How QuickBooks Makes it Easier to Run Our Business
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As many readers know, my wife and I run our own business. In fact, I just hit my fifth quitiversary last month and don’t ever see myself going back to the corporate world. Quitting my job to run a business with my wife has changed my life.
That’s not to say that everything is puppies and rainbows in running a business because it’s not; but by and large, running my own business is one of the best decisions I’ve ever made.
That being said, there are some things that make owning your own business not so fun. Thankfully, there are solutions in place to make a lot, though not all, of those things simpler to manage.
Juggling a Small Business with Life
Before I took the plunge to run my own business, I didn’t fully appreciate all the responsibilities that come with being a business owner. Fulfilling those responsibilities day in and day out are necessary to earn a living, have benefits and make your business successful.
Many of those responsibilities are foreign when you start your own business because they are things that your former employer(s) used to take care of for you. The benefit of not having to shoulder that burden is easy to miss.
Some of those behind the scenes responsibilities include invoicing, keeping track of expenses and the fun one…taxes. All of those are things you must balance while trying to not only bring in more business, but more importantly, live your life.
We have found a solution to make that balance simpler, allowing us to focus on things that count – QuickBooks Online.
How QuickBooks online Makes Our Life Simpler
I managed everything the first couple of years of our business. That included taxes, invoicing, tracking expenses and cash flow. I did this through a handful of Excel spreadsheets I created. That worked great for what we needed until I realized I was wasting time and needed a solution.
QuickBooks Online provided that centralized solution. The beauty of QuickBooks Online is that it centralizes everything for you in one place – and makes it easy to access on your laptop, device or smartphone so you can always get ahold of your information when you need it.
After you connect your bank accounts, credit cards, etc. to QuickBooks, you can teach the platform about your business and where expenses and income belong. This, admittedly, does take a little bit of work to set up, but has been well worth the effort as it allows us to see where we stand at any point in the month in simple fashion.
If you run your own small business and are struggling to stay on top of things, here are some of the following features that make QuickBooks Online worth a look:
- Manage invoices, including the ability to allow for credit or debit card payments
- Connection with bank and credit card accounts to stay on top of inflows and outflows
- Run expense reports, profit and loss statements and more reports
- Manage inventory
- Categorize all your expenses and deposits
- Manage payroll
There are many other features to QuickBooks Online. You can customize them to your specific needs to manage business more effectively, allowing you to focus on bringing in business and, overall, make life simpler.
Tax Time Becomes That Much Smoother
As our business has grown over the past few years, one thing that became obvious was our need to hire a CPA to manage our taxes. The first year was a headache. I thought my spreadsheets would be easy for them to understand and make preparing our taxes smooth.
That was not the case. I think it created more work for both the CPA and I. This is where QuickBooks Online really blew me away with its capabilities. Thanks to the setup with QuickBooks Online, our personal bookkeeper can access our records, perform the appropriate accounting and get what they need to make sure our taxes are done correctly.
As any business owner will tell you, preparing and managing your taxes isn’t always fun. It can take considerable time, taking you away from other responsibilities. QuickBooks Online simplifies a lot of that legwork so you can focus on growing your business and living life – not spending it poring over spreadsheets.
If you run a small business and are looking for a solution to simplify your life and manage the financial aspect of the business, QuickBooks Online is a great solution to consider.
How do you manage the finances for your business? Do you prepare the taxes for your business, or do you hire them out? What’s your least favorite part of running a business?
John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.
Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.
Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.