There are times when you might need to know which bookkeeping software is best for small businesses. But what about those of you who need a bookkeeping program for home use? Well, we can’t talk enough about how great it is that many of these programs also work as personal accounting software applications.
We all know that we need to keep track of our finances and home bookkeeping software is the best way to achieve this. Home accounting can take many hours out of your time each week especially if you do not have the right home accounting software. So if you are looking to reduce the time spent on accounting and believe you should be spending more time with your loved ones consider getting a home bookkeeping solution and learn about the best bookkeeping software here.
FreshBooks
The appealing thing about FreshBooks is its intuitive including polished web service. It’s a top home business accounting software. It offers improved UX or user experience. Also, it provides easy-to-navigate platform, improved collaboration and deliver product enhancements swiftly. It’s also very pocket friendly; only at $15 monthly.
The upcoming version will offer other add-ons, for instance, non-invoice revenue recordings, extra partner integrations, bank reconciliation including the expanded reporting. Users can choose the modern or classic versions. It provides great invoicing tools.
It’s a challenge using latest versions, especially if you are a newbie. Even though the new FreshBooks is loaded with instinctive navigation tools and has unique design, there are a lot of cool stuff that are missing, for example, service products, product records just to mention a few.
Pros
- Enhanced user-experience
- Up-to-date collaboration estimates/projects/tools.
- Suitable for various businesses.
- The settings are entirely context-sensitive
Cons
- Service records/product records are missing
- Does not offer options for tracking inventory
- The customers’ records are never expansive
QuickBooks Online
The QuickBooks app basically does everything your QuickBooks Online account does—which is a big deal, since many companies’ apps don’t have the heft of their desktop versions. With the mobile app, you can do any of the following things:
- Pull up 50+ common, easy-to-read financial reports and send them to other stakeholders.
- Send invoices with attached receipts via text, email, or messaging app—with the additional security of an encrypted link.
- Automatically track expenses.
- Use GPS to automatically track mileage.
- Set up, accept, and sign estimates for customers even when you’re out of the office.
- Accept payments with your preferred payment gateway.
- Automatically transfer payments to your bank.
Thanks to QuickBooks’ customizable, comprehensive features, it’s a great choice for most types of businesses. For instance, the estimate and quote feature makes it perfect for busy plumbing and HVAC contractors. The GPS mileage tracker is great for companies where employees spend a lot of time in transit, like real estate agents who spend the day traveling from house to house. And the secure invoicing via text feature works well for freelancers who need a quick, easy way to get paid on time.
Strengths
Fast setup and low learning curve
Simple integration with other business apps
Weaknesses
Pricier software than many competitors
Wave
A top free accounting software to consider from the start of your search is Wave accounting software. Through this option, you’ll be able to connect unlimited bank and credit card accounts to your books. You’ll also be able to add unlimited income tracking, expense tracking, and guest collaborators for free. Plus, you’ll be able to invoice and scan receipts for free as well.
Be sure to note, though: If you want your invoiced customers to be able to pay online directly through the invoice, you’ll need to pay for that. Wave charges 2.9% + $0.30 for each credit card payment and 1% (with a minimum of $1) for each ACH payment. You’ll also need to pay for payroll through Wave. Depending on where you do business, you’ll pay a monthly base fee of either $35 or $20, plus $4 per employee and contractor on your payroll.
YNAB
This is an exceptional accounting software for home use. It has been designed for budget creation based on ones’ specific goals. In addition, it’s highly flexible which makes it suitable when emergencies strike. Moreover, it synchronizes ones’ bank accounts and gives accurate and real-time financial details. Importantly, it generates graphs including charts automatically. That said, keeping track of your financial progress is completely hassle free.
Specifically, it’s a budgeting tool, and it does not perform functions such as investment and taxation.
Pros
- This accounting software is easy to operate at home.
- The customer care services responsiveness is commendable.
- The user interface of this software is great.
- It offers a variety of features, all in one package
Cons
- It might not be of high relevance to someone who does not have some accounting skills.
- Requires internet connections which is not readily available in some areas.
- Contains a lot of ads which are sometimes irritating.
Xero
With Xero, accounting is easy and affordable. In fact, Xero’s accounting plans come pretty darn close to competing with QuickBooks’—but at the much more reasonable price of $11 a month. Xero’s app offers these key on-the-go features:
- Bank reconciliation
- Invoicing
- Employee time management
Most impressively, Xero lets you add unlimited users, which is next to unheard of in the world of accounting applications. That feature alone makes Xero perfect for midsize to larger businesses for whom paying an extra $4 to $6 per user per month adds up fast.
In fact, in our accounting software review, we awarded Xero first place over QuickBooks. However, Xero’s apps aren’t quite as solid as QuickBooks’—Xero has fewer app users, but on the whole, they report more bugs. In fairness, though, no one’s accounting apps are as solid as QuickBooks’, and Xero’s clearly made an effort to up its game: in the last few months, its user base has increased and its Apple score has gone up from around 3.5 stars to nearly 5 stars.5 If it continues improving its app, who knows—Xero could outpace QuickBooks one day.
Strengths
Affordable plans starting at $11/mo.
Unlimited users
Weaknesses
iOS app that’s not quite up to par
Limited customer support
ZipBooks
Another top free accounting software for small businesses to consider is ZipBooks. ZipBooks offers all the crucial features of an accounting software—reports, bank syncing, billing, expense management, and invoicing—in one free account.
If you want to offer online payments to your invoiced customers via ZipBooks, you’ll need to do so via Square or PayPal. You’ll pay the standard PayPal rates and Square rates for those transactions.
ZipBooks offers an integrated payroll add-on option with Gusto. Gusto starts at $39 per month, plus $6 per person per month. For a limited time, you can get the Core plan for a discounted price of a monthly $19 base cost for the first six months. Gusto also has a new option for contractor-only employers, who simply pay the $6 per employee rate and no base price.
KeepSoft
KeepSoft is accounting software for home used to assess personal finances, manage debts as well as track expenses or income. Thus, it’s expressly essential for planning forthcoming expenses. Moreover, you really do not need to be a computer guru to use it. Its interface’s simple to use.
The software comes full with helpful features. For instance:
- Calculator: For calculating the money entered.
- Labeled graphs: Displaying the amount of money saved and used.
Users can create password to protect their sensitive details.
Pros
- It’s easy to use and operate.
- Has a mobile application which makes it relevant even to those who do not have access to a computer device.
- Has a great user interface.
- The customer care of this software is very responsive.
Cons
- Does not support format of many financial applications, for example Microsoft Money. It supports HTML, Excel, MS Access, Lotus and XML, though.
- No latest versions
- The pricing structure isn’t listed making it hard to know if it meets the budget needs.
Conclusion:
There are many home bookkeeping software you can find online. It is not easy to choose the one that is best for your specific purpose. Being a small business owner or entrepreneur, you might want to look into how they work and what features you should expect with these accounting programs.