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.
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 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 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 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 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.