Art and Money Matters Mondays: For most of us starting a new business, we started tracking our money by keeping a log of income and expenses, tracking it in an Excel spreadsheet or managing it through a business banking account. It seemed like the simplest and most manageable way to do things. But then the work increased, a wider audience was reached, the clients came and your freelance and one off consulting gigs grew into a business. Growing business => less time => need to hire help and invest in resources that make life easier especially money management tools.
Quickbooks (QB) is definitely the most recognized name in accounting software. They are constantly updating their functions to offer what small business owners want. Recently they launched Quickbooks Self Employed which allows you to separate personal from business related income and expenses as well as estimate your self-employment taxes. I would love to see this version of Quickbooks built out a little more but their on the right track.
Although QB may be the most popular name, there are other Web based accounting software for freelancers, sole proprietors and small business owners that may have features, functions and pricing plans that are better for you. And you can experience it for yourself by purchasing signing up for the 30-day free trial. The following article does a good job of comparing and reviewing various accounting software programs like:
Click here to check out the comparison chart.
Pick a software that works for you.
Recruit an accountant or finance professional, like myself, to help set it up appropriately.