Invoicing application WorkingPoint is continuing to add to its offerings. Since we first reviewed the web-based application, the team behind it has been busy. The focus of the new features is simplifying tax season for small business — and as we’re all starting to think about what we need to do to close the books on 2009, these new features will come in handy.
Traditionally, there’s a lot of paperwork that goes along with ending the year and getting ready to complete your income tax return. You might have to bring together information from several different applications, trying to make a mess of information make sense. WorkingPoint’s new features are meant to make use of all the work you’ve done over the course of the year to minimize the effort you have to do in getting ready to either hand your paperwork over to a tax preparer or to do your tax return yourself. While those features are still being rolled out, they should be in place by the end of the year.
If you’re already using WorkingPoint to manage invoices and expenses, you’ll be able to print out tax reports that directly map your business expenses to the IRS Form 1040 Schedule C (the form used to deduct business expenses), as well as calculate your estimated income taxes and print out 1099 forms for any independent contractors you’ve worked with over the course of the year. Other new features WorkingPoint plans on adding include integration with PayPal, banks and other e-commerce tools. The application also plans to add a payroll service gateway. It is important to note that the new features are only available with a premium account.
As a part of the improvements that WorkingPoint is rolling out, the application’s creators have added a second user to free accounts at no additional charge. While this may not seem immediately useful for some web workers — especially freelancers or anyone else working on their own — I’ve already found a good use for it. By giving my CPA access to my invoices and other business information, I can speed up the process of getting my taxes done as well as help my CPA to provide me with relevant advice about growing my business in 2010. With access to my account, he’s able to print off his own copies of tax reports, without any hassle of mailing them in. And since I don’t have to give out my own password for my account, my business’ data is a little safer.
The new developments at WorkingPoint serve to set this application apart from the other online invoicing tools, simply because few options provide easy ways to take all the business data you collect over the course of a year and turn it into an income tax return. WorkingPoint can save a lot of time when it comes to coordinating income, expenses and the various forms that go along with doing your taxes. If you use a tax preparer, you’ll find that you can get a faster turn around and if you do your taxes yourself, you’ll eliminate at least some of the stress.
If you’ve tried WorkingPoint, let us know how it worked out for you below.