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Staying organized with your bookkeeping is very important but is very often overlooked. Proper accounting will save you a ton of time with the upcoming tax season as well as provide some relief if you ever get audited in the future. Another positive from proper bookkeeping is you’ll be able to see your progress month after month without much haste. This will give you a much better overview of what’s working for you vs. what’s not.
1) FreshBooks – “Our mission is to deliver fast, and simple invoicing and time tracking services that help you manage your business.”
This is a great accounting tool for you to get started with. It was voted the “best of free small business accounting applications.” by PC Magazine back in 2012. The best part is the Free version will work perfectly for most of you Grinders as long as you can deal with some watermarks and logos here and there. This will be a great way to help you stay organized now to save you a lot of headaches later.
2) QuickBooks – Is another great bookkeeping program made by Intuit. I like QuickBooks because it’s very easy to export all of your data to other programs such as Turbo Tax, as well as most accountants. Unlike FreshBooks, however there is no free package, just a free trial after which is 12.95 / month for the lowest package. Another positive about QuickBooks is it has a lot of adds ons and upgrade options if you find that you need something a bit more advance as you go.
3) Google Docs – Though this doesn’t have some of the fancy charts and graphs that some of the above options provide, it is still free and is accessible to any device that you’re able to log on the internet with. Simply create a spreadsheet in Google docs, I suggest breaking up each month as a separate tab allowing you to break more easily up your spend / revenue. Another positive with Google docs is you can also share the spreadsheet with your accountant at the end of the year allowing you to see their edits if they’re remote.
4) Outright – I had used this back in 2008 when I was drop shipping on eBay and had a pretty good experience. It has since been bought out by GoDaddy… It does however still have a free option that allows you to import from a variety of sources and automatically categorizes transactions into IRS-Approved categories. Careful with this one though as they will delete your account if there is no activity for 60-days.