As an Entrepreneur, one of the main “Hats” you need to wear is that of a bookkeeper, unless of course, you outsource this task. Keeping accurate and up-to-date accounts is crucial in knowing how well your business is doing but can also be time-consuming and tedious.
Luckily for us, accounting packages have developed so much over the last few years, and there are now many options out there which make bookkeeping easy and less time-consuming.
Three of my favourite tools are:
QuickBooks Self-employed is my preferred accounting package which seamlessly links to my bank account making it easy to keep track of my business expenses. It also generates my self-assessment so that I know how much tax I need to pay and makes filing my tax return with the HMRC that much easier.
Many self-employed people use their private bank accounts for their business transactions which with Quickbooks, you can quickly organise into business and personal payments.
Another great feature is their mileage tracker. Download their app, and allow it automatically track any miles you travel for business. And, whiles out and about, you can quickly snap a pic of a receipt which will get uploaded automatically to your books. No longer is there a need to sit down for hours inputting piles of receipts into your accounting package.
I found this excellent programme for a client of mine whose accounting package didn’t support the auto upload functionality of other packages such as QuickBooks. This programme easily links to many accounting packages, such as KashFlow, Xero and Quickbooks. It is even smart enough to pick what payment method you’ve used.
Once set up, all you need to remember is to take a photo of any invoice or receipt type document you get, and Receipt Bank will analyse the information on it, and post it to your accounting package accordingly.
Invoice Ninja’s free offers an impressive list of features, even in their free edition, which you can upgrade as and when you need to. Their interface is easy to use and allows you to create and send invoices quickly, and you can track when your client has viewed it. They also offer a project management tool in their free edition which is great for keeping on top of the many projects you have going on.
Whatever programme you land up using for your accounts, always make sure that you have thoroughly researched them and you are happy that your data will be secure with them. Also, as of April 2018, you are responsible for the safe processing and data storage of your suppliers and clients personal data, which includes where their data gets stored. If you are a UK based company with clients mainly in the UK and EU, then you should find a package who are GDPR complaint and stores your data in a country within the EU.
If they don’t store your data on a server in the EU, you may need to consider getting a Data Protection Agreement (DPA) in place with them before starting to use their services.
As an Entrepreneur, one of the main “Hats” you need to wear is that of a bookkeeper, unless of course, you outsource this task. Keeping
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