Collaborate on Balance Invoice for Small Businesses with Ease Using airSlate SignNow

Balance invoice for small businesses

so today I want to show you this free accounting software that I've been using for about the last two years and it's a great software so you don't have to be paying for companies like QuickBooks online and other accounting software now we're going to hop you over here on screen so you can see what it looks like and I'm going to take you through like the back end and do the review this way because I think it's going to be a nicer format so you can see the things that I'm talking about and the things that I've used so I'm not going to talk about everything that you're going to see on screen but at least that way you can see the back end and how it works now this is with a company called wave apps and I'm gonna have a link for them in the show notes down below that does help support out the channel but you get more free small business content just like this which you can also subscribe to the channel so you can keep on learning and growing and let's talk a little bit about what the value of having this app and like website and things that we want to utilize this for and a lot of it is for the accounting so when I want to talk to my tax accountant and they ask me for my profit and loss and my balance statement I have all of that stuff available for them so what this does right over here this is the main page for us you can see our cash flow I can actually just close that off for a second so you can see our cash flow right over here so this kind of gives us a nice breakdown of what's coming in what's going out and we can kind of keep a track of everything if you're not going onto your bank account every single day now there's going to be other things you can do too so if you scroll down here you can see your your profit and loss at a quick glance but you can also bring it up on an actual format so you can see it properly and I'm going to take you to that page here in just a moment now one of the biggest things when it comes to being able to utilize this website slash app is the fact that you can actually have it where this does more than just the accounting again I don't actually do this part but I just want to let you know as far as like breaking this down so I'm going to bring up my little marker over here and on the left side of the screen over here you're gonna see we're at the dashboard section right here they do have a sales and payment section as well too so if you want to be able to send invoices and be able to receive invoices that's going to be a section there for you you can also do purchases which that Arrow went way too far and then you can see here there's going to be accounting and that's the section we're going to be mainly going into and looking over you're going to be able to connect your Banks so this way you can connect your bank directly and have all your transactions coming in to be able to help with the accounting and that is honestly one of my favorite features of this as well they also do payroll but I personally don't utilize their payroll service so I cannot talk about it now I don't believe that's free like the accounting portion is so just something to keep in mind when it comes to going through this process then the really big thing that we need is going to be the reports this is going to be great to be able to get your profit and loss as well as your balance sheets when it comes to doing taxes or even just seeing how you're performing overall they also do have advisors I've never personally used them but the nice thing is that they are there so if you need them and then they do have a tax filing section as well too I have somebody that helps me with my taxes so I don't use this service as well but I just want to be upfront to tell you so I'm not talking about things I don't actually know but also showing you the options and what's currently available for you if you do utilize this service so first we're going to go into the banking section here so if we tab over here you're going to see a few different options they do have a thing called wave money that's going to be where you can actually have an account with them so you can do your business with them I personally utilize Novo you can see that on the screen already over here I'll have a link for them in the show notes if you want to check them out they're a free online bank it's probably one of my favorites to use for small businesses and then right over here it says connected accounts this is where I'm able to connect my Novo account or any other accounts that I have for small businesses they go through a service called plaid to be able to connect them instantly so that way you can have all your transactions again just flowing right in so you can start marking them and categorizing them so I'm going to go ahead and click on the connected accounts and we're going to jump to that next screen now before we can continue on if you're getting value out of the video don't forget to hit that like button down below and hit that subscribe if you want to keep on getting more small business content just like this so this is what the connected account section looks like here for you so you can see I just have one account connected I have it toggled automatically to import any transactions and then you can connect more accounts up here at the top as well too so it's really nice it tells you the last time it's been updated as well too so you can keep track to make sure that when you're going through and categorizing things that you're pretty much up to date on your transactions which that's what we're going to do next we're actually going to go ahead and tap over to the accounting right over here and you're going to have transactions this is where you're going to go ahead and categorize everything there is reconciliation so this is where you essentially take your bank statements and compare them to your transactions to make sure everything lines up the chart of accounts this is going to be great for accountants to set up for you or you can check different online videos to help you set up your accounts this is things like income and then different types of expenses that you're going to have to categorize they also even have a section here for hiring a bookkeeper never used it but just something to keep in mind so we're gonna go to transactions here now here on this page this is where you're going to be able to see all your transactions and then do those categorizations like I mentioned you can see right over here we're currently having everything categorized if it wasn't it would say uncategorized but you can see here you can go through and actually choose the different expense categories that it belongs in some of these will automatically be filled in because there are software pieces here that will recognize common things that you keep on categorizing so they'll go ahead and go through that process believe I'm saying that word categorize a lot here in this video but it is something that we're doing and something that we need to do when it comes to being a small business owner so it's really nice it tells you which account that it's coming from it does this description and it tells you the amount that that charge is for so you can go through and make sure everything is set up properly now once you have all this then you can go to your reports section which is going to be on the bottom left here of the screen and from here you can see your different financial statements any taxes that you have so like sales tax reports uh 10.99ks any of those kind of things so you can see here where profit and loss is obviously one of the most common things so we're going to click on here and what we can do is you can see for our date range we have our 2023 you can change this if you want to to the different years different quarters you can even customize it for the dates themselves you can have a crude or you can have cash pay uh basis if you wanted to and then you just update your report now when you're on this page it has it on the summary but you can hit on the details and in the details it'll tell you everything from like where your income is coming from and then you can go to your expenses and see all the different expenses that are coming up from this account and again you can go through and choose the different years if you needed to and then the nice thing is you can click on export towards the top here and download it as a CSV or a PDF so again you can toss this over to your tax accountant or even have one for yourself so you can again check up and see how you're doing on a monthly or even quarterly basis as well now if we go back to reports you're going to see there's also the balance sheet here now the balance sheet is very similar you can do based off the year based off the quarter you can customize it and then you can see the summary and then also the details as well and then again you can export it as a CSV or the PDF file as well now a really nice thing is if you're somebody like myself who runs multiple small businesses because we are somebody who just loves running businesses you can actually have multiple accounts under one overall login so here on the top left you actually see this is one of my businesses that I utilize if I click on here from this portion you can actually see you can have your personal accounting here done as well too so if you want to just kind of keep track of everything like a budget this is going to be a great tool to be able to do so but I also have another business that I run with an Airbnb account that I have separately on here so I can just toggle between the two of them and it keeps everything separated as if they're completely different accounts without having to sign in and out of everything I can go ahead and create another business right over here really quickly and very easily and it's really nice to be able to go through that process and be able to toggle between them like I said for somebody who's a small business owner and has multiple accounts it is really nice to go through that process and have everything under one house now like I mentioned earlier I'm gonna have a link for you in the channel down below to go ahead and sign up for the wave app now that does help support out the channel but again you get more free content just like this and it takes you right to the page to go ahead and open up your account now I mentioned earlier that I use a bank called Novo when it comes to running my small businesses so I want you to check out my video right over here to see the different features and benefits of using the novo Bank