As an entrepreneur, your time and energy are likely getting pulled in several different directions.
While you may get energy from the passion you have for designing products, planning marketing, and setting up your store, you may not have that same energy when it comes to bookkeeping!
But it is just as important as any other aspect of your business and should be treated as such. In this article, I will take you through the top 5 accounting software opportunities for startups to ensure you play by the book and play to win.
Short on time? Here are the key takeaways
FreeAgent: For anyone who wants an affordable and user-friendly platform.
QuickBooks: For those who want a scalable platform for growing businesses.
Wave: For anyone searching for cheap options.
Zoho Books: For anyone who wants software that integrates with other business tools.
Xero: For anyone searching for a highly popular and trustworthy brand.
What Decided This List
But first, I wanted to quickly take you through the criteria I considered when collating this list. After all, there are a ton of articles out there pushing affiliate links to convince you to choose their preferred options!
So, I wanted to put it on record that all of the below suggestions have come from first-hand research, and none of these brands have paid for promotion.
Instead, these accounting software options were hand-picked based on pricing, user-friendliness, simplicity, and any unique selling points that ensure they’re a good fit for startups and entrepreneurs!
The Importance of Paying Your Taxes on Time
As a business owner, you may be asking yourself, ‘Do I really need to pay taxes when I haven’t even sold any products yet?’ and the answer is, yes!
I learned this the hard way when I first set up my business and ended up getting hit with a rather annoying fine.
But a fine is just one of the issues that can come from not paying taxes correctly or on time. In the worst case scenarios, you could end up with much more serious issues, potentially even jail time.
With all that in mind, let’s take a look at five of the best accounting software that you can consider for your new business venture.
FreeAgent
Link: https://www.freeagent.com/
Pricing: $40 per month
User-friendliness: 9/10
The first software on this list is FreeAgent, as it is my go-to choice for accounting software. From my experience using the tool, it’s extremely simple to track income and expenditure and categorize that income and expenditure as you go. That way, when it comes to paying taxes at the end of the year, everything is ready to be shared if required.
It’s ideal for solo entrepreneurs who are looking for a platform that suits their accounting needs while also having the capabilities to scale up as their business grows.
QuickBooks
Link: https://quickbooks.intuit.com/
Pricing: $35 per month
User-friendliness: 8/10
Another great option is QuickBooks, which offers all of the same features you’d expect from FreeAgent and other leading accounting software brands. One of the big benefits of using QuickBooks is the brilliant offers that they tend to run for new customers. In the UK, for example, you can get a whole year for just £35! After your first year, that price jumps significantly, but Quickbooks is hoping to convince you it’s easier to stay with them than move again. Those offers also differ depending on which country you are based in.
However, for startups looking to save vital cash for other aspects of their business, look out for great discounts where you can.
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Link: https://www.waveapps.com/
Pricing: From free
User-friendliness: 8/10
For those who really want to keep the purse strings tight, Wave can be an excellent option, as the core accounting features are completely free! As you might expect, the actual features and design are not as detailed as the paid versions on this list, but for basic bookkeeping and invoicing, it’s a fantastic option.
One thing I love about Wave is that the free plan really is free! You can produce an unlimited amount of invoices, and even the paid version with more detailed features is just $16 per month.
Zoho Books
Link: https://www.zoho.com/books/pricing/
Pricing: From $0 per month
User-friendliness: 6/10
Zoho Books also offers a free version of its accounting software, but in the form of a free trial rather than a free subscription. That said, the paid versions of this platform are still very low. One of the biggest benefits I found when looking into Zoho Books is that it is part of the much bigger company, Zoho, which also offers several other software solutions that could benefit your business.
For some startups, having accounting, CRM, Payroll, and more all in one place can be a lifesaver.
Xero
Link: https://www.xero.com/
Pricing: From $20
User-friendliness: 7/10
If you’ve done any research into accounting software, chances are you will have heard of Xero! Xero is one of the largest accounting software companies, and is a great option for any startups that have raised significant investment to launch their business and need a platform that reflects the size of their launch.
It isn’t the easiest to use for small startups, but if you’re a big startup that wants to put the right professional foot forward, this could be a great option for you.
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