9 Accounting and Finance Management Tools to Help Your Health and Wellness Business Prepare for Tax Season
It’s that point of yr once more! Tax season. And similar to yearly, we have to do our due diligence and report our earnings to the IRS.
This yr is perhaps totally different for you. You might need:
- Launched your well being and wellness enterprise
- Earned some further earnings as a coach along with your customary earnings
- Made errors with taxes final yr
… and so many extra conditions which can be a actuality for taxpayers.
Word that that is not the place so that you can be getting tax recommendation; when you do want specialised tax recommendation, get in touch with a CPA who shall be in a position that will help you.
Nevertheless, this is a spot to seek out wonderful apps and software program that may provide help to handle your small business’s funds, set up your expense documentation, and get all of your geese in a row for tax season.
Listed below are 9 accounting apps and software program that may assist well being and wellness professionals handle their books and make tax season simpler.
For Small Companies’ Tax – TaxSlayer
TaxSlayer is THE tax making ready software program for small companies for each state and federal taxes. It’s equally as full as a number of the better-known tax making ready software program we point out beneath, is really free, and has paid choices as nicely. We point out TaxSlayer first on this checklist as a result of it beats the others within the worth for self-employed people who need premium assist—and the worth is a vital issue when you’re beginning your small business.
TaxSlayer’s self-employed choice is greatest for contractors, 1099ers, aspect hustlers, and different self-employed conditions. This will likely or could not embody LLCs.
The basic tax conditions and premium assist choices are additionally less expensive than the competitors.
For Many Tax Conditions – TurboTax
TurboTax is arguably the best-known tax-preparing software program. Many millennials have by no means used one other service for his or her taxes, a lot much less accomplished their taxes, as a result of, by the point they began working and having to do taxes, TurboTax was generally known as the straightforward, low cost option to do them.
TurboTax continues to be very full and has optionally available auditing assist providers and totally different service packages for quite a lot of totally different tax conditions. To do your taxes with TurboTax, you basically simply should reply a collection of questions, and so they’ll fill the knowledge into the tax types for you. It’s useful as a result of it interprets tax jargon into easy-to-understand phrases, and it’ll provide help to decide whether or not you may file your taxes utilizing their fundamental providers or when you’ll want specialised self-employed providers.
Word that, despite the fact that it was comparatively straightforward to file without cost with TurboTax a number of years in the past, they’ve gotten good at convincing customers to purchase their premium providers, that are among the many costliest of well-liked submitting providers.
One of many advantages of TurboTax is that they’re owned by the identical firm that owns QuickBooks (Intuit), so that they typically have bundled offers for each.
For Monitoring Bills – Expensify
Expensify is a web-based software program designed that will help you maintain higher monitor of your bills, whether or not which means holding monitor of your private and small enterprise bills or solely your small business bills.
Some key options embody an optionally available approval course of so as to overview and approve submitted enterprise bills earlier than they’re entered into your expense account, a multi-currency characteristic, receipt and reimbursement administration, and spend management so that you simply keep inside finances.
Expensify is useful throughout their web site and app, on Android and iOS, and has nice automation options.
The principle con of Expensify is that it isn’t very intuitive, and it will probably take some time to know how you can appropriately use and profit from the interface.
Accounting for Very Small Companies – FreshBooks
FreshBooks provides a complete online-based accounting service designed for sole proprietors and startups—the tax state of affairs of most well being and wellness entrepreneurs.
Among the key options embody double-entry accounting, straightforward person expertise, detailed shopper data, time-tracking instruments, and collaborative instruments for groups, stock monitoring, and challenge and proposal assist. One other plus is that, you probably have iOS, it has automated mileage monitoring to simply file mileage as a enterprise expense.
Among the setbacks embody restricted bill customization, no quarterly tax estimates (an enormous setback when you supply your providers as a freelancer), and a few limitations with the cell app.
Generally, nonetheless, FreshBooks is a favourite for very small to medium enterprise house owners.
For Linking Your Bookkeeping to TurboTax – QuickBooks
QuickBooks, owned by Intuit, the identical firm that owns TurboTax, is a favourite for accounting and bookkeeping in small to medium companies.
For well being and wellness coaches who’re self-employed and use the identical account for his or her private earnings and bills as their enterprise earnings and bills, QuickBooks provides a straightforward option to separate the 2.
You may hyperlink your checking account to QuickBooks and create guidelines in order that transactions routinely get categorized as both enterprise or private transactions. When you select to make use of TurboTax to file your taxes, you may import QuickBook information so that you don’t miss a factor.
The principle setback for QuickBooks is that you must select your product model properly. The performance of self-employed variations of the accounting providers provides very totally different providers from the Enterprise model. When you aren’t certain which to decide on, we advocate that you simply get in contact with a gross sales specialist.
For the Do-It-All Entrepreneur – The Neat Firm
Neat is web-based accounting software program designed to seize your small enterprise funds with out the necessity for a finance division. Well being and wellness entrepreneurs have to be doing dozens of issues to run their enterprise and wish doing the books to take a couple of minutes, not a number of hours. Neat makes it attainable with digital finance administration instruments that permit you to save and set up your small business paperwork, switch them to the accountant, and visualize the monetary well being of your small business.
Once you use Neat for your small business’s financing, you’ll know that every one your paperwork are organized, making tax season straightforward.
Among the setbacks of Neat embody difficulties with exporting paperwork and viewing and saving paperwork off of the platform, so customers advocate saving your paperwork in a separate file in your laptop as a backup.
For On-the-Go Bookkeeping – Sage
Sage Accounting is cloud-based accounting software program that offers you entry to important bookkeeping info on the go. Sage focuses on streamlining entry to your accounting info when you’re out and about—a characteristic that different apps and software program don’t supply.
Sage is 100% on-line, so there isn’t any program to be put in in your laptop. The entire info is inputted into their on-line platform, and it’s viewable on the net or your Android or iPhone.
Sage provides webinars and reside on-line coaching in addition to on-line assist throughout enterprise hours.
Among the setbacks of Sage embody no payroll choices or time monitoring, so Sage is an efficient choice when you don’t want payroll or are pleased with a separate payroll service.
For Freelance Well being and Wellness Professionals – Wave
Wave accounting is an accounting and bookkeeping service designed for freelancers. When you supply your teaching providers on a self-employed, side-hustle, or freelance foundation, it is a nice choice for you.
Options embody double-entry accounting, wonderful bill and transaction administration, an easy-to-use interface, and multi-currency assist when you supply providers abroad.
Better of all, Wave is FREE. You solely have to pay charges for providers like funds and payroll providers.
Among the setbacks of Wave embody restricted cell app performance, no time monitoring, no low cost choices, and receipts can solely be generated for Android.
For Companies That Provide A number of Companies and Merchandise – Zoho Books
Zoho Books is a cloud-based accounting service designed for small companies and provides a number of complete options, together with gross sales and purchases, time and challenge monitoring, and, when you supply merchandise, stock administration. Zoho Books additionally provides extra assist and assist instruments than lots of the opponents.
Among the cons of Zoho Books embody an built-in payroll characteristic restricted to solely three states: Texas, New York, and California. Time monitoring should even be tied to tasks which can be built-in into the app.
Value-wise Zoho Books can also be very aggressive, making it a terrific choice for budget-conscious well being and wellness entrepreneurs.