Let’s face it, accounting is never the most exciting part of running a business unless you’re a trained accountant or enjoy playing with numbers. From keeping track of revenue sales and spendings to calculating taxes and employee payroll, there are many reasons why most business owners find accounting tasks boring.
Unfortunately, it is nearly impossible to be successful in entrepreneurship if you cannot properly manage the money coming in and out of your business as well as other financial matters. This means business owners need to search for solutions, whether it’s outsourcing a task to experts or using online tools to automate most of the processes involved.
There are many programs, both paid multifunctional software and free options with a limited set of features. Many also make it possible to do bookkeeping online using a browser or phone app. Read this GoDaddy Bookkeeping Review to learn about one such very useful online solution.
GoDaddy acquired this tool in 2012, and since then it has grown significantly to become one of the most popular bookkeeping services, especially among freelancers and owners of small businesses. Before its acquisition and subsequent renaming, the system was formerly called Outright.
GoDaddy Bookkeeping is an online bookkeeping system. GoDaddy’s Bookkeeping includes a basic interface and features, which translates into its super affordable price. Features that can be noted include tax estimation on a quarterly basis and time tracking along with standard bookkeeping tasks such as invoicing, payments, and expenses.
Bookkeeping programs save the company’s budget by increasing the accuracy of financial records, making bookkeeping transparent for the owner, assist in ensuring that a company would not be paying large fines for late preparation of accounting documents and errors in the calculation of taxes and payments.
Pricing and Plans
Besides being super affordable, GoDaddy Bookkeeping also provides different plans to allows their customers to get only the functions they need and not have to overpay for what they don’t. Let’s quickly go over these plans in our GoDaddy Bookkeeping Review.
- Get Paid
This is a minimal plan that will cost you only $5 a month. You get invoicing and estimates along with the ability to receive payments from credit or debit cards. In addition, you can track time and how many miles can write off. The current year’s accounting reports make running a small business even simpler and minimize hassle during tax time.
This option provides a little more with unlimited financial reports and automating synching of your bookkeeping account with your bank accounts. Sales data from ecommerce sites can also be automatically imported. In addition, business owners appreciate Schedule C, sales tax, and other tax worksheets. If you choose this plan, it will cost you $10.
This is a plan that includes all the possible features this service has available while keeping the price at just $15 a month. You would want to choose this plan only if you do a lot of repeat invoices because it has recurring invoices features. Otherwise, you get all the other features in the Essentials plan.
Despite the fact that GoDaddy Bookkeeping does not have a great range of features, it is much better than trying to do everything in Excel or any other manual way. Working in GoDaddy is quite simple. To keep your financial data up to date, it lets you seamlessly sync your banks as well as ecommerce sites. This way, you can keep track of all expenses paid and any income that goes into your bank account.
The information is updated in your account every night, so you will always be up to date with your finances and ready for tax filings. In fact, as was mentioned, it will calculate quarterly tax payments for you, categorize your cash inflows and outflows according to Schedule C, and keep track of sales taxes and miles you have driven for your business, making running a business even simpler.
If the transactions are not done using your bank account, you would need to manually enter the data from the primary documents, such as payment orders, cash receipts, invoices, etc., and the program creates all the necessary entries for each document automatically and accurately performs the necessary calculations.
It is also easy to delete any personal transactions that might slip in, so they do not end up on your reports and totals. Perhaps, you will also find it valuable that this software supports integration with several popular e-commerce platforms and marketplaces such as eBay, Etsy, and Amazon.
This bookkeeping solution also has an invoicing and estimates function, so it is possible to send customized invoices and estimates to your customers and give them an option to pay in any way you and/or they desire, including cash, check, credit or debit card, PayPal, etc. Moreover, to ensure that you get your money on time, it can automatically send reminders about overdue invoices.
In addition, GoDaddy will track if you have repeating customers, which is important for businesses to know because this way they can tell if their strategy is working or not. The more repeat customers you have means that you are doing something right and you should keep on doing it. In your GoDaddy account, you can see the customer’s name as well as a history of their purchases.
When using cloud-based solutions for bookkeeping, you will not be tied to a workplace. You can enter your personal account from any device: you only need an internet connection. All forms and documents are updated automatically when changes in legislation have occurred. Documents are stored on remote servers, so they do not even need to be downloaded to your computer. In addition, using GoDaddy Bookkeeping is cheaper compared to popular accounting software.