Fun fact: I majored in accounting during my first two years of college back the day (as the kids say.) Like many students in the quasi-adult world of college, I realized that my heart was elsewhere – so, I switched majors just before my third year and jumped into the then unknown world of advertising and marketing. It was the best decision I could have made for myself, as I fell in love with the marketing industry.
As I was starting up Simplified last year, I realized that I would need to dip back into accounting. Thankfully, my wonderful accountant friends recommended QuickBooks in order to keep proper records and remain cost-effective. For Simplified, I use specifically use QuickBooks Self-Employed to track business expenses and mileage, find tax deductions, and avoid IRS penalties. Not only is the web service highly efficient and user-friendly, there’s also an app to balance the books on the go! It also tracks your miles for easy deductions. Click the link for half off for the first six months!
In the long run managements stressing accounting appearance over economic substance usually achieve little of either.