You’ve set up your business, but now you just spend the money that comes in on what you think you need in your business, plus attempting to still cover all of your personal expenses too, right?
You aren’t alone. I see this all the time from new (and even not so new) business owners.
Accounting and/or bookkeeping wasn’t something you learned when you decided to set up your business. A business degree isn’t required to have your own business.
But now it’s time to file your taxes, what do you do?
Well, most people scramble to find someone to help them, or give them the information on what they need to do. Then they make a vow to never let this happen again.
Flash forward one year, and they are in the same position again. Time to scramble and do the same thing all over again.
So what can you do differently than what these other business owners are doing? Set up a bookkeeping program (or hire a bookkeeper to do it for you), from the very beginning of your business.
A bookkeeping program doesn’t take a rocket scientist to figure out. It’s just like learning a new email provider or a new program on your computer. It will take some time to learn the new program, but if you use the tutorials that are provided and take the little extra time in the beginning to learn it, doing your own bookkeeping will be much easier than you thought it would be.
There are 3 main programs that I use and recommend:
1. Quickbooks: This is by far my favorite one of the three and currently all of my bookkeeping clients also use this program. It is very
user friendly and has the smallest learning curve as well.
2. Xero: Very similar to Quickbooks in functionality and outlay, but it does take some getting used to, as do any new programs.
3. Freshbooks: Again very similar to the other two programs, it takes some getting used to and figuring it out.
I don’t recommend 17hats because I personally don’t like it. I am very analytical and organized and to me, 17hats was cluttered and full of chaos because it’s not just a bookkeeping program, it’s also a project manager and CRM. This was way too much for me and not what I wanted to deal with.
I know Quickbooks the best of the 3 programs, but will work with any of the three. Honestly, when you are coming into bookkeeping without knowing anything, all 3 programs have the same learning curve.
You can accept payments and send invoices from all 3 programs and link your personal bank account to be able to accept payments. You can also link your bank accounts, PayPal and even credit cards to help with less entering of information for you because with your accounts linked, it’s a simple sorting mechanism that takes place.
To find out which program would work the best for you, compare what each ones offers and base it on your needs. Want to chat some more about what your needs for your business bookkeeping may be, click here to book a complimentary call with me and bring your questions to the call.
What is tripping you up the most when it comes to your business bookkeeping?