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If one of your goals in 2017 was to start your own business, you know that you will need to keep track of your income and expenses as an entrepreneur. As a mom, I know it can be hard to keep track of all of the business tasks you have to do every day. So I am here to share with you the best online bookkeeping software that can make your admin tasks just a little easier. I choose these systems based on affordability, effort spent using them, and of course if they actually worked.
I recently made the switch to Quickbooks* self-employed, and I don’t know what took me so long! While the initial set up took a while, I think this is the best online bookkeeping software out there. Plus, it’s cheaper than the software I was using previously.
The great thing about Quickbooks is that it is easily customizable. You can start off with the lowest pricing plan ($10/month) and you can choose add-on’s that work for you and your business. Another great thing is that Quickbooks often offers savings for paying ahead, being a loyal customer, and signing up during their sales. I was able to get my first 6 months for $10/month!
When I signed up, I chose the Self-Employed + Tax Bundle plan, which allows me to pay my quarterly taxes easily and file my taxes online for free. I can also send invoices and receive money right into my bank account. No more jumping through hoops and dealing with PayPal if I don’t want too!
The only con that comes with Quickbooks is that you either have to pay to add-on time tracking, or you have to use a different system. Since I can use Toggl for free (I charge hourly for most of my work), I don’t see the point in paying extra for the feature on Quickbooks. But, I would have liked to have that feature already added to my bundle.
I used Freshbooks before signing up for Quickbooks, and I really enjoyed it. This is a great option for those just getting started in their entrepreneurship journey, and it is one of the easiest online bookkeeping software systems to use.
Freshbooks keeps all of your clients or projects in one place, allows you to send invoices easily, and even tracks your time for you. You can get a free month trial when signing up, and then plans start for as little as $5/mo (for up to 5 clients).
So you may be wondering, “Well Kim, if you liked it so much, why did you switch?” Well, let me tell you. For one, I was paying for the second tier at $25/mo, and I really just wanted to limit my out of pocket expenses as much as possible. I was also starting to notice some trouble with my invoicing process. With all of the hourly work I do, I don’t want to waste time. Last but not least, I loved the fact that Quickbooks offered tax services. Since my business is now my full-time job vs. a side hustle, I needed a little more help keeping track of everything.
Freshbooks is great if you have a few clients, if you don’t mind filing your taxes all on your own (or have a bookkeeper/accountant) and if you like everything in one place. While it’s not my favorite system anymore, I would recommend it.
I’ve never used Wave personally, but I’ve heard nothing but great things about them, especially from other mompreneurs!
Not only is Wave free to use, but they also offer pay as you go credit card processing and payroll. Wave even offers an app that makes it easy for you to track income and email invoices on the go. I also love how they allow you to snap receipts for business purchases!
Cons for Wave would be no way to track the hours you’ve worked, and the apps seem a little basic.
If you are just starting out and don’t have a lot of money to spend on business expenses, look into Wave as the online bookkeeping software to use. Once you are ready to upgrade or get a few more features, you could always switch to another software.
Zoho is the perfect online bookkeeping system for mompreneurs who want multiple businesses, product sales, or even just more customization.
It is super inexpensive (plans start as low as $9/mo) and what’s great is that you can integrate other tools (like email or CRM) to your plan for a few dollars extra a month. While it’s not the easiest to use out the list, it’s great for those that are growing into full-fledged businesses but don’t want to pay extreme prices. It also offers payroll and scheduling for as little as an extra $9/mo. Not bad right?
The biggest con that I personally see is that it’s all over the place. It really is a super customizable website, and for me, it’s overwhelming. I want my options to be as simple as possible, but with Zoho I felt as if I had to have everything just in case. This could make the software go from inexpensive to easily over $100/month. If a lot of options don’t bother you, I suggest checking out Zoho!
I used Xero for one of my clients, and also have navigated it with a past job that I had. I don’t mind using Xero, but I wouldn’t consider it my all time favorite. But, I still wanted to add it to the list, because I know some mompreneurs may find it useful!
Xero can be considered the most expensive of the bunch if you are just starting out. Their cheapest plan is $9/mo, but you can only send out 5 invoices a month. I was doing that my very first month of side hustling! So if you need even just one more invoice or quote, you are automatically looking at $21/mo.
However, if you are invoicing pretty regularly, and need payroll, Xero may be the best online bookkeeping software for you. Even the second tier of $21/mo offers payroll for up to 5 people. This is great because you don’t have to pay separate charges for what could be considered an add-on.
Although Xero seems very basic for what you pay for, they do offer apps that you can use to integrate items like your timekeeping, tax filing, and more. Again, I wouldn’t personally use Xero, but it may work better for you, especially if you need help with payroll!
Well, there you have it, the best online bookkeeping software for mompreneurs! You certainly don’t have to use my favorite, but it is important to have a bookkeeping software for your business. Have you used any of the above online bookkeeping software systems for your business? I’d love to hear what you thought of them!