I use Toshl. I've heard YNAB is also okay. There's a bunch of solutions out there really.
Mostly it boils down to:
- track shit
- use what's easiest for you to not forget to track shit
- hire an accountant to do taxes
I use Receipt Bank for collecting receipts + entering the data (RB gets new receipt data right about 80% of the time and then I can use rules to make future ones correct).
Everything then goes into Xero for reconciliation with my bank/credit accounts and is what my accountant checks at the end of the year to prep taxes. Been using this system for about 3 years and has been good to me so far.
I built my own bookkeeping app because all the other ones were too inefficient for me: #monet
A lot of it is automated. I just drop my expense PDFs into Dropbox and manually upload my bank statements. Monet then reconciles them automatically by extracting the date, vendor and amount from the PDFs (where possible) and links them to the bank statements.
Most of my revenue comes through Stripe so I can import those transactions using their API.
There's a Twitter thread detailing my development process: twitter.com/marckohlbrugge/st…
Have used a spreadsheet for years. Moved to Billyapp last year - which has been fairly good and helps to see a big picture. Now moving to the HR and accounting system that my bank provides for "free", as part of a business account. Mostly because that makes me tax compliant. Biggest mistake I have ever made was not having a system for taxes in place when I started being self-employed, and now making a transition to products. So hoping I get all of this correct, before I launch and try to make sales.
I have a folder structure for each year and month. Eg. /accounting/2018/01, /accounting/2018/02. I throw my bills into the folders as soon as they arrive, same with the invoices I send. Once a month I go through the whole stash and enter it into a spreadsheet. Then I send off the collected files to my accountant.
I don't need anything more complicated right now.
I use Xero accounting software and it's very user friendly. They have an add-on marketplace you can connect different services to likes stripe, Expensify, Shopify, etc. 100% paperless. Do taxes myself, just print out a P&L from Xero and populate in H&R Block tax software.
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