When you are first starting out as an entrepreneur, there are so many thoughts swirling in your head. New ideas, new ways to promote ideas, how should I set up my web site, where can I get a logo…. and on and on. This is all so exciting, you can’t help but focus on these things. But there are other, less exciting things that you must take time for. Like bookkeeping. And taxes.
Oh, these aren’t exciting, they aren’t sexy. But neither is a rude encounter with the IRS. It’s easy to think, it doesn’t matter, it’s just a small amount of money. Resist that temptation! Even small amounts of income need to be reported. Not only that, but good records can help you see what is working and what is a waste of money.
The time to start is at the very beginning, because the farther you get, the harder it will be. When your business starts to take off, and you are juggling things trying to keep the good momentum flowing, are you going to want to take time then to start tracking all your income and expenses? At the beginning – it is super easy, especially if you use the right system.
Since this blog is mostly about earning money online, and keeping things simple, I am definitely going to recommend an online solution. Now, if you know a professional bookkeeper who you want to work with, there is a huge advantage to having them look after the books, but there is much to be said for doing it yourself, at least at first. Entering your own revenue and expenses keeps your finger on the pulse of your business, in a way that a third party bookkeeper just won’t.
The best all around solution I have found is FreshBooks. It is cloud based accounting, and it really makes things easy. Anyone with even modest computer skills can keep their own books up to date. So here is were I bring you real value – If you click on my link – HERE – you can save 70% off the first three months with their Plus and Premium plans. Click through the link, check it out. One word you will see a lot – even on the “Lite” plan – is unlimited. This is a system that will scale with your business. Because you might be starting small, but you might not want to stay that way. The Premium plan allows for 500 billable clients. If that isn’t enough, they even have custom plans available. Wouldn’t that be a great problem to have?