As someone who runs a business, I know how tough it can be to keep track of expenses. Especially when it comes time to do the financial reports for the previous month or even tax season. I can tell you right now that keeping track of everything the old fashioned way is so complicated. Not to mention, it’s easy for me to make mistakes. So what am I to do?
The only way I can keep my financial records in order is if I find a good reliable software to do all the heavy lifting for me. And that’s exactly what I decided to look for. Some of the software that was available was too expensive and others had a very steep learning curve.
When a friend of mine told me about QuickBooks Self-Employed, I decided to check it out for myself. Let’s just say that it was the best advice I ever got.
It’s easy to use and I am able to do my financial reports for my business much quicker than usual. I keep records as I go and everything is organized and laid out exactly how I want it.
Quick Self-Employed Features
I run a digital marketing business. And I hate paper invoices. But that’s just me. Everything can be easily digitized using QuickBooks Self-Employed. It’s easy for me to send and track invoices to my clients. That way, I know which ones are sent, received, and fulfilled.
You can’t track invoices that are physical hard copies (unless you have some kind of superpower or some kind of device that can do it all...which we all know doesn’t exist). When I send out invoices, I can make sure they are fulfilled on the due date and send a follow up if and when needed.
My clients and I have a trusting relationship with each other. And I know very well that they pay on time, every time. What makes this feature stand out even more is that I am able to keep track of what I earned throughout the entire month.
And I don’t even need to do the math. QuickBooks does that for me and I can be able to take a look at the monthly, quarterly, and yearly reports. The yearly reports surely come in handy so I can be able to report my income when doing my taxes.
About half of my clients are located in my local area. So I get to do some traveling to meet with them face to face. And of course, there’s also the conferences that I go to for the purpose of bettering myself as a digital marketer. So I am able to track mileage of every mile I’ve traveled from point A to point B.
It will help me throughout tax time with travel expenses such as gas, auto repair, and more. It’s important for me to minimize my tax bill as low as possible. Even though I’m a one-person band when it comes to my business, I can also be able to track the mileage of anyone I can take on as an employee at some point down the road.
Snapshot Your Receipts
Did I mention how much I hate piles of papers? I know there’s a lot of people that keep them for hard copies just in case technology goes haywire. But I always capture every single one of my receipts for every personal or business expense.
And everything is well organized and all the data is properly entered automatically. I don’t have to punch in any numbers myself. It’s quick, convenient, and does exactly what a financial management software should do. I can organize it as a personal or business expense. And it will help me out come tax time so I don’t get confused and accidentally enter the wrong information.
Sort Between Personal and Business Expenses
What business owners seem to miss the mark on is that everything they buy for the business is coming out of their personal accounts. And that’s a huge mistake knowing that they’ll be missing out on all sorts of tax deductions come tax time. So I need something that will be perfect for keeping personal and business expenses separate rather than lumped together.
With QuickBooks Self-Employed, I am able to do that. Keeping track of these expenses used to be tough, but with this program that isn’t the case. Plus, you’ll be able to determine which constitutes as a personal or business expense. I remember my accountant friend telling me how many clients he’s worked with and how they’ve made this big mistake mislabeling their expenses.
And how it cost them dearly every year because of taxes. Let’s just say knowing what I know, I’m ahead of the curve. With QuickBooks Self Employed, it’s easier for me to double-check to make sure that everything is in place.
If there is one thing about QuickBooks Self-Employed that I love, it’s the ability to know what my estimated taxes are. That saves me a lot of time trying to research and figure out how much I owe.
Plus, I’m not a big fan of crunching numbers. Let’s just say the last time I did that it left me stumped. All I can do is keep track of my estimated taxes for the quarter or the year and make as many deductions as possible to lower my tax bill. Not bad for a financial management software.
If you are looking for the best financial management software for your one-person business, QuickBooks Self-Employed is the best (if not, the only option) for you. You would be crazy to pass up the opportunity to try out this software for yourself. Especially when you are having a hard time with keeping track of your income and expenses.