I tend to be a little bit of an oddity as a creative… Though I love all things creative and I have a mind that runs a mile a minute with new ideas, I also have a huge love for numbers and math! When I was a little kid I used to play “bank” with myself all the time. I would sit with a money drawer full of fake cash and make deposits and withdrawals to myself. And I could seriously do this for hours without getting sick of it!
That’s something that’s always stuck with me as I’ve grown up. I’m lucky to have an extremely financially savvy Dad that has taught me a lot of what I know, but I’m also lucky to have a personality that enjoys the challenge of numbers.
When I was diving into the adventure of starting my own business I was extremely thankful for the fact that I had a good grip on the numbers side of the business. I knew all about how to manage income, expenses, net profit, revenue, and so much more. With a little bit of extra help I was also able to figure out everything tax-related that I needed to know as well. However, I know that all of this doesn’t come as easily for some, and others (even though they know how to do everything) consider it a huge chore.
Here’s how I think of it: if I have to pay taxes that means I’m making money. And if I’m making money that means that my business is succeeding and growing! With the help of QuickBooks Self-Employed I have been able to streamline my business finances more than ever, as well as having the ability to pay quarterly taxes with extreme ease!
Here are three reasons why I consider QuickBooks Self-Employed to be essential for my small business:
1. QuickBooks Self-Employed allows me to keep my bookkeeping on “autopilot”!
When you first set up your account with QuickBooks Self-Employed, they ask you what bank accounts you want to sync with the system. After you get all of this set up, the program automatically begins importing any transactions that you make with you business debit or credit card. These transactions are meticulously recorded within the system, and you have the opportunity to categorize them however you see fit. For example, whenever I buy materials from Michaels or Hobby Lobby, I always categorize those expenses as “Materials & Supplies”, and the best part is that I can set a “rule” within QuickBooks Self-Employs that tells the program to automatically categorize those transactions the same way every time! More work for the program and less work for me!
Also, it’s super easy to scan your receipts and match them to the transaction they belong to. Doing bookkeeping yourself can be a cinch with QuickBooks Self-Employed and you don’t have to hoard all of those receipts to drag to your accountant at the end of the year ;) Seriously though, I have seen Instagram Stories of creative taking in huge BAGS of receipts to their bookkeepers and accountants during tax season because they haven’t been tracking it throughout the year. Trust me, you don’t want to be the person doing that!
2. QuickBooks Self-Employed allows me to track all of my business mileage!
Did you know that you can receive tax deductions for all the business mileage you are driving?! Not a lot of creatives are aware of this when first getting their businesses started; if you didn’t know about it before, you’re definitely going to want to pay attention!
If you download the QuickBooks Self-Employed app, you can allow your phone to automatically track all of the driving trips that you are taking throughout your workday. All of my trips to Hobby Lobby, Michaels, styled shoots, weddings, workshops, and anything else directly work related are tax-deductible. All I have to do is open the app every few days and mark whether or not my trips were for “personal” or “business” reasons. As you continue to do this, the tax deductible miles really begin to add up! For example, during the year of 2017 alone I already have almost $1,000 worth of tax-deductible mileage. Crazy, right?!
You’re definitely going to want to take advantage of this amazing tool if you haven’t already.
3. QuickBooks Self-Employed produces easy-to-understand financial reports for you to see your finances at a glance!
As someone who is incredibly visual and detail-oriented, seeing all my finances at a glance is a huge deal for me! Whenever I open QuickBooks Self-Employed, either through the app on my phone or on a browser on my computer, I am immediately greeted with a glance into my finances. I can easily see how much revenue I’ve had in 2017 (income I’ve received without expenses subtracted from it), how much money I’ve spent on expenses, as well as my net profit (amount of money I’ve made after expenses are subtracted from my revenue).
Not only do you always have easy viewing access for these items, but you can also create simple monthly, bi-weekly, or quarterly finance reports for yourself! This is really nice for instances when you want to see which season brings in the most revenue for you, or when you want to see what expenses add up the quickest. With QuickBooks Self-Employed, you’ll never be in the dark about how much money you’ve made (or haven’t made).
There are so many other things I love about QuickBooks Self-Employed, but these were just my top three for now! If you are eager to learn more about QuickBooks Self-Employed, make sure to follow along on my Instagram account during the first few weeks of November 2017. I’ll be sharing all sorts of tips & tricks in my posts! Also, the QuickBooks Connect conference is happening from Nov. 15-17, 2017 in San Jose, CA and I’m so lucky to be attending! If you want to purchase a ticket to attend, use code YOUNG for 20% off.