As a freelancer or self-employed professional, managing your finances can be overwhelming. Whether you’re a hairdresser, freelance developer, artist, or any small business owner, staying on top of your financial situation is crucial. That’s where QuickBooks comes in, offering a powerful yet user-friendly solution for managing your finances.
In this blog post, we’ll discuss five essential tips for using QuickBooks self-employed to streamline your finances and boost productivity. And when you’re ready to take your QuickBooks skills to the next level, consider partnering with Kagee Consulting, the best Atlanta business coaching company.
1- Withhold 25-30% for Taxes
As a freelancer or self-employed professional, you need to account for taxes on your income. A general rule of thumb is to set aside 25-30% of your earnings for taxes. QuickBooks makes this process simple by allowing you to create a separate account to store your tax savings. This way, you’ll be prepared when tax season arrives and avoid any unpleasant surprises.
2- Do Frequent Bookkeeping
Consistent and frequent bookkeeping is essential for maintaining accurate financial records. With QuickBooks self-employed, you can easily record your income and expenses, track your mileage, and monitor your tax information. By updating your books regularly, you’ll have a clear understanding of your financial health, enabling you to make informed decisions and avoid potential issues with the IRS.
3- Know Your Deductions
One of the most significant advantages of being self-employed is the ability to claim various tax deductions. QuickBooks helps you keep track of deductible expenses, such as home office costs, travel expenses, and professional development. By staying on top of your deductions, you can maximize your tax savings and keep more of your hard-earned money. You will also be well prepared during tax season.
4- Insure for Security
Protecting your business and financial information is crucial. QuickBooks offers multiple security features, including data encryption and secure cloud storage. Additionally, consider investing in business insurance to safeguard your assets and financial stability in the event of unforeseen circumstances.
5- Hire a Company like Kagee Consulting
Although QuickBooks is user-friendly, partnering with a company like Kagee Consulting can further enhance your financial management skills. Kagee Consulting, a small business coaching company in Atlanta, offers personalized coaching and training to teach you how to optimize QuickBooks for your unique needs. Our experts will guide you in selecting the appropriate Quickbooks subscription, help you set up your Quickbooks for efficiency and automation, ensuring you’re prepared for tax season and ready to provide financial documents to lenders and other institutions when necessary.
Master bookkeeping with Our Comprehensive QuickBooks Training
Our QuickBooks training empowers entrepreneurs to effectively manage their business finances. As a top-notch small business consultant, we provide comprehensive training on how to perform and automate monthly bookkeeping tasks, giving you much-needed time back to spend growing your business.
Ready to Streamline Your Finances?
Investing in your financial management skills is essential for the success of your business. With these essential QuickBooks tips and the support of Kagee Consulting, you’ll be well on your way to maximizing your revenue and increasing profitability.
Don’t wait another day to take control of your finances – book an appointment today to learn how Kagee Consulting can help you create a life and business you’ll love.