cancel
Showing results for 
Show  only  | Search instead for 
Did you mean: 
Community Team

How do you manage your financials?

What tools and processes are you using to manage your business financials? Are you doing it yourself, or have you hired an accountant/bookkeeper to do it for you?

 

When I was freelancing I tried managing everything myself. (Spoiler: I did a terrible job!) Based on that experience I'd definitely hire a professional next time.

 

What about you lot? How are you going about it?

 

Senior Community Manager, GoDaddy Pro
Need help with your account? Find 24/7 support at x.co/247support
Browse our articles for website designers & developers on the GoDaddy Blog.
Do you build websites for others? Join the GoDaddy Pro partner program.
Follow @GoDaddyPro on Twitter for helpful tips, useful links and exclusive updates.
2 REPLIES 2
Advocate VI

I use QuickBooks online for all of the financial admin stuff, including creating invoices. I have a CPA who does my business taxes, she's been with me for 15+ years and when I started with QuickBooks (back when you had to install it on your computer), she advised me on the chart of accounts, etc. 

When QB switched to offering an online version, I changed to that -- yes there is a monthly fee, but you get the updates regularly, and it's all browser-based. So my CPA can log in and see everything she needs to see. In the old days, I had to download and/or print reports for her. 

I also pay a Payroll/Bookkeeping service, and they manage my payroll stuff, filing employer taxes, and all that. WELL worth the cost. And note that this business is just me. It's an S-corp and I'm the only employee. But they have it all set up for me to enter payroll info when I want to pay myself, it gets taken out of my business account and auto-deposited into my personal checking account. They also figure out the various taxes and make those payments on my behalf. Considering that it's $50/month, and that it would take me less time to earn $50 than to do the payroll work, it's a good deal.

So I still do all of the data entry into QuickBooks, and track money in/out -- but the software makes it pretty easy.

Super User II Super User II
Super User II

@webdiva has it right, it's really about good software that you feel comfortable with. My project management software gives us project summaries complete with costing. My print software gives me a breakdown of each job and my Reseller control panel also gives me my sales numbers. I pull those three "reports" and give them to my accountant. All I do is provide the numbers, I don't total them or anything.

I don't handle my own HR so all of the salaries, insurance, taxes... are outsourced to a local HR company. I try to stay away from that kind of thing but one thing to be aware of is you must read and review any tax information closely. Know that if you prepare your own business taxes, calculate numbers or send everything to a professional you are the responsible person should things be done improperly. I use a trust but verify approach to anything that has to be submitted for all aspects of my business. I check my numbers when I go out, I check them monthly, quarterly, bi-annually. yearly and when they come back in from my accountant and HR agency.

...turns out that my two cents is worth less or more depending on the current exchange rate.

roy darling *my posts seem a lot shorter in my head