Hello,
I have started a small catering company. (partnership) in Mich. I can run circles around the office and the kitchen. My biggest concern and fear is the accounting end of it. I have downloaded quickbooks and have managed to muddle my way thro the very basic steps. I have been keeping records of my expenses and business income. I know I really need to hire an accountant but I have dumped most of everything I have into startup. I have a few questions maybe someone can help me with till then...

How do I pay us? Just take it out of the profits? I have it setup so when I receive payment from services... 25% is going to food cost/ 25% overhead/ 15% Capital/ 35% profit. Keeping in mind that if any one of those categories comes up short, it comes out of the profit.

What are the major things that I can write off at the end of the year and how or where should I keep those records.

I am completely overwhelmed with all this. Wondering if I took on more then I should have. I have spent more hours then I can count in front of this PC trying to inform, teach and learn. I know I will need thicker glasses... Can I write that of tooo? :)

Any advice will be greatly appreciated, I will checking back soon... with more questions I am sure

Thanks in advance,
Lynda

I double posted this in the accounting category as well