I procrastinate on taxes for the silliest of reasons: I don't want to spend the time to create a P&L for my side gig to give to my accountant. Takes less than an hour but it is just annoyingly tedious.
All my income and the majority of my expenses are done through PayPal because I want to minimize the bookkeeping effort. For some unknown reason, they don't have an annual P&L statement as a standard report. This year I tried a bunch of things with Copilot using PayPal reports. The most eye-opening result was that I could give it a .csv file with all my transactions for the year and tell it to generate a P&L statement with expense categories. It managed the task almost flawlessly. The only cleanup I had to do was to recategorize a couple of items. To say that I was blown away is an understatement.
I procrastinate on taxes for the silliest of reasons: I don't want to spend the time to create a P&L for my side gig to give to my accountant. Takes less than an hour but it is just annoyingly tedious.
All my income and the majority of my expenses are done through PayPal because I want to minimize the bookkeeping effort. For some unknown reason, they don't have an annual P&L statement as a standard report. This year I tried a bunch of things with Copilot using PayPal reports. The most eye-opening result was that I could give it a .csv file with all my transactions for the year and tell it to generate a P&L statement with expense categories. It managed the task almost flawlessly. The only cleanup I had to do was to recategorize a couple of items. To say that I was blown away is an understatement.