The Best Bookkeeping Tools

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In our last blog post, we discussed the bookkeeping tips that you need to know for the new year.

One of the easiest ways you can get your bookkeeping in order is to use the various tools and software available specifically for small business finances. These will help keep track of your accounts payable, accounts receivable, payroll, business expenses, taxes, and more. It also means fewer paper records - and the less physical documents you have to keep track of, the less time you have to spend filing and organizing. MAJOR time saver!

There are a lot of bookkeeping tools available, but they are not all created the same. Sometimes it can be tricky to decide which bookkeeping tool is right for you, so we have put together a list of our favorite and most trusted bookkeeping tools that will save you time and make your life a lot easier.

bSolo

When it comes to bookkeeping tools that help with taxes for the self-employed, bSolo is one of the newest! This bookkeeping tool is one is super innovative and makes saving for your quarterly taxes simple. When you input your income, bSolo automatically sets aside a portion of that income for taxes. The tool tracks the tax deadlines for you and sends in your tax payment on time to the IRS.

Track1099

Track1099 is another great bookkeeping tool if you pay independent contractors! It allows you to submit your 1099 forms electronically (and cheaply) to the IRS. You simply login to the online tool, upload the data manually or as a CSV file, and either select to e-file the forms or physically mail them into the IRS and to your recipients.

TaxJar

TaxJar is THE tool to choose if you need to calculate and file sales tax - especially with all these online sales tax changes currently happening! TaxJar seamlessly connects to your e-commerce shops and automates your sales tax calculations for each and every state. Say bye-bye to those annoying spreadsheets!

Not only does TaxJar do your sales tax calculations for you, but it also prepares your state returns. TaxJar even files these state returns for you after it finishes preparing them.

HelloSign

HelloSign is one of those tools that lets you kill two birds (or more) with one stone. This software allows a company or person to safely e-sign multiple types of forms. Specifically related to taxes and bookkeeping, HelloSign allows you to electronically sign invoices, tax forms, bank forms, and more.

QuickBooks Online

QuickBooks Online is essentially the holy grail of all-around bookkeeping systems that pretty much everyone has heard of at some point. It is available to the general public and is widely used by the self-employed, small businesses, and accountants. QuickBooks Online helps you with your business by tracking income and expenses, maximizing tax deductions, keeping track of invoices and payments, running all sorts of insightful reports, and much more.

Pair the Perfect Tools with Professional Help

Just remember that these tools are not a replacement for your accountant and not every tool is going to do all of the bookkeeping tasks you need. The tools are meant to work in conjunction with your accountant. By utilizing both of these things, your bookkeeping will be organized and ready to go for years to come.

Bookkeeping Tips for the New Year

Bookkeeping Tips for the New Year

2019 is off to full swing and so is everyone’s New Year resolutions! Maybe you are wanting to be healthier, take more time for yourself, learn a new skill, or something completely different. While all of these are fantastic and should definitely be a part of the New Year goals, there is one area that people tend to forget about and that is financial resolutions. One of the best ways to get your finances in order is to improve your bookkeeping skills. If you don’t know where to start, that’s okay. Today we are going over the bookkeeping tips you need for the new year.

Be Prepared to Get Organized

The biggest thing you need to do before starting is to get organized. One of the key fundamentals of bookkeeping is that you need to keep things clean and in their place. This might sound like a total bore, but it's extremely important. Why? Because with bookkeeping comes a lot of numbers, papers, documents, and receipts. It can get a little overwhelming, so the more you get organized, the easier your life is going to be.

Keep Your Personal and Business Finances Separate

We have all heard the phrase “work-life balance.” This doesn’t just apply to separating your work life from your personal life. It applies to separating your work finances from your personal finances too. Just like you have two separate budgets for your business and your personal life, all of your business bookkeeping and your personal bookkeeping need to be kept separate as well. Keeping things separated reduces the risk of confusing your financial records and misinterpreting what finances go where.

Use Bookkeeping Software

Trying to do all of your bookkeeping tasks by hand can be a major pain in the butt and we don’t recommend it. Using software will make your life a whole lot easier and will streamline the bookkeeping process. We suggest software like QuickBooks Online and Track1099. (P.S. our next blog will go over the best bookkeeping tools, so stay tuned!)

Complete a Monthly Audit

Remember how we talked earlier about needing to be organized? A monthly audit will help you do this. While you should be completing all of your necessary bookkeeping tasks as the month progresses, at the end of the month you NEED to double check everything. Set aside time at the end each month to make sure all of your receipts, documents, and finances for that month are correct and where they need to be. It will save you time in the long run for when you have to complete year-end work. A great habit is to do this while reconciling your accounts in QBO each month.

Plan Ahead for Major Expenses, Seasonal Income, and Taxes

Planing ahead of time for is key to keeping your business profitable year-round. Creating a budget will help you manage your cash flow during each season of your business. Try to account for major expenses you will have during the year, any emergencies that may come up, and the taxes you are going to have to pay. No one wants to be scrambling for money they don’t have, especially when it could have been avoided!

Need More Help?

Keeping these simple bookkeeping tips in mind will make your year a whole lot easier. If you want even more tips or help, check out last year’s 3 Business Bookkeeping Tips to Start the New Year Out Fresh or reach out to us through our contact page! We are happy to help.