Why I'm Switching from Xero Accounting to Quickbooks Online After 3 Years Picking the right bookkeeping software can be hard. In this post I outline the cons of Xero Accounting and the pros of Quickbooks Online; everything from recurring client payments to bank integrations.
You promised yourself you wouldn't wait until last minute to do your bookkeeping...but, here we are!
The tax due date is looming and you haven't even touched your bookkeeping.
To be quite honest, you don't even know where to start!
When you're just starting out, you don't need to outsource your bookkeeping.
You need to bootstrap and do it yourself!
But when it comes to figuring out how to DIY bookkeeping, the internet is pretty bare 😕
Which is why I've decided to step up and create the most epic guides for you to actually learn how to do your bookkeeping on your own...in an easy way!
Where to look & Pricing
Finding a bookkeeper can be tough if you don't know where to look, but I'm going to give you some tips and tricks to find the perfect bookkeeper for you.
The first thing to keep in mind is that bookkeepers are much like any other service-based businesses in regards to pricing.
Check Bank Balances
It's a good idea to always be aware of your bank balances. You'll know if you are getting low or sitting ok. Looking weekly also helps you see trends in your monthly finances. When do you have the most money in the bank? When do you get paid by most clients? When do most of your bills go out?
I hear people say they're afraid of their bookkeeping and finances and that makes me sad.
With the right knowledge, understanding your books and finances can make a huge difference in how you do business and help you make more informed money decisions.
But if I'm being honest, there was a time, just a few years ago, that I didn't have a clue what bookkeeping was either.
I didn't care what its advantages were. Hell, I wouldn't have cared even if someone told me it would make me more money.
All I cared about was the fact that it was confusing and everywhere I turned for answers I found boring ass answers with explanations that didn't make much sense.
I don't want you to suffer that same fate, so here goes...my simplest explanation of what bookkeeping is.
Bookkeeping has a rap for being one of those nightmare tasks on an entrepreneur's to do list.
In fact, I just did a poll and found that the vast majority of those who answered were actually just ignoring the whole issue. Pretending it isn't a necessary part of business.
Unfortunately bookkeeping is much like dirty laundry. The longer we ignore it the more it piles up. #NoCleanUndies=LaundryTime
But in all seriousness, maybe you've been putting this off, or maybe you've been half-assing it, or maybe you've been giving it your all and you're just getting tired of it.
You're not alone. All of these are totally normal.
But it's also a sign you're ready to get a bookkeeper!
Do you ever have those brain dead moments where you think everyone knows you and what you do and then someone asks, "So what does a/an [insert your profession here] do anyway?"
BAM! You come back to reality and realize you aren't the center of the universe and in fact most people are confused by what you do to make money...am I right coaches/marketers/social media managers/brand designers/basically every online business ever?
Well this happened to me recently. Except for me it's a little different. People know bookkeepers do the books, but they're often confused about where the line between books and taxes is drawn.
"So what does a bookkeeper do exactly? Or I mean, what's the difference between a bookkeeper and accountant?"
I'm going to break it down for you here so you never have to wonder again ;)
The simple answer is bookkeepers do your bookkeeping, accountants do your taxes.
And while that seems like an easy answer...there's a lot of blur in between those lines!
There is the long running joke about the business owner who "files" their receipts in a shoebox. We laugh about it, but while technology is continuing to automate business some entrepreneurs still stash receipts to worry about later.
What I find far more common among online entrepreneurs is not gathering receipts at all.
Why is this the case? Online entrepreneurs have a lot of online expenses and some of these online providers don't send receipts out. That means the already swamped entrepreneur has to go sign into all of their accounts and manually pull these receipts and save them or in most cases they just don't do it all.