One of the most unattractive sides to business is the financial side. Whether you are freelancing and billing clients individually or managing inventory and commission, there are some challenges that come with money. The following resources can help make keeping track of income and expenses, as well as invoicing, a lot easier. In turn, when tax time arrives, things are less stressful overall.
Expensify: For the business owner who deals with expense reports on a regular basis, Expensify may be the right tool. Utilizing smart scan technology, receipts can be filed away after a simple picture is taken using the app. The program can also import expenses directly from bank accounts or credit cards. It is free for individual users, and the cost increases slightly when you add a team or your entire company to it.
TaxBot: Transporting technology has gotten easier with smart phones and data plans, so for someone who travels frequently or needs to log miles for their business, TaxBot is a great option. As its name suggests, TaxBot helps users document their tax deductions by keeping track of income and expenses. It works for multiple businesses, stores photos of receipts, and keeps data for several years, even if you don’t continue to use the program.
QuickBooks: QuickBooks for Small Business is a trusted accounting software. With multiple options for small business owners, and one for those who are self-employed, the program covers all needs. All of their plans include the integration of bank accounts and use of mobile apps. Those who are using the self-employed software can track miles, send invoices, and estimate quarterly taxes. The Small Business Plus option is great for multiple users, allowing them to manage bills, track time and inventory, and even track 1099 payments.
TIP: Keeping solid and detailed records of your business transactions is necessary, but doesn’t have to be tedious.