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I Hate Accounting Software. Here's How I Manage My Freelance and Business Taxes Instead

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The No. 1 rule of bookkeeping without using accounting software is to have separate accounts for your business and personal funds. This keeps you organized and makes it simple to keep personal and business transactions separate. Business expenses come out of your business bank account and business income flows into it.
The article on CNET discusses the author's aversion to traditional accounting software and their alternative methods for managing freelance and business taxes. Instead of using conventional tools like QuickBooks or FreshBooks, the author opts for a combination of manual tracking and simpler digital tools. They use a basic spreadsheet to log income and expenses, categorizing them for easy tax preparation. For invoicing, they utilize PayPal and Square, which also help in tracking payments. The author also mentions using a dedicated business credit card to keep business transactions separate from personal ones, simplifying the process of identifying deductible expenses. Additionally, they keep meticulous records of all receipts, often using apps like Evernote or Google Drive for digital storage. This method, while requiring more manual effort, gives the author a sense of control and understanding over their financials, avoiding the complexity and cost of specialized software.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/i-hate-accounting-software-heres-how-i-manage-my-freelance-and-business-taxes-instead/ ]