Managing your finances as a freelancer can feel overwhelming. But, the right accounting software can make it easier. It can help with bookkeeping, invoicing, and tax prep, letting you focus on your work. This article looks at the best accounting software for freelancers in 2023. It covers key features, benefits, and prices for each option. Whether you want something easy to use, packed with features, or free, you’ll find the right choice here.
Experts have reviewed over 250 small-business accounting products. They have over 95 years of experience in small business and personal finance. With 75+ categories of top business software, there’s a wide range of options for freelancers. This means you can find software that meets your specific needs.
Key Takeaways
- Comprehensive accounting software options for freelancers in 2023 include FreshBooks, Wave, QuickBooks Self-Employed, ZipBooks, TrulySmall Accounting, FreeAgent, Fiverr Workspace, and Moxie.
- Pricing for these solutions ranges from free options like Wave to paid plans starting at $17/month for FreshBooks and going up to $24/month for FreeAgent and Fiverr Workspace.
- FreshBooks is highlighted for its ease of use and various functionalities, while Wave offers attractive pricing models for invoicing and accounting services.
- QuickBooks Self-Employed and ZipBooks are commended for their tax preparation and invoice creation capabilities, respectively.
- TrulySmall Accounting, FreeAgent, Fiverr Workspace, and Moxie offer specialized features like receipt capture, analytics, client management, and business process streamlining.
Introduction
Freelancing lets you work on your own terms, but it also means you have to handle your money well. Good accounting software can turn your freelance work into a real business. It makes things like sending invoices, tracking expenses, and getting ready for taxes easier. We’ll look at the best accounting software for freelancers and self-employed people. This will help you find the right tool to make your finances easier and help your business grow.
More people are choosing freelancing for its freedom and flexibility. But, handling the money side of a freelance business can be tough. You have to deal with sending invoices, tracking expenses, and getting ready for tax time. That’s where freelance accounting software helps. It gives freelancers and self-employed folks the tools to manage their money better and work more efficiently.
No matter if you’re a graphic designer, web developer, or content creator, the right accounting software can really help you with your finances and growing your business. We’ll talk about what to look for in accounting software for freelancers. We’ll also introduce you to some top choices available now.
“Proper accounting software can elevate your freelance work from a hobby to a real business, simplifying tasks like invoicing, expense tracking, and tax preparation.”
What to Look for in Accounting Software for Freelancers
Choosing the right accounting software for freelancers is key. You need to focus on the core features that fit your freelance business. Key aspects include invoicing, tracking expenses, and financial reporting.
Look for software that makes creating and sending invoices easy. It should let you log and sort your business expenses well. Also, it should help you make detailed financial reports to keep an eye on your money.
Features like time tracking and project management are also great. They help you see how profitable and productive you are. This can make a big difference in your work.
Also, having bank account integration, receipt capture, and mobile accessibility can make your work easier. These features help you manage your tasks better and save time. This lets you focus more on your freelance work.
Essential Accounting Features for Freelancers
- Invoicing: Create and send professional-looking invoices with customizable templates, track payment status, and automate late payment reminders.
- Expense Tracking: Easily log and categorize your business expenses, import transactions from linked bank accounts, and capture receipts.
- Financial Reporting: Generate insightful reports, such as profit and loss statements, balance sheets, and cash flow statements, to monitor your financial health.
- Time Tracking: Record billable hours for client projects, track your productivity, and generate timesheets for accurate invoicing.
- Project Management: Manage your freelance projects, assign tasks, and track progress to ensure on-time delivery and profitability.
- Mobile Accessibility: Access your accounting data, create invoices, and log expenses on-the-go through a user-friendly mobile app.
By focusing on these must-have accounting tools for freelancers, you can make managing your finances easier. This will boost your productivity and give you insights to grow your freelance business.
The best accounting software for freelancers
Managing finances as a freelancer can be tough. The right accounting software can really help. We’ve looked into many options and found the best ones for 2023. These tools offer great features, prices, and special features for freelancers.
Wave is a top pick, offering free accounting and invoicing. It gets a 4.4 out of 5 stars. While it’s mostly free, you can pay for extra services like online payments, payroll, and bookkeeping help from Wave Advisors.
FreshBooks is also a favorite, known for being easy to use and full-featured. It costs $15 a month for up to 5 clients and has a 30-day free trial.
If you want an easy way to handle taxes, check out QuickBooks Self-Employed. It works well with TurboTax, making taxes simpler.
| Software | Pricing | Key Features |
|---|---|---|
| Wave | Free for core accounting and invoicing, with optional paid features |
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| FreshBooks | $15/month for up to 5 clients, $25/month for up to 50 clients |
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| QuickBooks Self-Employed | Varies based on features |
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These are some of the best accounting tools for freelancers in 2023. Next, we’ll explore what makes each one special, their benefits, and what might not be so great.
FreshBooks: User-Friendly and Comprehensive
FreshBooks is a top pick for freelancers needing accounting software. It’s easy to use and gets you started fast. FreshBooks has features like unlimited invoicing, tracking time, and client retainers in its basic plan.
FreshBooks is flexible and grows with your business. You can easily upgrade without losing key features. This is great for freelancers and small businesses wanting to manage their finances better.
FreshBooks is known for its great customer support. They offer phone and email help, showing they care about making users happy. It has a 4.5 Excellent rating from 4,400 reviews on GetApp and a 4.8/5.0 Star rating from 120,000+ reviews.
FreshBooks is perfect for freelancers and small businesses. It has an easy interface, lots of features, and amazing support. Whether you’re starting or growing, FreshBooks can handle your accounting needs.
| FreshBooks Features for Freelancers | Benefits |
|---|---|
| Unlimited Invoicing | Send unlimited professional invoices to clients |
| Time Tracking | Track billable hours and expenses for accurate invoicing |
| Client Retainers | Set up recurring payments for ongoing client work |
| Online Payments | Accept credit card payments and get paid faster |
| Reporting | Generate detailed financial reports for better business insights |
Wave: The Best Free Accounting Software
For freelancers and self-employed pros, Wave is a top pick for easy, free accounting. It has Wave Accounting and Wave Invoicing, which are both free. They offer many features to help manage your money easily.
Key Features of Wave
Wave’s free accounting software has lots of features for freelancers and small business owners:
- Unlimited, customizable invoices and estimates
- Automatic bank and credit card connections for easy transaction import
- Easy bookkeeping to track income, expenses, and cash flow
- Powerful reporting, like income statements and balance sheets
- Mobile app for invoicing and tracking expenses anywhere
- Option to accept online payments through Wave’s service (with fees)
Over 2 million small business owners trust Wave’s double-entry accounting software. It’s simple and has lots of features. It automates tasks like recording transactions and making reports, saving freelancers time.
| Feature | Zoho Books | Wave | NCH |
|---|---|---|---|
| Users | 1 user + 1 accountant | 1 user | 1 user |
| Invoices per year | 1,000 | Unlimited | Unlimited |
| Bookkeeping | Yes | Yes | Yes |
| Reporting | Yes | Yes | Yes |
Wave’s free accounting software is a great choice for freelancers and small business owners. It’s easy to use and has everything you need to manage your finances without extra costs.
QuickBooks Self-Employed: Streamlined Tax Preparation
For freelancers or self-employed folks, picking the right accounting software is crucial. QuickBooks Self-Employed is a top pick for its easy tax prep and user-friendly design.
QuickBooks Self-Employed connects with over 650 business apps, like PayPal, Square, and Gusto. This means freelancers can manage their finances better and focus on their work.
It also has plans for different self-employed needs. The Self-Employed plan costs $15 a month and includes features like custom expense tags and mileage tracking. For more tax help, the Self-Employed Tax Bundle ($25 a month) and Self-Employed Live Tax Bundle ($35 a month) offer live bookkeeping and CPA support.
| Plan | Price per Month | Key Features |
|---|---|---|
| Self-Employed | $15 | Custom expense tags, mileage tracking, invoicing |
| Self-Employed Tax Bundle | $25 | All Self-Employed features, plus live bookkeeping support |
| Self-Employed Live Tax Bundle | $35 | All Self-Employed Tax Bundle features, plus real-time CPA support |
QuickBooks Self-Employed is great for freelancers and self-employed folks. It has strong features, works well with other apps, and offers various plans. It’s a reliable and easy tax preparation software choice.
best accounting software for freelancers: Versatile and Scalable
Many versatile accounting software solutions are great for freelancers and self-employed people. They have lots of features that help growing businesses. These platforms can grow with your success.
Looking for advanced analytics, easy client management, or a full set of scalable accounting solutions for freelancers? These options offer the tools to make your finances easier and support your freelance work.
The best all-in-one accounting software for freelancers has many features, like:
- Customizable invoicing and billing
- Robust expense tracking and management
- Comprehensive financial reporting and analytics
- Integrated tax preparation and filing tools
- Collaboration and client communication tools
- Mobile accessibility for on-the-go freelancers
Choosing a versatile and scalable accounting platform helps freelancers manage their finances better. It gives them valuable insights. This way, they can grow their businesses for the long term.
“The right accounting software can be a game-changer for freelancers, providing the tools and functionality to streamline their finances and focus on what they do best.”
There are many options for freelancers. They can find the versatile accounting software for freelancers that fits their business needs and goals.
Xero: Cloud-Based Accounting Powerhouse
For freelancers looking for a top cloud-based accounting tool, Xero is a great choice. It’s a powerful cloud-based accounting software made for small businesses, including freelancers and solopreneurs. Xero makes managing finances easy with its automation and smooth integration. This lets business owners focus more on their work.
Standout Features
Xero is known for letting unlimited users at no extra cost. Freelancers can work with their accountants or team without paying more. Its AI-powered bank reconciliation is another big plus, making it fast and accurate to check transactions.
It also has reporting capabilities that give freelancers deep insights into their money. You can handle everything from invoicing to payroll with Xero’s tools. It meets the varied needs of freelancers and small businesses.
Being cloud-based means you can look at your financial data anytime, anywhere. This is great for freelancers who work from anywhere or need to work with others on their finances.
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“Xero’s cloud-based accounting software has been a game-changer for my freelance business. The intuitive interface, automation features, and seamless integrations have truly streamlined my financial management.”
Whether you’re just starting or you’re a seasoned solopreneur, Xero’s cloud-based accounting powerhouse is a strong, easy-to-use option. It helps you manage your finances well and efficiently.
FreeAgent: Tailored for Freelancers
Managing your finances as a freelancer can feel overwhelming. But, FreeAgent is here to help. It’s made just for independent professionals like you. It has tools for invoicing, tracking expenses, managing time, and detailed financial reports. This makes accounting easier, so you can focus on your work.
FreeAgent is easy to use and works on your phone too. It connects with PayPal and Stripe, making payments and bookkeeping smooth. It’s designed to give freelancers the tools and insights they need to thrive.
| FreeAgent Pricing Plans | Monthly Cost |
|---|---|
| Sole Trader | £15.00 |
| Partnerships or LLPs | £20.00 |
| Full LTD Companies | £25.00 |
Freelancers can save 10% for life by using the promo code: 42ql612n. With its great features and affordable prices, FreeAgent is a top pick for freelancers looking for a flexible accounting solution.
“FreeAgent has been a game-changer for my freelance business. The intuitive interface and comprehensive features have streamlined my accounting process, allowing me to focus on delivering quality work to my clients.”
FreeAgent is perfect for freelancers, partners, or limited companies. It simplifies financial management with a suite of tools designed for freelancers and small business owners. It’s a top choice for those looking for the best accounting software.
Conclusion
Finding the best accounting software for freelancers can seem tough, but it’s key to your success. The top freelance accounting apps we talked about offer many features and prices for different needs. Whether you want something easy to use, full-featured, or recommended accounting tools for freelance businesses, there’s a solution for you.
Looking at what you need and what each platform offers can help you pick the best accounting software for freelancers for 2023 and later. You’ll find everything from easy-to-use interfaces to powerful tax tools. These options give freelancers and solopreneurs the tools they need to succeed in today’s fast-changing business world.
Choosing the right top freelance accounting apps can make managing your money easier and help you save money and make better decisions. With more freelancers needing recommended accounting tools for freelance businesses, picking the best one can really boost your success.
FAQ
What are the key features to look for in accounting software for freelancers?
When picking accounting software for freelancers, look for key features. These include invoicing, tracking expenses, and financial reporting. Also, consider time tracking, project management, bank account integration, receipt capture, and mobile accessibility.
What is the best free accounting software for freelancers?
Wave Accounting and Wave Invoicing are top picks for freelancers. They offer customizable invoicing, bookkeeping, and mobile invoicing for free.
How does QuickBooks Online compare to other accounting software for freelancers?
QuickBooks Online is a top choice for freelancers and small businesses. It has a full set of features, grows with your business, and is well-known.
What are the standout features of Xero for freelancers?
Xero is great for freelancers with its easy-to-use interface and real-time financial updates. It also has unlimited users at no extra cost, AI-powered bank reconciliation, and advanced reporting.
How is FreeAgent tailored for the unique needs of freelancers?
FreeAgent has features made just for freelancers. It includes detailed invoicing tools, expense tracking, time management, and financial reporting. Plus, it works with popular business apps.