Call 1 - Prep
Be prepared with website URLs, logins, and passwords for all your checking and credit card accounts.
Please email pdf's bank statements of business checking and business credit cards to [email protected]. You can ignore this step if your account is so new that you don't have a pdf statement yet. Definition of "business account" for this step = any account that contains only income and expense transactions related to your business. We only need statements as of the first of the month of the Box E date on your Form 2553. This form is in the documents section of your Collective Dashboard at app.collective.com. Email [email protected] if you need further assistance.
Call 1 - Agenda
Our experts in accounting and payroll will guide you through the following steps. These steps allow the second call to focus on an insights deep dive.
Connect Accounts - business and personal
Personal Accounts Transactions - exclude personal, categorize business
Personal Accounts Close - disconnect from banking screen, JE to equity
Bank Statement PDFs - collect for business accounts, reconcile
Pre-Collective Payroll (if applicable) - collect payroll reports and paystubs from previous payroll provider, verify EIN number, EIN name, LLC name
Schedule Second Call - before end of the first call
Send Recap Email
Call 2 - Prep
The following steps are very important. They allow the second call to focus on an insights deep dive.
Run Your First Payroll - Please attempt to run your first payroll before your second call. If you were unsuccessful or have follow-up questions, we will assist you at the second call.
Accountable Plan for Mixed-Use Purchases - Attempt your first accountable plan. Bring your worksheet to the second call and we will discuss targeted tax-saving guidance.
Call 2 - Agenda
Confirm member ran payroll, run if not, and answer questions
Share insights while reviewing financial statements
Ask Me Anything
Accessing ongoing support
Send Recap Email
After the Call
Reduce Your Taxable Income
Accounting and Payroll Services