Hi Everyone - what software do you use to manage your business accounting? Two that i have started to look at are: Wave and QuickBooks. Any others i should investigate?? Thanks!
I hate screwing with bookkeeping.
I have an accountant/bookkeeper that does it all for me for about $500 a year for my contracting and HI businesses.
I just drop off my receipts once a week…
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I have used Microsoft money since the 90s. It is no longer made, however you can get the sunset Edition online for free. I also have an Excel spreadsheet which I use for our home Budget, rental property, all of our income, which ties into our 1040 income tax form.
Thanks Eric!
I throw everything into a cardboard box, then on February 29th and 30th, I go to my cabin and hammer it all out including my Fed and MN taxes. If I get done early, I get to go fishing. Best-incentive-ever!!
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Quickbooks Self-Employed phone app. Links to your bank and you can categorize all your transactions. Integrates with TurboTax. Tracks my mileage too. Very nice app.
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You should be doing that quarterly .
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Not very observant, are you? :roll:
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I used to be a big Wave fan, then I found Freshbooks. Does everything. Sends out agreements and gets signatures, payment processing, reports. Everything I need.
Microsoft Excel. Every workbook contains three pages.
First page is General Ledger. Every transaction is entered here by date, description, service provided (2 letter code if applicable), one column for debits and another for credits.
Second page is Expenses. Listed by date and column separated by tax category (office, supplies, coned, dues, insurance, etc.)
Third page is Income. Listed by date and column separated by service category.
This method of accounting is called double entry. At the end of the year the General Ledger totals should match the Income and Expenses totals. Then I’m off to the Tax lady.
Once you create a workbook template a new one is simply opened each year and the year is entered for the book (saved as YEAR GL).
No matter what software you use you are going to have to set it up and make regular entries. Commercial accounting software generally has too many categories and bells and whistles. It was easier me to set up something simple to meet my limited needs.
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Microsoft Excel.