As we have said in previous articles (and will continue to say!), there is much more to photography than standing behind a camera all day. The same principle applies to event coordinators; to be a successful event planner requires more than having an eye for detail and being an organizational guru! To be successful as a “small business owner” means being successful at running a business!
One of the most important aspects of any business is FINANCES. Some see keeping track of income and expenses as a scary process, but “Mo Money” doesn’t have to mean “Mo Problems;” in fact, there are plenty of systems out there that will help you keep your books, but get rid of stress! Here are five of our favorite financial systems for small business owners!
Quickbooks Self-Employed targets “freelancers,” whereas Quickbooks Online targets “small businesses.” I have been using Quickbooks Self-Employed for over six years now, and I will say that there are many reasons I have remained a dedicated customer!
Affordability is a major factor, as Quickbooks Self-Employed is obviously quite cost-effective. While each plan will differ with what features are offered, I have the most basic plan and function quite well as the sole proprietor of my business! I can send and track my invoices electronically, track my mileage automatically and calculate my estimated taxes quarterly. However, if you are looking for a more involved accounting system, or have team members to take care of, the next option may be a better fit for you!
In the most simple version of Quickbooks Online (which is still highly affordable!) business owners have the ability to manage expenses and cash flow with ease! Whether you are wanting to manage team members who are 1099 contractors, track sales and sales tax, accept payments or simply track your income and expenses, Quickbooks Online covers a wide range of bookkeeping activities.
Wave is an award-winning financial management software for several reasons! First, multiple aspects of the software are free and unlimited to the user. For example, the free accounting feature allows for unlimited bank and credit card connections, income and expense tracking and guest collaborators. Invoicing and receipt scanning are also free features users can utilize! However, if you must do payroll, there is a monthly fee involved. Also, one of Wave’s most unique capabilities is that they offer a Pay-Per-Use plan for online payments! Click on the link above to see the exact charges for this asset!
Zoho’s major plus is that everything involved for one project is organized for you into a neat timesheet! So everything for one client — from the tasks you are working on for them, to sending out your invoices to them — is in one central location. If you are not a fan of having distinct sections for every aspect of your work for a client, and would rather organize your income and expenses BY client, then Zoho would be a great fit for you!
Xero is distinct in that it offers payment plans by where your business is currently at — early, growing or established! Xero also has over 700+ tools and ways to connect with other apps for CRM, point-of-sale, time tracking and more! The list is fairly extensive, making Xero a great choice if you want to go more in-depth with your business bookkeeping, but still have elements of simplicity and clarity on the table. They also take high security measures to protect data for both you and your customers.
What are your favorite ways to keep track of finances for your business? Do you have suggestions for great bookkeeping software, or have tried and found success with the ones mentioned above? Tell us about your experience in the comments below!