Category: free accounting software

4 Reasons Why Freelancers need Accounting Assistance

Freelancers are the boss, employer, employee, assistant, and everything rolled into one. Being a freelancer is not an easy job, it demands consistency, hard work, proper management abilities, and more. A freelancer could be a jack of all trades and a master of one. Freelancers choose the career according to their expertise in the field.

You are an expert in your industry, but you also serve as your own advertiser, manager, accountant, and more.

 

4 Reasons why freelancers need an accounting assistance

You must not overlook the requirement for accounting support while balancing all of your responsibilities. A freelancer’s revenue might come from a variety of sources. People from other countries could be among the revenue sources. As a result, professional help is required to manage the accounts.

 

1. To save time

Time is money. To make money as a freelancer, one must stick to a strict schedule. You are in charge of yourself. No one else is in charge of keeping track of your work. Accounting is a job that can keep you occupied for a long time. To save time, it is recommended to get accounting aid. It also enables you to collaborate with a larger number of clients. It also helps in keeping separate personal and business accounts, saving you time by separating sources of revenue, expenses, and so on.

 

2. For legal reasons

Because you may work with a wide range of people from all over the world, keeping track of all transactions is essential. Every penny that reaches your account is your responsibility.

Taxes are levied on freelancers as well. The tax deductions differ depending on where you live. You might not see it until the money is withdrawn from your account. Having an accounting assistant can support you in figuring out the specifics of your taxes and other deductions.

 

3. To increase profits

An accounting assistant can help you in effectively managing your finances and increasing your profitability. You are qualified for a number of benefits, but you are also unaware of them. Before it’s too late to file, you’ll be advised of such details. As a result, you save a lot of money while simultaneously increasing your profit margin.

 

4. To maintain a healthy financial record

It’s difficult to keep track of all the transactions manually because you may receive income from several sources at different times. In that scenario, having an expert on board to assist you is preferable. At any time, you will have easy access to your income and expense records. As a result, you’ll know how much money you have left to spend and save.

Being a freelancer is a decision you made on your own. Freelancing isn’t as simple as it sounds. Maintaining a successful freelancing profession necessitates a significant amount of effort. It’s entirely on you to acquire clients, deliver the product or service on schedule, and manage the accounts. Isn’t it a good idea to have support with your accounts so that you don’t waste any of the money you worked so hard for?

 

 

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10 Effective Ways Accounting Systems Improve Your Business

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t’s not unusual that business owners get busy with several management operations. One among them is the bookkeeping process of the company. It can get you caught up for days and monthsThis is why companies have started adopting different accounting systems to run their business hassle-free.

Today, businesses have a higher scope for improvement through several ways. With better and enhanced technology of accounting software, every establishment is finding roads to their financial destination. You cannot deny the fantastic ways by which these accounting systems improve your business sustainably. Let’s look at some of them –

10 ways accounting systems improve business

1. Financial Stability

As the saying goes ‘you can’t do it unless you organize’. If you can’t get your finances organizedyou cannot do your business properly. If the cashflow of your company is stable, you get a precise understanding of how much the money comes in and goes out. Accounting systems improve business by getting accurate insights of the financial stability of the business. Having a systematic money management also helps to take accurate forecasts for future revenue and expenses.  

2. Effective Marketing

When your financial records are stable and organized, it delivers insights into the cashflow and expenses of the company. The company gains clear monetary information which helps to make informed decisions regarding business marketing. 

You get to decide the right time to launch a marketing campaign with accurate accounting information and helps you understand whether the marketing efforts are worth it or not. 

3. Easier Tax Filing 

The tax month is said to be the most stressful time for every business owner. Identifying every penny spent and calculating the taxes can be really taxing and complicated. With a systematic accounting system in hand, it turns out to be the easiest task. It aids you to record your financial operations throughout the year and allows you to generate taxes in a single click.  

Do you want to generate VAT from your financial records seamlessly? Click here to learn more.

4. Real-time Financial Reports 

Real-time financial reports provide a snapshot of the company’s financial health and help to keep track of the operations. Financial statements like profit and loss statement, trial balance report and detailed ledger indicate the firm’s standing in the financial status. Moreover, you can understand business performance and identify business trends which eventually improves the accuracy of business forecasts and goals. 

5. Better Decision Making 

Financial information delivered by accounting systems is a great decision-making tool. A sophisticated accounting system improves a company’s accounting management. With elementary reports and graphical representations, it makes it clear to understand the financial condition of the business. In turn, you are able to make insightful, smarter strategies easily based upon the accounting data.  

6. Automates Your Accounting  

When everything around is transforming into an automated mode, why not accounting too? While it’s notoriously known that accounting process is a manually exhausting, automated accounting systems comes as a great relief. It makes accounting operations simple. From generating invoices to bank reconciliation, automated accounting systems improves your business by delivering a hassle-free business management. 

7. Faster Error-detection 

Accounting transactions are recorded instantly into the accounting software. This makes it easier to spot mistakes or any malicious activities within a matter of time. This way quick actions can be taken. As there’s a bulk of data flowing into the system, automated accounting tools consolidate it and give accurate results. You have less room for errors when the software computes expenses and revenues in real time.  

8. Financial Data Security 

A company’s most confidential information is the financial data. You have to make sure that the financial information is highly secured, or it can create a huge data loss in your company. Data security planning is important and accounting software ensures that. With end to end cloud security or protected firewalls, accounting systems safeguard your financial information strongly. Unless you are not granted rights to enter into the system, you cannot see the data. 

9. Quick invoicing  

Accounting systems improve your business by offering automated invoicing suitable for every business. They allow you to create and send infinite invoices to your suppliers or customers and get you paid before due. Another significant benefit of having that is, it saves a lot of time and eliminate mistakes. And they say time is money. So, imagine the factors you save by adopting an accounting software – time, money, effort.  

10. Determine Business Profit 

The ultimate purpose of running most of the business, whether standalone or in partnership, is to determine the profit of the firm. Without systematically computing the business revenue and expenses, it is difficult to evaluate the profit earned by the business. A business may or may not be profitable initially but measuring and streamlining it throughout the course of time is important.  

With so many strong lifesaving elements put out, no businessperson would hesitate to embrace an accounting system for their own company. An accounting system improves business by giving financial stability effortlessly and quick accounting operations done within a matter of time. Besides, it helps to get better insights into data and makes you take informed decisions for the company. 

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10 Best Free Accounting Software 2020

All successful businesses need an organized way of managing books. And anybody who has been into it knows that it’s not an easy task. That’s why we have picked some really easy, effective, and free accounting software ideal for your business. A perfect free accounting software delivers free bookkeeping services with no compromise in quality and features.

We have sorted out such 10 free accounting software that promises unparalleled accounting services for every business ranging from startups to large entities.  

SimpleAccounts is the one-stop solution for every accounting need. It serves small businesses, entrepreneurs, freelancers, and large organizations to get successful. By bringing a disruptive innovation of Blockchain Accounting like never, SimpleAccounts gives a breezy outlook to every business finances out there. From customer invoicing to getting business reports, SimpleAccounts is the perfect antidote to your accounting headache. 

Brightbook is the perfect bookkeeping solution for small business owners, freelancers, and contractors. It’s like all the best bits all rolled into one; create and send professional looking invoices in any currency, track your bills, and spend more time doing what you love. Brightbook is changing the way people feel about accounting. It’s for people, not eggheads. Brightbook makes bookkeeping an easier, less time-consuming, and more enjoyable process. And because it’s online you can use it anytime, wherever you are. 

3. Manager

Manager is the most comprehensive free accounting software. It has all the features you’d expect from an accounting package. Manager is free accounting software for small business available for Windows, Mac, and Linux. The database format is universal across all operating systems which means an accounting file created on Windows can be easily transferred to Mac OS X or Linux if the need arises. 

SlickPie is designed to fit modern small businesses needs by doing all the heavy lifting work to deliver the most delightful expense management experience. Everything you need for your entire business accounting is here. From straightforward invoices to detailed reports, SlickPie is all you need to keep your business finances always healthy. MagicBot by SlickPie is an automated receipt data entry tool that enables businesses to streamline their expenses by automatically pulling information from receipts and converting it into digital data. 

5. Wave

Wave’s easy-to-use accounting software can connect your bank accounts, sync your expenses, balance your books, and get you ready for tax time. It enables to take control of your finances with the best accounting software for small businesses. Track everything and connect to other Wave products such as payroll, payments, and invoicing. Everything is automated and in one perfect package like unlimited income and expense tracking, adding unlimited partners, collaborators or accountants, fully functional double entry system and more. 

Simple, beautiful, and powerful, ZipBooks gives you the tools and intelligence to take your business to the next level. With Zipbooks, you don’t have to have an accounting degree to keep immaculate records for your business. ZipBooks provides you with a smart way to track all your transactions, keep on top of what you owe and who owes you, and figure out how much your business is actually making. 

Akaunting is an online accounting software that has all the tools you need to manage your money, from invoicing to expense tracking to accounting. Thanks to its modular structure, Akaunting provides an awesome App Store for users and developers. Akaunting is an Open Source project with contributors from all over the world. Akaunting is hosted on GitHub and open for everyone to contribute. Akaunting gives free access to every user.That’s right, completely Free. No setup fees. No strings attached. No hidden charges. 

Sunrise provides solutions that help freelancers, solopreneurs and small business owners grow and succeed. The free software helps business owners manage invoices and track the health of the business. Most business owners don’t want to dive into bookkeeping which is why, for a monthly fee, Sunrise provides professional bookkeepers to handle it. Sunrise is a Lendio company. Lendio is focused on fueling the American dream. It is a free online service that helps business owners find the right small business loans within minutes. 

This free invoice software does everything a small business needs, from calculating to formatting, auto-completing and emailing invoices. It provides all required billing features making it just perfect for small businesses and freelancers. Sleek Bill can help you design wonderful documents that can make your business stand out. The professional invoice designs use all elements and formatting settings to help you attain a great result. 

10. GNUCash

GnuCash is personal and small-business financial-accounting software, freely licensed under the GNU GPL and available for GNU/Linux, BSD, Solaris, Mac OS X and Microsoft Windows. Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, stocks, income and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. 

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