Starting a new business can be daunting, there is a lot of different aspects to cover and the main one of them all is accounting, you need to keep on top of everything from your receipts, to expenses, and other financial information. It's really easy to get overwhelmed.
Luckily there are plenty of apps to help and one of these is QuickBooks Self-Employed, specifically designed for the self-employed, freelancers and the home-based entrepreneur.
It is perfect for a sole-proprietor, for many reasons. One of these being the fact that it has a solution to the age-old self-employed problem of mixing your business and personal transactions interchangeably. The app will also help you estimate and pay your taxes, which will definitely help you come tax time every quarter.
The navigation system on QuickBooks is extremely simple and easy to use. After taking a brief video tutorial you can easily access all pages. You simply access settings and enter your username and passwords for your various bank accounts and some minutes later QuickBooks will be connected to your banks, and you’ll see your most recent transactions for up to 90 days.
The transactions page will then display date, transaction, amount, type and category of which your expense was, and this is important for when you come to prepare your taxes before the deadline. This is where you can categorize personal and business transactions and you won’t have to redo this when it comes to filing season. Quickbooks will also help you to know which categories of expenses you can actually file against.
The app also enables you to track miles driven for business meetings and create car-related expenses accordingly. You can then do this by adding vehicle details and then mileage based on the miles you covered or estimated odometer readings.
Once you are finished entering your data, you can export your transactions and create and printed reports. You can also download them as a CSV file so you can access them later. The app also enables you to create three types of reports: profit and loss, tax summary as a PDF and a detailed tax breakdown in an Excel spreadsheet.
This app really makes the worst part of doing your own business – finance and accounting, bearable. While it costs 10$ a month, once you’ve set up all the personalisations, it really is worth the money.