I run a private counseling practice, so I don't have any inventory or employees to manage. I don't even need to send invoices most of the time. I operate the business as a sole propriator, and I include the business income on my personal tax returns. I just need to keep track of my income and expenses and plan my taxes. What software would be best for this? The software also needs to be affordable.
I have thought to use Quickbooks, or maybe Quicken since my business is very simple. But if I chose Quicken, which version would be best? Or would another program be better?
What computer software would best help me to manage the finances of my very small business?
Sounds like Quickbooks, the smallest version they have. I use Quickbooks online, but it is because I'm a consultant that is always at my client's place of business. I can send invoices, run credit cards, access my client data anywhere there is an internet connection.
Reply:I loved QuickBooks when I worked with a small business doing their books. Even though it has more features than you may need right now, you won't have to worry about outgrowing it if and when you decide to increase your business. It also allows you to import your business data directly into Turbo Tax if you choose to do your own taxes.
Reply:I do the same, I have a printed invoice I use for my clients. All I do is make a spread sheet of my expenses. I keep track of my miles, envelope my reciepts, and photo copy my checks. I use taxcut Home and Business every year.
Tricks,
Always charge the high fair retail value of your service. Then on your invoice have a discount section. That is where you mark down to the amount you really want to charge. I put things like, first time client, excessive time discount, repeat customer discount, etc. Well the amount you discount is now a business loss that can be deducted at the end of the year. You get more money for your service just funded by the government. Dont for get to claim 5% of your rent or mortgage as a home office, depreciation on miles you drove your car for business, percentage of your utilities, and phone bill.
I never sell parts so I dont need a special license. I tell the client what I need, they get it or they pre-pay for parts and I get it for them.
If you want any more idea's or other business idea's be sure to let me know I own 3 businesses that I am expanding, love to have your help...
Reply:Quickbooks is a great program for a small business. They have so many helpful tools and features.
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