If you’re a contractor who is independent, you need to take responsibility for making sure that your financial records are in good order. When the books are done properly, you’ll find that it’s much simpler to file your return at tax time. Your status as “independent contractor” will require you to pay your income taxes four times per year, on a quarterly schedule. This may be difficult if you’re not really on top of things in terms of your accounting.
Proper accounting will allow you to know exactly how much money you’re spending while running your business and how much income you’re earning while running your business!
When you invest in accounting and bookkeeping software for independent contractors, you’ll be able to input accounting data on your own. This means spending less (or even nothing) on the services of accountants! The best software of this type is quite easy to use and it’s designed to make life easier for independent contractors. It will definitely help you to gather data which assists you with paying your quarterly taxes promptly.
As well, an accounting system which is software-based, respected and highly-rated will boost productivity and make it easier to run your company efficiently. You’ll be able to keep track of every single bill and receipt and you’ll be able to calculate important numbers, including gross profit and net profit, within your new accounting and bookkeeping software program. When you do create a balance sheet which is “clean”, you’ll be primed to enjoy superior record-keeping that doesn’t require a lot of time or energy each day.
There are plenty of these software programs to choose from. Here is information about two programs which do have good reputations with independent contractors.
Is Quickbooks Online Right for You?
This program may be found “in the cloud”. When you choose this cloud-based software program, you may use it while you’re on the go, as you’ll be able to log into it whenever you have access to a Web connection. Quickbooks Online provides a host of functions and its interface is known for being pretty easy to use. It’s good for those who do their books themselves and those who outsource to bookkeeping services.
Tallie is Another Solid Pick
If you want help managing your receipts, you may want to take a look at Tallie. This software will give you the ability to take pictures of your receipts with your smartphone and then catalog the images inside of a phone application. You may then go deeper into organization by sorting them based on which project they were from or which clients they were for, etc. If you have a fairly high level of overhead and do have to shop a lot in order to operate your business, you may find Tallie very helpful. This program may be synced with Quickbooks Online, so it might be smart to buy both programs.
Try These Programs Today
When you choose these two programs, you’ll have accounting and bookkeeping handled. So, why not try demos of both programs today?