Archive for May 5th, 2017

Accounting and Bookkeeping Software for Independent Contractors

As an independent contractor, it is important to make sure your books are in order. One of the main reasons for this is to make your tax reporting a lot easier and get you back to work as quickly as possible. As an independent contractor, you are responsible for paying quarterly income taxes–which can be an arduous process if you don’t know what you’re doing. Knowing how much you are paying out and bringing in will assist in getting your taxes paid in a timely and accurate manner and reduce the amount of time spent with your bookkeeper or accountant. Having an accounting system in place will increase productivity and help your business run efficiently. By keeping track of bills, receipts, your net profit and gross profit, and by maintaining a clean balance sheet, you can keep an eye on your money without taking too much time from your day job.

To help get your accounting system up and running, check out a few accounting industry software providers we like to use with our clients:

Quickbooks Online

QuickBooks is now available in the cloud for on-the-go accounting and allows you to import your monthly bank statements directly into the program for ease of use. There are a variety of functions you can use based on your niche for well-documented recording and its easy-to-use interface can help you get up and going whether you manage your books entirely on your own or use an outsourced bookkeeping service. Plus, if you take payments through different online shopping sites, it includes the ability to keep track of your expenses and income from PayPal, Amazon, Etsy and eBay.

Tallie

Keeping all your receipts together can be a hassle. This program lets you take a picture with your smartphone, catalog it directly with the phone app, and organize based on project, client or another categorization method as you determine. If your business is especially expense-heavy, including lots of on-the-go receipts, you likely run the risk of losing receipts or failing to keep adequate track of your expenses. And the last thing you want to do is find yourself sifting through a box of unorganized receipts every quarter. Tallie can help you manage your receipts as you create them–and syncs directly with QuickBooks Online for seamless data management.

ScanWriter

ScanWriter assists with automated data entry directly into QuickBooks, including 100s of transactions from bank and credit card statements, bills, sales orders and invoices. A lot of independent contractors find themselves spending countless hours hand-keying data–which takes up way more time than it is worth. Instead of catching up on data entry on your day off, using an automated system will help you get data entered quickly and correctly (less user error!).

Bill.com

Start encouraging your accounts payable to take electronic payments–and then move your accounts payables and accounts receivables into the 21st century with Bill.com. You’d be surprised how many of your payments can be switched to ACH payments–we help our clients switch to electronic payments for as many vendors as possible to help streamline the bill review, payment and approval process. Whether you’re the only person reviewing bills or you’re working with a partner or small team, Bill.com can help automate the entire review process for you.

Staying on top of your accounting will save you a lot of time, effort and money in the long run. Finding and utilizing the programs that meet your needs will help make you a successful indepedent contractor. And if you need any help, an online bookkeeping service can help you get up and running, from managing your entire accounting department to assisting with accounting software integrations or specific bookkeeping services.

Wondering what accounting services are available for independent contractors? See whether accounting services are for you.

Products
May 2017
M T W T F S S
« Apr   Jun »
1234567
891011121314
15161718192021
22232425262728
293031  
  • America's Best Colleges
    Forbes' list of public and private colleges and universities ranks the best schools--from the students' point of view.
  • Twelve Nasty Work-From-Home Scams
    Does the offer of making a mint in your pajamas sound too good to be true? It surely is.
  • The World's Most Powerful Celebrities
    Oprah Winfrey takes back her crown while pop chart phenomenon Lady Gaga catapults to No. 4 on this year's Celebrity 100.
  • The World's Leading Companies
    This comprehensive report analyzes the world's biggest companies and the best performing of these titans.
  • The World's Billionaires
    Carlos Slim Helu takes the No. 1 spot on Forbes' annual list of the world's richest as a record 164 billionaires return to the ranking amid the global economic recovery.
  • 5 Fatal Sales Mistakes to Avoid
    Are you selling as much as you should be? If you're missing your sales goals, you or your employees may be making one or more of these fatal sales mistakes.
  • How to Build a Great Small Business Company Culture
    The one thing your competition can't steal or copy is your company culture. Make your small business' employees feel appreciated and valued by creating a great company culture.
  • 7 Steps to Create a Powerful Sales Presentation
    A good sales presentation can influence customers to buy from you instead of the competition. These 7 steps will help you create powerful presentations that wow customers and win sales.
  • 36 Low-Cost Ways To Promote Your Business
    36 low cost ways to promote and advertise your business. Proven marketing strategies and low-cost advertising methods for small business and home business owners.
  • 5 Ways to Predict a Trend
    Spotting a trend ahead of the competition can give you a big leg up. But how do you tell a trend from a fad? Here are five ways you can spot trends while they are still on the horizon.
NY Business