Contractors' accounting software may simplify your life if you own a business. Accounting software is essential even if you operate alone and don't have any staff to pay. Accounting software for contractors is not a luxury, whether you're self-employed, a sole owner, or running a flourishing small business. It's a must.
When shopping for accounting software for your small business, remember that not all software is made equal. Some apps are better suited to solitary proprietors or self-employed persons than small enterprises with many workers or development modes.
Key Takeaways
Introduction:
To remain competitive and stay on top of their financials, independent contractors need accounting software that is both efficient and future-proof. Here are some of the top solutions that are tailored to meet the needs of forward-thinking professionals like you.
- QuickBooks Self-Employed
- Streamlines invoicing, expenses, and tax tracking
- Connects with bank accounts and credit cards
- Generates profit and loss reports
- Plans quarterly taxes
- FreshBooks
- Offers time search and invoicing features
- Sends automated payment reminders
- Manages expenses
- Provides information on tax and income
- Xero
- Cloud-based software with easy accessibility
- Automatic bank feeds and reconciliation
- Multi-currency support for international payments
- Provides real-time insights and reports
- Zoho Books
- Manages invoices, expenses, and projects
- Allows for collaboration with clients and team members
- Offers automation for payment reminders and recurring transactions
- Generates insightful reports for decision making
Conclusion:
Investing in future-ready accounting software is crucial for independent contractors to manage their finances efficiently. The software mentioned above offers a wide range of features necessary for contractors to keep their businesses organized and profitable.
QuickBooks UK
QuickBooks software is perfect for small and growing businesses, but it's also a great option for self-employed company owners and sole proprietors looking for a complete accounting program.
When setting up your business on QuickBooks, you can enable as many features as available, with the option to disable features you do not need.
Although fundamental functions such as bank connectivity, revenue and cash monitoring, and cash flow management are available in all plans, QuickBooks Online features are available. Then on the version, you subscribed to, a new cash flow widget has been added to the user dashboard to help with cash management.
Quickbooks UK also has the following features:
- Invoicing on an individual basis
- Acceptance of payment
- Customer forecasts
- Tracking of sales taxes
- Amount of a bill (Plus plan)
- Keeping track of time (Plus plan)
- Inventory control is important (Plus plan)
- For iOS and Android, there is a mobile app
The reporting tools in QuickBooks are good, and all reports are entirely customisable. Information may be exported to Excel or saved as PDF files. You can also get Quickbooks training and become a pro advisor.
Xero
Xero software is an excellent solution for self-employed people and small and developing enterprises. Xero is especially well-suited to online merchants that do business internationally. Complete custom invoicing, cost and inventory management, bill payment choices, and a multi-currency option are just a few of the functions available with Xero. On the other hand, the availability of features depends on the plan.
Xero, accounting software for contractors, is a leading rival to QuickBooks, with prices ranging from $11 per month for the Starter version to $62 per month for the Premium edition. Most freelancers should be fine with the Starter edition, but any payroll demands necessitate the $32 Standard version.
Xero also has the following features:
- Invoices made to order
- Customer testimonials
- Payment of a bill
- Inventory control is important.
- Access to your bank account
- Management of a project
- For iOS and Android, there is a mobile app
Accounting software for contractors, Xero, also has budgeting capabilities, allowing you to build an organisational budget and departmental or project funding. If required, you may also import budget information from another programme.
Sage Cloud Accounting for Business
Sage Business Cloud Accounting software for contractors, formerly Sage One, is a great alternative for self-employed business owners. The app, designed for individuals selling items or services, has two options. The lowest has extremely limited capabilities and is thus only appropriate for tiny enterprises.
Invoicing, tracking, and bank connectivity includes in both Sage Business Cloud Accounting subscriptions, and the full edition of the program consists of the following features:
- Options for custom billing
- Tracking your receivables
- Connectivity between banks
- Customer quotes and estimations
- Management of purchase orders and invoices
- Acceptance of online bill payments
Sage Business Cloud Accounting software for contractors has a good product and service management feature that allows you to track stock and non-stock inventory goods and set up services you already provide to your clients. In addition, the inventory management function allows for different pricing levels and simplifies handling all sales taxes for items and services sold.
WAVE An Accounting software for contractors
Wave accounting software for contractors is a great free accounting software to look at right now. With this option, you may connect an infinite number of bank and credit card accounts to your books. You may add as many revenue tracking, spending tracking, and guest collaborators as you like for free. Additionally, you will be able to invoice and scan receipts for free.
But keep in mind that you'll have to pay if you want your billed clients to be able to pay online straight through the invoice. Each credit card transaction is 2.9 per cent + $0.30, and every ACH transaction is 1% (minimum of $1). Payroll will also pay you via Wave. Based on where you conduct business, you'll charge a monthly base charge of $35 or $20, plus $4 for each worker and contractor on your payroll.
ZipBooks Accounting software for contractors
Another great free accounting program for small businesses is ZipBooks. In one free account, ZipBooks provides all of the essential functions of accounting software, including reporting, bank synchronization, billing, expenditure tracking, and invoicing. You'll need to utilise Square or PayPal to receive online payments from your ZipBooks invoiced clients. For those transactions, you'll charge the normal PayPal and Square fees.
With Gusto, ZipBooks offers an integrated payroll add-on. Gusto costs $39 per month plus $6 per month for each person. You may buy the Core plan at a reduced price of $19 per month for the first six months for a limited time.
CloudBooks Accounting software for contractors
The free edition of CloudBooks accounting software allows you to add unlimited users, invoice, manage tasks, track time, track expenses, and provide estimates. Sending more than five bills each month, branding your invoices, and accepting card transactions on your invoices are all options. You'll need to upgrade from the free version—and pay at least $10 per month.
GnuCash Accounting software for contractors
GnuCash accounting software for contractors is a healthy option if you search for free desktop accounting software for your small business. To acquire this free accounting software, you can go to the GnuCash website and check it. As simple as that. GnuCash is a personal and small company accounting software with features like customer and vendor monitoring, work costing, and invoicing for small businesses.
Conclusion:
Future Connect Training is the best training provider offering accounting software for contractors for your business or self-employed. Bookkeeping and accounting software may make all the difference. Contractors' accounting software may simplify life if you own a business. Accounting software is essential even if you operate alone and don't have any staff to pay.
FAQs
Q.1. What Is Accounting Software for Self-Employed People?
Accounting software for independent contractors is designed for small businesses rather than large corporations. The program may be downloaded to your PC or used as an app on your phone or tablet.
Q.2. Is the Cost of Accounting Software for Independent Workers Justifiable?
Accounting software for freelancers is well worth the money. An independent contractor oversees its accounting, bookkeeping, tax preparation, and deadlines. An accounting app might help you save time and money by tracking how much money comes in and goes out.
Q.3. What are the features of Accounting Software for Independent Contractors?
The following are some useful accounting software features:
- Connections to banks
- Accounting with two entries
- Financial statements
- Invoicing
- Payroll
- Keeping track of many companies
Q.4. What features does Xero offer?
Xero is a cloud-based software that provides easy accessibility and automatic bank feeds and reconciliation. It also offers multi-currency support for international payments and provides real-time insights and reports to help independent contractors stay on top of their finances.
Q.5. What features does Zoho Books offer?
Zoho Books manages invoices, expenses, and projects and allows for collaboration with clients and team members. It offers automation for payment reminders and recurring transactions and generates insightful reports for decision-making.