How Do You Manage Your Business Expenses BrothaTech?
#AskBrothaTech is the section of the site where I answer some of the tech questions I get in my inbox or via social media.
This latest question has to do with managing business expenses:
“Hi BrothaTech, I wanted to know how you keep up with all of your business expenses for tax purposes”
Signed, I Get Money”
*real name removed because I wanted to use ‘I Get Money’ instead of their real name*
Since it’s still tax time, I figured there may be other personal and entrepreneurial folks out there looking to manage their money a little better going forward.
I’ve definitely tried a number of online services to keep all my biz dollars under control. Since I do a wide variety of things to bring in dough (consulting, blogging, gadget repairs, and eCommerce in the near future), I need something that can adapt to my needs. Since I still don’t have that long money yet, I try to keep my overhead costs low as well.
Out of all the services I’ve tried, the one I’ve stuck with longest has been Wave. It’s a free (ad-supported) small business web service (no download) that offers accounting, invoicing, payments, payroll, and receipt tracking in one place. Actually that’s probably the thing I like the best about Wave — while it may not do one thing better than its competitors, it does a wide-variety of things well enough in one easy to interface.
It does all the basics of accounting services like signing in to many of the well-known banking and credit services, letting you import and categorize transactions without jumping back and forth between tabs to balance your accounts. It lets you create, distribute, and let recipients pay online (fees included) without figuring out the best way to get paid. You can also use the iOS app to capture and save receipts for expenses.
When your fiscal year is over, you can run a myriad of reports to see how you did. When it’s time for tax season, you can give your accountant or tax prep specialist access to your account so they can help you get things in order to keep “the man” off your back.
Wave offers free support through it’s FAQ and community posts or you can submit a request. If you got it like that, you can opt to pay for premium services to get live, specialized, and personalized support at anytime.
Don’t get me wrong, there may be apps/services that do one of the services that Wave offers way better than Wave; but with all the different things I do, I don’t have time to be jumping around a bunch of services just to consolidate my business expenses. As a result, Wave simply gets the job done, and that’s good enough for me.
I did mention it’s free, right?
…Be sure to keep those tech questions coming. Shoot me an email or hit me up on social media with the hashtag #AskBrothaTech