One of your main reasons for keeping records in the first place is the taxes. I do think there are a couple of things in GoDaddy Bookkeeping’s tax section that can be useful. Reporting is the main difference between the $4.99 plan and the $9.99 plan. A Sample profit and loss chart from GoDaddy Bookkeeping.I should point out that in testing this, I only put some quarterly numbers in so there’s no entries in some of the months. Essentially, you can get a Profit and Loss statement and customize it to show the whole year, one month, or a custom range. The IRS requires you keep a mileage log that includes date, number of miles, where you went, and the business purpose of your trip.
One of the main reasons you’ll enjoy using GoDaddy Bookkeeping is because of their mobile app. It’s seriously all encompassing and allows you to manage your freelance or business finances on the go.
Track Time On Multiple Projects
GoDaddy Bookkeeping also has a page that gives you an estimate of what to save for your taxes each quarter.The estimated taxes aren’t quite as helpful. One thing I really like that GoDaddy Bookkeeping does that Quickbooks Self Employed doesn’t is they provide a Schedule C worksheet. They more or less print out a Schedule C for you that you can then just copy your numbers over into your tax form, and you’re done.
This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. You can also manage client info, invoices and estimates for projects, and see who still needs to pay your invoices. “It pays to seek professional advice, particularly early on” says Moswen James, an IRS-authorized tax professional with Get Help Tax and Bookkeeping. I personally pay for the premium version, which I pay all at once annually (so it costs me $124 a year with tax). By far one of the most amazing features on the GDB mobile app is the “Add Payment” feature under the “Invoices” section.
As we mentioned, the best value for GoDaddy bookkeeping can be found in the Essentials package. If you are considering the Premium package, start by deciding whether you need to automatically send recurring invoices.
To return to this toolbar, you click on the four horizontal lines in the upper-left corner of the screen. Further, you have access to more setting and data options on the website.
This will make it a lot easier to send invoices without needing to delegate that much time for preparing and sending them in the first place. If you trust your money in the hands of a major U.S. bank, odds are likely they use the same security features that GoDaddy does. Taking advantage of 256-bit data encryption, GoDaddy bookkeeping protects your financial data using the same methods that many of the top banks use. The data you provide is stored locally on servers which are protected with security guards and biometric scanning. Since the data is accessible online when you log in, you won’t need to worry about losing any information if your computer ever breaks down. There are many websites which don’t work well with mobile devices.
Track how much money you’re owed, what invoices have been paid, and who your best customers are. It’s simple to use godaddy bookkeeping to calculate quarterly taxes. You can’t make transfers in and out of your GoDaddy Bookkeeping account, so no money moves around. GoDaddy Bookkeeping is more simplified, because it syncs with your bank account, PayPal or Amazon account, and the transactions are automatically pulled in to your account. It’s a simple, and secure, online program that allows small biz owners, who are freelancers, or run shops on Etsy, eBay, or Amazon. That’s when to GoDaddy Bookkeeping comes in, because it hits all those points for any freelance business. Additionally, QuickBooks Self-Employed gives you access to their mobile app, as well as the benefit of the vast QuickBooks network of experts and community members.
The Godaddy Bookkeeping Mobile App
Although this is clearly not a perfect bookkeeping service, there are many features which are considerably attractive. If you want a bookkeeping service which offers the best deal for bookkeeping, GoDaddy bookkeeping should definitely be one of your top choices. There are many financial services which can handle bookkeeping tasks that also assist you with payment of bills.
QuickBooks is specially designed to assist people who own an LLC or sole proprietorship that need assistance keeping all their records ready for tax season. To do this, the GoDaddy bookkeeping service categorizes each of your business transactions into the proper IRS category. That way, you can simply transfer all the data over to your Schedule C worksheet or tax software when it is time to pay taxes. The GoDaddy Bookkeeping Essentials plan is ideal for an ecommerce business that needs the ability to track sales tax and import sales data from multiple ecommerce platforms. Unlike the Get Paid plan, you can download sales data from Amazon, PayPal, eBay, and Etsy in the Essentials plan.
It’s worth noting, though, that with each of their plans Zoho Books limits your account based on contacts, users, and workflows. Therefore, the Basic plan can only accommodate up to 50 contacts, two users, and five automated workflows. On the other hand, if you need the mileage and time tracking features that GoDaddy Bookkeeping offers, you might instead consider QuickBooks Self-Employed as an alternative. Therefore, if you’re looking to manage and streamline your financial processes at the lowest possible cost, you’ll certainly want to consider Wave accounting as a GoDaddy Bookkeeping alternative.
GoDaddy Bookkeeping Essentials lacks multicurrency support, but it helps you manage simple accounting functions, income tax planning, and e-commerce integration. As we move up from the most affordable package to the least affordable one, there are features added along the way. The most affordable Get Paid package will provide you with the ability to accept payments online but doesn’t come with expense tracking and the ability to link your accounts, sales data, and credit cards. Accordingly, this is the best package for those who simply want a nice online payment platform and some basic business reports. Since this is the most affordable option on the market, you shouldn’t expect it to come with the most features. Specifically, there are several premium features left out in the Get Paid package.
How To Use The Export To Godaddy Bookkeeping Bot Bot
There are alternative platforms, like Wave accounting and ZipBooks, which both offerfree software, with greater capabilities than GoDaddy. With GoDaddy Bookkeeping, you can not only invoice and accept payments but also track mileage and time and prepare tax worksheets as well.
Like scheduled fees, the mid and top tier FreshBooks plans allow you to automate payment reminders. You can set up a payment reminder to go to your customer a certain number of days after an invoice is past due. The mid and top tier FreshBooks plans allow you to bill late fees automatically once an invoice has been past due for a certain number of days. You can choose to charge a percentage of the total amount due or a flat fee. This feature is not available in any of the GoDaddy Bookkeeping plans.
The software eliminates tedious data entry tasks and automates sales and expenses. It imports business accounts from e-commerce sites and generates up-to-date income and expense reports, profit and loss statements, and other documents. With Wave, you’ll have access to unlimited users, bank and credit card connections, and income and expense tracking. Additionally, you’ll be able to manage sales taxes, multiple currencies, multiple businesses, a variety of reports, and even connect Wave’s paid payments or payroll add-ons if you so choose.
Connects With Your Accounts
GoDaddy Bookkeeping users like how easy and simple the program is to use. eCommerce business owners like the integration with websites like eBay, Etsy and PayPal. Users mentioned that GoDaddy Bookkeeping is ideal for simple bookkeeping, but if you have tedious and complicated transactions, reviewers suggested choosing a more robust software. FreshBooks customers like the payments integration tool that allows customers to pay invoices online, and GoDaddy Bookkeeping customers like the integration with the various ecommerce websites. Both software products had negative reviews that centered around not being able to process complex transactions once your business starts to grow. GoDaddy Bookkeeping allows you to connect your bank and credit card accounts so that your data will automatically import into the program. However, this feature is only available in the Essentials and Premium GoDaddy plan, whereas it is included in all four FreshBooks pricing plans.
- GoDaddy Bookkeeping is ideal for ecommerce businesses that sell products through Amazon, PayPal, eBay, or Etsy.
- Instead, each user gets the same user ID and password that you created the account with.
- The mid and top tier FreshBooks plans allow you to bill late fees automatically once an invoice has been past due for a certain number of days.
- The invoice date and number should already be filled in, and you can change the payment due date if it’s different from the default you established.
If this is a feature that you don’t need, then you will be able to save some money by subscribing to one of the other GoDaddy bookkeeping packages which do not have this feature. When you seek to hire a financial service of any sort, the price you need to pay should be something you know before you make any sort of commitment. If there are no clear packages or prices for the services, it can be easier for a business owner to immediately look elsewhere. Another nice aspect of GoDaddy bookkeeping is that all the prices for their packages along with the features of each package are clearly listed. Best of all, the prices for this service make it one of the most affordable bookkeeping services on the market. Typically, the affordability of GoDaddy bookkeeping is a critical reason that businesses choose to use it. If you spend some time doing research, you will quickly be able to find many different bookkeeping services.
Upon linking ecommerce store, credit cards, or checking accounts, it will import transactions from the past few months. Nevertheless, compared to any of the GoDaddy Bookkeeping plans, Zoho Books can offer significant functionality at an extremely affordable cost. Moreover, with their two higher-level plans, Zoho Books gives you a greater opportunity for business growth and expansion within the same accounting platform. For a GoDaddy Bookkeeping alternative that can manage your business’s bookkeeping and accounting—and is completely free—you might consider Wave accounting. Another downside of GoDaddy Bookkeeping is regardless of which of the three plans you choose, you’ll only ever be able to attach a single user to your account. Therefore, if you want a business partner, employee, or even business accountant to take a look at your bookkeeping, you’ll have to let them use your account information—which is not ideal for security. Plus, at $4.99 per month, the GoDaddy Bookkeeping Get Paid plan is going to be one of the most affordable business bookkeeping solutions out there.
Therefore, if you do have other users who need to access your data, I recommend you go with FreshBooks. It has a much more secure process, and you get to determine what information users can access. The top tier FreshBooks plan, Select, includes a personal account manager. This is something that is not offered in any of the accounting plans. The personal account manager is your primary point of contact and can help you get your business setup, schedule the custom training for your staff, and answer any questions you have.
Godaddy Bookkeeping Vs Freshbooks: Customer Service
You can consider whether or not each package will serve the needs of your business. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. FreshBooks provides its customers with a variety of resources for support. Similar to GoDaddy, you can call the support team to get your questions answered.They also have an extensive database that includes articles that answer the most frequently asked questions. Unfortunately, they don’t have a sample data that you can use to see how it works. However, they do offer a 30-day free trial which allows you to enter your own data.
Author: Wyeatt Massey