Computer programs to track expenses/income and do taxes?

[DanP601]

I recently opened my own gym in Madison, WI and was wondering if any of you guys know of some good (preferably relatively cheap) programs to track my expenses and income so that I can make sure I get the maximum return on my taxes at the end of the year. I was told that ********** is ok by my accountant, but he said that he hasn't used it himself. Any info would be greatly appreciated. Thanks!

[yuncker]

I run my Company using **********. Its really easy to use, My accountant knows how to use it tho. I would find an accountant that is familiar with it tho.

[OtisBecker]

I recently opened my own gym in Madison, WI and was wondering if any of you guys know of some good (preferably relatively cheap) programs to track my expenses and income so that I can make sure I get the maximum return on my taxes at the end of the year. I was told that ********** is ok by my accountant, but he said that he hasn't used it himself. Any info would be greatly appreciated. Thanks!

********** pro 2013 or later is a good choice. You probably should inquire with your state on whether memberships are taxable, you will have to charge tax if you sell stuff. QB PRO will handle sales tax, payroll, if you choose to do it yourself, and 1099 reporting. If your membership base is 1000 or less it will handle billing easily. It will also download from your merchant account and bank account, and exports to and imports from Excel. Check with your bank if they charge fees for this, many don't.

You can use ********** Online, alternatively, then your accountant can view the reports.

Most accountants should know how to use it, or should
put you in touch with a person that does, and can set you up.

[Trollin4Tuna]

********** pro 2013 or later is a good choice. You probably should inquire with your state on whether memberships are taxable, you will have to charge tax if you sell stuff. QB PRO will handle sales tax, payroll, if you choose to do it yourself, and 1099 reporting. If your membership base is 1000 or less it will handle billing easily. It will also download from your merchant account and bank account, and exports to and imports from Excel. Check with your bank if they charge fees for this, many don't.

You can use ********** Online, alternatively, then your accountant can view the reports.

Most accountants should know how to use it, or should
put you in touch with a person that does, and can set you up.

I'm a Tax CPA and I agree with most of this. I do disagree with QB online. It is a horrible program and is a pain to use IMO. I hate when clients have this version as it takes longer to get the info I need. A lot of people get it because it is cheaper but if it takes me an extra hour or two my billing rate will eat up any savings.

Regular QB is great though and every CPA should know how to use it. I would highly recommend getting someone to set it up for you. Preferably the CPA firm who will do your taxes. That way everything is good from the start. Many do not follow this advice as it does cost money, but it is money well spent. We send a bookkeeper out to do that work. They are billed at a considerably lower hourly rate than a CPA.

If it is not set up correctly, there is a greater chance that transactions are booked incorrectly throughout the year. Then I have to make a lot of journal entries, phone calls, etc to correct. This is done at the CPA rate. While I like having a lot of billable hours, part of my job and nature is saving my clients money and making them more efficient. It also makes my job easier and allows me to focus on higher-level services that require my knowledge.

Although I haven't used QB in a day-to-day/bookkeeper role in many years, I remember it being an easy program to learn and use pretty effectively with little to no accounting experience required. I still have every version from 2005-present on my computer at work but they haven't changed how you make a journal entry so that limits my actual use of the program, but I haven't heard any complaints from any of our bookkeepers here at the firm.

Good luck with your profession and the compliance issues you now have to deal with. They may seem confusing at first (especially sales tax) but you'll get the hang of it and there are professionals like me out there who can assist when necessary.