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18 In Accounting/ Money

Bookkeeping for Your Small Business

Bookkeeping tips for your small business

Bookkeeping for your small business is imperative-especially if you don’t want Uncle Sam chasing you down. I know as a creative, the money part gets hazy and you’d rather focus on creating–heck, we all do. Your money matters and managing it well pays off. Bookkeeping for your small business and having a better understanding of your money flow should be just as important as being creative.

One thing to note: you need to do what works for you and your creative small business. There are millions of books, websites and seminars, take what you need from them and leave the rest.

Something amazing you can do for your small business is to sign up for a bookkeeping software program. I personally use Outright Online Bookkeeping because it was simple to understand and the dashboard doesn’t overwhelm me. Actually, Go Daddy bought their company out last year and their known now as Go Daddy Bookkeeping, but I prefer calling them Outright.

Here is a guide: step-by-step of how to set up an account, plus how to use it for your business.Outright Bookkeeping Pricing Guide for Small business

Outright has two price points– free and the $9.95 price point. For you, they break down the difference between the two. Throughout the year and at the end of the year, they offer discounts for one year, so make sure you follow them on twitter to learn about the deals they might be running.

 Outright bookkeeping signup for your small business

After you’ve decided which program you want to use for your business, the sign up part only takes a couple of minutes.

Linking all your business accountants with Outright bookkeeping software

Next, Outright will ask that you link your accounts, that’s how they do all the magic. They just integrated Stripe as a Payment Gateway and they are looking for people to beta test Authorize.net and Dwolla if you are interested.

Linking all your business accounts with outright bookkeeping software

You can see all your account information on the side bar on the site, the system automatically updates this information for you. I tried using another company and it was beyond a headache. The system never updated my bank account information or it wouldn’t categorize my expenses and income correctly–literally, it was a nightmare. With the other company, I was doing more work than I was suppose to, not to mention, invoicing was just crappy.

See how your invoices are with your small businesses on Outright

They also have the option of sending clients and customers invoices, plus tracking them on your dashboard, especially great if you run a B2B (Business to Business) company. As a business to business company, invoices are essential to my business and it helps me keep track of clients to pay them on time. I also like that it reflects my companies P&L (profit and loss), you can see below that its always displayed at the top of your dashboard.

Profit and Loss information on Outright Dashboard

I actually like seeing my company has made X amount of money to date, it brightens my smile–especially knowing my growth from the starting point to where my business is now.

Finally, the most important reason to sign up for this particular bookkeeping software is the tax option. Note: the complete tax breakdown is only offered in the $9.95 version. My accountant last year was singing my praises after I showed up with all my information on three pieces of paper, as most businesses show up with boxes of receipts. Wish I could take full credit, but it was just papers printed from Outright, this is a time saver. I have had clients sign up for it too and their accountants are loving them as a result.

Make sure you make bookkeeping a priority for your business, not just once every blue moon or during tax time. Put money management on your schedule–one hour a week will help you get a better grip of company cash flow, profit, revenue and much more.

Check out missed tax deductions of small businesses and what is sales tax in business.

Are you currently using a bookkeeping software for your small business? How has it helped you? Are you overwhelmed by bookkeeping so you shy away from it? Let’s talk about.

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  • Passion

    Haven’t launched yet, but this will be on my to do list!!

    • imperfctconcept

      Yes it will help you very much. I would sign up soon asap. It can track your pre launch expenses too.

  • Kermisha

    Thank you!!! Very useful!!! Adding that to my list!

    • imperfctconcept

      Yes I love using them. Make sure you get their app too!

  • J Simmons

    This. Is. Gold! Thank you for just breaking it down and making it very simple. If I wasn’t sold before on Outright, I am now. Love your new site by the way 😀

    • imperfctconcept

      Ha I am glad you love this post. I think Outright is one of the companies that just gets it. That other company was a nightmare for me. Complete nightmare. I know you will like the simplicity of their user interface too.

      Thanks. It was one of my secret projects =)

  • have you already written about the importance of having a CPA?! if you haven’t – please do! i hired mine before i had even made one red cent. i don’t use any accounting software at all…i just keep track of my stuff all year and let my CPA handle the rest. i’ve been interested in Outright, though, since i initially saw you tweet about it!

    • imperfctconcept

      I have briefly mentioned a CPA. However some people need the basic of a program. I have a CPA but I see them quarterly now since I use this. =)

  • VeeFletch

    This is great info! Thanks Tasha for sharing.

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  • Camille

    I read on a previous post that you had a boutique. I’m starting one online and read so many articles about charging taxes and I’m still confused. Knowing what a physical presence and a nexus is. Since I only have a home office, do I charge taxes just for my state? Would you happen to know? Please help

    • imperfctconcept

      You only charge sales tax to customers in your state. If you don’t have a physical store front or warehouse in that state you can not charge a customer tax. Where you reside is where you charge the tax. I only charge customers in the state of Texas.

      • Camille

        Thank you sooo much! That cleared up a lot of things!

        • imperfctconcept

          My pleasure

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  • This is a really good post. My business is experiencing growth and being better at money management and bookkeeping has become increasingly important to me. I’ve been researching different platforms, but wasn’t sure which route to go. Thanks for this (and all of your posts)!

    • imperfctconcept

      Congrats on your business experiencing a plethora of growth! That is always great! Yes, this is great for small business. I have used it for years, no issues.

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