In today’s technology-driven world, as a freelancer/entrepreneur, accounting does not have to be your strong suit. Don’t get me wrong, you would definitely know the finances of your business, thoroughly. But, physically making invoices and keeping a track of payments would work best, when automated.
Gone are the days when all the receipts and bills would have to be kept in a shoebox, only to be delivered to a rather expensive bookkeeper at the end of the month.
If you are an entrepreneur with a lean startup, the internet has a pretty nice array of options for all your accounting worries. The growth of online applications has widened the selection of easy-to-use and inexpensive options for businesses. And, in this post, we have listed out 4 best tools that will help you breathe a sigh of relief.
An old player in the accounting field, Wave is the one-stop shop for your business. With it, you will be able to keep track of payments, invoices, expense reports and even payroll. It’s a free to use online tool except for the Payroll and Payments features, for which the pricing starts as low as $4 per employee.
Wave covers you for the full invoicing cycle – right from the estimate, to help close the sale, to the receipt once the payment is received. It has many interesting features, such as support for various sales tax percentages and currencies, acceptance of credit card payments, and storage of all the information on the cloud for you to access anywhere, anytime.
On the accounting side, Wave connects directly and securely to your bank account, PayPal or other sources of data. Balance sheets, sales tax reports, etc. can be generated in a jiffy for you, your accountant or even your investors/shareholders. And what’s more, Wave Network Pro (a paid feature) will connect you to bookkeepers, accountants and advisors for any further financial help.
Manage your business and stay on top of your cash flow with Zoho Books. An easy-to-use cloud software, Zoho is a paid bookkeeping software (offering a 14-day free trial).
It incorporates the features of the new-age accounting software such as invoicing, automated banking, and tracking of inventory in real-time. Zoho books can be integrated with many products under its umbrella, such as Zoho CRM, Zoho Subscriptions, and Zoho Projects. With Zoho Books, it’s easier to record and share all your recent transactions and accept bulk payments. The key distinguishing factor is what Zoho has been most famous for, which is its customer feedback. With the mobile app, you can keep track of your business on the dashboard.
Zoho Book also has a mobile app, with which you can keep track of your business at all times, on the dashboard.
Want to take Zoho for a spin? Check out our comprehensive guide to Zoho, here.
The new kid on the block, Xero has made a huge impact in the accounting world. With its simple and intuitive interface, it’s actually also very smart.
The regulars are included such as cash flow management, invoice generation, and cost management. What Xero really excels in, is its connection to over 450+ third-party apps such as Harvest, PayPal, Workflow Max, Insightly, Expensify and much more. If you can’t find an app of your choice, Xero has them nicely categorized for easy use.
Reports and budgets in Xero can be viewed in real-time without having to wait for the end of the month to account for all the transactions. It also lets you easily update fixed assets. Account for depreciation, and track the assets from buy to when they’re sold or disposed of, with a range of depreciation options. And finally, the killer feature is that Xero regularly runs webinars to help small businesses use their software more accurately!
Do you like Xero? Then here’s our post on how to hack accounting with Xero and Whatfix.
The big daddy of all accounting software, QuickBooks is the oldest of the lot. The USP of QuickBooks is its ability to multitask. It works across multiple platforms. Along with the features of invoicing, payroll and automated payments, QuickBooks also provides access and collaboration with your CA so that the books can be worked on, in real- time.
It offers all the features that any accounting software should – except for time tracking. It imports transactions at the speed of lightning and automatically checks for the new ones. The Dashboard is beautifully designed to give the feeling of a perfectly polished product. With this very dashboard, you can also check out (in one easy snapshot) of how your company has been doing over the years.
QuickBooks is geared to take your company further up from just being a ” Startup” as it offers Enterprise solutions as well. Pricing starts at about $18.95 per month.
Got any more software options to add to the list? Hit us up in the comments and we’ll feature them on the Whatfix Blog!