What is GoDaddy Online Bookkeeping?
GoDaddy Online Bookkeeping is online accounting software for small businesses. It organizes all your small business finances in one place, so you can:
- Understand how your business is performing with Profit and Loss Reports
- Create and send invoices and estimates
- Accept payments online
- Track time
- Be prepared for annual, quarterly and sales tax payments
- Save time by eliminating manual data entry
How does it work? How do I set it up?
After signing up, you’re prompted to connect your business accounts (e.g. bank, credit card, PayPal, eBay, Amazon, Etsy) to GoDaddy Online Bookkeeping through a secure, read-only connection. Each night, GoDaddy Bookkeeping imports all your transactions to save you hours of manual entry. The import process is “read-only,” meaning no changes can be made to your account.
Because this application is online, there is no software to install or update. Even if your computer were to crash, all your financial data would be still be safe and accessible on our secure servers.
Which of my business accounts will work with GoDaddy Bookkeeping?
GoDaddy works with thousands of banks and credit unions, as well as PayPal, eBay, Amazon and Etsy.
Is this secure?
Absolutely. We use the same security as major U.S. banks (256-bit SSL encryption) to ensure your data is protected against hackers and viruses. Also, we link to your accounts using a read-only connection, meaning we cannot make changes to your accounts.
How does GoDaddy help me prepare for tax time?
GoDaddy Online Bookkeeping is designed with the sole proprietor or LLC in mind. It automatically categorizes your transactions into IRS tax categories, so you have a Schedule C worksheet ready to go at tax time – just hand it to your accountant or plug the numbers into your tax software.
The product also tracks your estimated tax payments due and sales tax collected. If you receive a Form 1099-K, we’ll help you understand how it impacts your taxes.
What about cash transactions and mileage? Can I enter those?
Yes! You can manually enter both cash transactions and mileage, so you can track them in the same place as everything else. Our free iPhone app lets you enter these transactions on the go and automatically syncs with your online accounts.
Can I send recurring invoices?
Yes! It’s easy to set up and schedule recurring invoices for clients that you need to bill on a regular basis.
How is GoDaddy Online Bookkeeping different than QuickBooks™?
GoDaddy Online Bookkeeping is much easier than and less time-consuming than QuickBooks. QuickBooks is a double-entry accounting program that requires accounting knowledge and extensive set up with a Chart of Accounts. GoDaddy Online Bookkeeping requires no accounting knowledge and there is no software to set up. We only give you what you need to run and manage your business — no feature bloat here!
GoDaddy Online Bookkeeping is designed with the sole proprietor and LLC business in mind. If you’re a corporation or larger small business with multiple employees, you might consider a system like QuickBooks. But if you’re a smaller business wanting to see where your finances stand and be ready for taxes, you’re in the right place.
Is there a mobile application?
Yes. Our iPhone app lets you enter transactions on the go and it automatically syncs with your account so you’re always up to date. An Android app will be available soon.