Accounting Advice for WAHMs
If you’re a work-at-home mom, you’re probably doing all that you can just to make the day run as smoothly as possible without thinking about things like obtaining smart accounting tips. Oh, but by the time that the tax season rolls around, more times than not, you wish that you had.
The good news is that we’ve done a bit of the research for you and come up with five things, related to accounting that can make your job (and ultimately, your taxes) a whole lot easier:
Figure out what kind of accounting services that you need. One way or another, everyone needs accounting services. It may be a bookkeeper to help you in keeping up with the day-to-day demands of your business. It may be hiring an accounting firm that will help you to set up and establish business credit (that needs to be separate from your personal credit file). It may be a tax accountant to help you during tax season, or working with an accounting service that will update your books for you. Do a bit of Googling on the accounting firms in your area to see what will be the best fit for you.
Purchase some accounting software. Whether you choose to hire some additional assistance or not, it’s still a really good idea to download some accounting software into your computer system. It can assist with having more accurate record-keeping; you can prepare your taxes easier; it divides your transactions into easy-to-read categories and, as an added bonus, you can get it for a really inexpensive price. Some of the best-rated accounting software includes Sage 50, QuickBooks Pro and Bookkeeper.
Get a business credit card. If you have your own business (as opposed to being contracted out to work for someone else), it’s a really good idea to apply for a business credit card. Some of the perks include the fact that you don’t have to keep track of your expenses, it establishes credibility for your business, the credit limits tend to be higher, the credit card is insured and there are usually rewards that are offered based on purchases that you make.
Also get some training. Whether you live in LA and need some accounting in California tips or you live in Raleigh, North Carolina and need the same, you can never go wrong with making a concerted effort to get a bit of accounting training whether it’s on CD via websites like CDTeaching.com, taking some tutorials at other websites such as DWMBBeanCounter.com/moodle or asking the trade association that you may be a member of for any leads that they may have in the accounting field.
Monitor wisely. Initially, with the right kind of software and training, you may do just fine handling your books on your own. But, as the demands of your career begin to grow, you may realize that you need a bit more help and that’s OK. Hiring an accountant should never be seen as a “waste of money”. It’s actually a wise investment to insure that you use the money that you currently have in a smart way and that you position yourself to be able to make more. And that’s always a good thing, right? Definitely.
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