No one wants to start their own business or trade, but it is also not possible for everyone to get a job in the company. If you want to learn about the best accounting software for trading business, this article will show you what you need to know.
In every business dealing, accounting is at the core. Accounting is a good tool for keeping your financial records organized and to compile a list of expenses and income which will be a basis for analyzing your profits. Here you can know more about the best accounting software for small business, medium sized businesses or large business.
Xero
Xero boasts about having 2.7 million users worldwide and is among the top accounting software currently available in the market. It is also among the best accounting software for day traders as it simplifies finances and makes a really complicated accounting process easy. Xero is user-friendly and cloud-based accounting software that enables you to take control and streamline your basic accounting and bookkeeping requirements such as payroll, inventory management, invoicing, and much more. The good thing is that it offers various features and pricing plans that suit several small businesses including the day trading business.
Key features
- Has a mobile application that enables its users to handle bookkeeping activities on the go. So, it allows access to your data and its tools from anywhere, anytime.
- Helps you track and timely pay bills and also presents a clear picture of accounts payable and cash flow.
- Instantly reconciles with your bank accounts and you can get bank feeds.
- Empowers you to track projects and their timeframe, costs, and profitability.
- Generates accurate accounting reports to help you track your finances.
Pricing
Xero offers three different pricing plans and all of them cover all accounting essentials. Its three plans are;
- The Starter plan starts at $20 per month
- The Standard plan starts at $30 per month
- The Premium plan starts at $40 per month
The Starter plan is the best plan for professional day traders at the early stages of their trading profession. They can easily upgrade to other plans when their trading begins to grow. Xero is the best accounting software for day traders because it makes complex accounting tasks extremely easy, supports them during early stages, and offers very affordable pricing plans.
CloudBooks
CloudBooks invoice software provides you with a multi-faceted platform. This software offers a free of cost plan for sole traders, who are looking to create invoices according to their requirements. They generally serve different types of clients, and even have to make use of two or more templates for the same client. CloudBooks makes this frustrating process easy. It allows you to create client specific invoices. You can even use this software to keep a track of the expense and time to make error-free invoices.
ReliaBills
ReliaBills offer unlimited invoices along with the tools to generate recurring invoices without any added costs. You can even use it to send automated reminders via email to your clients. It is basically a client management platform that streamlines the invoice generation and payment collection process. You can make your own templates and designs for a branded experience using ReliaBills. You can generate client specific invoices and edit them whenever you want.
Invoicera
Invoicera has taken invoicing up a notch. It offers a free plan for a lifetime to cater to the needs of small businesses and sole traders that are starting out. This software allows you to generate invoices and scale, depending on your requirement. Invoicera offers many paid premium tools for businesses, looking to expand. It even provides a quick solution for all their invoicing needs.
Nutcache
Nutcache is a supreme invoice generation software that also allows you to manage and track your projects. Being a sole trader, you might have come across situations wherein you are left frustrated. This is where Nutcache comes into the picture. By using this software, you can save time by following a more centralized approach. It makes accurate invoicing possible with integration of expense tracking, time tracking and invoicing. It is a one-stop solution for all sole traders out there.
Brightbook
Brightbook is another great free software for sole traders. You can instantly sign up for a free account and import all your financial data to integrate with your new invoicing templates. Brightbook makes accounting a cakewalk with its easy to use tools and selective access platform. Being a completely free software, it is one of its kind. It allows multiple users with uncompromised security and privacy methods in place.
Dolisim
Dolisim is undoubtedly one of the best billing software on the market. Simple, efficient and functional, it can satisfy all needs in the commercial management of a company.
Dolisim is a billing software (which also includes CRM software, inventory management software, project management software, rental management software and accounting software) very complete: quotes, invoices, customer records, payment tracking , assets, etc. It is hosted in the cloud and therefore offers all the comfort and peace of use that go with it. In terms of features, you will have everything you need, nothing to say on this side:
- Assisted editing of quotes, proforma, invoices, credit notes, etc.;
- Workflow (ex: automatic transformation of a quote into an invoice);
- Simultaneous teamwork;
- Recovery tracking facilitated;
- Multi-currency management included;
- Margin protection (if a discount is applied by a sales representative);
- Recurring invoice management (for subscriptions and repetitive billing contracts);
- Advanced VAT management (a lot of options to handle all cases);
- Barcode and QR Code Management;
- Business intelligence included (advanced reports and real-time statistics);
- Integration with Paypal, Stripe, Paybox;
- Access for your customers to their documents;
- Etc.
Another big advantage of Dolisim over other billing software is that you can retrieve not only your data and files, but also the entire software and change your outsourcing provider if you want or even manage it. yourself!
Indeed, usually software in the cloud (especially those that are free…) do not belong to customers, which poses problems of durability, dependence (especially in case of price increases…) and data confidentiality (resale of your data, etc.). With Dolisim none of that! You are actually the owner of the software and you can read its source code at any time.
Dolisim offers 4 offers including one from only € 1.99 / month. All packs are with unlimited users and no limit of features (even the one at € 1.99). The main differences between the offers lie in the customer support (normal or priority) and the computing power of the server.
Wave Accounting
Wave Accounting is another one of the best accounting software for day traders, especially when traders have very tight budgets at the start of their day trading journey. It is an award-winning accounting software yet absolutely free. You can get almost all features you need for business accounting totally free. Wave allows you to do simple to more advanced accounting activities such as income/expense recording and tracking, sending invoices, etc. You can also avail yourself of superb features like payroll processing and scanning receipts through Wave mobile application. Wave Accounting also allows you to reconcile bank accounts and allows you to record old expenses you failed to record in the past through uploading old bank statements.
Key features
- Handles your accounting requirements effortless, easy, more efficient, and effective.
- Enables you to create and send professional invoices within seconds.
- Empowers you to scan receipts from anywhere, anytime through Wave mobile app.
- Allows you to track unlimited income/expenses and get paid easily.
- Also makes your accounting efforts smarts and highly professional through offering to add various collaborators, accountants, and partners.
- Also has all the potential to generate professional reports that clearly display due bills and invoices, profit and loss reports, cash flow reports, etc.
- Allows you to reconcile multiple bank accounts and credit cards.
Pricing
Wave Accounting is accounting software for day traders that is absolutely free. It is among the best accounting software for day traders not only it is free but also because of its remarkable features. Wave allows you to scale up by presenting numerous collaborators if you want an expert to handle your accounts, manage payroll and payroll taxes, run more than one business from a single Wave account, and much more. Overall, Wave Accounting is the best option for day traders and sole traders to handle their accounting requirements without spending a penny on software that charges a lot each month.
Conclusion:
Trading is hard work that comes with a lot of responsibility. It has very little to do with luck or being in the right place at the right time. You have to be at your desk every single day, printing out reams if trade tickets, processing orders, updating spreadsheets, working to answer questions from customers via telephone, and reviewing balance sheets. If you are to succeed in the trading industry you absolutely need to have access to some top notch accounting software which can handle all of your accounts, commissions, payments etc.