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3. Onboarding Accounting and Payroll Zoom
3. Onboarding Accounting and Payroll Zoom

First Financials and First Payroll

Updated over a year ago

Agenda

  1. First Financials

  2. First Payroll

  3. Ongoing Services

We'll aim to get through the entire agenda, in order, in one zoom call. If more calls are needed, we'll have you schedule the follow up before the current call is over.

First Financials

Context

Our goal is to identify, import, and categorize business transactions.

This process builds the books in order to review the S Corp's First Financials.

We know all the right questions to help you remember transactions and accounts you may have forgotten about.

The steps must be followed in order.

If you'd like to get a head start, and you happen to be reading this article before the zoom, try and complete as many of steps 1 - 5 as you can.

Steps

  1. S Corp Books Start Date

  2. Transaction Types, Account Types, and Import Tools

  3. Business Transactions from Business Accounts via Bank Feeds Tool

  4. Accountable Plan Expenses from Personal Accounts via Reimbursements Tool

  5. Business Transactions from Personal Accounts via Spreadsheet Tool

  6. Categorize Transactions

    1. We categorize all business transactions loaded into your accounting software during the steps above. Some with you on zoom, the rest on our own.

  7. First Financial Reports

    1. We review your first financial reports with you and make adjustments if needed.

    2. We'll show you how to read your P&L, ideas for potential savings, what to keep an eye on each month, and how they connect with quarterly tax payments and annual tax returns.

If Applicable

First Payroll

Context

Our goal is to help you submit your First Payroll and turn on Autopilot.

The steps are designed to be followed in order.

We'll walk you through them live on zoom.

Summary

  1. S Corps Joining Collective with Payroll Runs not from Gusto

  2. Payroll Set Up in Collective Dashboard

  3. Reasonable Compensation

  4. Profile Settings

  5. Medical Premiums

  6. Submit First Payroll

  7. Turn on Autopilot

Steps

  1. S Corps Joining Collective with Payroll Runs not from Gusto

    1. Click here for detailed instructions.

    2. Only for S Corps who ran non-Gusto payroll in the year they joined Collective

    3. ALERT - Must complete this step before first payroll with collective

  2. Payroll Set Up in Collective Dashboard

  3. Reasonable Compensation

    1. You must chose your own reasonable compensation.

    2. Collective cannot recommend a reasonable compensation.

    3. Click here to read our help article to learn about some important factors when determining your reasonable compensation

    4. It is ok to change your Reasonable Compensation after you complete onboarding. Your Member Relationship Manger can point you to resources for you to conduct your own research

  4. Profile Settings

    1. We share our screen and finalize payroll settings

    2. Items of focus:

      1. checking account for company profile

      2. personal checking account for owner/employee profile

      3. once a month payroll schedule

      4. annual salary = reasonable compensation = see #1 above
        ​

  5. Medical premiums

    1. Click here for detailed instructions

    2. If you pay out of pocket for your own health insurance plan, we'll report the monthly premium in Gusto.

    3. Please pay the monthly premium of health insurance plans, that are in the S Corp Owner's name, with Business Checking or Credit accounts

    4. If needed we set up historical adjustments in Gusto and Xero
      ​

  6. Submit First Payroll

    1. We help you run your first payroll. This is a crash course in payroll that distills years of experience into a concise walk through.

    2. We tailor it to your interest level by only reviewing the most important concepts needed to run your business. If you have more questions, we have more concise explanations.

    3. Common areas we review:

      1. business checking debit date

      2. personal checking deposit date

      3. employee taxes

      4. employer taxes

      5. state employer registration

      6. payroll runs vs shareholder distributions

      7. payroll taxes vs quarterly tax estimate payments

  7. Autopilot

    1. We walk you through this task live on the zoom call.

    2. Autopilot submits payroll for you each month, so you don't have to remember to log in and manually click the submit button.

Ongoing Services

The following services are not provided by your Onboarding Accountant.

We share them here so you can get a head start on accessing our ongoing services.

24/7 Email Support

  • Anytime, email any question, big or small to [email protected]

  • The email is routed to your Member Relationship Manager.

  • They will answer your question if its in their area of expertise or assign it to another expert on the team. That expert will reply from [email protected], but you'll see their name in the signature of the body of the email.

Services Included In Your Subscription

Reduce Your Taxable Income

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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