As a participant in BzzAgent, there are times when I receive free or discounted products to review, and share my honest opinion. The following is a review of a product I received for free.
A couple weeks ago, I received a free year’s subscription to GoDaddy’s Online Bookkeeping service.
Here’s a little confession about myself: I love accounting. I love keeping books, and I love making spreadsheets and spreadsheets filled with budgets and projections, profit and loss statements, and whatever else I can add and subtract.
I also still run my small, in-home business as a child care provider according to the IRS. The income is small, and it’s part time, but I still have to keep track of my books and income, so this trial was GREAT for me! It was so simple to start an account, and the interface is easy to understand and easy to find what you need. The buttons are big, and the sections are easily identified. The language is also pretty simple- you don’t have to be a CPA to understand what to put in which field. This online-based software can be accessed anywhere you have internet, so you can enter in your purchases even when you’re on the go.
It even keeps track of your personal expenses. I don’t know that I can stray from my excel spreadsheets, (and my pages and pages of personal budgets and projections) but that’s a pretty handy feature to include. Especially for those that do run home-based businesses and they have to differentiate between personal and business expenses. I can foresee this feature as a handy tool if (heaven-forbid) one does get audited.
The only downside I have found is that my business is not inventory-based, so there are extra features that I would not ever use. A child care business is service-based, so I don’t keep track of sales or inventory. I only keep track of clients and the hours I spend in business, plus my expenses.
I also had a nice surprise a week after entering my business data, when GoDaddy sent me an email with my profits for the week! Sweet! That is so handy- can you imagine using that with direct sales, or a small etsy shop???
What I like most about this program is that it automatically lets you view your Schedule C, and gives you a running total for quarterly (or yearly if you don’t file quarterly) taxes that will be due based on your profits. How easy is that!!!??? Especially since I’m trying to keep my profits down (and in home child care, you can claim a lot of household expenses that you wouldn’t normally write off on your 1040 EZ*). So this is like a running total of how many more expenses I need to add in there so I don’t go owing so much to Uncle Sam.
The fact that this program tracks personal and business expenses, gives you a Schedule C, tells you when you need to file quarterly (and how much), and is so easy to use makes it well worth the $99/year listed on the website. It’s accounting software AND a personal accountant wrapped up into one cloud-based data file!
Watch this one-minute video for a little more from GoDaddy: