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Keeping your books of accounts up to date is critical and time-consuming, whether you are an established organization or an independent contractor. In fact, accounting tends to become more taxing for solopreneurs and self-employed professionals. They have to don multiple hats at the same time, after all.
That’s when turning to accounting software for independent contractors can save you some time and those uninvited, brutal headaches.
Wait. Are you wondering if there’s an accounting tool dedicated to solopreneurs like you? Curious to find out the best ones available in the market?
Keep reading this article.
We’ll break down the accounting software definition and also explore the five best tools that can help streamline your accounting operations. Regardless of your industry or the type of products/services you have on offer.
Let’s begin!
» What Do You Mean By Accounting Software for Independent Contractors?
An accounting system for independent professionals functions the same way as a regular computerized business accounting tool. The major difference? Such systems are designed to cater to the specific accounting requirements of solopreneurs.
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With these tools, you can store all your financial information in one place for easy, quick access. It becomes simpler to track all your transactions, get real-time insightful data, and generate reports. Moreover, it streamlines your invoicing and payments. That way, you get paid, as well as make payments, on time. There are automation and reminders, too, to keep you on top of your finances.
The best part? Some self-employed accounting software also enables you to manage your taxes. Thus, complying with the standard regulations becomes hassle-free.
» Factors that Make Up an Effective Accounting System for Self-Employed And Independent Contractors
There are many leading accounting systems in the market catering to the accounting needs of independent contractors. But how do you determine which one is right for your business?
Thankfully, every robust accounting tool contains certain significant components. Let’s explore them in brief:
› Core functions
The ideal independent contractors’ accounting system should include all the basic accounting operations - from payment tracking and transaction recording to invoicing, seamless integration with bank accounts, and report generation.
› Ease of use
A good accounting system comes with a simple, intuitive interface. It is inherently easy to use even for a novice. Tasks like finding information or feeding new data into the system shouldn’t look like a nightmare. The learning curve is quick so you can get started from the word go.
› Automation
An efficient tool would automate your recurring, manual accounting duties. It includes features that let you digitize your bills, and automatically record and calculate your expenses. Some tools go a step further and work across devices. That allows you to stay on top of your finances even when you're on the go.
› Pricing
The market is full of paid, as well as free accounting software, for independent contractors. Some provide free plans for starters, and you can upgrade to the paid ones as your business grows later. The best part is that most systems offer free trials so you can be confident before making a big purchase.
› Added features
As an independent contractor, you have to manage the project, the timeliness, accounts, and everything in between. In this case, it’s wise to go for a comprehensive accounting tool that also offers added functions, such as project management, time tracking, and collaboration tools for streamlining all your operations.
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Now let’s explore five leading accounting tools for self-employed professionals & independent contractors that include the above features and much more.
» Top 5 Accounting Software For Independent Contractors
› 1) QuickBooks Solopreneur
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As the name suggests, QuickBooks Solopreneur is built to meet the accounting needs of a business army of one. Its comprehensive tools not only help manage your finances but also empower you to drive growth.
Whether you want to track sales, customize invoices and estimates, or capture receipts, the platform offers it all. Furthermore, it lets you record your personal and business expenses separately. That not only helps steer clear of any confusion but also gives you an accurate overview of your business’s financial standing.
And that’s not all. You can manage tax deductions, monitor profitability, mileage, and sales tax, as well as your goals of growth. The system even suggests insights for you to take the right action at the right time to achieve goals more tactfully.
You can quickly view your income, expenses, profits, and progress with an intuitive dashboard and simple, accurate reports. The best part? You can also take advantage of the QuickBooks Mobile app to manage your finances from wherever you are.
Pros:
- Smooth UI with personalization
- All-in-one dashboard
- Includes other crucial features, like mileage and time tracking
- Easy to set up and get started
- Helps in tax prep, management, and filing
- 5% APY
- Dedicated mobile app
- Online help resources
Cons:
- Delayed customer support
Pricing:
- $120 for the first year.
› 2) FreshBooks
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FreshBooks is an established name in the accounting software market for both solopreneurs and freelancers. From ending your invoicing woes to tracking your payments, the system offers it all. You can create professional invoices, proposals, and project estimates. There are automated reminders, too, so that you never miss a payment or a collection date.
What’s more? This system lets you track your time which helps optimize your workflow. You can also create and manage all your client profiles in one place, contributing to stronger client relationships.
The best part is the way FreshBooks simplifies financial reports. From cash flow, and account statements to expenses, you know where your money is going in a few clicks. You can track every dollar without hassles, and make smarter decisions.
Cherry on the top? The tool is highly intuitive, customizable, and easy to use.
Pros:
- Intuitive interface
- Simple to use
- Dedicated mobile app to connect with clients; notifications when clients view invoices and overdue bills
- Telephonic support
Cons:
- No audit support
- Limits on the number of users & clients in some paid plans
- Restricted features in affordable plans
- Expensive plans
Pricing:
It comes in four plans:
- Lite - $19.00 per month
- Plus - $33.00 per month
- Premium - $60 per month
- Select - Custom pricing
› 3) Xero
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A trusted accounting software, Xero is known to streamline finance management for independent contractors worldwide. From sending invoices and quotations to scheduling your bills, you can do it all from a single platform. What’s interesting is that you can take a look at your due receipts and plan your payments accordingly. That helps you maintain your reputation as a contractor while boosting your goodwill.
With Xero, it is also possible to capture data from your receipts and bills with Hubdoc, saving you from those boring manual data entry tasks. Besides, the system offers bank reconciliation, making it even easier to monitor the inflow and outflow of your money. And yes, you can manage this reconciliation process through your phone too.
Pros:
- Simple navigation for ease of use
- Hassle-free integrations with third-party apps
- 24/7 online support
Cons:
- Limitation on bills, quotes, and invoices in the Entry-level plan
- No support for multiple currencies in the Starter & Standard plans
Pricing:
Xero offers three pricing plans:
- Starter - $29 a month
- Standard - $46 a month
- Premium - $62 a month
› 4) Wave Accounting
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Wave account has made it to Zapier’s list of the best free small business accounting software. It is also touted as one of the top free apps for invoicing. In fact, it has garnered a 4.7 rating out of 5 from its global users. Speaks volumes about its reliability, right? Let’s explore why it is so popular.
Wave is an all-inclusive accounting tool for one-person businesses. Built on the principle of double-entry accounting, the software offers automatic data imports to save time. You can also categorize and merge your bank transactions for better money management. It comes in with a smart dashboard so you can organize your income, payments, expenses, and invoices in a single place.
What’s more? The tool offers tax management functions, taking the hassles out of an otherwise chaotic tax season. Add to that the in-depth monthly and annual reports that assist you in recognizing your cash flow trends.
The icing on the cake for us is the 256-bit encrypted, read-only status of the banking data connections. This allows us to handle our critical, sensitive financial information easily, minus the headaches.
Pros:
- Quick signup with your existing Google account
- User-friendly design
- Account customization
- PCI level-1 certification for secured banking information
- Free starter plan with all the impressive, necessary features
Cons:
- No timer to track your time
- No tools to monitor projects
- Expensive add-ons
Pricing:
Wave accounting software offers two plans:
- Starter - It’s FREE. Yes, you read that right.
- Pro - $16 a month
› 5) Zoho Books
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A leading self-employed accounting software, Zoho Books is quite simple to use. Its strategically designed dashboard gives you a quick, accurate picture of your finances with total payables, receivables, cash flow, top expenses, and more.
Thanks to its built-in automation, you can do away with the time-consuming data entries. Since you can set rules, streamlining your distinct accounting workflow becomes a breeze. From creating custom invoices and quotes to managing payments, expenses, and taxes, you can do everything through this clutter-free platform.
Moreover, you can not only personalize transaction templates but also match them with their respective contacts. That eliminates any possible errors while simplifying transaction management further. It also offers time tracking for accurate billing, strengthening client relationships.
One thing that stood out for us is the way this tool supports multiple currencies and languages. We’re living in a hyper-technology era with blurring geographical borders for trades - something our accounting tool should accommodate, too, by default. Glad this one does!
Pros:
- Simple to move around even for a beginner
- Personalization
- Automation to save time and resources
- Time tracking capabilities
- Multiple project management
- Integration with payment gateways for timely payments
- Offers tax compliance
Cons:
- Less number of integrations supported than competitors
- Fewer reports
- Only email support in the free plan while the paid plans offer email, chat, and voice support
- Additional $2.5 per added user per month
Pricing:
Zoho Books is available in the following pricing plans with an annual billing option:
- Free - $0. It’s free.
- Standard - $20 per month
- Professional - $50 per month
- Premium - $70 per month
- Elite - $150 per month
- Ultimate - $275 per month
You May Also Like: 10 Best Mobile Accounting Apps
» Conclusion
Handling finances as an independent contractor is easier said than done. One mistake, miscalculation, delay, or inaccuracy can land you in trouble. That’s when the right accounting software for independent contractors can come in handy. It can simplify managing your finances while streamlining the entire accounting process. In this article, we’ve explored the leading tools in the market. Choose the one that best fits your requirements.
