What Apps Do I Need As A New Business Owner?

Sep 08, 2021

This is the ninth post in our "Starting a Business Series". This series stemmed from a conversation I had a bit ago with a brand new business owner. They were completely lost and no idea where to start.

That got me thinking that we should do a series on this specific topic so I ran it past everyone in our Free Facebook Group and with overwhelming support, everyone wanted it. So here we are!

Apps.. no we are not talking about mozzarella sticks or nachos but we are talking about technology or applications that you can use to help you in your business. Now, for those of you that know me, I could talk about technology for hours but I am not going to do that. 

Some people call this their "technology stack" or basically what software they use to operate their business. In this article I am going to focus specifically on the accounting and tax related apps.

What Are the Two Most Vital Accounting Apps For a New Business Owner?

For those just getting started, we actually do not have to get too complex here. It actually comes down to two main pieces of software: 

  • Bookkeeping Software
  • Payroll Software

In fact if you are not doing an S Corp or do not plan to have employees initially you actually just need the bookkeeping software and can hold off on the payroll software until you get to that point in your business.

What Do I Use Bookkeeping Software For?

Remember, we talked about how bookkeeping is the back bone to your business. This is why ensuring we have clean, up to date, and accurate books or financials is so important.

When it comes to bookkeeping software we can go as simple as just using a Excel spreadsheet recording all the income and expenses that come in. We actually have one of these for use in our Free Bookkeeping Training Program.

However, with that being said, I always recommend new business owners getting setup with an actual software. It is typically pretty inexpensive and can make this process so much easier and more useful. If you are starting a business you are hopefully looking to grow it, so spend a little to ensure your backbone is strong.

Bookkeeping software can help with all of the following:

  • Bank Feeds
    • You can connect the software directly to your bank ( and credit cards) and have all of your transactions automatically download directly into the bookkeeping software. Then you just need to code or record the those transactions from there.
  • Create, Record, and Send Invoices
    • Need to get paid by someone? Most accounting software out there allows you to create, send, and track your invoices.
  • Create, Record, and Send Bills
    • Need to keep track of who you all owe? This is a great way to upload all bills to so you know who you still need to pay and also have record of who you have already paid.
  • Financials
    • When you do all of your coding of transactions you will be able to download financials directly from the software that will help in understanding where your business has been and where you plan to go.
  • and so much more...

You will need financials for your business at the bare minimum during tax time. Without bookkeeping software you are going to be stressing out trying to gather all of your income and expenses and very possibly missing things that could have been caught.

We recommend to our clients a software called Xero.

What Do I Use Payroll Software For? 

We talked about this one heavily in a previous article in the series. If you have employees, whether that is yourself in an S Corp or other outside employees, payroll software is an absolute requirement.

Payroll software will help with the following:

  • On-Boarding Employees and Gathering Necessary Documents
  • Calculating and Withholding Necessary Employer and Employee Taxes
  • Paying Employees 
  • Filing Necessary Federal and State Tax Reports and Forms
  • Paying Federal and State Taxes 
  • Sending Out Year-End Docs
  • and so much more..

We recommend to our clients a software called Gusto.

What Other Accounting Apps Should Business Owners Consider?

Alright, so now that we got past bookkeeping and payroll software, what other software uses should I be considering?

  • Bill Pay
  • Accounts Receiable
  • Receipt Management
  • Mileage Tracking
  • Expense Reimbursement
  • Time Tracking 
  • Inventory / Shipping
  • Point of Sale (POS) System

We could go on for days around the different types of technology you can have in your business but we want to simply touch on the most important ones here. As you look at running your business it will go ever further beyond this.

Some you'll want to think about if you do not already have setup are:

  • Project Management System
  • Client Communication
  • Internal Team Communication
  • Document Management
  • Calendar Booking
  • Screen Sharing
  • Document Signing
  • Password Management
  • Phone System
  • Marketing
  • Website
  • and so much more..

Finally, I highly recommend you sign-up for our Tax Minimization Program (w/ Stress-Free Bookkeeping Training) as not only will you get a bunch of in depth training, templates, group coaching but you also have unlimited access to our team for general tax and accounting questions. How sweet would it be to have an accounting professional by your side for those questions that pop up in this crazy journey of being a business owner?

 

The Time Is NOW To Start Paying Less In Taxes. Join TaxElm and start eliminating taxes and growing your wealth!

What you'll get:

  • Tax Savings Blueprint and Training: We’ll provide you with a customized tax plan that is tailored to meet your specific needs and goals. Along with that, you have access to our library of training modules, implementation guides, supporting documents, and more.
  • Unlimited Access to Tax Experts: Got a specific question about a tax strategy? You’ll have access to our team of tax experts to get the accounting and tax answers you need.
  • Annual 1-on-1 Live Consultation: Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.
  • Annual Bookkeeping Analysis: Annually you will submit your financials to our team of accountants and we will put together a high level business financials overview report custom to your business.
  • Monthly Group Webinar and Training: Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the recording on your own schedule.
  • Partner Directory and Discounts: You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!

It is like having a tax strategist walking with you along this entrepreneurial journey!

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