235: Best Bookkeeping Software Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
235: Best Bookkeeping Software Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
When you own a business, you know you need to have your bookkeeping under control. There are many options available to have up-to-date bookkeeping, but you may be wondering which solution is best for you and your business. In today’s podcast episode, I am covering what you should be looking for in a bookkeeping solution and if QuickBooks is the best solution for your business. I’ll discuss the differences between having software downloaded on your computer and utilizing an online version. Overall, you want to make sure that you take all of your interests and needs into consideration so that you choose the best solution that fits not only the needs of your business but also your personal level of expertise when it comes to understanding your business finances as well. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; the system you use to track the money coming in and out of your business needs to be accurate and save you time so that you can continue to focus on your business. Listen in and see if QuickBooks will be the best solution for your business finances. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
When you own a business, you know you need to have your bookkeeping under control. There are many options available to have up-to-date bookkeeping, but you may be wondering which solution is best for you and your business. In today’s podcast episode, I am covering what you should be looking for in a bookkeeping solution and if QuickBooks is the best solution for your business. I’ll discuss the differences between having software downloaded on your computer and utilizing an online version. Overall, you want to make sure that you take all of your interests and needs into consideration so that you choose the best solution that fits not only the needs of your business but also your personal level of expertise when it comes to understanding your business finances as well. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; the system you use to track the money coming in and out of your business needs to be accurate and save you time so that you can continue to focus on your business. Listen in and see if QuickBooks will be the best solution for your business finances. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Tracking all of the money coming in and going out of your business is part of your responsibility as a business owner. You need to make sure that you have a system in place so that you can generate financial statements, stay in compliance, and be ready to prepare your business tax return. There are many options out there for you to accomplish these tasks, but I want to ensure that you are utilizing the system that aligns the best with you and your business needs. QuickBooks is one of the most widely used bookkeeping solutions, with millions of users worldwide. It is designed for businesses with financial management needs and is used by both business owners, accountants, and bookkeepers. As I talk about each of the areas you should take into consideration for your bookkeeping solution, I will be focusing mainly on QuickBooks Online, but you can easily use these considerations on QuickBooks Desktop or any other bookkeeping system you may be thinking about using for your business. If you are interested in learning more or purchasing QuickBooks Online, you can go to www.FinancialAdventure.com/QuickBooks, and save thirty percent off your first six months.
One of the first things I want you to consider is whether you want to have your bookkeeping system on your computer, such as QuickBooks Desktop, or if you are interested in having your bookkeeping online so that you can easily access this web-based software anywhere you have an internet connection. An online version helps you to run your business remotely and allows you to access your bookkeeping system even when you are on vacation if you need to. When you utilize QuickBooks Online, you are also able to add accountant users to your file, so they have access to your information. This helps simplify your processes when it comes time to do your tax return or whenever you have a question about your bookkeeping that you would like help from your accountant. If you decide to outsource your bookkeeping, this option works out well so that you can easily add your bookkeeper to your account, but stay in control and continue to have ownership of your files. If you would ever need to change bookkeepers, you can simply delete one and add the other. Your tax preparer or accountant can also easily log into your account and help you remotely with this accountant access. When you have an online solution such as QuickBooks Online, your backups are done automatically. You don’t have to worry about your computer crashing and losing all your data. This can be devastating and cause a lot of additional work to bring everything back up to date. I’ve had this happen to a few of my clients over the years, so believe me, when I say that not having a backup of your information can cause a considerable amount of stress. I’ve seen many tears over this situation. Whatever you decide for your bookkeeping solution, make sure that your data is being backed up.
You’ll also want to consider features that are available. Decide which features you need for your specific business. Features such as sending and tracking invoices for your customers, tracking income and expenses of the business, creating and managing estimates, syncing your bank account, managing and paying bills to vendors, recording credit card transactions, attaching documents and receipts to transactions, managing your vendor and customer lists, set up recurring transactions, and running sales and profit reports, so you can see how your business is doing, are all features you should be considering. Make a list of your must-have features, as well as which features would be nice to have, and you want to make sure that the solution you select has the ability to grow with your business as your business grows. All of the features I mentioned are available in QuickBooks Online, as well as many more. These features help you efficiently keep track of your daily transactions, keeps you in compliance, and allows financial statement report generation with a click of a button. You’ll save time over manually recording your transactions, and it reduces human errors with the option to directly import your transactions using the bank feeds. The ability to enter your transactions in once and be able to pull that information up in multiple ways helps you gain confidence that you are generating accurate financial reports. You’ll be more organized by having all of your financial information in one place.
Next, I want you to think about the learning curve you might have with the bookkeeping system you choose. Both QuickBooks Desktop and QuickBooks Online have been designed with you, the business owner, in mind. Most transactions that you record will be done in a way that you will understand without you having to know the specific journal entry that is happening behind the scenes. For example, when you enter an invoice for a customer, you will select the items your customer is purchasing, and QuickBooks automatically handles the journal entry. You simply need to make sure that the invoice is to the correct customer, for the right items, and is reflecting the correct amount the customer owes. There are also plenty of ways you can get additional help, either from within QuickBooks or online. When you have the proper support and training, it makes your bookkeeping tasks a breeze. My clients love it when I help them understand how their bookkeeping system is working. If you have been doing your bookkeeping manually in the past, you will already have an idea about how your bookkeeping needs to be recorded. By utilizing a computerized software system, you’ll find that recording your transactions will not only be much quicker, but you won’t need to manually create your financial statements. They will automatically generate for you. This is especially helpful if you have never created your financial statements in the past.
And the last thing I wanted to talk about today is cost. You want to make sure that you are able to afford the bookkeeping solution needed for your business. When I have clients who are debating which QuickBooks Online solution they should be getting, I usually have them select a tier that can handle the number of users that they need to access their account, as well as the must-have features they identify their business needs. Whenever you sign up for a more basic tier, you can usually upgrade if and whenever it is necessary. Most businesses are fine with getting QuickBooks Online Essentials, but if your business needs inventory or job costing, you may need to select a higher-tiered plan. I do want to make a few quick comments regarding other bookkeeping solutions. I often get asked what my opinion of QuickBooks Self-Employed is, and due to the lack of reporting and customization, I do not recommend clients start with the self-employed version. I think the additional money you spend on a lower tier of QuickBooks Online will be money well spent. I am also not a fan of the QuickBooks Online Payroll solutions. They seem to create a lot of confusion for business owners, and I feel that a better payroll solution is ADP. If you would like more information about ADP and how this payroll solution will seamlessly integrate with your QuickBooks Online account, you can go to www.FinancialAdventure.com/ADP.
Overall you want to make sure that your bookkeeping solution is affordable, easy to use and integrates well with your business, and is consistently evolving with new features and improvements. Make sure you are working with an accountant, CPA, or tax preparer who can help you when you have questions and work with you so that you can understand what your financial statements mean about your business. I work with my clients to help streamline this process. Making sure your bookkeeping is up to date is the first step to having reliable and accurate financial statements available so that you can make smart business decisions. My clients are able to reduce their stress levels and gain confidence in their ability to run their businesses without second-guessing how the business is doing financially.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, You can go to www.FinancialAdventure.com and click on the work with me button. Sign up now. I help people get results and live a more joyful life. I know there is something you want in your life, and I can help you get it. Are you ready to enjoy your life now? Why would you want to wait? Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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