10 entrepreneurs from YEC discuss the best bookkeeping tools.
Financial software covers a lot more ground than simply tracking the basics of costs and revenue. These programs help businesses predict future pain points and plan investments. They also allow staff to edit and review numbers from a variety of devices, and help keep data safe through off-site backups.
There are a lot of applications out there, ranging not only in cost but also in complexity. You may be looking for a modestly priced program with as many bells and whistles as you can manage. Or you may be looking to invest heavily with an eye on ease of use.
Below, 10 members from YEC discuss the bookkeeping programs they think are best for small-business use, and why.
If you manage a lot of contract/telecommuting employees, FreshBooks is a great option. It's all online, has a simple interface and makes it very easy for you to organize all of the items that are being billed to your company by contractors on a project-by-project basis. Because everything is in front of you, it's very easy to pull out data and learn where your unnecessary expenses are. - Adam Steele, The Magistrate
2. Zoho Books
We use Zoho Books. For small businesses looking to scale, it's the best option out there. It integrates seamlessly with our website, shipping integrations and order process software. They also make it simple to customize and the service is incredibly cost effective. - Ben Camerota, MVP Visuals
QuickBooks makes bookkeeping as easy as it could possibly be. You can link everything up to your banking and credit card accounts so it seamlessly pulls the information for you and all you have to do is keep it organized. Reporting is also fairly easy and simple to use. - Jayna Cooke, EVENTup
Two years ago, I started using Bench.co and it's been nothing short of amazing. I previously had an accountant, but things took way too long and I'd always have to double check her work to find problems with categorizing expenses. I moved to Bench and accounting has been a breeze! Best thing I've ever done for my company. - Chris Brisson, Salesmsg
For small businesses where the owner will be actively involved in managing finances, I believe that Xero is the best option. Unlike QuickBooks, Xero is designed for the layman to use and is incredibly intuitive for a non-finance professional. - Kevin Yamazaki, Sidebench
Botkeeper is the latest tech applied to bookkeeping. It automates nearly everything and removes those gaps between reconciliation periods when you're not entirely sure where things stand. It's easy to use, set up and grow with. - Brennan White, Cortex
inDinero not only provides software that is easy to use, but they also assign an in-house CPA to work directly with you. These days you need a real person who knows what they're doing to look at your books: You don't want to categorize something incorrectly or assign an item as an expense that could have been capitalized on. inDinero helps make sure you're doing everything right. - Ryan Shank, PhoneWagon
8. Wave Accounting
I recommend Wave Accounting as the best free accounting software for small businesses. Choose Wave from dozens of accounting software options for reasons like: price, flexibility and functionality. They have a really cool and functional new mobile app for your on-the-go expenses. - Adrian Ghila, Luxe RV, Inc.
9. Anything Other Than Excel
Too few entrepreneurs use bookkeeping software because of the cost and the learning curve. They think, "It's just money in/money out. I can track that in Excel." This is a mistake. If you think the learning curve is too steep, go with Bench.co or hire a bookkeeper. If you want more control, look at any of the other programs referenced here. You'll be glad you did in the years to come. - Mark Daoust, Quiet Light Brokerage, Inc.
10. Whatever Your Accountant Tells You to Use
There are a ton of amazing options out there like QuickBooks, Xero, Zoho, Wave and more. For the most part, they can all do the same thing. Talk to your accountant to figure out what their needs are and which software is going to save time and make their job easier. Personally, I use Xero and would recommend it, but I spoke with my accountant first. - Andrew Saladino, Kitchen Cabinet Kings
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