Quickbooks self employed- ALOEwerx

How to do Bookkeeping for Self-Employed Freelancers & Independent Contractors The 6 items you need for self-employed bookkeeping.

1. Create a bookkeeping ledger.

A ledger provides a complete record of all accounts and financial transactions over the life of the company. It is important to keep your business money separate from any personal money even on day one. You can set up bookkeeping ledgers in Microsoft Excel, or there are many online versions including QuickBooks Self-Employed, or use an online accounting service like ALOEwerx to do this step for you.

2. Connecting accounts.

If you choose to use QuickBooks Self-Employed (with or witho ut ALOEwerx services) it allows you to directly connect your accounts to your bookkeeping ledger. You can connect any credit cards or bank accounts that you would use for business. That way whenever you use a credit card or bank account it will automatically record in your ledger without manual entry. This is helpful in validating the accuracy of your books and saves time.

3. Personal vs. Business expenses.

It’s important to distinguish between personal and business expenses. When you use a credit card or online payment with your bank account it is important to go into your books and label them either personal or business. QuickBooks Self-Employed will keep the transactions in a holding folder until you go in and review each transaction labeling them personal, business, or both. If using ALOEwerx the bookkeeper assigned to your business will take care of this for you. Keeping your business expenses separate will allow you to compare month to month business expenditures and see trends in your business.

4.

Net Income.

Just like your business expenses it is important to keep income earned from your business and personal money separate. You can use the same procedures as you do with expenses so you can match up your expenses on a job with the revenue it produced. Your net income will be the revenues you received from completing jobs minus the expenses incurred and, of course, any quarterly tax payment.

4.

IRS schedule C reductions.

In addition to comparing expenditures per month, by classifying business expenses you can start building up tax deductions. Certain business expenditures can be used as tax reductions on your IRS Schedule C. This can be confusing to most so having an accountant do it for you through ALOEwerx will make sure you are getting the most tax savings possible.

6.

Quarterly Federal Tax Payments.

When you’re self-employed you have to calculate your quarterly federal tax payments because you don’t have an employer taking it out of your paycheck. Online software can help with this but your time should be better spent. ALOEwerx will take care all your tax needs for only $34.99 a month or less.

Everyday Struggles Self-Employed People Deal With and Their Solutions Solutions to a few self-employed struggles every freelancer deals with.

1. Having to work Holidays and weekends This is one of the biggest self-employed struggles, but sometimes you gotta do what you gotta do. Try and set certain dates that you won’t work no matter what. Every selfemployed independent contractor needs a day off and a little work-life balance.

2. Clients 24/7 work expectations

Whether it’s 6am or 11 at night, clients expect their contractors to answer their emails immediately. A helpful hint for this problem is to set a time that you won’t check your email after. This will also help you sleep better at night.

3. No PTO/ Sick pay Unfortunately this is just how it goes; as a self-employed freelancer, when you’re not working you’re not making money.

4. Too many invoices/ bills Invoices and bills can stack up depending on how many clients or jobs you have going at once. This is where ALOEwerx is a great solution for all of your self-employed accounting service needs. We can take care of your bookkeeping for $34.99 a month or less, and we help you use QuickBooks Self-Employed so sending invoices, getting paid, and paying bills is a snap!

5. The difficult decision of how much to charge someone for a service Whether it’s a haircut or realtor fees, it can be hard to set prices especially when you’re starting out as a freelancer. Stay consistent and see what others are doing for a starting point.

6. Get distracted or get sidetracked with something not important

No matter how hard you try we all have those days where you just can’t focus. Try doing work in 90 minute segments, science has proven that this is the maximum amount our brain can be focused on something.

7. People think since we’re self-employed that we’re always available This is in regards to friends trying to get lunch everyday or your significant other asking you to run to the store during the day. They don’t see how busy we actually are and just think that we’re sitting at home all day. Don’t worry you’re not alone on this one.

8. Working alone Working alone can be nice in limiting distractions and not having to deal with some negative personalities around the office, but at times it can get very lonely. One thing to do is find a place in a local coffee shop or a library where you can get work done but be around other people. Just by being around others can help with this lonely feeling.

9. Tax returns Tax season is the worst season – well that is unless you have ALOEwerx as your accounting services provider. ALOEwerx doesn’t just provide bookkeeping but also will prepare and file your taxes for you so you no longer have to worry about doing it yourself.

10. Going from no work to do, to doing 6 things at once for 4 different clients.

This is just the way freelance work seems to go sometimes. Some months you will be just scraping by with odd jobs and then the next you’re swamped. The best plan is to plan your projects and try to not overbook yourself. It can be hard to say no to a potential client but you can get burned out real fast by overworking.

How Remote Bookkeeping and Accounting Services Can Solve Your Biggest Problems

Bet you didn’t know remote bookkeeping and accounting services could solve your biggest problems.

Whether you do freelancing work, are self-employed, or run a small business, it takes a lot of time and effort. I’m sure we all remember the day when we decided to stop working for the man and to be our own boss. Since that day, there have probably been both some good times when business thrived, and some challenging times where it seemed like you made the wrong decision.

Time is very valuable to a small business owner or freelancer. The problem is, we only have a limited amount of it. There’s only so much work you can get done or meetings with different clients that can be accomplished in one day. At ALOEwerx we understand that time is valuable and that’s why we try and save you some. We provide painless accounting services to take care of all your accounting needs. Don’t try to add bookkeeping to your already full plate and let us do it for you. This way you can fit in one more job or another meeting so you can be making more money.

Money is power to a small business and without it, well you won’t be around for much longer.

With remote bookkeeping and accounting services

you don’t have to set aside hours while you struggle through balancing your books. Instead, use those hours to complete another job or to have another meeting with a potential client.

ALOEwerx is only $34.99 or less a month compared to you wasting two plus hours a month doing it yourself. Your time is more valuable than $17.50 an hour so switch your books to a remote online bookkeeping and accounting service.

Tax Season is never fun, especially if you haven’t calculated your income and set money aside. This doesn’t have to be a worry any longer, remote bookkeeping, accounting and tax services like ALOEwerx will keep accurate books and do your taxes for you. This can save you months of stress and lots of money when estimated and annual tax times come around. When next tax season comes, you can sit back and relax knowing your online accounting service has you covered.

Guidance can be very helpful especially during a period when business is slow.

Having an extra set of eyes into your company can be very helpful – especially when they know your financial numbers. They could give you advice on industry trends, show you where you could cut costs, or choose to expense an item as opposed to capitalizing it. With remote bookkeeping and accounting services you will interact with actual people who can provide valuable guidance from a financial standpoint.

ADDRESS:2770 Arapahoe Road Lafayette, CO 80026

PHONE NO.:720.463.2670

https://aloewerx.com/