Affordable Bookkeeping Solutions (Part 2 of 2)

In Part 1 of Affordable Bookkeeping Solutions we discussed the limitations of bank statements and spreadsheets for running your small business. (Read Part 1 here.)

In this follow up, we will look at two great solutions to help you (i) keep accurate records of all the business’s transactions, (ii) keep this data separate from your personal financial activity, (iii) generate usable reports, all while (iv) remaining affordable.

What to Use

For the small business owner, there are really two main options for accounting programs. The choice comes down to two factors: the complexity of the business structure and the size of the business.

Free online accounting software for small businesses -- Wave

Wave is the ideal accounting program for small or simple businesses: service-based businesses, businesses with fewer than ten employees, or a business that grosses less than $50,000 a year (of course, product-based businesses or businesses doing more than $50,000 can use it successfully, too).

Because it is a legitimate accounting program, the data is stored with integrity and has trackable history, making it consistently accurate. You can connect multiple business and personal finances with one account, keeping each separate, but all handy. All the financial reports you’ll need come stock with the program, so reporting is nailed. And you can’t get more affordable than free.

Other benefits of Wave include:

  • It’s cloud-based, so it’s wherever you need it to be,
  • Make your accountant a collaborator to answer questions or clean up data,
  • Connect your business and personal bank and credit card accounts,
  • Create and email invoices with your company’s branding,
  • Receive payment on those invoices (for a small processing fee),
  • Run your payroll (for a small processing fee),
  • Export data and reports to spreadsheets, and
  • Mobile apps to track receipts, do payroll, distribute invoices, et al!

Quickbooks is for those with more complex business structures, or those grossing more than $50,000 a year.

While there are many QuickBooks versions available, each can do what Wave does, and then some. QuickBooks is the standard accounting software in small business. The primary advantage of QuickBooks over Wave is the versatility of its data-tracking and reporting capabilities; where Wave comes stock with about 10 reports, QuickBooks includes 100+, all customizable and with the ability to filter. The tradeoff is the cost—while still affordable, no version is free.

Where to Go from Here

Now that you have an idea about what to look for in an accounting program, talk to us to help you narrow down your selection either to Wave or to the QuickBooks option that is right for you.

And as members of the Wave Pro Network and as QuickBooks ProAdvisors, we at Thrive Business Group have the skills and knowledge to install, setup, train, and support your small business.

We will work with you to ensure that you are getting the most out of your accounting program.

We understand the challenges you face and know that keeping accurate records is vital to your business success. We can offer guidance on everything from complex accounting questions to mastering advanced features of your particular accounting software.