothing matches to it and it will save you time in the long run, set it up right from the beginning and you can make it as simple as transfering your quickbooks files directly to your accountant when it comes tax time. And it is ok to do some work for cash, its just the extent that you take it, best way to try and get a few people to pay you cash is by asking your customers of your smallest properties and ask if they would be interested in making a cash payment once amount for the maintenance provided. Most of them are willing to work with you as long as you provide a quality service.
If you have any other questions feel free to ask, im 21 myelf and just went through all the same work to get everything set straight, its alot of paperwork and bs to get it right but once you do and have a good accountant its much easier to comprehend
Reply With Quote
  #5  
Old 03-14-2012, 06:33 PM
Wabash Valley Lawn Wabash Valley Lawn is offline
Junior Member
 
Join Date: Mar 2012
Posts: 5
Rep Power: 3
Wabash Valley Lawn is on a distinguished road
Default

After you are paid from all your accounts for the week subtract business expenses. After business expenses are all subtracted. The final amount is your take home pay or profit.

Example: You are paid 1700 gross for the week

$1700
-$150 gas & oil
-$30 string
-$50 insurance
-$30 drinks, ice, extra needs, etc
-$40 any other additional needs]
________________________________
$1700
-$300
**********-
$1400 net income

Place the $1400 in the business account til the next paycheck and only withdraw if you have a business need or emergency

then after your next paycheck you can place the $1400 in your personal account and mark it as a profit

Last edited by Wabash Valley Lawn; 03-14-2012 at 06:35 PM.
Reply With Quote
  #6  
Old 03-14-2012, 06:40 PM
stevef1201 stevef1201 is offline
Senior Member
 
Join Date: Apr 2010
Location: Central Florida
Posts: 1,081
Rep Power: 6
stevef1201 is on a distinguished road
Default

Going Legit?

Step One : Contact a lawyer- he will get you set up in the proper type of business, and all the paper work you need for everything. He will also get you set up with all you legal paperwork (contracts etc). He will also help you figure out what insurance you need, and what you can and cannot legal do in your area.


Step two contact an accountant. He will help you get your books set up, and help you with your taxes, federal state and local if any. He will also help you when it comes to pay the proper workers comp insurance.

Step three, keep incontact with both of the above, stay legal, stay safe, and stay out of both jail and hospital.
Reply With Quote
  #7  
Old 03-14-2012, 08:18 PM
element009's Avatar
element009 element009 is offline
Senior Member
 
Join Date: Mar 2011
Location: Ocean County, NJ
Posts: 176
Rep Power: 4
element009 is on a distinguished road
Default

how much would a lawyer and an accountant cost for a small operation?
Reply With Quote
  #8  
Old 03-15-2012, 02:09 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,307
Rep Power: 10
Steve has disabled reputation
Default

I would figure it would be at least a few hundred bucks for the lawyer and maybe the same for the accountant which is why I think most new lawn care business owners just start themselves and learn as they go.
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #9  
Old 04-02-2012, 03:12 PM
primeomega primeomega is offline
Junior Member
 
Join Date: Jan 2012
Posts: 1
Rep Power: 0
primeomega is on a distinguished road
Default

I can tell you for me in WI, it costed me $595 for a local aty to setup my LLC with all that is needed to do. And $25 to reg. my name/logo with the state so no one can steal my name/logo. $300 or so of that was just for the state of WI filing fees.

As for billing, I am still small. So each month on the 1st I send out my bills for the month. Though some clients I do have just pay me each mow. They are older ones, that don't trust the mail, lol.

I use Square for Credit Card payments and use it also to track all my sales. So its easy and free for the most part. I am sure when I get bigger and have $$ coming in, I will move to book software. Right now I still work my 40 hour job and have about 7 clinets on the lawn side. It's a start!

Good luck!
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Going Legit LuckyClover Introduce Yourself 4 03-05-2012 02:45 PM
Go Legit Campaign Steve General Business Discussions 11 04-02-2006 08:11 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Brake job!
kslawn
08-30-2014 07:49 AM
Today 10:06 AM
by stevef1201
7 199
Trailer tires
J.A.S.LawnService
Yesterday 10:17 AM
Today 08:32 AM
by kslawn
2 100
snowplowing
jshak40
Yesterday 07:20 AM
Today 08:15 AM
by kslawn
6 160
Mowing 7 acres
avetslawncare
08-31-2014 04:24 PM
Today 07:29 AM
by grassdoctore
4 150
Walk Behinds and Texas...
SGL1
08-26-2014 03:53 PM
Yesterday 11:36 PM
by SGL1
7 276
Help pricing cut down 7...
Bradcook21
08-26-2014 11:17 PM
08-31-2014 04:48 PM
by avetslawncare
6 249
New to the industry-...
Lsmain
08-31-2014 10:53 AM
08-31-2014 10:53 AM
by Lsmain
0 103
Sod
RosalesLawnCare
08-27-2014 03:47 PM
08-30-2014 07:00 PM
by RosalesLawnCare
2 193
Lawn Route Templates
Landscaper1165
08-30-2014 01:52 PM
08-30-2014 05:04 PM
by stevef1201
1 136
Exmark Lazer Z S-Series...
BLC7
08-22-2014 10:18 AM
08-30-2014 09:49 AM
by BLC7
10 433
Hello! New here and...
CaliforniaFriendly
08-29-2014 11:30 AM
08-29-2014 05:39 PM
by jrs.landscaping
1 152
Stihl engine isn't...
Marcintosh
08-12-2014 08:30 PM
08-28-2014 09:28 PM
by Marcintosh
12 575
Hello
jawnebgoode
08-28-2014 08:37 PM
08-28-2014 08:37 PM
by jawnebgoode
0 90
Hello from Ohio
kurtwin
08-28-2014 05:06 PM
08-28-2014 05:06 PM
by kurtwin
0 114
Softball field
kslawn
08-15-2014 09:28 AM
08-28-2014 12:01 PM
by Steve
16 655
Lawn needs top soil What...
jymie
08-26-2014 11:01 AM
08-28-2014 11:58 AM
by Steve
5 257
Say Hello !!!
Steve
03-19-2007 11:18 AM
08-27-2014 08:33 PM
by kurtwin
1,187 331,317
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
08-26-2014 04:21 PM
by ExtremeLawncareServices
110 6,717
How do I approach...
Bradcook21
08-21-2014 01:48 AM
08-26-2014 05:08 AM
by Billy Goat
12 559
Tender Process
M2Dave
08-24-2014 12:31 PM
08-25-2014 04:14 PM
by Steve
2 236
Grass hopper mower
ExtremeLawncareServices
12-05-2013 08:51 AM
08-25-2014 04:02 PM
by Steve
26 3,892
Need help pricing basic...
Bradcook21
08-22-2014 01:21 AM
08-22-2014 01:05 PM
by Steve
2 325
Yearly contract Pricing
jrob0691
08-21-2014 08:57 AM
08-22-2014 01:01 PM
by Steve
6 398
yearly contract help...
jrob0691
08-21-2014 04:09 PM
08-22-2014 12:48 PM
by Steve
1 270
Pampas bushes
Bradcook21
08-22-2014 01:30 AM
08-22-2014 07:17 AM
by grassdoctore
1 244
2014 Gie-expo
ExtremeLawncareServices
08-19-2014 11:22 PM
08-21-2014 08:50 PM
by phlawncare
2 285
Fuel Can Spouts
Shark1611
08-16-2014 09:09 AM
08-21-2014 08:23 PM
by SGL1
11 530
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
08-21-2014 05:03 PM
by stevef1201
6 783
Hello
M2Dave
08-21-2014 12:32 AM
08-21-2014 01:38 PM
by Steve
1 251
New Landscaping Business
rekon32
08-16-2014 02:26 PM
08-21-2014 12:33 PM
by SouthallMowing
8 582
Downed Tree Chop Bid
WesleySnips
08-16-2014 03:47 PM
08-20-2014 01:44 PM
by SGL1
10 555
60 inch honda/bunton...
pblawncare
08-17-2014 11:30 AM
08-18-2014 03:19 PM
by Steve
2 296
Replacement Parts -...
nicholas-KC
08-16-2014 08:40 AM
08-18-2014 03:16 PM
by Steve
4 410
Preparing the soil
Billy Goat
08-16-2014 06:18 PM
08-18-2014 03:01 PM
by Steve
1 320
What to pay help
phlawncare
08-04-2014 08:33 PM
08-18-2014 10:33 AM
by jrs.landscaping
29 1,154
Hello
Jeff1
08-07-2014 11:18 PM
08-15-2014 11:53 PM
by Jeff1
11 615
Lie #2 RESIDENTIAL...
ExtremeLawncareServices
01-06-2014 05:02 AM
08-15-2014 01:46 PM
by mattthelawnguy
54 6,731
Need help 30 HP koler...
Shady Grady
08-01-2014 03:31 PM
08-15-2014 08:46 AM
by kslawn
18 787
New Boomless Sprayer!
BlackRain75
01-03-2014 01:01 PM
08-14-2014 02:37 AM
by BlackRain75
12 1,985
first year update
cmdlawncare
08-12-2014 05:41 PM
08-13-2014 03:29 PM
by Steve
1 414
Hello from Jacksonville,...
JM Lawn Care
08-10-2014 07:15 AM
08-13-2014 07:04 AM
by Sprinkler Buddy
9 539
Hello everyone new to...
maddyandrays
08-11-2014 04:51 PM
08-12-2014 08:58 PM
by Shark1611
2 373
Walk behinds
hpruitcei
08-07-2014 06:28 PM
08-12-2014 02:35 PM
by mattthelawnguy
7 642
New name help
stevef1201
08-10-2014 04:27 PM
08-12-2014 12:03 PM
by Steve
6 519
my little green dilemmas
Lawn Techie
08-03-2014 11:47 AM
08-11-2014 01:20 PM
by Steve
7 617
what the best...
CleanCutsLLC
08-02-2014 01:02 AM
08-11-2014 01:16 PM
by Steve
6 667
Texas lawn care company...
Livingston Lawn Care
07-25-2014 11:29 AM
08-11-2014 01:19 AM
by ExtremeLawncareServices
13 925
Covering all the bases
janslawncare
08-08-2014 10:11 AM
08-08-2014 01:41 PM
by Steve
1 455
New from Florida
ADE
08-06-2014 08:40 PM
08-08-2014 01:32 PM
by Steve
4 525
JOB - Landscape Install...
janslawncare
08-08-2014 10:06 AM
08-08-2014 10:06 AM
by janslawncare
0 412
» Popular Tags
4wd ads auger birdscaping charge collections subcontractor craigslist customers ecosymbiosis estimate exmark fall ferris first truck franchise gopherhaul grass gravely hardscapes hills holiday honda how much to charge how to bid introduction invoice john deere quik trac kawasaki labor cost landscape services late lawn lawn care lawn care busines plan lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care website lawn service leaf cleanup lesco lighting marketing mowing mulch estimate new buisness new mower patio install podcast promotion pto reo rotating scag scripts season seo starting a business starting a lawn care business start up lawn care business steve stihl theft theft of services tips toro toro grand stand trailer walker
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 02:02 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 02:02 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy