Every small business has to deal with accounting at some point. Small businesses need to track invoicing, outgoing payments, and taxes, among other things.
While hiring an accountant is an important step to keep organized, it helps if the records you give them are well organized and detailed. It’s also a good idea to find out what services your bank can provide.
The rest of your financial record keeping can be managed with accounting software or apps.
Many of the most popular solutions are now available online, some of them for free. If you find yourself frequently traveling, or if more than one person needs to access the accounting software in your company, an online solution may be just the thing.
Here are a few of the available accounting solutions, with a few notes on each one.
Quickbooks Online has solutions that are expandable as your business grows. It’s best suited to people who are already have intermediate knowledge of accounting. You can try it free for 30 days to see if it’s right for you, then pricing starts at $13 a month.
PaySimple is a newer solution for small businesses that lets you track payments in real time, featuring a mobile app that auto-syncs your account so that the data in the app is always up to date. The mobile app is free, and the software itself is $34.95 per month.
Wave Accounting Apps are geared towards very small businesses, those with 9 employees or less. The accounting software is completely free of charge, though there is a charge for their payroll and payment tools.
FreshBooks is cloud accounting software.designed for growing small businesses. A free account allows you to manage one client but has limited features. Paid plans start at $20 a month after a 30 day free trial. It integrates with many of the most popular third-party payment processors and like other larger paid accounting software services, has a free 800 number help line.
This article is part of a series covering tools that help you run your small business like a large company. You can find the first article in the Scale and Upscale Your Business here, which will have live links to each installment.
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