The Top 6 Bookkeeping Software for Small Businesses and Freelancers
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Bookkeeping software is crucial to ensure that your business’s income reports are accurate. This can help you avoid significant fines and more severe punishments.
There are plenty of bookkeeping tools for freelancers and small businesses, so check out our tried-and-tested favorites.
1.FreshBooksfor Reliable and Comprehensive Reporting
FreshBooks is a scalable freelance bookkeeping tool that’s also excellent if your business has employees and contractors. You can easily design invoices within the app and use the program in multiple countries. So, you may find that this tool is an excellent option if youhandle international payments as a freelancer.
Besides sending invoices, it’s possible to also use FreshBooks to design professional-looking proposals. On top of that, you can track your time, get balance sheets, and set up payments for retainer clients for whom you receive the same monthly amount.
How Much Does FreshBooks Cost?
FreshBooks has three pricing tiers: Lite, Plus, and Premium. Lite is for freelancers only. you’re able to get customized plans if you scale your business, and these come at unique prices.
Subscription
Monthly Price
Annual Price
Download:FreshBooks foriOS/iPadOS|Android(Free trial, subscription available via in-app purchase)
2.HoneyBookfor an All-In-One Freelancing Solution
If you’re a freelancer based in the US or Canada, HoneyBook is a great all-in-one solution. Several bookkeeping tools are available, including the option to create and send customized invoices. You can also gain a full overview of your income and expenses over the year.
Besides managing your finances, HoneyBook has several tools to help you enhance your productivity as a freelancer. For example, you can integrate Google Calendar and create to-do lists. The app also integrates with QuickBooks, Asana, Slack, and several other solutions.
How Much Does HoneyBook Cost?
HoneyBook has three subscription tiers: Starter, Essentials, and Premium. When you start, you can get 50% off for the first three months on monthly subscriptions. For annual plans, you’ll get 50% off your first year. Below is a comparison of HoneyBooks' subscriptions.
Essentials
Download: HoneyBook formacOS|Android|iOS(Free trial, subscription available via in-app purchase)
3.Wave Bookkeepingfor Free Bookkeeping and Invoices
Wave Bookkeeping is one of the most user-friendly tools on this list, and I used the program in my early days as a freelancer between 2019 and 2020. The only reason I stopped using the service was because I moved to a country in which it doesn’t operate.
You can easily add your revenue and expenses, and the homepage lets you view your income and outgoing payments for the last 12 and 24 months. It’s also easy to design and send invoices, and you can even include your logo to add a professional touch.
Add your products and services via the Wave Bookkeeping interface to make billing for your services easier. Moreover, you have the option to connect your bank account and facilitate easier payments. Another handy tool is the Expense Breakdown feature, which allows you to better organize your expenses and determine whether you’re spending too much in one area.
How Much Does Wave Bookkeeping Cost?
The Wave Starter plan is completely free, so it’s a perfect choice if you’re new to freelancing. You can accept online payments, create unlimited invoices, and add all of your income and expenses. If you need more substantial features, like automating late payment reminders and auto-importing your transactions, Wave PRO costs $16/mo or $170/yr.
Download:Wave foriOS|Android(Free, in-app purchases available)
4.Bonsaifor Efficient Bookkeeping
Bonsai’s intelligent and deep integration lets you create invoices, collect payments, track expenses and time, and generate reports for the upcoming tax season. You can also develop proposals and create contracts.
With Bonsai, you’re able to also list your services to allow for efficient invoicing. To ensure that everything stays organized, you can use the app’s categorization features. It’s also possible to store all of your clients within the app, meaning that you can easily create invoices for each person you work with at the end of every project.
How Much Does Bonsai Cost?
Bonsai has three pricing tiers: Starter, Professional, and Business. You’ll probably be fine with Starter or Professional as a freelancer, whereas individuals with larger companies and employees should opt for Professional or Business. Below is a breakdown of your different pricing options.
Professional
5.Fiverr Workspacefor Scalable Bookkeeping and Clear Metrics
I currently use Fiverr Workspace for my freelance bookkeeping, and it’s hands-down the best accounting tool I’ve ever used. The program is user-friendly and scalable, and it also supports multiple currencies. You can gain a simple overview of all your profits and expenses for both the current and previous years. Furthermore, you have the choice to look at your income and outgoing payments for custom periods.
Fiverr Workspace lets you add clients and easily choose from your contacts list when sending monthly invoices. You can also track overdue payments and send reminders to clients if necessary. If you’re looking to increase your revenue, you may also set goals that will appear on your home screen, with a progress bar as you get closer to the magic number.
In Fiverr Workspace, it’s possible to also track subscriptions, create proposals, keep an eye on your time, and more. The platform integrates with PayPal and Stripe, meaning that you can get paid with minimal fuss. If you’re looking for higher-paying projects, consider these websites forfinding freelance tech jobs that pay well.
How Much Does Fiverr Workspace Cost?
With the free version of Fiverr Workspace, you can integrate payments and send ready-to-use client contracts. If you decide to upgrade to Unlimited, you can edit your contracts and access a broader suite of business analytics. You’ll also receive priority support if something goes wrong. Unlimited costs $24/mo and $216/yr if you’d prefer to pay annually.
Before signing up for the full version, consider checking out ourguide to the pros and cons of using Fiverr Workspace. That way, you can make a better-informed decision.
Download:Fiverr Workspace foriOS|Android(Free, in-app purchases available)
Which Bookkeeping Tool Should I Use as a Freelancer or Small Business Owner?
You should choose a bookkeeping tool that’s available in your region and supports your currency. You should have no problems if you’re in the US, but things can be trickier if you’re based elsewhere—for example, in a European country that doesn’t use the Euro, Swiss Franc, or British Pound.
You don’t need to worry too much about complex features if you’re a new freelancer. You’re good to go as long as your tool lets you track income and expenses and, ideally, send invoices. But if you’re more of an established business owner, look for additional features that you might need—especially if you have employees.
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