Question

Small business tax help.  This is my first time owning a business with my husband.Small business tax help. This is my first time owning a business with my husband. We are trying to get everything into Excel for our accountant. When doing expenses, deposits and thing like that, do you just combine all accounts into a master spreadsheet or separate checking savings and credit card? I have heard Quickbooks will help, but I am not sure how to even go about using that lol. Any advice or tips would be appreciated!  

Answer 1

Girl get quickbooks! It is so easy! It really does help you through everything. You can export reports straight into excel. I can track all invoices, deposits, mileage, and expenses.  

Answer 2

For sure get QuickBooks. It might not help you this year but if you spend the year learning how to use it properly it will save you so much time.  

Answer 3

I have a separate business checking and savings account at a local credit union. I can download transactions from the website into an Excel sheet, which I do once a month and then categorize expenses and revenue. Everything goes in and comes out of that account for my business so it’s all in one place. Although I do deduct part of my phone and internet bill as a business expense, but pay out of my personal account, so that I manually enter into Excel each month. I’m in my third year of this and haven’t had an urge to buy Quickbooks or any other accounting software but my business is really uncomplicated, too. Then at the end of the year I use those monthly spreadsheets to tally one profit and loss statement for the year for my tax accountant.  

Answer 4

Yes on the QuickBooks! You can get it for about $50-$60 a month depending on what all you need. I will Share this with you, from my accountant

Comments

Those are all of your expense categories

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@flitch thank you! I am going to have to look into QuickBooks for sure!  

Answer 5

Quickbooks is good and so is wave app (Google it) (it's mostly free though does have some paid features)

Answer 6

I use Quicken - works great since there is no inventory etc to keep track of - just money in & out! Makes all the reports needed for quarterlies & end of year

Answer 7

QuickBooks! They have a lot of great tutorials on their youtube channel