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Tax time used to be my least favorite time when it came to my business. Before I discovered Quickbooks, I was nowhere near as organized as I am now. I remember my accountant asking for a long list of documents and transaction statements, and it took me FOREVER to find everything they were looking for.
I was searching old emails, folders and mail, and I just remember completely hating the process. It wasn’t until my 2nd or 3rd year of having to file business taxes that I started using Quickbooks, and it was the best decision I could’ve made, and I’ve been recommending it to everyone I know ever since!
Tax time is so much easier with the right organization. Here are 3 reasons why Quickbooks is an absolute must-have as a small business owner.
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1. It Automatically Calculates Your Profits and Losses
After you connect all your payment accounts, Quickbooks starts tracking your profit and losses. You can generate a PDF report of your entire year, and send that to your tax preparer, along with any other necessary reports.
This is super helpful not only for tax time, but for any time you want to apply for business loans or grants too. Oftentimes, you will be required to provide your business financial info when applying for monetary support, and Quickbooks makes the process so much easier.
Besides being able to generate reports for others, this will also help you with your business budget. It’s important to keep track of all your business transactions and know exactly how you’re making money. With Quickbooks, you can easily see this information in the form of charts, graphs, and listed transactions.
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2. Tracks Mileage So You Don’t Have To
Did you know that you can get tax deductions for the miles you drive for your business? With select plans, you can connect the Quickbooks app to your GPS to automatically record business miles. This is really helpful when it’s time to calculate tax deductions. I no longer have to worry about remembering every single drive I’ve taken for business, I can just set the app to auto-track for me.
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3. Allows You To Organize Your Income And Expenses By Category
Speaking of deductions, being able to see your expense categories clearly will help your tax preparer determine what deductions you may be entitled to. You can label meals, subscriptions, supplies, and so much more. I also use categories to get really specific with my spending and income. For example, I can label things like paint party supplies, printer ink, and shipping labels to figure out what I spend money on the most. For income, I can label things like virtual paint parties, art lessons, and paint kits into categories so that I know what area of business is most profitable for me at any given time.
If you haven’t already, I highly encourage you to sign up for Quickbooks so you can stop worrying about one of the scariest parts of running your own business– financial records. Use my link below to sign up for the plan that fits you best, and get up to 30% off for 6 months.
Have you tried Quickbooks? What do you think? Leave a comment below to let me know how you like it, and what you enjoy using it for!
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