Bookkeeping Software for Small Businesses on a Budget

Bookkeeping Software for Small Businesses on a Budget

Finance and bookkeeping are topical issues within the entrepreneurship and business sector in general. Entrepreneurs do not only face challenges in accessing finance, but they also struggle to keep their books in check, even though it is an important aspect of business. Because not everybody has time to sit on a desk and study accounts and bookkeeping in detail, innovation and tech have come up with tools to deal with this challenge. Here is a few software that have been designed to cater for small businesses that are passionate about keeping their finances in order, while saving time and money!


Wave is an online accounting software designed with the accounting needs of a small business in mind. The software offers features such as billing creating invoices, managing payrolls and tracking payments, all which relate to the everyday transactions of most small businesses. A big plus for Wave online, is that these services are free of charge, and this goes a long way in helping small businesses or entrepreneurs in managing their expenses early on. The software has an income tracking tool which keeps users up to date with the financial health of their businesses.  Its automated processing and invoicing allows users to be in control of their revenue operations as well. Another key feature of Wave is its bank reconciliation functionality. Through it, business owners can link their bank accounts, third party systems and data sources displaying transaction records, in real time. This makes it easy for businesses to generate reports which include sales tax reports, payable reports, account receivables and balance sheets. In addition to the above, it has an invoicing feature for monetary collection. Invoices can be sent via email, while allowing the payment processing to collate invoices and credit card payments. With all these features, Wave offers basic functionalities, without making one pay a single cent. For small businesses operating with 20 people or less, Wave is a great option. 


Freshbooks is another accounting software which has features that make it suitable for both small businesses and large organizations. Among its notable features, are the multichannel function, ticketing as well as the community platform. Freshbooks’ ticketing system allows one to convert customer emails into tickets, making room for quicker and more accurate responses. Freshbooks also has an invoicing feature which lets one create, send and manage invoices efficiently. It even allows one to schedule automatic sending of recurrent invoices and payment reminders-something which saves one time. Moreover, it allows online payments through its invoicing function, and records how each customer made his/her payment. Complementary to the main software, Freshbooks has an app which is compatible with both iOS and Android devices. The app contains almost all the features of the browser version, allowing one to work on the go, when he/she is not working from the desktop. Through the app, one can take photos of receipts and log them as expenses, connect them to transactions on his or her debit card and mark them as billable. Additionally, expenses can be attached to projects or clients allowing one to see what he/she is spending, helping them to stay on budget. Freshbooks is also integrated with 80 other apps, which gives you the option to connect the software with other programs. This is particularly helpful in connecting it to program the business already uses for things like scheduling, marketing or analytics for instance. Freshbooks also allows one to create user roles, where multiple users can be added to the Freshbooks account, and be given roles which determine the features they can access. 


Quickbooks is one of the most popular accounting software packages. Using this application is a smart way to keep your books organized, as it is typically less costly than hiring a consultant or bookkeeper. The software offers an option for one to enrol on its online version which is more affordable, and cost effective for businesses which are operating on a shoe string budget. The basic version of Quickbooks offers almost all the accounting features that most small businesses need. Such features include accounts payable, accounts receivable, payroll inventory and invoicing. Its accounting system is simplified, allowing on to manage their finances without needing to first get a degree in accounting. The software can import all your financial data from bank accounts, credit cards, and online payment accounts, and update it automatically. Quickbooks also helps one account for expenses conveniently. It lets you take snapshots of your receipts and upload them on to the platform and also sorts expenses into the correct tax categories. Given the low tax acumen of most entrepreneurs and small businesses,  it saves one a lot of time and energy that could have otherwise been spent cracking his or her head on how to record each transaction for taxing purposes. Another great feature of Quickbooks is its powerful reporting. The software allows you to track your cash flow and incoming payments from the dashboard. One can also use it to generate profit and loss reports and balance sheets, which are critical in analysing the state of the business. The software is also integrated with other popular apps, allowing the business to connect to programs for things like inventory, analysis, project management, and many more.  As an icing on the top, the app has features for designing electronic documents that are sent out, to feature company colours and designs-something which will make you happy if you are an entrepreneur who cares about aesthetics.

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Bookkeeping Software for Small Businesses on a Budget

Jun 10, 2021
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