As a small business owner, there are multiple aspects you have to think of — with accounting and bookkeeping at the top of the list. This is a vital part of running your business successfully, so it’s something that has to be done properly and efficiently.
In the event you’re not a numbers nerd (or even if you are), you’ll without a doubt need a system, or service to keep track of all the invoices, income and expenses that occur on a daily basis.
This is where GoDaddy Bookkeeping (formerly Outright) comes in! GoDaddy Bookkeeping is an online accounting program strictly for small businesses, like Amazon or Etsy sellers, freelancers and ecommerce stores.
It’s especially helpful for anyone who sends invoices and receives payments through Paypal.
What to Expect When Using GoDaddy Bookkeeping
GoDaddy Bookkeeping is different, and in my opinion more user friendly, than an accounting program like Quickbooks. If you run an online business, with an employee of one (like I do) you don’t need the added features and expense that Quickbooks provides.
GoDaddy Bookkeeping is more simplified, because it syncs with your bank account, so there’s no complex adding or importing transactions. And it comes with bank-level security so your accounts are completely safe.
No money ever changes hands and transfers can’t be made from accounts. It simply downloads your income and expenses, and allows you to categorize them into the right classification.
You don’t have to download any software to your computer either, which can put your financial information at risk. And since you have access to your account anywhere you have an internet connection, you can take your financials with you.
The main thing that sets GoDaddy Bookkeeping apart is the ability to track — and estimate — taxes. Specifically, quarterly and annual income taxes and sales taxes for sole proprietors, freelancers and other small businesses.
GoDaddy Bookkeeping Plans and Pricing
But if you need help making estimated quarterly taxes, exporting information to a Schedule C and calculating your gross income for the year, then you need the paid version of GoDaddy Bookkeeping for $9.99 a month or $99.99 a year. You’ll also be able to track any sales tax and create quarterly reports with this upgraded version.
Once you sign up, you start by linking your accounts — everything from bank accounts and credit cards, to Paypal, Freshbooks and eBay Seller accounts. Once you’ve synced your applicable business accounts, GoDaddy Bookkeeping will import your transactions for the last two months.
You can of course, add any additional transactions manually to get up-to-date. But once you’ve synced everything, it will start downloading your account info daily, automatically. For a more in depth look, see Outright in action.
Features and Accessibility
GoDaddy Bookkeeping is the perfect accounting choice if you’re a sole proprietor or very small business that simply needs a way to track income, expenses and taxes.
There are several ways GoDaddy Bookkeeping pulls your financial transactions from multiple platforms across the web — by importing your bank transactions, tracking invoices sent to customers (by integrating with FreshBooks), recording sales tax obligations, and calculating quarterly taxes and Schedule C business data.
The categories for expenses are already listed under the IRS pre-approved categories, so it will be very easy to export the information to a Schedule C and file it along with your personal income tax return. If you receive 1099-K forms, GoDaddy Bookkeeping will help you understand how it works, and integrate it with your other income documents as well.
To keep your business and personal expenses separate, and easily track the correct income and expenses, you’ll only want to link your business related accounts. You can record both personal and business expenses, but it’s more time-consuming with this service.
Pros and Cons of Using GoDaddy Bookkeeping’s Service
- Perfect for sole proprietors and small business owners
- Secure online access anywhere
- Customized sales tax and quarterly reports
- Simplified quarterly taxes and payment tracking
- Income and expense tracking for all online business accounts
- Easily import transactions onto Schedule C for income taxes
- Access financials using an iPhone
- Free version does not include tools for taxes and reports
- Not comprehensive enough for larger businesses
- Designed for business use only and not personal transactions
- Does not have any budgeting features
After using GoDaddy Bookkeeping to run my freelance business for the past 2 years, it’s helped me stay on track with my estimated taxes, as well as save me over 10 hours a month on bookkeeping and accounting tasks.
Although there are a few cons to using the software, I highly recommend anyone who runs a virtual small business, to test GoDaddy Bookkeeping for themselves.
The monthly subscription fee is well worth the price, since you’ll get peace of mind with the IRS and understanding your tax situation. GoDaddy Bookkeeping takes the headache out of small business taxes!