First Profit & Loss Report (aka Book Building)
The primary purpose of the training call is to create and analyze your first S Corp Profit & Loss report. Our tax guidance magic can't happen without an accurate net income number found at the bottom of the Profit & Loss report. We will teach you the basics of business accounting and QuickBooks Online in order to help you build your first Profit and Loss report.
Reconciling is a fancy word that means "compare two lists". We will help you perform your first monthly reconciliation, by comparing pdfs of your bank and credit statements to your QuickBooks. This process ensures that your Profit & Loss report is accurate.
First Payroll Run
You aren't an S Corp unless you are paying yourself reasonable compensation through a payroll service. This results in State and Federal employee and employer payroll taxes being paid each payroll run. We will teach you the basics of payroll and Gusto in order to help you submit your first payroll run.
Connect Collective to QuickBooks Online and Gusto
QuickBooks Online and Gusto are yours. You are the primary admin. We are attached as a firm company to help you manage them. In order for our tax guidance magic to work, we will help you connect all three companies via a module on your Collective webpage.
There is A LOT to learn about being an S Corp. We've found the following articles answer a lot of questions that come up during training.