Home Business Accounting Software
Which Home Business Accounting Software
should I use?
There are some good Home Business Accounting Software that even beginners can use to keep their business finances organized and separate from your personal finances. One of the most important tasks for the self-employed is getting paid, and a good home business accounting software will help you get this done.
Home based business tax deductions are a great benefit to owning a business!
Even if you are not experienced with bookkeeping and business taxes, there are software programs which makes this task easy. From the very start of your business you need to keep careful records of all expenses and file away all receipts. Now that you own a business, your office equipment and business supplies are business tax deductions. You don’t want to miss out on taking advantage of these tax breaks because you failed to keep good records or save receipts.
The home office tax deductions allows you to deduct part of your home expenses for the room that is used for your home office. The tax laws for the home office deduction can be a bit tricky and I would suggest you consult a tax expert for advise.
A good accounting software package will enable you to keep track of all invoices and payments received ensuring your cash flow statements are correct. It will also balance and reconcile all of your accounts; checking, savings and credit cards, along with any money you pay yourself. Even if you plan on using a professional accountant to prepare your taxes, you will need to provide your accountant with proper business reports; profit and loss statements, balance sheets.
Your software should produce these reports for you and allow even the inexperienced entrepreneurs to handle their own bookkeeping.
Bookkeeping Software: Quickbooks® is great for those who don’t know much about bookkeeping. I have used Quickbooks with Turbo Tax for years and love it. Quickbooks walks you through the setup and even beginners can set up their business. You can print invoices, track accounts receivable and print checks. It will alert you to unpaid and overdue invoices. You will also be able to run your tax reports to give to your accountant at tax time, or you can import the data automatically into Turbo Tax® if you do your own taxes. They offer different programs with varying degrees of features so you don’t need to spend more than you need.
QuickBooks Solutions For Your Industry
Time Tracking software: Many Virtual Assistants use time tracking software in order to document the time spent on a project and bill their clients accurately. This keeps everything accurate and professional for both the VA and the client. You can do it manually if you prefer, but here are a couple of good programs if you would like to automate the process:
- Time Stamp:free software that you download to your computer. Easy to use and its free.
- My Hours: This is a nice internet based service that is also easy to use and they offer a free service.