What’s New at Shoeboxed This Week: 3 New Features

This week, we’ve released even more updates to our new receipt tables!

Here’s a quick list of three new features to try:

  • Filter by “None” to find receipts without a vendor or category: Find all receipts that are missing a vendor or category, then enter the missing field(s) yourself or click our new Reprocess Document button to send them back through data entry.
  • Batch EditBatch edit currency on receipts: You asked for it, and we delivered! You can now select a group of receipts and change the currency.
  • Batch change document type: If a document was mistakenly sorted into the wrong section of your account (i.e., a couple business cards accidentally made it into your receipt table), you can now quickly select those documents and send them to the correct section of your account.

We hope that these features make managing your receipts faster and easier than ever. As always, if you have any questions or feedback about the new receipt tables, please reach us 24/7 at help@team.shoeboxed.com.

P.S. Have you tried our new PDF Expense Report? You should check it out… and also stay tuned for a new CSV export, coming soon!

5 Ways to Make Your Tax Life Easier in the New Year

Tired of always stressing when tax time rolls around? Here are a few things you can do right now to help make next year’s tax time just a little easier for yourself.

Zach Olson is the Founder & CEO of TaxAlli.com. At Tax Alli, we pair you with real life accountants and use cloud software to make small business accounting awesome. So you can do what you love while we handle the rest.

Tired of always stressing when tax time rolls around? There are myriad ways you can reduce the amount you owe in taxes next April, including deductions and other means. However, if you don’t know what they are, they can’t help you!

Here are a few things you can do right now to help make next year’s tax time just a little easier for yourself.

1. Business Related Education

This is the perfect example of a deduction that works double for your business. The language of business changes all the time, and you can never stop learning. If you do, you run the risk of falling behind your competitors and losing customers.

Whether you buy books or attend seminars all over the country, there are plenty of opportunities for you to grow your brain and your company. If you go ahead and pay for this education in 2014, these expenses can also be used as a tax deduction on your upcoming taxes.

2. Buy Now, Tax Later

Do you have a bunch of office related expenses coming up? If you wait until the New Year, you won’t be able to take deductions on them until 2016. If you buy them now, you can use them come tax time, meaning you get a much bigger break.

So take a good look around your office and see what you can upgrade. Computers, furniture, even pens – all of it can lead to a nice healthy break when the taxman comes calling soon.

3. Contribute to Charity

Another deduction that can also do wonders for your business is contributing to charity. One great example is taking all your old furniture and office supplies and giving them to a place like Goodwill rather than selling them off. All you have to do is make sure to get a receipt.

This could potentially give you a bigger money boost than selling them outright. Also, charitable donations always look good for a business. It means you care about the community you operate within. And charitable giving just makes you feel good! 

4. Add More to Your QETs

Quarterly estimated taxes, or QETs, are a huge pain for every business owner. So why would you want to add more to them? Simple: the more you pay now, the less you have to ultimately worry about later on.

While the “Safe Harbor Rule” allows businesses to only pay the same amount they owed the previous year, this doesn’t mean you have to stick to this. You could potentially pay a bunch more each quarter of the year so you don’t end up owing a large bill come the big tax day in April.

5. Defer Income

Your natural inclination as a business owner is to take in as much money as you can. However, this might not be the best thing for your business, believe it or not. Deferring payment from your clients until next year could actually help you out.

For example, let’s say you finished a job for a client that’s due December 31st. If they pay on that day, you owe taxes for the job in 2015. If you defer payment until January 1st, though, you wouldn’t owe taxes until 2016, meaning your 2015 taxes are that much simpler!

These are just a few suggestions, and your particular case might be very different. State tax laws, for instance, might totally change everything, so it’s best to always consult with your nearest tax professional if you have questions.

Track This Small Business Metric Today for a Happier Tomorrow

It’s safe to say that small business owners have to keep track of a lot of numbers. One important metric to track is time wealth, which tells you how long you can sustain your business at your current rate of income and expenses.

This guest post is brought to you by Thibaut Barrère, a freelancer, long-time small business owner and the founder of WiseCash, a lightweight cash flow forecasting app.

It’s safe to say that small business owners have to keep track of a lot of numbers. Profit and loss reports. Invoices due. Discounts from vendors. Shipping charges. Tax deductions. Sometimes you just don’t want to see a single other number!

But if I told you there was one small business number that could put your mind at ease, avoid a dipping bank account, and even allow you to take a vacation once in awhile?

There is. And it’s your “time wealth.”

Time wealth tells you how long you can sustain your business at your current rate of income and expenses. Knowing your time wealth is valuable – it gives you peace of mind when it comes to your business.

How to Measure Your Time Wealth

I created my cash flow forecasting app Wisecash because I saw too many small business owners working too hard, charging too little and in general not living the life they thought they could create when they struck out on their own. And often this happens simply because of a lack of cash flow forecasting.

What’s that? Cash flow forecasting is simply measuring how much cash you will have in a given period of time (i.e. that time wealth I’ve been talking about). With a little calculating, you can probably measure this number for next month. But how about for next year? At such a distant date, your cash flow starts to become abstract, and that makes it difficult to make other important financial decisions.

But with cash flow forecasting, you can simply enter your upcoming income and expenses along with the amount currently in your bank account, and see what your financial picture will look like in the future. This is your “time wealth.”

And knowing your time wealth helps you determine:

Are you charging enough? – If you discover that your time wealth is very healthy, that’s great news! That means you’re in demand. You may be able to charge more and regain some of your work/life balance!

Should you take on a new client? – Simply enter the income from the new client into your cash flow forecast. Will the amount the client is willing to pay be worth the time and effort you spend working with her? If she doesn’t make a big dent in your time wealth, you may want to pass.

Can you fire a troublesome client? – The same goes for a client who takes a lot of your time. Is he really worth the effort? Find out by removing him from your cash flow forecast. You may find you’re better off without him!

Can you afford to take a break? – What if you didn’t work for a month? How about two months? For many small business owners, this prospect sounds crazy, but try creating a hypothetical situation where you don’t receive any income for two months next summer. Does it work? Then you have more time wealth than you thought. Enjoy your vacation!

Are you heading for disaster? – On the other hand, if your time wealth runway is short, you now have a heads up that something has to change. You may need to focus more on marketing your services, raise rates or cut unnecessary expenses until your time wealth increases. Thankfully, with cash flow forecasting, you can catch the problem early.

Chances are you started your business because you wanted to create a different kind of life for yourself. Knowing your time wealth can help you live that life, and decrease worry and stress over money.

Try a 2-week free trial of Wisecash today, and find your own financial peace of mind.

Want to know more about cash flow management? Check out our free email course on mastering your business cash flow.