What are you guys using for accounting and tracking expenses/income
What are you using for tracking expenses and income? I started using a spreadsheet I found in GSuite from Xero but it broke pretty quickly when I changed the locale from Europe to Australia.....I can't be bothered digging around in a spreadsheet to fix them. They're so fragile.
A few things I've tried:
What was your experience with bench.co positive/negative ?
I'm still undecided.
I'm only a few months in. It is nice having someone else do (most of) the manual categorization.
The ultimate test will be in how well their accounting holds up once I have to submit corporate taxes.
You could maybe have a look at and.co. They are completely free if I remember correctly
I couldn't operate without FreeAgent. Tracks all my expenses, does all of my invoicing including GoCardless integration which automatically bills our customers by Direct Debit. Automatically pulls in our bank statements and does my payroll as well as dividend vouchers and end of year VAT & corporation tax.
I've been using FreeAgent for 9 years now so this is a personal recommendation but if you use this link both you and I will get 10% off. No pressure to use the link though :-)
Hi, I'm starting a business with another 2 of my friends. I was thinking about using Wave apps for business income and expenses as it can be used freely (if what I found out was correct). So, expenses of the business will track there. But I'm looking for a software to record each of us (3 guys) expenses regarding the business. Pretty sure Sheets or Excel is the go to for this small scenario. But is there something else which can be used rather than Sheets or Excel ?
I'm surprised no one mentioned invoice ninja (https://www.invoiceninja.com). It doesn't have the pretties interface (they are making progress) but it's quite powerful AND it's open source. You can run your own or use a hosted service provided by the main contributors.
Hey, I use SlickAccount(https://www.slickaccount.com/gst-software/). It is very easy to use.
If you’re a smaller business/just starting out, and you have someone else preparing reports/reporting to govt, then export your bank statements to csv/excel and put a column in to say what it is. Keep a copy of all your invoices (as these will show VAT, GST, sales tax etc). BE ORGANISED!
If you’re wanting to do more of that yourself, then Xero is making more headway faster than Intuit across the US, UK, or Australian markets.
In Australia you can get a ‘Practice’ (as in accounting practice) version of Xero for $20/mo (no invoicing) which will do all your govt reporting. Retail Xero will be about $50/mo.
But tbh if you want to do it yourself, make sure you know what you’re doing- the basics are pretty straightforward, but if you get them wrong and accountant/cpa will spends heaps of time (and your dollars) sorting your crap out.
Hit me up if you’d like help.
I've heard great things about bench.co but personally I use an accountant/CPA and she's been so incredible helpful in keeping my books straight.
we've done the same with sharpedgedata.com
I've been using Bonsai for almost 3 years now and it never ceases to amaze me. All the features I need without any of the clunky extra features from the big name accounting tools. I have a credit card dedicated to business expenses and Bonsai automatically pulls in and categorizes those expenses for me. It also lets me add them to a client invoice as a pass-through expense with one click.
I recommend them regardless but if you use this link: https://www.hellobonsai.com/invite?fp_ref=cbdib
both of us will get a free month of usage!
I’m in the US and just about to select my first expense tracking platform. Has anyone tried Expensify integrated into QuickBooks?
We use waveapps.com. We use the free service and it works great for us. You can upload receipts to the service simply by forwarding the email to receipts@waveapps.com
I'm in the UK and I am using a business bank account called Tide (tide.co). It automatically categorises any income and expenses and I can label anything that has not been categorised. Then I can export to a spreadsheet or into accounting software like Xero.
This also means I can track how much I have put into / taken out of my business.