How Secure is Tallisto?

by

Categories: Accounting, Features, Web Apps

Tallisto Security

When we built Tallisto, security was our primary concern.  We wanted you to feel confident that your private information was never at risk with Tallisto.  To achieve this, we did something different than most, if not all, accounting web applications do. We do not ask for any financial information, not your bank account and routing numbers, not your credit card numbers, not even your banking username and password.

In our minds, the best security is not wanting, asking or storing your most private information, your financial information.

With all the privacy and security concerns with online data and hackers able to breach some of the biggest companies around, should you really trust any online application with your financial information?

We’ve looked through the “Terms of Use” statements for a number of the big web based accounting applications. Here are a few samples, each from a different service provider:

“For all purposes hereof, You hereby grant XXXX and XXXX a limited power of attorney, and You hereby appoint XXXX and XXXX as Your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for You and in Your name, place and stead, in any and all capacities…”

“By using the Service, you expressly authorize XXXX to access your Account Information maintained by identified third parties, on your behalf as your agent. When you use the “Add Accounts” feature of the Service, you will be directly connected to the website for the third party you have identified. XXXX will submit information including usernames and passwords that you provide to log you into the site. You hereby authorize and permit XXXX to use and store information submitted by you to the Service (such as account passwords and user names) to accomplish the foregoing and to configure the Service so that it is compatible with the third party sites for which you submit your information. For purposes of this Agreement and solely to provide the Account Information to you as part of the Service, you grant XXXX a limited power of attorney, and appoint XXXX as your attorney-in-fact and agent, to access third party sites, retrieve and use your information with the full power and authority to do and perform each thing necessary in connection with such activities, as you could do in person. YOU ACKNOWLEDGE AND AGREE THAT WHEN XXXX IS ACCESSING AND RETRIEVING ACCOUNT INFORMATION FROM THIRD PARTY SITES, XXXX IS ACTING AS YOUR AGENT, AND NOT AS THE AGENT OF OR ON BEHALF OF THE THIRD PARTY.”, 

You’re granting them a “limited power of attorney”.

“However, no system is perfectly secure or reliable, the Internet is an inherently insecure medium, and the reliability of hosting services, Internet intermediaries, your Internet service provider, and other service providers cannot be assured. When you use XXXX, you accept these risks, and the responsibility for choosing to use a technology that does not provide perfect security or reliability.”

The internet is “an inherently insecure medium”.  This from a company that you’re giving your most sensitive and private information to.

Online security is a huge issue. We chose to build a tool that steered clear of that, for our sake and yours.

Quick Tax Primer for Freelancers

by

Categories: Accounting, Taxes

Freelancing Tax Preparation

If you’re new to freelancing, there are a few key tax items you need to know about (assuming you’re based in the U.S.).  This is by no means a complete list, but these are the basics.

Do not commingle personal and business income and expenses

If you commingle income and expenses, you can bring business liability into your personal life by piercing the corporate veil. Beyond this, commingling business and personal items can present tax complications if you ever get audited.

To avoid this,  get separate banking accounts for your business.

Keep detail records of all income and expenses

Keeping detailed records will save many headaches when it comes to paying your quarterly taxes and filing your yearly tax return.  Using time tracking/invoicing apps like Harvest or Blinksale will help on the income side of things.  Using an accounting app (Hint – Tallisto) will help with tracking income and expenses as well as generating income statement and income and expense breakdown reports.  Beyond recording all your transactions, you should save receipts for all expenses and any other documentation that supports your income and expenses.

Pay Estimated Quarterly Taxes

Four times a year, you’re expected to pay estimated quarterly taxes for both state and federal.  Besides the government wanting your tax dollars, it also saves you from a big tax bill (and potential penalties) at the end of each year.

File a Schedule C of the IRS form 1040

You must complete Schedule C of the IRS form 1040 to report your business income and expenses. If you outsource work to sub-contractors, report their income using the 1099 tax form.

If you’re just starting out on your own or not doing all of the following, spend an hour on Google and research these 4 items.  Hopefully you’ll never face any legal or tax problems with your business, but if you do, you’ll be prepared.

DISCLAIMER: The advice and recommendations presented here should not be considered an authority for any legal or tax matter.  If you have questions, you should consult with your lawyer and/or accountant.

Why We Built Tallisto

by

Categories: Features, News

Over the last 10+ years, we’ve tried most of the accounting/bookkeeping solutions for small businesses. Some were software you installed on your computer and others were web based. We never found the right solution for us. Some included more functionality than we needed. Others required you to add your bank account information for transaction importing. And some were just difficult to use. Finally, we gave up and decided to build a solution that fit our needs, the needs of small businesses, sole proprietors and freelancers. We determined we needed the following:

  • A way to quickly and easily enter transactions
  • Simple Reporting
  • Security
  • Accessible from any browser (computer, tablet or mobile device)
  • Ease the pain of tax preparation

To meet those needs, Tallisto is what we built.

Rather than going to separate areas to enter a savings deposit, a credit card charge or a check, Tallisto use a single form for entering all transactions.

Freelancers and small businesses only need a handful of reports, reports like an Income Statement, income and expense breakdowns and Schedule C breakdowns. Tallisto uses a simple reporting interface where you select the desired report and the date range. You can also download all your transactions into an Excel spreadsheet where you can create more advanced reports.

We were never comfortable giving a third-party our bank account information, so we don’t ask for it and it isn’t required to use Tallisto. You’ll never have to worry about your bank account information getting into the wrong hands.

It is a mobile world and Tallisto was built to be used on the go with your smart phone, on the couch with your tablet or at your desk with your computer. You don’t have to throw that receipt in a “To Be Entered” folder or wait to record that deposit until you get back to the office. With Tallisto, if you have access to the internet, you can enter that transaction immediately from your smart phone.

Paying taxes and preparing tax returns are part of running a business. It doesn’t have to be difficult or time consuming. With Tallisto, we’ve built in the standard Schedule C reporting categories and an associated report. You can also download all your transactions to an Excel spreadsheet and give that to your accountant and/or tax preparer and let them handle everything.

We built Tallisto because we needed a simple accounting solution that was safe, secure and easy to use. We think we succeeded.

Introducing Tallisto

by

Categories: News

Introducing Tallisto

I want to take the opportunity to officially introduce you to our accounting app Tallisto. Brett and I have been working hard over the past several months refining the app, making tough user interface decisions and tweaking features until we reached a good comfort level with the app. We officially launched the app back in mid July, a couple months after our target launch date. We felt it was necessary to wait until we had some of our primary features pushed a little further toward completion before we launched. We’re extremely happy with where the app is today and we’re anxious to share it with everyone.

We’re on Twitter and Vimeo

We’ve already posted quite a bit of content on Twitter and we also have desktop and mobile demos for the app over at Vimeo. We’ll be posting detailed demos of each of our features to guide our users through the process of adding transactions, reporting, and configuring accounts. So please, check us out and follow us to stay informed. We plan to continue Tweeting helpful links and info for freelancers and small businesses to support our community. If there’s something special you would like us to focus on, give us a shout using our contact form or send us an email at support@tallisto.com.

Subscribe to our newsletter

If you like our blog posts and want to receive them regularly in your inbox, sign up for our newsletter here. We’ll also send you emails regarding app updates, special offers, and important news about the app. On our blog we’ll be writing about financial and business topics and how they relate to freelancers and small businesses. We not only want to offer the best accounting app for freelancers, we aim to be a valuable resource.

Future plans and updates

We know to have a successful accounting application we have to continue to refine, polish and improve existing features if it becomes necessary. Our app offers simple accounting for freelancers and we plan to keep it that way. Freelancers have a specific need for efficient, easy to use products that can be easily setup and managed. Our user’s feedback is crucial to the success of the app, so we encourage all of our users to tell us about their experience and how it could be improved. We already have a long list of possible improvements we’re looking to roll out in the future. Much of this will depend on the feedback from our users.

If you’re a freelancer or small business looking for a simple way to manage your accounting, sign up for our 14 day trial to see how easy Tallisto is to use.