Registered
Join Date: Sep 2004
Location: Camarillo, California
Posts: 1,986
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Small Business (Sales Rep) Accounting Advice
I've started my single-member LLC as an independent sales representative for plastics extrusion and coating line equipment. Finally threw in the towel on corporate sales life (yay!). Having never run a business, the one area of expertise that I lack is small business finance. I've already set up a business bank account and I plan to purchase accounting software (Quickbooks or similar) to help me organize my transactions. I've also watched many YouTube videos.
Revenue and expenses are simple. Revenue = comission payments from my principals. Expenses = travel expenses and mileage. I will not hold inventory nor stock any machinery nor bill end users for service work. I have revenue forecasts based on what my principals shared for territory sales. I will share this privately.
I contacted a highly reviewed accounting firm in my area and waited a month for the appointment. The day before, I was told that I would have to pay an astronimical consultation fee for my 1-hour visit. I'm sure they are fantastic, but I'm just looking for some basic advice to help me get started correctly from the beginning.
Anyone out here willing to help with some basic pointers & tips? I realize this is an automotive forum, but figure there are some out there with a bit more experience. Feel free to PM me and I can share more details.
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Matt
'76 Porsche 911 with '78 3.0 SC engine
'71 VW Bus
'14 VW Passat (toddler hauler & wife approved ride)
'03 Subaru Baja original yellow & silver
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