5 Best Accounting Software for Self-Employed Business Owners
Being a self-employed business owner can be a tricky situation. You get to take home the money, but you’re also responsible for most of the tasks.
Keeping track of all the business transactions, your taxes, and the payroll can be an absolute headache. Good bookkeeping takes a lot of skills and effort. Thankfully, there are various accounting software that help you keep books and complete those other crucial tasks.
There are many software options available for you to choose from as a self-employed business owner.
Let’s learn more about the features of ideal accounting software and the best options available in the market for you.
Ideal Features in an Accounting Software
Bookkeeping can be a tough ask for self-employed business owners. You need software with features that help them gain control of their books. Let’s see these features.
Performs Core Functions
The software used for accounting purposes must perform all core functions. It should have the ability to record all expenditures, send invoices, and complete payroll functions. It should ideally also be able to help you file tax returns.
Easy to Use
This one is a no-brainer. A challenging software to use and create problems for relatively inexperienced users is a no-go. Software may perform all the essential accounting functions, but if it requires an expert accountant to use, it’s not going to benefit you as a self-employed small business owner.
Digitizes Records
Saving the records in digital form has become very beneficial in this day and age. These records can be stored in a hard disc or a Cloud storage service. You can always print them as well when needed. If your software is not digitizing your records, look for a different option.
Top Accounting Softwares
Here is a list of five accounting software that we found to be right on the money for someone with little accounting skills.
1. Quickbooks
Quickbooks is considered one of the best accounting software in the world. It is easy to use and has all the features a business needs to maintain its accounts. It’s also handy for a small business or a self-employed person.
It has a feature that allows the data to be transferred to TurboTax when your taxes need to be filed. The price varies from a few dollars to up to $150 per month, which is quite reasonable considering that it offers such value.
- Version for the Self-Employed
It also has a specialized version of self-employed people that can help their specific needs. It is an ideal solution if you are a self-employed small business owner. The software works well with IOS, Android, and Windows.
2. Freshbooks
Anyone having clients with varying invoicing styles, this is an ideal program to have. Its main features include creating invoices in different formats, payment reminders, and automatically sending out recurring invoices.
It is the perfect solution for your business with multiple projects at the same time. The pricing for the basic version is $15 a month, while the more advanced version with extra features costs $25 a month. You do not need to use a desktop computer reusing software as it is available for both IOS and Android.
3. Wave
Wave has a lot of features similar to other paid software even though it’s free. These services include recording your expenses in the system and scanning invoices.
You can also connect your bank statements with the software, and it can pull all the transactions, helping you separate business and personal expenditures.
You can even run multiple businesses with the same account, and the software can easily track all the transactions. Some of the more advanced features are in the paid version. The base charge is $20 and is a further $4 per employee charge.
4. Zoho Books
Zoho Books offers all the significant features that you need from an accounting application. However, it also offers CRM, inventory management, email hosting, and project management applications.
These additional features make it an excellent choice for self-employed small businesses since they need expert help in these areas. The basic features are available for $9, while the standard package is $19 per month.
5. Xero
This particular software may not be everyone’s cup of tea, but it is highly effective in bookkeeping. The software requires someone with experience in handling accounts and therefore isn’t an automatic selection.
The software can be connected with gusto to perform payroll functions. You can also opt for features such as CRM, point of sale solutions, and other services for additional charges. You can get a free 30 day trial with Xero. The packages vary between $9 and $60 a month.
Conclusion
Now that you’re aware of some fantastic accounting software options, you can pick the one that suits your particular needs. Learn more about the software features before making the call since everyone has different needs, and the same software may not work for everyone.
