Using the best cloud-based accounting software is essential to effectively manage accounts for small businesses or trades. In this era of the internet and global pandemic, being able to access your accounting from anywhere is a must.
The era of pen and paper is well gone. The modern cloud-based accounting software allows you to connect with your co-workers, accountants, and whoever you need.
Without proper software, managing accounting for tradies can be a nightmare. That’s why we will discuss the three most used accounting software in this blog.
You can use any of these to cater to your specific needs.
Intuit QuickBooks: Overall Best
QuickBooks Online is the best general accounting program for small companies. It is used by accounting professionals in small businesses. There are also countless online educational tools and platforms to gain help, as needed. +
On one key dashboard, all accounting features can be reached easily, by making more fluid and efficient bookkeeping for tradesmen.
QuickBooks Self-Employed accounting software is available for part-time freelancers and independent contractors. It is mainly used to report their profits and expenditures for their tax return.
Pricing: The four options for subscription plans after the 30-day free trial include: Easy Start at $7.50 a month, Essentials at $11.50 a month, Plus at $15.50 a month, and Advanced at $150 a month. These prices can change at any time. Also, often there are huge discounts on fees. So, keep an eye on the QuickBooks website.
Xero: Suitable for Micro Businesses
In our experience, Xero is the best in terms of functionality, documentation, and ease of use. Xero accounting software gives you an excellent insight into what’s going on with the organization’s finances.
You will know what invoices are due and when from the great dashboard of Xero. With the click of a mouse, you will be able to produce a great selection of management reports.
Pricing: Xero has a full-service payroll add-on and three monthly payment options: early at $5.50 per month, growing at $16 per month, and Established at $31 per month. The organization offers a 30-day free trial and a promotion lasting two months for 50 percent off.
MYOB: For Micro Business Owners
MYOB is Xero’s direct competitor. It has more features for a small amount of more money. You will invoice from your phone or tablet with the app while you are with a client, and the app can update your accounts simultaneously.
Your clients can also pay you without hesitation anytime. You can even handle clients and vendors, as well as track and pay expenses.
Pricing: The prices range from $13.50 per month to $70 per month.
Wave: Best Free Software
Wave is a perfect accounting software tool that sends easy invoices and doesn’t need to manage inventory or run payroll for a service-based small business. Wave’s free features will meet all of the accounting requirements for many freelancers or service-based firms.
Wave is the best free app, according to us. At the end of the year, accountants will collect the Wave requisite reports to file a tax return for a corporation.
All of this software has its own pros and cons. As this software is widely used across industries, you can buy their service without any concerns. Keep an eye on the websites for discounts.
However, it is always recommended to hire professionals to handle your bookkeeping regardless of your business size. It reduces the possibility of error, saves you time, and lets you concentrate on the other vital areas of your trade.