Even if money grew on trees, we’d still have to organize it.
TIC, TAX, TOES.
As we near the year’s end, it’s time to look at the money books.
Accounting day isn’t fun (and neither are taxes), but it DOES mean that the Owl is bringing in the dough, which is ALWAYS a good thing!
I willingly admit to anybody that Accounting was the most difficult class for me in college (yes… even harder than all those tediously boring General Ed courses!). I barely made it by with a C-, and that was after some serious extra credit work.
Using it is like playing tic-tac-toe: it’s easy to learn, quick to finish, and can be played almost anywhere. I strongly suggest it to other small businesses for three main reasons:
Ease of Use.
Convenient access from anywhere.
Estimated taxes tab (not offered with free account).
GDB makes it easy for me to keep track of my income and expenses by cleanly organizing any financial information I input into an assortment of lists, charts, and pie graphs (the Owl likes graphs! And pie. Mmm…). GDB even helps me by calculating mileage reimbursement and explaining the difference between “Office Supplies” and “Other Expenses”, which (for some reason) I find particularly confusing.
Not only is it well-organized and user friendly, but GDB isn’t like some excel spreadsheet stuck on my desktop or saved onto an easy-to-misplace USB Flashdrive (I only have about three I rotate between). I can update my bookkeeping from anywhere I can get online, and that helps to keep me from forgetting to record a random expense (like mileage or the last-minute colored pencil purchase).
What I’ve found the most helpful, though, is GoDaddy Bookkeeping’s Taxes page.
It helps me keep track of what Federal Schedule C taxes I’ve paid already and estimates for me what my upcoming tax expense looks like. It even tells me when they’re due (because I have enough dates and deadlines to remember on my own!). Every time I enter an income or an expense, GDB recalculates my estimated taxes for me so I never have to worry if the numbers have been updated or not. (BONUS: According to a tax specialist I spoke with recently at H&R Block, GDB’s Tax Estimator is an accurate tool for small businesses like MOI who can’t afford to pay a specialist every quarter to calculate my Schedule C (which, she said, can be upwards of $200 a shot!).)
Downside: GDP is only able at this point to estimate Federal taxes. But, don’t lose hope! I’ve read that, because there’s a lot of interest in getting the program to help with State tax estimates, GoDaddy is currently working on that additional functionality. Hooray for improvements! Mountain Owl is certainly crossing her toes for it (Yes, toes. Owls don’t have fingers.).
I encourage any small business to sign up for a FREE GoDaddy Bookkeeping account to try it out. If you like it, give it a $9.99/month shot and walk a while in its Tax Estimate shoes. If they fit well — not too tight, not too loose, and just enough room to wiggle your financially savvy toes — then HOORAY for you! You’ve just adopted a super-easy small business solution to tax and accounting woes.
P.S. Fourth Quarter taxes are due January 15, so now’s the time to start inputting your numbers into GDB! Go to bookkeeping.godaddy.com to try it today for free.
P.S.S. No, MOI isn’t getting paid to promote GDB. We really like it THAT much!