How To Save Money On Accounting Costs
It’s rather daunting to appoint an accounting resource to track where the money’s going, only to discover that much of it going into the accounting system. For small businesses and start-ups on a shoestring budget, it may be necessary to have the founding entrepreneur handle most of the bookkeeping. Until accounts receivable starts paying out, there are many great options for handling accounting tasks on a slim margin.
Free Accounting Software
GNUCash – Old-school free and open-source software. It is flexible and packed with features. It also handles payroll and multiple currencies. Has been in continuous development since the 1990s, so plenty of support is available.
TurboCash – Mostly free with a paid-for option for advanced features. The free version boasts support for VAT, debtors and creditors, purchase orders, multiple companies, and multiple users. It’s even older than GNUCash, starting development in 1985, so it also has a huge online community.
Money manager EX – Packs a lot of features into a very simple interface. It’s free and open-source, intended for small businesses. It runs from a USB drive.
NCH Express – Right-sized for very small companies and free for teams of five or fewer. Cross-platform and designed to create invoices, quotes, and orders easily.
Free Online Accounting Software
QuickFile – Designed for novice-friendly use, not accountants. Offers multiple free tiers for small businesses with a cloud-based feature set of invoicing, purchasing, receiving, and multi-currency. The free version is ad-supported.
Wave – A modern, slick design makes this one of the more popular online services. Free services include accounting, invoicing and receipts, with paid options including payroll.
Budget Online Accounting Software
FreshBooks – Starter features include not only basic accounting functions but some time-tracking and project management features as well. It’s geared more towards professionals and sole proprietor freelancers than businesses. Emphasizes ease of use.
Xero – Pricing is very budget-friendly. Xero is one of the more popular SaaS business tools, with functions for purchase and expense management, payroll, taxes, and integration with many other SaaS services. It strives for comprehension.
Sage – Has a reasonable flat, monthly subscription. Supports invoicing, inventory, and some light accounting features. Designed seems targeted more for a home retailer.
It is possible to hire a freelance accountant. There are CPAs that offer their services at online freelance agencies such as UpWork, PeoplePerHour, and Indeed. Working in this way, an outsourced accountant can’t be expected to have the same functions as a fully integrated accounting team in your business. However, they can still easily handle bookkeeping, tax filing, payroll, and other basic functions. The only trouble with having a remote freelance accountant is that you have to be very careful handling your company’s data, as a breach could be troublesome.
Bear in mind that cutting accounting costs isn’t always the best strategy. Comprehensive accounting can actually save money, partly paying for itself. Principally, accountants can navigate tax codes and have you come out ahead of the money. A good accountant can pinpoint problems in cash flow, or project financial forecasts that help you plan where you want to be later. Obviously, you have to make do with whatever gets your company running, but be advised that too much thrift on the accounting budget is likely to cost you even more money in the long run.
How Much Does It Cost For A Small Business Accountant? The baseline price for a hired accountant in the United States is between $100 and