Wednesday, September 7, 2016, AM | 1 Comment
Freelancers have a lot to handle on their own. Apart from their actual work, they have to manage everything else a small business would. This includes marketing, sales and of course, accounting.
If you’re a freelancer, you’ll probably agree that accounting is one task most freelancers are not too keen on doing.
It can be incredibly taxing and take up a lot of your time- time which would be better spent on doing actual work.
Thankfully, there are several accounting tools tailor-made for freelancers that can diminish the time and effort it takes to get your books in order.
With these tools, freelancers like you can better manage finances, expenses and other transactions so you have more time to focus on your projects.
Here are the top 4 accounting tools for freelancers:
Wave is a free accounting software that has all the basic accounting features a freelancer needs, save for time tracking. It’s one of the easiest to use and would be best for beginners and freelancers that prefer to keep their operations relatively small.
Wave automatically generates the dashboard you need in line with your industry, and has many clever and convenient features including automated transaction imports, invoice creation from estimates, and easy receipt uploads.
You can also add payroll and credit card payment collection features for a low fee.
If you’re just starting out or want to keep costs down to a minimum, Wave is a great option as it is free, simple and user-friendly.
Freshbooks is a cloud-based accounting app that features most of the essential features as well. Unlike Wave however, it doesn’t come for free.
Pricing starts at $9.95 a month for up to 5 clients, and an additional $10 for 25 clients.
Given the software’s capabilities however, the price is definitely worth it. Freshbooks has an excellent time tracking feature that seamlessly integrates with invoicing; organized and automated expense tracking; and comprehensive financial reports.
It is also the only app that retains all its features on its mobile version. If full-feature functionality on mobile is crucial for you, then Freshbooks is the best option.
Like the other options, Zoho Books comes equipped with the features you need, but is a notch higher when it comes to ease-of-use and presentation.
It’s also a tad pricier at $24 a month, but the price is reasonable considering everything is unlimited: unlimited number of users, projects and clients.
This makes it the ideal accounting tool for more established freelancers with larger client bases and numerous projects.
Apart from the freedom of unlimited use, Zoho Books’ unique features include an advanced client portal where clients can view estimates and invoices, and you can see when clients have viewed them.
There’s also an option to automatically categorize transactions according to specific details.
Quickbooks is one of the oldest and most established accounting tools around, and it shows on their dashboard and reports. They’re polished, organized and easy to digest.
Quickbooks can be integrated with over 150 third-party apps for even more functionality and convenience, and as its name suggests, is pretty quick when it comes to importing transactions.
It’s also the only tool where you can list your vendors, so if you’re borrowing money or owe on services, you can easily keep track of what you’ve owed and paid here.
Given its standard features, usability and dependability, Quickbooks can prove useful to freelancers seeking an accounting tool that can assist them in the long run.