"Home Business" Challenges

Home Business (aka Independent Contractor) IC-Home Edition (Situations that apply to Home Business Owners) This is not Business Accounting But, it tracks Business Expenses     Tax Filing -Gathering and tallying deductible Business expenses -Need to separate Business expenses for IRS tax reporting -just define an expense type and set it as tax deductible (only once) -when the expense is paid, amounts are automatically accumulated -automatic tracking tallies to the corresponding tax form reports   Scheduling Bills and Expenses payments -A few Companies send reminder emails Automatically shows Bills and  Expenses to be paid -Planned Expenses need separate scheduling Automatically shows Bills and  Expenses to be paid -Reliance on software to schedule activity Automatically schedules next Due Date for Bills and Expenses to be paid     Project or Contract Expenses -Parts or Supplies -Individual tracking provides for the distinction of each expense paid   Promotional Business Expenses -Promotional gifts --Save money for  planned gifts --Set target date for each gift event Expense items can be established with a target date: -amount to spend -a reminder lead time to start shopping     Holiday based Business Expenses -Holiday Gifts by individual -Holiday cards mailings --Buy cards --Postage Expense items can be established with a target date: -amount to spend  -a reminder lead time to start shopping     -Other Business Related Expenses -Buy a new PC, -Buy new tools, -Buy new briefcase, -Buy GPS for car travel, -Other non-planned expenses (job Parts or Supplies), -License renewals -Business insurance premiums Expense items can be established with a target date: -amount to spend -a reminder lead time to start shopping -recording deposits allows for funds to be allocated toward expenses     Out of Town Travel - need to look ahead for expenses that need to be paid --(even if bill not received) -Shows which expenses need immediate attention  -Has "look ahead" to see which expenses will be due    Miscellaneous Issues -Little time for checkbook balancing Balancing is just a few clicks -place a check mark next to payments and deposits that ckeared the bank checkbook balancing report printed with a click of the mouse -Some Expenses are paid with Cash (-Tolls or Parking; -Bellman;-Luggage Handler; gasoline) -when an expense is paid, just indicate how it was paid -Some Expenses are paid by check from personal account -just tell the program that the expense was paid with cash  -the previously withdrawn is replenished -Some Expenses are paid with Personal Credit Card -when an expense is paid, just indicate how it was paid -Some expenses are paid with Cash, check and credit -when an expense is paid, just indicate how it was paid      Checking Account use Same checking account used for personal and Business related  expenses -Individual tracking provides for the distinction of each expense paid; -define once personal and sales related expenses -expenses are automatically tallied by expense group and type Separate checking account used for Business related expenses -Have two or more checkbooks -Manages multiple checking accounts     Credit Cards use Same credit cards used for personal and Business related expenses -when an expense is paid, just indicate how it was paid -amounts automatically flow to the proper reports Separate Credit Card used for Business related expenses -have only one checking account and pay the card from that checking account -not all stores accept all credit cards -Individual tracking for distinction of each item charged; -Expense payments are carried to the corresponding line for tax preparation reports