As I get more serious about my business & work, I’ve needed to invest in an accounting program. Unfortunately, my Excel spreadsheets and written income reports just weren’t cutting it when it came time for taxes this year. Here are my picks for the best accounting programs for entrepreneurs.
Quickbooks Self Employed
This is the program I decided to go with after researching several options. It’s super easy and intuitive to use, it’s all online based and it was only $5 per month for the first three months (which is still going on….act now!). Included in QuickBooks self-employed is, of course, the basic ability to track expenses and income. It also features automatic mileage tracking, the ability to separate your business & your personal expenses, and my favorite part: it calculates your quarterly taxes FOR YOU. That’s such a game changer and time saver for me, and pretty much instantly sold me. You can also send invoices directly through Quickbooks.[alert type=”success” icon-size=”hide-icon”]COST: $10 per month (there’s a sale running right now for $5 per month for the first three months)[/alert]
Freshbooks is a close second to Quickbooks and is a commonly used program in the entrepreneur world. With Freshbooks, you can send one-time invoices or recurring invoices, and it will automatically calculate sales tax, add late fees and convert it into a different language if necessary. Of course, Freshbooks has the basic feature of being able to add in expenses and income. It also allows you to send proposals, sign contracts online and track time by client or project. Two other features that I’m not sure I would use Freshbooks for, but you may, is project management and client relationship management. They are minimal versions of those two software types, but they are all in one place nonetheless.
I’ll probably end up moving to Freshbooks once I start taking on more clients since it’s much more designed with client-focus in mind.[alert type=”success” icon-size=”hide-icon”]COST: $15 per month for 5 clients, $25 per month for 50 clients & $50 per month for 500 clients[/alert]
Wave is similar to Quickbooks in terms of its features, with one key difference: it’s free. It’s completely free for unlimited tracking of expenses and incomes. You can also connect unlimited bank accounts. Wave charges a percentage for payment accepting, and you can run payroll through Wave for a fee.
To be honest, I don’t love the Wave interface, which is why I decided to invest some money in Quickbooks rather than starting out with the free platform.[alert type=”success” icon-size=”hide-icon”]COST: $0 for unlimited expense and income tracking, unlimited receipt scanning, unlimited proposals and invoices. 2.9% + $0.30 for credit card payments & 1% for bank account payments. $20 + $4 for each employee for payroll[/alert]
If you don’t like software and would rather do a free, DIY option, you can always use a good trusty spreadsheet. There’s a lot of disadvantages to just using a spreadsheet, but for some people, that’s the only thing that works for them.[alert type=”success” icon-size=”hide-icon”]COST: Free[/alert]
Thanks for reading![alert type=”info” icon-size=”normal”]Do you use an accounting software? Which one?[/alert]