Online Bookkeeping For Mom Entrepreneurs

If you’re a mom and you have reasons for needing to work from home, getting your own business started could be the first step to fulfilling your dreams of working while still caring for your family. But then you’re faced with the least favorite chore of running a business; learning how to do accounting. While accounting and going over all your financial records will always take time, especially during tax filing periods, it no longer requires drawing up spreadsheets from scratch to be successful. Now being successful at bookkeeping doesn’t happen by just having good bookkeeping software. You’ll want to have an organized bookkeeping and finance strategy to make it successful.

1. Choose Bookkeeping Software That Has A Learning Academy

There is a lot of good bookkeeping software out there that you can learn even without having to take college accounting courses. Some software can be quite simple and automate certain data entry tasks that can be time-consuming with regular spreadsheet entry. Nonetheless, there are a lot of facets to accounting that may be difficult to catch onto even with simple software. Choosing a software package like Zarmoney.com can help you learn accounting on the fly by having an interactive academy with video tutorials on using the software. You could learn anything from adding and creating purchase orders for vendors, creating and organizing invoices, setting up payment features, syncing bank statements and accounts, and so much more. The easier the learning curve is on bookkeeping software, the more time you’ll have to devote to your business.

2. Make Sure You Have A Good Business Checking Account

It would seem like a basic thing that comes with starting a business, but there are many entrepreneurs including mom entrepreneurs who decide to forego opening a business bank account. It’s understandable because some business checking accounts have difficult requirements like high deposit minimums, fees for withdrawals that exceed a certain amount, limits on cash deposits, and other hassles that could be a problem for new business owners. But there are some new banking options that are starting to emerge in the online banking space that offer no-fee and no minimum deposit business accounts that are now starting to serve freelancers and newer startups. Getting checking accounts with these banks can help get you set up so that your bookkeeping runs through them, and your cash flow is easier to keep track of.

3. Make Sure You’ve Prioritized Paying Your Vendors In A Timely Fashion

Suppliers are able to best meet the needs of clients who are consistent with their payments and give them more business. The difficulty is cash flow can run in cycles, and making consistent early payments to vendors could put your business in a shortage hurting your chance of paying for other expenses. It’s important to include a payment plan and schedule it within your bookkeeping software, and if possible try and work with your vendors to make sure they can work with you during specific cash flow periods.

4. Make Sure You’re Meeting The Deadlines For Tax Payments

Now comes the unpleasant part of filing and paying your business taxes from regular income to payroll taxes. Good bookkeeping software can have the tax forms you need to keep track of the amount owed, report all the mandatory financial information you’re required to provide, and minimize the chances of being audited. There are four main deadlines throughout the year where you need to make your estimated business tax payments. It also doesn’t hurt to make an appointment with a CPA prior to filing your taxes just to make sure every T is crossed and I is dotted.

5. Set Aside Money From Your Own Salary

One way to stay on top of business taxes, personal income taxes, and savings plans is to set up automatic deductions from your paycheck for these goals. You’ll want to know the percentage that should be set aside for income tax, social security, medicare, and the other costs. You should also consider setting up your own 401k or SEP IRA account because it’ll be up to you to include retirement planning in your business. While not all bookkeeping software has features for transferring funds into retirement accounts, it may be something to consider looking for.

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