Every year many of the startups come roaring in the market with plenty of new ideas, passion, and energy. Being an entrepreneur is not easy. With the launch of the business, comes many responsibilities and an ever growing ‘to-do’ list.
One of the high priority items on your list would be managing your books. Bookkeeping or accounting is the lifeblood of the business and poor accounting ethics can damage the company’s reputation and the trust of their clients.
Not every entrepreneur or small business owner can handle the accounting of their business despite how important it is.
So what do they do?
They hire an accountant and pay them a huge amount of money to get things done. For start-ups, Bloggers, Freelancers and small businesses hiring a full time is not the best proposition, and so most of these entities hire a professional at the end of the year to take care of their accounting. And as they do not keep their books up to date they end up rushing through the whole process which may be costly and is prone to error because of inefficiency.
And even if the owner is good enough in accounting, they may spend hours in invoicing, bookkeeping, managing and tracking their expenses or calling the clients now and then to remind them of the payment due.
I think it is very cumbersome and involves a great deal of your time which you must spend in expanding your business.
While I was doing my internship in one of the startup companies, I was asked to research and find the simplest and best invoicing and accounting software. I started my research by signing up for the free version of much popular accounting & bookkeeping software’s I came across online. I kept my criteria to recommend the software, and that was, if I can use a particular invoicing and accounting software then any one can, as I do not come from commerce background.
So, with that, here are some of the accounting & invoicing software’s I liked, which I believe are all good with slight differences. You will have to use all of them before you choose one, but I have brought the list down to just 4 out of the 100’s out there.
Best Accounting, Bookkeeping & Invoicing Softwares for small businesses:
Freshbooks is one of the online invoicing, accounting software which is very easy to use. You can create, send and track invoices in just a few minutes. Time and expense tracking also becomes a lot easier since you can log time and billable hours.
It also has bookkeeping features through which it is much easier to organize everything and payment can also be done quickly. Tracking and managing your expenses can be done without any trouble since you can also get the details about your previous invoices, revenue by client, best clients or the profit & loss reports to discover your outstanding invoices.
It does not have the inventory management feature, but it connects to other popular inventory management software. You can integrate PayPal and Stripe for collecting payments. It also offers iOS app & Android app.
It offers many other features with pricing ranging from $19.95/month to $39.95/month. It offers a trial period of 30 days.
Xero is another online tool that makes your accounting simplified and convenient. It is simple yet extensive and is like a one stop shop for all your accounting needs.
You can easily create recurring professional invoices in just a few clicks. You can also set invoice reminders, and it automatically reminds customers about the payment of the invoices. Managing your cash flow also becomes easier, and one can log in anytime and see the up-to-date financial health of the business.
It also has others features including general ledger, quotes, bills and expenses, payroll with automated superannuation payments, etc.
Price ranges from $9/month (limited features) to $60/month depending on the region you belong to. Moreover, you can know more about its features by trying it for free as it also offers a trial period of 30 days.
Topnotepad is a new invoicing and accounting software. The beauty of this application is, it goes beyond invoicing and accounting, it couples the CRM portion, which is important for a start-up.
The overall UI is very intuitive and user-friendly. It has rich built-in features that help you to create and send invoices with just a few clicks.
It also has invoicing templates from which you can choose the one you like the most. It even lets you log leads allocate them among your employees, track conversion. It also offers features for managing your expenses in a much simpler fashion. It has got all the features you would require to streamline and manage your invoicing, accounting and leads.
Pricing starts from $ 10 per month. The freemium plan is free forever! The catch is, you can create only up to 5 invoices in freemium plan and once you exhaust, the software would request you to upgrade to a paid plan. You can integrate PayPal and InstaMojo for collecting payments
Quickbooks is one of the most popular accounting software available online. It does everything that one would want in an accounting software. You can create customized invoices with your company logo and send them to your customers within few minutes.
You can also store details about your customer, reports of your incomes and expenses etc. Tracking sales and expenses and managing customers, vendors and employee data become a lot easier with this software.
It also offers ways for managing bills and online banking. You can even track appointments, to-do items and important business tasks, such as invoice and bill due dates. How ever it is more suited for a medium to the high sized company.
After a trial period of 30 days, you have to pay $9.99 per month to $39.95 per month.
As you can see there are many multi-featured accounting and invoicing software which is all set to make your work simpler. All you have to do is explore and choose the right accounting & bookkeeping software that suits your needs.
I’m sure after you find the most suitable software of your choice, accounting will no longer be a daunting task, and it will actually help you to ace the growth of your company.
It doesn’t matter if your startup is a blog or an app or anything else, managing your account is must & help you to sustain with the growth. Do let me know how are you managing accounting & invoicing for your Business?