Guide to Bookkeeping on Found

Overview

Keeping a clean record of your income and expenses as a small business owner is critical to understanding your business health, finding tax write-offs, speeding up tax preparation, and protecting yourself in case of an audit.

Instead of toggling between multiple financial apps or getting lost in spreadsheets, Found helps you stay on top of key bookkeeping activities with tools built into your Found account.

As you are paid into your Found account, we will log that income in your Activity feed. As you spend on your Found debit card, pay contractors, or import expenses from other accounts, we help you categorize those expenses, add receipts, and create rules to automate this work moving forward.

How to use Found’s bookkeeping tools

Add income and expenses to your Found account

When you are paid into your Found account or you use your Found debit card, that income and expense will automatically be logged in the Activity feed. 

You can also add income and expenses from outside of Found. In Activity, click Add Income or Expense, and you have options to:

• Sync transactions from another bank account or credit card

• Import them from another app like Quickbooks or CashApp

• Scan a receipt

• Manually enter them one at a time

Categorize expenses & create rules

When you click on a transaction in Activity, you can add a category, tag, or note for future reference.

Once you assign a category to a transaction, you will be asked if you want to make this a rule. A rule will auto-categorize similar transactions in the future and can be a useful way to reduce manual work in keeping your expenses organized.

You can even split a transaction to apply multiple categories that will help keep your bookkeeping accurate.

Upload receipts

It’s important to save a receipt for your business expenses to have a defensible record in case of an audit. You can easily snap a photo of a receipt or attach one from your device in order to attach it to an expense.

Found Assistant can also speed up this process. Upload a receipt into the chat and Found Assistant will attach it to any existing expenses with matching information. If an expense doesn’t exist, it can create a new expense for you in a few taps.

Track and import mileage

If you use a car for your business, it’s important to track your mileage accurately. In Found, you can enter these trips as they occur or, if you’re tracking your trips in a spreadsheet, you can easily upload a CSV to ensure that you’re deducting your mileage from taxes.

See real-time reporting

In the Reports section of the app, you can view a breakdown of income and expenses each month, and run a profit & loss (P&L) report.

On Desktop, you can even drill down into each monthly line item of that P&L to see all of the transactions that made up that amount. This is a handy way to understand the key drivers behind changes to your profit across time periods.

In the Taxes section, you can see your quarterly tax estimate based on these transactions and you can download an Expense Audit Report.

Additional Resources

Adding expenses

• What is the difference between a manual transaction and a regular transaction?

• How do I add my past business expenses into my Found account?

• How do I import transactions from another bank or credit card?

• How do I import transactions from CashApp or Quickbooks?

Categorizing expenses

• How should I categorize my business expenses?

• What are custom categories?

• How do I create custom categories?

• What are category rules?

• How do I create category rules?

Sharing bookkeeping data

• How do I export my bookkeeping details?

• What is accountant access?

• How do I give my accountant access to my Found account?