Building your business empire from the ground up does not only require determination and shrewdness, but it also demands great attention to detail. As an entrepreneur, one of the many details you will have to deal with is financial management. However, you do not need a fully-fledged team when you can use software to automate different accounting tasks. So, if you feel way in over your head looking at the many options you can invest in, we’ve made it a lot easier for you. Here are the best 5 finance software any new entrepreneur can benefit from.
1) QuickBooks Online
When it comes to reliability, you cannot go wrong with QuickBooks Online. This nifty online software is the best of the best, which makes it a worthwhile investment for any business owner. QuickBooks Online supports integrations with different platforms, including Shopify and Square. It also allows users to assess their taxes, profits, and losses, create and track invoices, and generate detailed reports. If you are looking for 24/7 customer support, investing in QuickBooks Online is the way to go. You can choose from 4 plans, ranging from the $20 Simple Start package to the $150 Advanced one. Don’t let the prices scare you off, as there are many convenient discounts you can take advantage of throughout the year.
FreshBooks is a cloud-based finance software that supports third-party integrations. What sets it apart from other similar services is its extra features that let entrepreneurs customize invoices to their liking. Like any decent accounting software, it is packed with features that facilitate bookkeeping and budgeting. On the downside, it does not support inventory management or payroll services. FreshBooks costs $15 a month for the Lite plan and can be upgraded to the Plus and Premium packages for $25 or $50 respectively.
With its user-friendly mobile application, Xero is a fantastic cloud-based software for entrepreneurs who are always on the go. It offers third-party integrations, payroll services, and inventory management. Xero has 3 plans: Early for $9 a month, Growing for $30 a month, and Established for $60 a month. Although this software is accessible for most new business owners and has a 30-day trial, it generates only simple reports, not detailed ones like QuickBooks Online. It also has very limited customer support. So, if something goes south, you need to figure it out on your own.
4) GoDaddy Bookkeeping
Don’t let the unconventional name cloud your judgment because GoDaddy Bookkeeping is a great option for entrepreneurs who are on a budget! Its entry-level package costs only $4.99 a month, which is a steal compared to other competing software. GoDaddy Bookkeeping generates both invoices and tax estimates reports. It also supports integrations with Amazon, eBay, and Etsy. However, this software has somewhat limited capabilities when it comes to creating detailed reports and managing projects.
Do you want a completely free finance software? Then, SlickPie is just what you are looking for! It is a cloud-based solution that allows you to customize your invoices and manage documents. Moreover, it supports online billing and helps you calculate taxes. If ensuring that your finances are in order is your main concern, rest assured that SlickPie enables you to do that by sending automated invoices and payment reminders.
Smart entrepreneurs know the importance of financial management. Luckily, you do not have to rely on pen and paper to get the job done. Software options, such as QuickBooks Online, FreshBooks, SlickPie, Xero, and GoDaddy Bookkeeping can help you manage your business without having to worry about pesky details like sending payment reminders. However, make sure to try the most basic plan first when purchasing any software then move up to the better one to guarantee that it has what you are looking for.