Tech vs Manual Bookkeeping
Starting my business I knew I needed something simple to keep track of all my income and expenses for tax purposes. Using a spreadsheet was a great starting point, but today's technology has more robust features that help us keep track of all things business for our taxes.
Invoice and Accept Payments
Collecting money from my clients was one of the first things I had to figure out. Quickbooks does offer 2 options for your clients to pay online. They offer FREE ACH check or bank transactions, as well as credit card transactions… so no need to wait for snail mail to arrive with your customers check.
Capture and Organize Receipts
Keeping up with all the income you receive and the expenses you have in your business can be daunting. I started with a spreadsheet, then scanned receipts to save on my Google Drive for future reference. However, none of these things were connected, allowing for the risk of forgetting something. With Quickbooks, I can either take a picture of my receipt or scan it and upload it to the transaction.
Documenting miles each time you drive for business was important to me. I started with a spreadsheet that documented every appointment I drove to and from, but sometime I would forget and have to back track my weeks activities. Using the Quickbooks Self-Employed mobile app, it will automatically capture that without you even thinking about it.
Maximize Tax Deductions
Keeping track of all things business for tax purposes is one thing, but knowing what you can deduct throughout the year is helpful. Quickbooks allows you to share your books with your accountant or export the information at tax time. It automatically sorts all business expenses into the right tax categories.
The app automatically sorts all business expenses into the right tax categories for me, keeping me from having to do the math for reporting. I handle the income taxes for our household, but if you are already working for an accountant you can invite them to review your accounting right from within the app. So you won’t have to prepare the reports for them.
Well, QuickBooks has created a version for you small business owners. QuickBooks Self-Employed was built for small business owners that don’t need a full blown accounting solution to manage their money for their business.
Who is this for...
Freelancers (Consultants, Coaches, etc.) who provide project-based or hourly rate work to your client and collect payments.
Realtors that need to keep up with your mileage or income and expenses.
Multiple Level Marketing or MLM business owners who just need something simple.