Now that the tax deadline for 2022 has passed, as a business owner, you might be left thinking about ways to make it easier when the next one rolls around. Since many are busy enough actually running the business, it's easy to push the accounting work to the side, which is fine... until tax season approaches. By then, you have a mammoth job ahead of you.
These days, there are many great tools and resources out there to help small business owners track monthly expenses, and perhaps it's time to put some to use.
Separate expenses:
No matter how small your business is, opening a separate bank account for it can make it easier than ever to track deductions. Use the credit/debit card and checks that come along with it to pay for any business-related expenses, and your monthly statement will track it all.
Use accounting software:
Accounting, in general, might seem complicated and best left to a CPA, but modern-day accounting software has become easier to use than ever, with much of it targeted specifically to small business owners. The website Investopia rates QuickBooks online as the best overall for 2023, and their even simpler version, QuickBooks Self-Employed, is a good option for freelancers. Other ones they recommend are Freshbooks (geared toward service business) and Wave, a free program.
Hire a bookkeeper:
If you'd like to be hands-off accounting-wise, a bookkeeper can help you stay up to date on all of your expenses and produce regular reports. Some work as freelancers, and they're paid hourly, which could just be the perfect fit for small businesses.
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