Wave Accounting is one of the most fully featured free accounting software options for small businesses. Its user-friendly dashboard, low learning curve, and easy expense tracking make it ideal for freelancers and small-business owners who don’t mind finding another app to manage inventory. It’s also a lot more comprehensive than most other free cloud-accounting software options.
And when I clicked “filter” at the top of the screen, a drop-down menu appeared that allowed me to multi step income statement filter the documents stored by date added, source, folder, keyword search, category or date. Further, another “item type” button offered more filter options when clicked. I could filter for only receipts, mileage, bills, contacts, documents, invoices, statements or checks.
Best for Part-Time Freelancers
While built-in payroll isn’t available, a Gusto integration is available for an additional fee. Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox. Cassie is a former deputy editor who collaborated with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town.
Basic Features
Basic features such as inventory management features, customer support, expansive tax services and time tracking, are not available through Wave. This free software includes the foundational accounting features most small businesses need, such as income and expense tracking, financial reporting, and invoice sending. The Select plan also does not limit the number of clients that can be billed per month but adds unique features. Multiple team members must pay an additional $10 monthly to use the accounting software. The plan includes the advanced payment feature for free ($20 extra each month with other plans), which allows users to charge a credit card in real-time or set up a recurring credit card charge for a client. Sage is a lightweight, cloud-based accounting software designed for entrepreneurs, freelancers, and small businesses.
I could star my favorite reports to add to my “favorite reports” list at the top of the page. When I clicked on a report, it was already populated with all my relevant data points. I only had to click the “send” button at the top of the page and specify an email recipient to share the report. When I clicked “invoice” from this drop-down, I was taken to an invoice template with my company information already populated. It was easy to click fields to add items and adjust invoiced amounts. Designated fields allowed me to choose due dates, list terms and conditions and input notes to the client.
Identify Your Business Needs
- Filters allowed me to sort reports by time period, including a custom date range.
- FreshBooks is a great option, with compliance built-in for American, Canadian, and British companies.
- Unlike competitors, I had to also enter my credit or debit card information.
- Intuit’s QuickBooks Online is one of the most familiar names in accounting software, widely used by small businesses and their bookkeeping and tax professionals.
With all essential accounting features, positive customer reviews, and a well-organized UI, it’s no wonder this free accounting software is popular. As you move up through the pricing tiers, you get more features, invoices, and accounting management tools. We’ve thoroughly reviewed 14 accounting software options and selected the eight best small business accounting software programs based on price, ease of use, accounting features, integration options, and standout features. QuickBooks also helps users automatically calculate taxes to avoid end-of-the-year surprises. At any time, users can access their Sales Tax Liability Report to view up-to-date taxable and the advantages of a flexible budget non-taxable sales.
Why You Can Trust Forbes Advisor Small Business
It also doesn’t offer additional plans if your business grows in the future, which means you could eventually have to transfer your data to another provider. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. Strong feature set includes thorough record-keeping, invoicing and advanced inventory management and pricing rules.
However, for smaller businesses, freelancers, and contractors with less advanced accounting and payroll needs, Patriot is a top contender. Launched in 2010, Wave began as a Toronto-based startup offering accounting software. By 2019, though, Wave’s workforce had grown to 250 employees, and the company was acquired by H&R Block. This free accounting software is available online and through its mobile app. The free features include income and expense tracking, financial reports, invoicing, and receipt scanning. The downside to the free software is the fact it sales tax deduction calculator is not as robust as many of its competitors in the cloud accounting software space.
