We incorporated our business ‘The True Potential Group Inc." on May 10th this year in Nevada, USA.

Here are a few resdons behind our decision:

1. We are asking American resellers for our Art From Steel business to send often more than $5,000 to an overseas personal bank account. We expected that by Incorporating we ‘d increase our credibility in the short-term
2. In the medium-term we plan to get certain accreditations for our websites and businesses which require a third-party to verify our business background. We can only do this if we have an established company that’s been active for a few years.
3. We ‘d be forced to keep accurate accounts and to take our income and expenses seriously.

It’s now November and until a few days ago we ‘d not made any progress with getting our books in order. This is for a number of reasons…

1. We operate completely independent businesses, each making money in very different ways.
2. We work in three currencies (THB, GBP and USD)
3. We don’t really have separate business and personal bank accounts.
4. We ‘ve got no experience at all with the US accounting system
5. Life gets in the way

we ‘ve still got some time to go before we submit our accounts to the IRS but we ‘ve set ourself the target of getting an accountwe system in place by the end of November.

We plan to use MYOB AccountEdge rather than Quickbooks because AccountEdge is written predominantly for Macs whereas Quickbooks for the Mac is merely a port from Windows and is about 2 versions behind where it should be.

Yesterday we made contact with an MYOB Expert. Although she’s not a CPA she is a qualified and experienced bookkeeper with many years experience in administering AccountEdge. She’s also based in Nevada which should mean that when it comes to processing our accounts, all our data should be structured correctly.

We spent last night writing a report of how our businesses operate. We suprised ourself that although we have money flying all over the place we can define The True Potential Group Inc. as a series of just 4 sub-businesses. Now our head is a little clearer, we ‘ve sent our 12 page report to our new advisor and she’ll take responsibility for getting our AccountEdge file set up with the correct bank accounts.

Ultimately we ‘ll be paying a bookkeeper to assist us, but we ‘d like to have a strong understanding of what’s required in administering the software first. [tags] bookkeeping, quickbooks, accountedge, ourob, accounting, business incorporation, nevada company formation [/tags]