As part of the process of handling your independent business, you have to provide recording of your financial transactions (money in and out of the business). That's what a bookkeeper does.
Doing your own bookkeeping is not that hard: all you have to do is log your business transactions accurately and keep proof of records for potential inspections. This makes possible for your accountant to sort your business accounts when your financial period ends. If you don't provide a comprehensive report of your incomes and expenses, their intern will be doing your bookkeeping, and you'll be charged for the extra time.
Money In and Money Out apps provide you with a simple, fast and cheap way to do your own bookkeeping from your iPhone, so you can save money from your accountant's bill.
This is how you do your bookkeeping:
1. Log accurately your business incomes and expenses
Money In and Money Out make intelligent predictions and suggestions everytime you log a transaction, making input very fast. As they learn from your usage, the sugestions will improve, and you'll log faster and faster. Any frequent income or expense can be set to repeat and it will be auto-added for you, which is a big time-saver. You can set up payment due dates for your incomes, and you'll get alert if they are overdue.
2. Keep proof images of records
Cloud access to proof images helps your accountant validate your expenses and incomes... and they will be crucial if you get a tax inspection! US law requires you to keep records for 3 years. In the UK the period is 6 years.
An archive of your income and expense reports and proof images is safely stored in your iCloud Drive. Accessible from all your iOS and Mac devices, even if you stop using the apps.
3. Submit accountant-friendly reports
When is time to submit your bookkeeping records to your accountant, the apps send you a reminder so you don't miss the deadline. Your accountant can open your reports with any accountancy solution or spreadsheet software they use.
Stop paying extra for something you can easily do. Money In and Money Out do the tidius job for you.