Have you ever had a home-based business before? If no, have you ever known someone who has?
I speak from experience, and many colleagues seem to agree with me, that it’s really easy to blur the lines between personal and business when it comes to finances.
Whether making a purchase or deciding which bank account to use, many entrepreneurs lump their business in with their personal.
This choice does, often, go hand-in-hand with the shoe box method of bookkeeping.
Don’t for a second, think this is a judgement! That was me absolutely in my first business endeavour… no matter how frustrated my tax accountant got, or how many times she tried to explain double entry bookkeeping to me!
Then income tax time comes around and you get frustrated with yourself, your tax accountant barely keeps the expletives under her breath, and you swear you’re going to clean up your act… but it’s already April and who has the time to backtrack to January 1st?
A couple of years ago I took some tax training, and begged my trainer to show me around business taxation in our quiet moments.
This was really handy as it now allowed me to write a category on my receipts before I threw them into the shoe-box… which did save a bit of time when I finally sat down to sort and record my business finances in April!
Quite by accident this year, I happened on a solution that I’m really excited about!
Can you imagine an accounting program that figures out double entry without you ever having to learn what it means. A program that will scan your receipt, and when you verify it, allow you to designate part of the total to your business, and part of it to personal.
A program that can interact with your bank account and keep track of the comings and goings at Paypal!
A program that allows you to create custom invoices and for a very small fee let your client pay immediately with a credit card!
And when you bring staff on board, it will help you organize your payroll for another small fee!
If you’re mobile, it will work for you too!
The very best part… except for those two fees I mentioned, the whole thing is free!!! I mean, if you want some sophisticated assistance, then there is stuff you can purchase… but all the basics, if you’re willing to learn them, are free!
And there’s a bunch of tutorials so you don’t need to struggle to figure it all out.
OK, OK… I won’t keep you in suspense any longer!
It’s called Wave and you can check it out here:
https://www.waveapps.com/
In case you remember I am into affiliate programs big-time, this is not an affiliate link – the product is free, remember?
If you’re just starting out, or considering growing a small business, get this organized now! You’ll thank yourself next tax season.
If you’re unhappy with your shoebox methods, really get this organized now… before the year is even further gone!
And next tax season, mumble a little “Thanks, Agnes!”
J