Being a freelancer sounds interesting in a world where many are stuck with 9-6 jobs. You can enjoy the freedom of being your own boss and work the way you like. But with freedom comes great responsibility too.
You have to cater to client’s needs, handle the marketing and most importantly look into your own accounts too. This includes managing the books, sending invoices, receipts and filing taxes.
With the help of right accounting software, it is easier to manage multiple tasks, and pay more attention to the core business activity.
Here is a list of the best freelance accounting software of 2019:
1. FreshBooks
This accounting software is specifically for beginners and small business owners. It allows you to attach your payment receipts, and record your expenses, and use it to generate a summary of your income and expenditure. The software creates professional and accurate invoices easily and without demanding any knowledge of bookkeeping.
Features
- It offers a secure and faster online payment system and sends a notification when the client reads the invoice. This helps in dealing with customers who claim that they have not received the bill when they actually have.
- This software allows you to exchange information with your employees and client faster. You can work together on the same webpage, thus saving the time lost in transmission of information.
- FreshBooks automatically sends reminders to those who have not paid you yet. So you don’t need to keep a track of such clients, nor bother with sending them messages again and again.
- It helps you to bill recurring clients. This means, that when you work for the same client again and again, you do not need to create a separate invoice every time. The software will automatically generate the invoice. This saves time.
- Freelance accounting software maintains details of all the bills you have sent and all the payments you have received, or are due. This helps you to stay organized and have quick access to all the information you need.
- The software uses the data entered by you to generate the statement of profit and loss and the balance sheet for your business. It also generates tax reports so you know exactly what you owe to the government.
Pricing
- Lite: This package costs $15/month and allows 5 billable clients.
- Plus: It is best suited for small businesses at the costs of $25/month and allows 50 billable clients.
- Premium: This package costs $50 per month allowing 500 billable clients. It is suitable for growing businesses with dynamic teams.
- Select: It has a custom pricing policy and you can issue bills to more than 500 clients. To know the pricing of this package you can contact FreshBooks team or request for quotes
2. Bonsai
This accounting software is specially designed for freelancers who take up multiple projects at a time. The software allows you to import and export data easily, so you don’t need to waste your time re-entering the data. It provides a secure messaging system and allows you to share, store and sign contracts online, thus making interaction with clients a lot easier and faster.
Using Bonsai, you can attach your expenses to the client’s invoice easily. You can enter the expenses manually or import them through your bank account. Bonsai also helps in keeping track of your expenses and thus manage your budget.
Features
- The software helps you to build a professional proposal for the project, with package options, notifications, and instant approval option. These not only impress potential clients, but the notification feature helps you deal with dishonest clients.
- It has pre-designed contract templates for all types of freelancers. You just need to enter a few details and it will automatically generate the contract. This contract can be signed online and stored for reference. Thus, you don’t need to contact a lawyer for every contract.
- Bonsai allows you to track your earnings. You can view your daily income and predict your expected revenue.
- It generates invoices automatically once the contract, proposal or time-sheet is prepared. So, you don’t need to enter the same data manually in the bill again. This saves time and ensures that the invoice is accurate.
- Freelance accounting software helps in easy time-tracking. You can not only track the number of hours you work but also, sync it with the invoice or contract so you don’t need to type the same data again and again.
Pricing
- Plus: Buy now this package at $16 per month when paid annually which includes features like unlimited projects, customizable branding, advanced reporting, accounting module, and chat support.
- Premium: This package costs $24 a month when paid annually includes all the basic features of plus and other features like white labeling, sub-contracting and much more. Also,you can add multiple users at an additional fee of $9 per user.
3. AccountEdge
AccountEdge is a desktop accounting software compatible with both Windows and Mac operating systems. It helps to generate invoices and enables you to make payments instantly through the invoice. AccountEdge also allows you to sell your products on sites like Shopify.
Also, it helps you to track your progress in particular projects. AccountEdge shows you the total income and expenses so that you can judge the profitability of the project. It also allows you to mark the expenses which can be reimbursed.
Features
- AccountEdge allows payment through PayPal and credit cards. The software offers a secure and easy payment portal by allowing you to email the bill with a “pay now” link. This facilitates instant payment, thus minimizing delays and excuses of clients.
- It helps keep track of all expenses and taxes in one place. This software allows you to calculate the wages and salaries of your employees and maintain a record for the same.
- The software allows you to attach contracts or other documents to individual transactions or to the respective contact cards. This prevents the documents from getting lost and also helps you to access all the documents related to a particular client in one place.
- It manages and sends statements involving multiple invoices. You may keep it detailed or keep it brief, as per your requirements. This makes it easy to deal with multiple projects done for the same client.
- AccountEdge keeps track of the time you spend in working on a project. This helps in the billing of hourly projects, and also helps you get the trust of the employer. Moreover, it ensures that you are paid for every minute of your hard work.
Pricing
AccountEdge software has a one-time fee of $499 USD. Besides, up-gradation of the software costs $359 for a single user and $399 for multiple users.
