Owning your own business requires you to manage many tasks. One very important task is to efficiently manage your books. Even if you will not be providing bookkeeping services for clients you still need to be the bookkeeper for your own business. You should keep track of all transactions, including: invoices, expenses, and payments received. Being a business owner also requires you to keep track of all receipts and tax deductions that are necessary when you file for taxes each year. It is very important to keep track of everything that comes in and goes out in your business. In order to effectively manage these financial aspects of your business you should purchase an accounting program.

Though you may not have much experience in this field, there are many software programs that are available and easily used by beginners. One popular program used by many VA’s as well as the majority of businesses today is QuickBooks Pro. This program will help you track sales and expenses, pay bills, print checks, create & email invoices, print reports as needed, and much more. It will help you keep your financial business records as well as personal records organized and up-to-date.

With a program like QuickBooks Pro you will be able to effectively manage your records appropriately, allowing you as well as your accountant – if you plan on using an accountant – to keep track of every possible aspect of your financial records.

TAX SOFTWARE

Another great program you should purchase, if you plan on doing your own income taxes, is Turbo Tax. Turbo Tax is a very simple program to use, even for those who have never done their taxes themselves. They offer a great step-by-step guide to help you enter all your income and expenses. Turbo Tax even checks your taxes over, rates your audit risk, and much more.

Turbo Tax does offer two different programs for businesses. One is for the Turbo Tax Home and Business, which is for sole proprietors. The other one is Turbo Tax Business, which is for S Corporations, C Corporations, Partnerships, and Multi-Member LLCs. The Turbo Tax program you choose is basically determined by the legal structure in which you chose to set up your business.

BANK ACCOUNT

When you begin your Virtual Assistant business you will need to open a business checking account. This will allow you to keep your business transactions separate from your personal transactions, allowing you to manage your business more efficiently. There are many banks today that offer free business checking accounts. You will want to check with the different banks to get all the information you can before making your decision.

Before opening your account, however, you need to obtain your business license. Your business license is required to open any business account.

*Keep in mind that in order to use PayPal you will need a checking account.