Choose an accounting software that matches your invoicing and bookkeeping needs. The right one not just saves you a lot of stress and money, but also allows you to keep track of your cash flow, which is one of the key ingredients to your business success. Moreover, a streamlined and easy-to-use invoicing software keeps your customers happy by giving them a timely reminder for their bill. But with tons of accounting software available in the market today, it can be tricky to find the right one for your business. Hence, you must know what invoicing and bookkeeping functions you need, how often you will use the reports, and what goals you want to achieve in the future. As a side gig startup entrepreneur, you probably don’t have an accountant advising you on this, so check out each of the tools below, read reviews, and see which one makes sense for you.
Freshbooks is known for its user-friendly interface, numerous integrations, and professional-looking invoice templates, which have prompted some users to call it as a perfect invoicing solution. What’s more, the company is continuously adding more features geared towards side gig startup entrepreneurs.
The software also boasts double-entry and some key accounting features such as journal entries, bank reconciliation, and reporting.
Despite its relatively expensive monthly cost, this cloud accounting tool is being touted as the quintessential invoicing and bookkeeping software for small business organizations with its easy-to-use interface complemented by great mobile apps and excellent customer service.
Plus, it integrates with Basecamp and Hubstaff which could streamline your project management, time-keeping, and billing.
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Link: freshbooks.com
Wave is a free bookkeeping software known for its simplicity and user-friendly data-entry. But if you want to use its payroll or payment and credit card processing, you have to pay a small fee.
The company has designed its web-based accounting solution with side gig entrepreneurs in mind. In a nutshell, it boasts accounting, billing, payment tracking, invoicing, receipts, and finance and payroll management. On top of these, it has bank reconciliation feature so you can link your bank accounts, PayPal, and other similar accounts. That feature alone could save you hours in comparing the numbers.
Link: waveapps.com
Netsuite boasts extensive and customizable accounting features ideal for side gig entrepreneurs and startups. Such flexibility also means that it can grow with your business.
The main selling point of Netsuite is its ability to integrate different aspects of your business, ranging from financial accounting and analytics, billing and order management, inventory management, sales, to service, just to name a few. Moreover, it allows you to streamline your accounts payable process, something which many other financial systems fail to deliver.
Another notable feature is the audit trail, which allows you to track changes in the financial data.
Link: netsuite.com
While it might be a bit pricy for side gig startups, Xero remains one of the most popular cloud-based accounting solutions thanks to its wide range of accounting features, multiple integrations, and product management features.
As with most accounting software, complaints against Xero mainly arise from expectation gap. For instance, its purchase and inventory features are relatively basic, which may work really well for side gig entrepreneurs but a deal-breaker for larger businesses. Hence, always ask a bookkeeper or accountant if a particular software is in line with your business needs. And if you don’t have either of those, read lots of reviews!
At its core functionality, this online accounting software has receivables, payables, general ledger, and bank reconciliation.
Link: xero.com
Touted as a leader in the credit card and payment processing industry, Due is also noted for its fraud protection features, merchant funding, digital wallet capabilities, next-day funding, and good customer service and support.
This impressive online invoicing platform is popular among small businesses and freelancing professionals who want to eliminate paperwork (which is typically time-consuming) and go complete digital. At its core functionality, it helps you create, track, and send invoices to your customers and partners, and manage outstanding requests and payments.
Another notable feature is the flexible payment options to suit different types of business.
Link: due.com
