They can either be a breeze or a HUGE headache when it comes time to pay taxes. It's so important to keep thoroughly detailed notes about your expenses, your mileage, income, on top of keeping clients happy, staying creative, educating yourself, and so much more. Basically, to be a business owner, you're signing up to be a hat juggler whether you have any experience working the hat or not!
Finding a system of bookkeeping that works for you is so important, and quite hard to find! I've used envelopes, Excel spreadsheets, used QuickBooks for a while until I couldn't take the headache anymore, etc. I was sure there'd be something out there that could fit my needs of never having taken an accounting class.
In comes Taxbot... one of the most amazing programs I've come across in my business thus far. It's a time and headache saver, and I could scream their name to anyone who's actively operating a business. I'm not getting paid one penny to endorse them either. ;)
Taxbot is a program (for desktop as well as an app) that acts as your personal tax assistant. It tracks your mileage automatically (or manually if you'd like), tracks your income and expenses, stores photos of your receipts, and generates reports that you can easily download and send to your CPA or have for your records.
Taylor and I have 3 businesses we run under our big umbrella LLC - Heinzen Creatives, LLC. Taxbot allows us to classify our income and expenses for each of these entities. It also allows you to add multiple cars, so Taylor can track his mileage while I track my mileage. Amazing.
Whenever we deposit a check or get paid online, we can take our iPhone and log the income with a description so we're not scrambling to find out where the money came from at the end of the month (or year).
Taxbot also asks you every question that the IRS needs to know about your expenses: who, what, where, when, how much. When entering expenses, you can classify the category it falls under and which entity it's for. If you have a receipt in front of you, you can also take a picture of the receipt that gets logged into a document for easy printing at the end of the year. No more worrying about losing receipts!
I hope you see how incredible this program is! It makes keeping track of business records as easy as possible, and I want to shout it from the rooftops.
It's $10/mo (but $5/mo if you happen to be a member of Young Living Essential Oils).
Make your accountant love you by how organized you are at the end of the year, and save thousands on your taxes. Win win win!
*Here's an image of how you can download your reports whenever you need them! Easy access for meetings with your accountant or simply to track how business is doing.