Accounting…Taxes…Billing…Receipts.
Not exactly what you had in mind when you set out to become a freelancer, right? It’s not a fun or exciting word. All I knew when I started my side hustle was that I wanted to make a decent living doing something I was passionate about and enjoyed.
But anyone who supplements their day job with a side hustle, or who is considering doing so full-time, knows how important it is to get your finances in order for tax purposes. In addition to paying taxes, knowing your income and expenses can also help you set goals as a freelancer and eventually quit your full-time job altogether.
But if you have a lot of other important things on your mind, especially if accounting isn’t your forte, it can be a stressful process and you can often end up procrastinating. Below, we’ve compiled five useful AI tools to help you track your side hustle finances.
1.Dext
This tool helps automate accounting processes. Whether you run an Etsy store or sell products on eBay, Dext has special features for freelancers who also do e-commerce. This increases efficiency and saves valuable time when tracking expenses and receipts and extracting valuable data.
2.Book AI
This interesting app uses GPT-4 to learn from your user’s classification habits and uses that data to improve transaction segmentation every time. It easily integrates with other popular accounting software such as Zoho Books and Xero, and features a helpful AI assistant that identifies and corrects discrepancies and provides adjustment advice.
3. Turbo Tax
TurboTax is known for helping experts solve tax problems through filing assistance. There’s also a helpful feature called TurboTax Live, which lets you get support from human experts as well as AI-powered Intuit Assist.
The next two tool suggestions, while not overtly AI, provide automation in a similar way to more overtly AI-driven software.
4. QuickBooks Self-Employed
QuickBooks has a special feature called QuickBooks Self-Employed for people who are not part of a large company but are self-employed as contractors or freelancers. This handy tool helps you integrate with your bank accounts, categorize your expenses, and calculate useful features like quarterly tax estimates.
5.Fresh Books
FreshBooks is another great alternative for freelancers to track their business finances, and it also includes time tracking features to help you maximize your work productivity. There are two different services available for self-employed people and freelance professionals. Of course, we’ll thoroughly check out the features of both first to ensure you choose the one that best suits your side hustle needs.
Finding the right freelance accounting software solution is very important because it can significantly reduce the time you spend on administrative-related tasks, allowing you to focus your energy on the things you actually love. By automating the process using some of the tools mentioned above, you can make your side hustle a success and have the peace of mind that your finances are in good hands.
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