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Did I do ANYTHING, ANYTHING that I needed to do this weekend? Well, actually, yes, but not the short-term acute things that have piled up that I reeeeally needed to get done. Instead I spent the weekend grappling with accounting apps to get my business finances nailed down.
After going through two different apps, I have discovered that the things I originally really wanted (integration with Square and my bank account) actually make things hellishly worse to integrate because I have sloooowly been moving business-related stuff over from my personal accounts at my bank to my business account at a credit union, and thus a number of deposits and withdrawals were taken care of in giant lumps instead of individual transactions. Argh. Do not recommend.
Oct-Feb are hopelessly muddled and will never be reconciled, but I have March and what's done of April perfectly matched up, and the amount of money it thinks I have in the bank and the amount of money I actually have in the bank match, so I'm calling that good.
Accounting apps I looked at:
Zoho Books. Originally wanting to do them because they integrated with all the things I wanted to integrate with, then when I sat down to start entering stuff in, I got intimidated and quit. Don't remember the price, but it was like $15/month.
Kashoo. Got several hours into it, and got things more-or-less matched up. Liked the reports it gave me, which were exactly what I need for income and expenses for tax at the end of the year. Did not like the price, which is $15/month.
Wave. Have settled on this for now. They have a wacky, non-intuitive way of entering things in when there's income and expenses on an invoice/transaction, and do not automagically calculate the difference (WHY NOT?) so you have to bust out the calculator when entering in things like premade covers where I charge one amount, and the payment I eventually receive reflects subtractions of the listing fee and Paypal fees, and I have to calculate sales tax on it* as well. Also the reports do not include one with all expenses and one with all income. I have to print out income by account (sales income, commissions income, etc.) and expenses by vendor. Why have I settled on this one? It's FREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE. Free covers a lot of sins. (They want you to invoice and take payments through them, which is where they make their money.) If I start getting in more money I am so switching to one that works better.
* Texas sales tax, which they are VERY VERY STRICT ABOUT because there's no state income tax here, so sales tax and property tax make up for the shortfall. Also, our tax lady ended up calling the state comptroller's office to figure this out, and the official word from on high is that premade cover = tangible item** and thus subject to sales tax, while commissioned cover = service performed for someone so no sales tax. Filed quarterly.
**in the sense that copyright uses it: your words/art/whatever are copyrighted as soon as it's fixed in tangible form, which could be an electronic file.
After going through two different apps, I have discovered that the things I originally really wanted (integration with Square and my bank account) actually make things hellishly worse to integrate because I have sloooowly been moving business-related stuff over from my personal accounts at my bank to my business account at a credit union, and thus a number of deposits and withdrawals were taken care of in giant lumps instead of individual transactions. Argh. Do not recommend.
Oct-Feb are hopelessly muddled and will never be reconciled, but I have March and what's done of April perfectly matched up, and the amount of money it thinks I have in the bank and the amount of money I actually have in the bank match, so I'm calling that good.
Accounting apps I looked at:
Zoho Books. Originally wanting to do them because they integrated with all the things I wanted to integrate with, then when I sat down to start entering stuff in, I got intimidated and quit. Don't remember the price, but it was like $15/month.
Kashoo. Got several hours into it, and got things more-or-less matched up. Liked the reports it gave me, which were exactly what I need for income and expenses for tax at the end of the year. Did not like the price, which is $15/month.
Wave. Have settled on this for now. They have a wacky, non-intuitive way of entering things in when there's income and expenses on an invoice/transaction, and do not automagically calculate the difference (WHY NOT?) so you have to bust out the calculator when entering in things like premade covers where I charge one amount, and the payment I eventually receive reflects subtractions of the listing fee and Paypal fees, and I have to calculate sales tax on it* as well. Also the reports do not include one with all expenses and one with all income. I have to print out income by account (sales income, commissions income, etc.) and expenses by vendor. Why have I settled on this one? It's FREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE. Free covers a lot of sins. (They want you to invoice and take payments through them, which is where they make their money.) If I start getting in more money I am so switching to one that works better.
* Texas sales tax, which they are VERY VERY STRICT ABOUT because there's no state income tax here, so sales tax and property tax make up for the shortfall. Also, our tax lady ended up calling the state comptroller's office to figure this out, and the official word from on high is that premade cover = tangible item** and thus subject to sales tax, while commissioned cover = service performed for someone so no sales tax. Filed quarterly.
**in the sense that copyright uses it: your words/art/whatever are copyrighted as soon as it's fixed in tangible form, which could be an electronic file.
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May I offer a very small piece of advice about the tax thing?
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ask your tax person if Texas does formal written opinions? in NY, "I was told" doesn't cut it, you need to ask for an advisory opinion, and it comes up a LOT in challenges. (your tax person may already be on top of this! but just in case.)
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