[00:00:30] In the very beginning of your career and business, you might be able to use very simple tools like Excel or Word to do all those things necessary.
[00:01:00] The more your business grows, the more you have to automate things and that’s the reason I, for example, use QuickBooks Online for all my accounting stuff. It’s where I create proposals for my clients and I send out a proposal to my corporate clients via QuickBooks. They can sign it online and afterwards, I can immediately send the invoice online and they even can use an online payment process via QuickBooks to pay me via bank transfer or credit card or PayPal or whatever they prefer.
[00:01:30] I also handle all my expenses via QuickBooks. That makes it easy for me that at the end of the year or at the beginning of the next year, I do my tax report. To make that process even easier, I use a service called Shoebox which only costs a few bucks per month where I can do two things.
[over the way 00:01:43] First of all, I snap all my invoices and receipts with a mobile app and they scan it for me and put it into my system and categorize it. The second thing is I can easily forward my invoices that I receive via email to an email address I own at Shoebox and they do the same with those emails.
[00:02:00] At the very end of each month or whenever you prefer, you can import all those invoices into your QuickBooks Online account and that just saves plenty of time for me.
[00:02:30] In the very beginning of my business, I handled all of the accounting myself. It was relatively simple. I was booking services, I had very simple expenses and those were simply recorded on some spreadsheets and I was also tracking all of my receipts. Now as my business grew, things got a little bit more complicated. I eventually evolved to hiring an accountant, which I wish I would’ve done much earlier because not only will a good accountant really take just that whole administrative task off your list, but that person can also help you ensure that you are spending money properly and can help you grow within your business in a financially smart way.