Keeping track of income and expenses is one of the most important administrative duties for any success-oriented business. Whether you’re running a solo business, an agency with 5 – 10 employees, or are just starting as a freelancer; you are running a business that needs to be lucrative and turning a profit if you intend to keep on doing it.
If you haven’t already done so, get an accounting system in place for your FDN business starting today.
Our list of the top 4 accounting software for freelancers, digital nomads, remotes, gig-workers, or entrepreneurs feature some of the known and lesser know options on the marketing, ranging from free to paid-for options.
Though it can be a bit complicated to get Apache OFBiz set up and running, once you do, you will never need to switch to ‘better’ accounting software. Apart from covering accounting, Apache OFBiz goes further in that it is a full-business suite that can be used by businesses large and small across any industry. Apache OFBiz features modules for accounting, CRM, order management, eCommerce, warehousing, inventory, manufacturing, MRP, product & catalog management, promotion & pricing management, supply chain fulfillment, contracts, payments & billing. You can also scale and optimize Apache OFBiz to your business needs.
We would have ranked Apache OFBiz as our number one accounting software choice, but due to it being more complicated to install and use by everyday users, we have placed it at 4.
Rated as the best accounting software in the world, we have also tried Quickbooks and do agree that they have great software. However, for freelancers, solo-entrepreneurs, and those just starting a business, the monthly fees starting from $12 p/month can be a tad too much of an investment.
What we do like about Quickbooks is the variety of features and functions, and an intuitive, modern and clean dashboard that is straight forward and easy to use, even for beginners with no accounting knowledge.
Cost: Starts at $12 p/month for the Simple Start plan, and goes all the way up to $75 p/month for Advanced.
Wave is a free, online accounting and bookkeeping software that is especially helpful to small businesses, digital nomads, and freelancers. What we like about Wave is that they are upfront about their pricing structure, and there are no setup fees, hidden charges, or monthly fees to use Wave online accounting software. The only aspects that Wave charges for are if you need payroll services (only available in US / Canada), and if you want to accept payments online, then there is a charge of 2.9% + $0.30 to process credit cards, etc. The Wave’s accounting dashboard and interface is super easy to use and quick to setup.
Cost: FREE accounting, invoices, and receipts. Pay only for payroll if you need it, or payments directly received and recorded in Wave.
GnuCash is a free, open-source, double-entry accounting software that is free to download and can easily be learned. GnuCash is especially helpful to freelancers and small businesses just starting, looking for an affordable or free accounting option to get started. Though GnuCash is free, this accounting software does not have to stand back to any other in the market. For free software, GnuCash covers most aspects you might need for your business. Just a word of caution, you do need some understanding of accounting basics to use GnuCash, and it might take time to set up your accounts when just getting started.
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