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You made it back! We're excited for each and every one of you who has decided to stick with it and see the journey through. Entrepreneurship is definitely not for the faint at heart. This week we will focus on accounting and ensuring you have your financial ducks in order. Forget about throwing the receipts in a shoe box and keeping record in your head. You need a serious and convenient system that will allow you to track your expenses, invoices, and earnings in order to be organized come tax time. There are several apps that allow record keeping to include Shoeboxed, Evernote, Mint, Quickbooks, and Wave.
Our favorite of the list, would have to be Wave. Having moved from a previous accounting system we opted to give Wave a try and have used it every sense. Here are a few features that wave offers that we absolutely love:
Wave has made it so much easier for us to stop scanning each receipt, logging them manually into Google Sheets and printing them out for our CPA every April. All we do now is download the information and email it to her for quick and painless accounting and tax preparation. Oh and did we mention it's FREE? We would have to say out of all the features, we especially like the invoicing option. With the option to schedule invoices whether current or recurring, we can set it and forget it once a month to ensure we are being paid. There's a cool option that allows you to send automatic reminders to clients that an invoice is due or past due. It is also convenient with sending our clients their payment statements so they can keep up with their accounting as well.
Accounting is definitely something that you want to keep track of. We schedule one day out of the month to review our books, receipts, invoices, and accounts to ensure everything has been entered and is above board. There's nothing worse than not being on top of your business finances. If you keep organized books, archive your receipts, and find an account software that works best for your business, you will alleviate most of the headache during tax time.
What accounting apps or software have you used or plan to use for your business? See you here next week as we discuss Business Credit-why it's important and how to build it. For questions, please email firstname.lastname@example.org