How much of your time do you spend on bookkeeping?
If you’re like most entrepreneurs, any time spent on accounting or record-keeping activities feels excessive. Bookkeeping is generally considered one of the most challenging aspects of running a business. According to one TD Ameritrade survey, nearly half of the owners claimed that bookkeeping was their most minor favorite duty.
Administrative chores and bookkeeping consume around 120 working days per year in businesses, accounting for 5% of total labor. That’s a lot, especially when you realize how many tedious, soul-sucking chores can be automated.
Small organizations, in particular, are prone to diverting precious resources to bookkeeping activities, reducing earnings and decreasing overall efficiency.
Suppose you, like many business owners, want to reduce your time on bookkeeping. In that case, the good news is that a plethora of tools and solutions available today may assist you in making quick work of this often time-consuming task. Also, check out Accely.com website for help if you need it.
With that in mind, let’s look at how you can automate, simplify, outsource, and save time on those dreadful bookkeeping jobs.
Accounting software and tools primarily used for invoicing are the two broad categories of bookkeeping tools. Oh, and there are also valuable tools for scanning and saving receipts.
First and foremost, accounting software.
QuickBooks is one of the most well-known and widely used accounting software systems on the market today. It can be a cost-effective approach to streamlining and simplifying your company’s bookkeeping. QuickBooks also syncs with over 80 partner applications, including Shopify, which can result in significant time savings. Invoices from Gmail, PayPal, and other payment processors can be integrated, and information from Excel can be imported, among other things.
QuickBooks also lets you manage payroll and direct transfers and personalize your records based on your specific business requirements. Another fantastic feature of QuickBooks is the ability to track inventories and generate over a dozen distinct layouts. It also offers a simple UI and a rapid setup process. You can also connect your business bank accounts to help automate various functions.
QuickBooks is capable of:
- Transactions can be automatically classified.
- Payroll management features are available.
- It is compatible with over 80 applications!
- Payment processing
The only real disadvantage to QuickBooks is the cost. Currently, the most expensive bundle costs $150 per month.
Monthly fees range from $12 to $150.
Wave is one of the most effective free bookkeeping and accounting applications accessible today.
It includes an easy-to-use UI and set-up process that helps you to concentrate on everything from invoicing to bookkeeping. When you initially start using Wave, you may customize your set-up and select the sort of bookkeeping services that best match your needs. Wave allows you to connect your business bank account and build client invoices and databases. You may also upload your customer and vendor data with the CSV import option.
Wave differs from other accounting software solutions because it is simple and ideal for novices. The Wave dashboard allows you to examine and categorize individual client transactions. Unfortunately, Wave does not yet provide inventory tracking services, which may be a disadvantage for some online retailers.
Fees for payment processing services are charged.
SlickPie is an outstanding freemium bookkeeping software choice for small businesses. While the accessible version of SlickPie has some limitations, such as the number of invoices, bills, and bank transactions that may be added, SlickPie is an attractive solution for small businesses. SlickPie helps you to track invoices, statements, and costs by importing transactions from PayPal, credit cards, and bank accounts. SlickPie has a simple setup process and an easy-to-use UI.
Cost: An accessible starting option and a $39.95 pro option.
See additional Bookkeeping software options in your FREE bonus download sheet!
Invoicing. Yikes. What a time-consuming process, especially if you’re juggling it with a service like PayPal and sending out payments every time an invoice arrives in your inbox.
However, invoicing software supports cross-platform connection, allowing you to review your bills without logging in to various accounts or websites.
Here are some popular alternatives:
4. Ninja Invoice
Invoice Ninja provides invoice software programs that are both free and paid. The free version of Invoice Ninja will suffice for small organizations, while the subscription version is excellent for more giant corporations. Invoice Ninja interacts with over 45 payment processors and offers auto-billing and recurring invoicing.
Invoice Ninja offers a freemium edition. Paid plans begin at $8 per month, with the Enterprise Plan starting at $12 per month.
5. Books by Zoho
Like Invoice Ninja, Zoho has both free and premium plans. On the other hand, Zoho is one of the most excellent solutions for large or expanding enterprises. The most invoice software allows you to arrange and access your invoices from a computer or smartphone. These tools make it easy to keep track of your company’s finances even while you’re not in the office. Invoice software also reduces the need to keep paper records and makes it easier to track your money, which is especially useful if you run an e-commerce store.
Zoho costs $9 per month for the essential subscription and $29 per month for the professional package.
Receipt Scanning Apps
Several tools allow you to scan and store receipts, saving you from a mountain of paperwork on your desk.
Here are a few examples:
Shoeboxed makes it simple to get rid of stacks of paper receipts. You can scan them yourself or use their postage-paid Magic EnvelopeTM to send them directly to their processing facility for free. It doesn’t get any simpler than that! Shoeboxed is available for $29 per month.
7. Wave Receipts
Another good alternative is Receipts by Wave. This free receipt management program allows you to photograph your receipts and retain their information. This program makes it simple to categorize your tickets, and it’s free and accessible for iOS and Android devices, as well as an online version.
Expensify is a mobile app and expense report service that allows you to scan receipts with your phone and import expenses and passes directly from credit cards. Expensify also integrates with Freshbooks, making it easy to prepare expense reports.
Expensify is free for individuals and $5 per month for businesses, and the app is available for both iPhone and Android.