Many people have taken up freelancing over the last few decades. One of the top challenges freelancers with multiple existing clients faces is the daunting task of accounting. This happens due to the excessive amounts of documentation that later becomes a demanding task to handle.
Any company knows the importance of bookkeeping and accounting. The former deals with recording data regarding purchases and payments, and the latter deals with interpreting the information you gain from bookkeeping, which is later used to understand and present to business owners and investors. This process is complex, and all companies must keep their accounting in check to prevent problems in the future.
With the technological growth, there has been a rise in accounting softwares that is capable of doing everything related to accounting and bookkeeping in an online platform, making it more reliable than its human counterparts, who are more likely to commit errors. This article will discuss the 13 best accounting softwares for freelancers worldwide.
You can easily access this software anywhere in the world. It is capable of improving productivity with systematic time management, making it one of the best accounting softwares for freelancers. It conducts regular backups, which function without manual control and assist in consistently saving your company's data. You are able to plan, schedule, and implement anything related to your company, yielding increased Return on Investments.
The software is able to handle multi-currency transactions with multiple countries easily. Your purchase comes with modules involving data on purchasing, bookkeeping, invoice, tracking of assets, payroll, sales, and production. The Basic package starts from $32.36 per year for 2000 customers and goes up with packages like Premium, Ultima, and ERP.
AlignBooks is an app available on Insiderapps.com
This is one of the best accounting software for freelancers that is capable of combining the efforts of artificial intelligence and remotely skilled accountants. This combination assists new as well as developed businesses in overseeing their data. It is capable of understanding all of your company's accounts and transactions. The software provides a visual summary of the month's accounting processes at the end of each month. The client entity fee begins at $55 per month, with additional tools at $1000 per month.
Botkeeper is highly functional and capable of working with freelancers and franchises. It alerts users every month to signal them that their bookkeeping is ready to be reviewed to keep their financials on a steady track. It offers specialized mechanisms to manage clients, automate data, and produce the most accurate bookkeeping.
Botkeeper is an app available on Insiderapps.com
3. Easy Accountax
This software is an online cloud-based system capable of performing traditional accounting, transaction reconciliation, quoting, tax assessment, management of assets, purchasing, customer relationship management, and accessible reports. Pricing is offered on three monthly levels, based on your company's users and the amount of storage you require.
It simplifies team performance, and business organizations have greater visibility with the presence of a real-time dashboard. Companies can receive professional and personal invoices instantly, and financial reports are made available efficiently. The software has a multi-currency feature which means that users are able to access exchange rates easily and manage the same with smooth control. This makes it one of the best accounting softwares for freelancers.
Easy Accountax is an app available on Insiderapps.com
FreeAgent is also a cloud-based accounting system that offers services involving accounting features, international invoicing, inventory, etc. The main benefit of this software is the ability to access its existing features with any number of users with the help of a single pricing plan. This is not seen in other accounting softwares where the more users you need, the more fees you need to provide. This makes it one of the best accounting softwares for freelancers.
This software is capable of using double-entry accounting for both the people using the software and the accountants who are aiding the users simultaneously. This software was initially designed for freelancers and small business owners, and unfortunately, it lacks a payroll integration system.
FreeAgent is an app available on Insiderapps.com
The software is straightforward for small business owners and freelancers working in various industries. It offers good customer service and unique invoicing features, making it one of the best accounting softwares for freelancers. The software can also provide a double-entry accounting service that is efficient for users.
However, the software has a limited number of users capable of using its mechanisms. To receive access to an accountant or a bookkeeper, you have to pay more as the plans increase with accessible functions and prices. The software also offers reliable tracking of time and makes it easy to not rely on another company to perform a similar role.
Freshbooks is an app available on Insiderapps.com
This software is quick and efficient. You can access it from anywhere in the world, making it one of the best accounting softwares for freelancers who are always on the go from place to place. The pricing is affordable for many people, with the ease of availability of the free trial versions for upto two weeks. This benefits those people who are unwilling to commit to their softwares before trying to learn all its present functions and capabilities. The software also provides video tutorials for beginners who are entirely new to the accounting world and are unaware of accounting terminology and related information.
The software lacks an efficient time tracking method, checks, and several essential features in the default setting. These are some areas where the software is found to be lacking by its existing users. The application can also not directly add receipts for any online or offline purchase you complete, making it a cumbersome procedure to include each receipt in a manual order.
Kashflow is an app available on Insiderapps.com
7. Sage Financials
This is another cloud-based accounting software capable of offering double-entry accounting at affordable prices. It supplies a more comprehensive extent of reporting and retains the inventory tracking aspect in check. It can connect appropriately to the point-of-sale and customer relationship management systems, making it one of the best accounting softwares for freelancers.
The accounting software has a scarcity of product transparency, and you will need an updated account plan for assistance related to receipt capture. Time tracking is unavailable, which makes it taxing to use with an outdated user interface. This makes its alternatives more user-friendly and approachable.
Sage Financials is an app available on Insiderapps.com
This application is one of the best accounting software for freelancers because of its effortless functioning in scanning and processing receipts and converting them into digitalized documents. It can add unlimited users and has a tracking feature that can help keep your growing expenses in check. The software supports users from multiple platforms and has adequate functionality that encourages efficiency and productivity.
It is considerably more expensive than other accounting softwares for freelancers and small businesses. However, the value of the services provided counteracts the expense factor. The software considers documents that are not receipts unimportant and takes considerable time to process the same.
Shoeboxed is an app available on Insiderapps.com
Sunrise offers an elementary and low-cost alternative for any accounting need that you may have, making it one of the best accounting softwares for freelancers. It has one of the premier account payable modules, making it one of the best software for A/P functioning. Its features make it effortless to use for those people who are always on the go.
It is helpful for farmers who sell both their products and their available services. But it is not considered a good fit for e-commerce businesses and construction organizations and in the case of tracking steady inventory. The software has responsive customer service but no bank reconciliation ability and an uncomplicated and customizable outline. Unfortunately, the software has not been integrated with one of the leading cash payment applications, PayPal.
Sunrise is an app available on Insiderapps.com
SutiExpense is a cloud-based accounting and expense supervising application. It is considered one of the best accounting softwares for freelancers in any industry. It has an instinctual and easy-to-use expense management system. This aids companies in saving time due to the presence of automotive features capable of keeping all of their purposes in check.
You can attempt to use this software on mobile devices supported by both the Android and iOS versions, thereby making it easy to use for anyone on the go. It doesn't have a free trial like many softwares nowadays, but the plans start from $8 per month for small businesses and freelancers. It also has several integration mechanisms that offer a great degree of functionality.
SutiExpense is an app available on Insiderapps.com
Wave is the only accounting software that is entirely free on the market. It is capable of double-entry accounting like many other accounting softwares. This software includes several functions like accounting, scanning of receipts, and unlimited invoicing. You are capable of acquiring unlimited financial accounts and users. Therefore, this makes Wave one of the best accounting softwares for freelancers.
Many users without sufficient background experience and knowledge in accounting may find it unchallenging and straightforward to use because of its good customer service. It is more suited for small businesses as many of its properties are not scalable. The software also doesn't offer additional features like other accounting software companies currently in the market.
Wave is an app available on Insiderapps.com
Xero has automated processing which is capable of completing tasks related to accounting quickly and efficiently. It can automatically send invoices and reminders to customers to meet their payments and therefore avoids wasting time trying to achieve these payments in real-time by going back and forth with the customers. It also has adequate mobile access that can create and dispatch invoices and review your current cash flow at the moment.
Xero has an intuitive, user-friendly interface with tutorials that can provide guidance to its users through its available features like reporting, expense claims, bill payments, contact management, project tracking, and integrations. Xero offers the best customer service for any query you may have related to using its application. The flexibility to use and the within-reach pricing plans make the application one of the best accounting softwares for freelancers.
Xero is an app available on Insiderapps.com
The final accounting software I will discuss on this list is another cloud-based program that several businesses currently use. ZarMoney is considered for its inventory accessibility, productivity, and features present in invoicing. It is capable of providing a 15-day complimentary trial package which you are capable of accessing without the use of a credit card. ZarMoney is capable of permitting you to decide to use their software and, in the meantime, store any information you have added to your account during your free trial for 60 days. This is a feature that many other accounting softwares find challenging to offer.
The prices vary from $15 per month for freelancers, $20 per month for small businesses, and $350 per month for enterprises. The software also has an intuitive dashboard that is capable of offering a clear perspective of sales and expenses. You can also easily customize this setup. It provides ease in tracking all your expenses, assembling taxes, and presenting automated functions that help reserve time spent for these processes.
ZarMoney is an app available on Insiderapps.com
Frequently Asked Questions
Is Excel another form of accounting software?
Although Excel lacks several critical features in accounting software, it is helpful for small businesses with less financial data. It focuses on bookkeeping and forecasting, which are vital characteristics of accounting software.
Which accounting system is more extensively utilized?
The double-entry accounting system is the accounting system that is extensively recognized and utilized to a great extent.
What is ERP?
ERP is Enterprise Resource Management, responsible for gathering and organizing the same data through integrated software. It contains applications capable of automating several functions, thereby constructing an accounting process relatively uncomplicated to conduct and achieve.
What are some threats faced by a computerized accounting system?
Electricity problems, software viruses, risks from existing employees in the company, and threats from outsiders.
There are numerous reliable accounting softwares present on the market. A facile way of acknowledging the best fit for you is by using the complimentary trials offered by several companies, which can provide an early insight into their available functions. This can help you establish the best accounting software for freelancers. You are also free to watch several online content made by creators on Youtube, who offer tutorials on how to use different accounting softwares.