If you are looking for accounting tools to manage your financial life, keep this guide handy as here I have discussed the top accounting tools you must look forward to using in 2020 that have proved to be great for freelance accountants:
1. QuickBooks Online Accounting Software
This accounting software allows the accountant to handle bookkeeping, expense tracking, sales tax, invoicing, etc. Through Quickbook; the freelance accountant will be able to:
- Automate the process of entering transactions
- Track bills and expenses
- Set automatic payments
- Perform tax calculations
- Create invoices
This software is available on Web, Android, iOS, Windows, Google Chrome, Mac, and Linux. You can get this software at $20 per month. That makes it very affordable, especially for news freelance accountants who are on a tight budget.
2. FreshBooks Accounting Software
This is cloud-based accounting software. It mainly serves as a bookkeeping and invoicing app. You can also use it to handle payroll. Freshbooks software allows you to:
- Send out personalized thank you notes
- Create customized invoices, and even duplicate them if necessary
- Attach and send out receipts
- Track profit and loss
- Process credit card information
- Receive electronic payments
Through this software, you will also be able to set due dates for payments and even track late payments. So clients who are late on payments will get a polite automatic reminder to make payments as soon as they can. This tool is available on Web, Android, iOS, and Mac. It is $15 per month for the Lite plan, which includes unlimited invoicing and estimates.
3. Wave Accounting Software
If you are looking for a free option to the more expensive tools such as the ones mentioned above, then you can try Wave Accounting. With this accounting tool, you will get a cost-effective invoicing and accounting app that handles payroll and allows card processing.
Wave Accounting allows you to:
- Handle invoices
- Handle basic financial reporting
- Track expenses, investments, and transactions
- Track your personal finances
- Scan receipts
This app is generally ideal for small businesses to help them with their review monitoring services. One of the best features of this app is that it actually allows you to connect bank accounts with credit cards and accept and process payments from all credit cards. Wave Accounting is available on Web, Android, iOS, Windows, and Google Chrome.
4. ZipBooks Accounting Software
ZipBooks is also another incredible accounting and invoicing software for freelance accountants. It is absolutely free. It has a wider scope of features that can help you streamline various accounting tasks. With this software, you will be able to:
- Manage accounting tasks for each project
- Track expenses
- Process invoice
- Manage receipts
- Secure partial payments
- Handle tax management with ease
One of the best features of this software is that it helps you gain insight into your business’s operations. This app is available on Web, iOS, Mac, and Google Chrome.
5. Xero Accounting Software
Xero is a free cloud-based online accounting software that is ideal for small and midsize businesses. When starting out as a freelance accountant, you only need to send invoices and track expenses for a few clients. As your business grows, you will eventually get a business bank account and even track expenses separately.
You can start out using the Xero accounting app. This app allows you to:
- Create, process, and send the recurring invoices
- Schedule payments to manage the cash flow
- Organize all the credit transactions
- Calculate payroll
- Manage taxes
One thing about this app is that it caters to freelance accountant needs – you can collaborate with an unlimited number of clients. Xero app is available on the Web, Android, Mac, and iOS.
What makes a Great Freelance Accounting Software?
Remember that not all apps are equal. Some are better than others in terms of features, performance, and cost. Here are some of the things that make accounting software great.
1. Simple to use
Accounting software should be easy to use. A user-friendly interface makes accountings tasks easier. The app should have minimal clicks to allow you to perform whatever task you want to do.
2. Core features for crucial tasks
The app should have features that are essential for accounting tasks, including invoicing, tracking expenses, tracking payments, managing tax, etc
3. Beginner-friendly
Freelance accountants who are just starting out and have little knowledge of accounting and tax laws shouldn’t find accounting software too difficult to use. So a good accounting app should be used by anyone, from newbies to the experts without any difficulty.
4. Digitization
We live in a digital era, where everything ought to be done digitally. A good accounting app should provide a way that accountants can digitize, process, and save receipts. They should also be able to record expenses from their phone, email, or scanner.
The feature of freelance accounting
Freelancing is becoming the buzzword of 2020 and beyond. Today, many people are switching to freelancing jobs, and the most opted ones are accounting jobs. Technology advancement has led to the establishment of many startups. This has led to the creation of a thriving environment for entrepreneurs. And of course, these entrepreneurs are looking for freelance accountants to help them with their accounting needs.
The accounting field is one of the fields with the highest demand. This means that this field offers job security. Besides, even if there are accounting tools to help simplify and expedite accounting jobs, this field still requires human effort to prepare and examine financial records. Another thing, more and more companies, even top seo agencies are looking for ways to reduce operational costs as well as increase efficiency. That’s why they are opting to hire freelancers. Companies can access freelancers both for cost efficiency and supplement crucial accounting skillsets at reasonable costs. This means that the accounting industry is expected to see tremendous growth.
