Accounting process for LLC

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I have newly incorporated LLC so, how do you guys do accounting for you or submit sales tax to IRS department. Is it possible to do it all by myself? Which accounting software is good? Basically, How you're managing your finances.
 
I have newly incorporated LLC so, how do you guys do accounting for you or submit sales tax to IRS department. Is it possible to do it all by myself? Which accounting software is good? Basically, How you're managing your finances.
Don't do it yourself unless you are an accountant. Its a waste of time for you as an entrepreneur. (there is too much to figure out) Hire a local accountant in your area, who you can call on the phone, and submit your yearly's.

That's the premium and only solution for someone who wants to focus on their business, and keep things 100% right.

The way I do my accounts, is I have a years spreadsheet, the date, and description, and debit or credit amount, and reference number, and vat. And I just at the end of the year, go back through my bank statement CSV, and match up my "business diary" spreadsheet, with that's in my bank account statement. Once they match and I know I have all the invoices, I send the diary to accountant who produces the goods, and submits them on my behalf. There are also a couple of things like admin type forms I have to fill in, these seem to be updated and change every year, so I just fill them in when my accountant sends me them. They are the ones with the knowledge.
 
Don't do it yourself unless you are an accountant. Its a waste of time for you as an entrepreneur. (there is too much to figure out) Hire a local accountant in your area, who you can call on the phone, and submit your yearly's.

That's the premium and only solution for someone who wants to focus on their business, and keep things 100% right.

The way I do my accounts, is I have a years spreadsheet, the date, and description, and debit or credit amount, and reference number, and vat. And I just at the end of the year, go back through my bank statement CSV, and match up my "business diary" spreadsheet, with that's in my bank account statement. Once they match and I know I have all the invoices, I send the diary to accountant who produces the goods, and submits them on my behalf. There are also a couple of things like admin type forms I have to fill in, these seem to be updated and change every year, so I just fill them in when my accountant sends me them. They are the ones with the knowledge.
Thanks for your detailed answer. From where I can hire accountants? Any legit source? Or I have to file taxes with IRS at the end of financial year?
 
Thanks for your detailed answer. From where I can hire accountants? Any legit source? Or I have to file taxes with IRS at the end of financial year?
Best get an accounting company in your area. I'm sure most countries have local accountants. Its unlikely you're the first person in your country to start an American company.
 
If it's a 1 member LLC, you may try to do that by yourself, it's not so hard if you read enough...but it's always advisable to hire a professional to deal with it.
 
I have newly incorporated LLC so, how do you guys do accounting for you or submit sales tax to IRS department. Is it possible to do it all by myself? Which accounting software is good? Basically, How you're managing your finances.
You can definitely handle a lot of it yourself in the beginning. Most people use accounting software like QuickBooks, Xero, or Wave to track income, expenses, and generate reports. For sales tax, it depends on where you have nexus, but tools like TaxJar or Avalara can automate the calculations and filings.

A common setup is: accounting software for bookkeeping, a separate tool for sales tax, and then either file taxes yourself or have a CPA review everything at the end of the year. That’s usually enough when you’re just starting out.
 
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