Accounting Confessions of a Businesswoman
Just like clockwork, I filed for my yearly tax extension yesterday.
See, I have a bit of an admission to make which is that I really hate numbers and money or any combination of the two. Design Crush has been a business for nearly ten years and an LLC for more than half of that, and I’m honestly just getting a hold on my books now. It’s always felt extremely overwhelming to me, and so I’ve never made the time to fully understand and grasp what was going on behind the scenes. Money in the bank? Great. Set aside enough of that payment for taxes? Done. And that’s basically the extent of what my plan has been until this year.
Accounting got to the point of being a constant source of stress, a point of mental wellness that needed addressing. So I reached out to FreshBooks after sitting in on one of their workshops, they made accounting seem both easy to tackle and far less overwhelming than it had up until this point.
I’ve teamed up with FreshBooks to bring you the story of my journey this year as I tackle the financial side of Design Crush – and what better time to start than Tax Day?
Let’s start from the beginning.
When I first logged into my free one month trial I was immediately impressed by the clean layout. One thing that’s always kept me away from other accounting software is the sheer amount of information being thrown my way visually. FreshBooks was actually designed to be simple to use for the self-employed and easy to navigate, and that’s actually what it is. It became apparent – quickly – that I was about to be far more streamlined as a business as soon as I familiarized myself with the system. (On average users save 16 hours per month!)
I played around backlogging invoices from January 2017 to the present, marking the paid ones off and entering the information of the brands I work with most often for future billing. FreshBooks helps you to create a professional looking invoice that includes your logo, as well as sends out reminders when one goes overdue – basically taking you out of the role as the bad guy. (I love this.) You can even personalize a thank you message that goes out once each invoice is paid. Now this feature is like magic to me, you can set up your account up to accept credit cards! *mind explodes* If you’d like to dig even deeper you can add additional charges for late payments and request deposits from clients. Everything can be automated, making invoicing as painless as humanly possible.
Invoicing features: customization, payment reminders, automatic late fees, accept credit cards, recurring invoices, flexible due dates, handle received invoices, discounts, deposit requests, preview before sending, multi-currency billing, multi-language invoices, duplicate invoices, automatic tax calculations
Next thing, I photographed receipts and uploaded them to mark as expenses. Being a visually-driven person, it really helps that I’m able to see both the actual receipt as well as the file in FreshBooks. Nearly all of the functions include a line graph spelling things out for those of us who comprehend information better in that form. In this case I can tell immediately how much I’ve been spending and how profitable Design Crush is at any moment. Goodbye shoebox of receipts and manual entry! My accountant is already thanking you because he won’t be receiving a handwritten list for my 2016 taxes. *cringe*
Expense features: receipt attachments, tax-friendly categories, easy to read summaries, remembered vendors, multi-currency tracking, easily editable
So, this is the start of my journey. I’m looking forward to sharing more of what I learn along the way as I step out of my comfort zone and tackle this neglected area of Design Crush. If you have any questions about FreshBooks I’d love to try and help get answers for you from their award-winning rockstars in customer service. In the meantime, you can sign up for a free monthlong trial right here!
This post sponsored by FreshBooks. All words and opinions are my own, as always. Thank you for supporting the brands that help keep Design Crush creating fresh content!Posted In behind the scenes, living, office, sponsored post