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The importance of using accounting software
Using solid accounting software like QuickBooks Online is the best way to simplify your small business accounting (and taxes). If you are doing more than a couple of transactions per month (transactions include, invoices, taking payments, tracking expenses, etc.) it is much simpler to use accounting software to keep up with everything.
You don't want to wait until things get messy. It is much easier to get into a bookkeeping rhythm when you only have a few transactions rather than waiting until you are overwhelmed with business to start tackling your accounting.
As you grow, you can use most QuickBooks Online to also track 1099’s for contractors, set up automated invoicing and recurring payments, as well as run reports that are important for financial metrics (used for many business and personal loans or even if you want to sell your business in the future). QuickBooks Online has tiered plans that start out with the basics and let you upgrade for more features later as you need them.
For more information about accounting tips for small business owners, check out our post entitled "Side Hustle Accounting Tips" and leave a comment to let us know how it helped you!