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Post by jetstream23 on Jul 25, 2017 23:23:19 GMT -5
I'm setting up a little side business, primarily consulting. Still keeping my day gig but will setup a LLC where some of my clients can pay me directly to do things my company won't do because the contracts are too small and they're not interested in the work.
Question for small business folks - What business credit card do you use? I have experience with both a corporate AMEX and a Diners Club card from previous companies. I'm getting peppered with offers from American Express Platinum, Gold and Chase Ink Business Preferred. Any experience with those? One thing I'd like to be able to do is some online expense management. For example, I want to logon to the account and then categorize/itemize/make a notation for expenses so I can allocate them to different customers, separate business from personal expenses, etc.
Thanks.
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Post by Big L on Jul 26, 2017 5:45:31 GMT -5
Your company is OK with you moonlighting?
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Post by 32Green on Jul 26, 2017 6:42:11 GMT -5
Your company is OK with you moonlighting? This guy. Mods, please put him down as a butt pleasure nay.
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Post by Gunnails on Jul 26, 2017 9:54:49 GMT -5
I use Quick Books!
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Post by jetstream23 on Jul 26, 2017 9:58:24 GMT -5
Your company is OK with you moonlighting? Yes. Separate customer set, it's work that my corporation wouldn't do, and could ultimately lead to larger opportunities coming to that corporation.
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Post by DDNYjets on Jul 26, 2017 11:30:47 GMT -5
Sounds like a ponzy scheme.
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Post by quantum on Jul 26, 2017 12:24:56 GMT -5
sounds like unicorns. I'm out
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Post by Big L on Jul 26, 2017 12:41:16 GMT -5
Your company is OK with you moonlighting? Yes. Separate customer set, it's work that my corporation wouldn't do, and could ultimately lead to larger opportunities coming to that corporation. It's a trap. Next thing is your full time employer will claim you're working on your own shit instead of theirs on the company dime. You're shitcanned. Start looking. I hear Dunkin' Donuts is looking for help to serve cops donuts with no complaining.
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Post by jetstream23 on Jul 26, 2017 14:44:24 GMT -5
You guys have been an awesome help in answering precisely zero of my questions. lol
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Post by Big L on Jul 26, 2017 15:11:07 GMT -5
You guys have been an awesome help in answering precisely zero of my questions. lol You should set up an LLC regardless. Everyone should.
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Post by jay57 on Jul 26, 2017 15:13:53 GMT -5
You should lease the BMW.
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Post by Gunnails on Jul 26, 2017 15:42:21 GMT -5
You guys have been an awesome help in answering precisely zero of my questions. lol [ ==== I'm not the smart one here, but it sounds like you want to track expenses online through your credit card reports? I do not see the advantage that has over just doing it through accounting software like QuickBooks which will also help with invoicing and also if you need to do estimates. You should chat with SouthPark.
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Post by Gunnails on Jul 26, 2017 15:50:11 GMT -5
I just have an Alaska Airlines card cause it use to be goo for free miles. But I keep all receipts even if they are digital I print them. Then everything gets entered into QuickBooks to the extent that is possibles. Things like business miles don't get entered and are just given directly to the taxman.
As mentioned everyone should have a side business LLC just for the right offs. The only downside to me is the extra tax preparation fees.
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Post by jetstream23 on Jul 26, 2017 16:23:37 GMT -5
You guys have been an awesome help in answering precisely zero of my questions. lol [ ==== I'm not the smart one here, but it sounds like you want to track expenses online through your credit card reports? I do not see the advantage that has over just doing it through accounting software like QuickBooks which will also help with invoicing and also if you need to do estimates. You should chat with SouthPark. Thanks gun! Yes, I'll have a small accounting setup, likely with Quickbooks for invoicing, etc. I was just wondering if there was an easy way to select certain expenses using an AMEX tool in order to import/download them into something like Quickbooks. I'm just looking to make it easier since I travel a lot and if I'm on the road for a while it could be a good way to identify expenses for certain customers at the time they're incurred (like a business dinner, printing at FedEx, etc.) The LLC is almost setup already. I have the name reservation in place, got the .com domain, setup a virtual business phone number, email and business address (basically a small mailbox, not a PO box, thru PakMail). Just need to have a final conversation with my accountant about manager-managed vs. member-managed LLC before I can file the Articles of Organization. It's actually quite amazing.....I'll be able to stand up this business with registration, a website, business address, email and phone number all for under $1,000.
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Post by Gunnails on Jul 26, 2017 16:45:10 GMT -5
You will also need a business checking account which sucks, unless you can get folks to write checks in your name.
Also if I was to do things again I would not use my last name for part of my business name, I do some work at times for a large company that my brother is high up in and he worries that the bean counters will find that a conflict.
QuickBooks only works on one computer without paying a lot extra. So I can see it being a problem traveling with a personal and business laptop. So just save all your receipts and enter them when you get home, it doesn't take long. It would be nice to invoice on the spot though.
Keep notes of what you need to bill for less you forget.
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