We feel like a broken record telling everyone and their sister to use Quickbooks, but it is truly the only way you will be able to have a FULL picture of your finances. (Yes, there are other kinds of accounting software, but Quickbooks Online beats them all!) Also, CPAs prefer Quickbooks to other software.
OHHH and just so we are clear – if you are just starting out you’ll want this version:
DO NOT get Quickbooks Self-employed. Just trust us.
Your spreadsheets are not cutting it
No one loves spreadsheets more than we do! BUT when it comes to actually doing your bookkeeping, Excel and Google Sheets really don’t cut it. Spreadsheets can’t create comprehensive Profit & Loss and Balance Sheets, which are integral to knowing your business. The reports that you are able to create in Quickbooks are magical (and, again, necessary).
A better way to take money
Streamlining the way you take money will make your business life SO much better. AND the truth is, you look so much more legit when you take money through Quickbooks vs. Venmo. Simple things like being able to include your logo and your billing address elevate the invoicing experience! OH and you can create an invoice via a link that you can email or text.
It also makes it so much easier to know who owes you money and when it is coming in.
Make tax time easier
Are you combing through your actual bank statements at the end of the year to make sure you’re maximizing your tax deductions? No one wants to have to gather up a bunch of physical documents. Quickbooks will do this for you, so when your CPA asks you for the breakdown – you have it!
Sales Tax is tricky, so making sure it’s all right from the start is incredibly important. Quickbooks helps you set that up and charge correctly! It’s also easy to run all of the reports for remitting the correct amount by county.
Do you really know your bottom line?
If you aren’t using accounting software, you honestly probably don’t. Looking at your bottom line monthly, quarterly, and yearly can help you understand how much you’re actually bringing in and taking home. It’s a great way to compare with past periods to see if you’re growing or if you need to find opportunities to cut back.