Category Archives: Bookkeeping

Incorporation is the process of legally creating a corporate entity, which can be a separate legal entity from its owners, with its own … No, Pilot requires continuous monthly service to maintain accurate books, though you can cancel with 30 days’ notice. Other services are available to help you with taxes and financial planning. Tax plans are billed separately but must be purchased with Pilot Bookkeeping services.

Beginners and Start-Ups

Aside from basic financial normal balance reports, Pilot will also include a Flux Insights report that will show significant changes in your accounts and a short commentary that briefly explains what caused the change. This report helps keep you on top of expenses and makes you aware of when your business is incurring significant expenses. Once your dedicated bookkeeper finishes the checklist and review process, they’ll email you to tell you that the bookkeeping process has been completed. You can immediately see all the changes they made in your QuickBooks Online account. Before the formal bookkeeping process begins, Pilot will onboard clients to introduce the bookkeeping software and show how the process works. The onboarding process will also help Pilot experts know what to expect and what needs to be done.

Does Pilot Bookkeeping perform cash-based bookkeeping?

• It’s important to note that Pilot requires annual prepayment for its services.
• Incorporation is the process of legally creating a corporate entity, which can be a separate legal entity from its owners, with its own …
• With Pilot’s Core plan, you can communicate with your bookkeeper via email and hope to receive a response within a business day or less.
• Reviewers of QuickBooks Live praised its responsiveness and affordable fees, and Pilot users appreciated its ease of use and additional services available.
• Beyond basic bookkeeping, it provides financial models and cash flow forecasts to help businesses plan for the future.
• You can purchase Pilot bookkeeping as a core plan, accessing a specialist expert to help you and your financials.

Your monthly reports also include metrics specific to your industry. For startup businesses, Pilot will calculate your burn rate, while for ecommerce stores, it’ll provide inventory updates. Pilot, an online bookkeeping service, pairs each business with a dedicated financial expert to reconcile its books on a monthly basis, compile reports and offer financial best practices. Its bookkeeping services are based on an annual subscription model, with pricing that scales with your monthly expenses and your business needs. It also charges an onboarding fee that’s equal to one month of bookkeeping. These features may not be as sophisticated as Pilot’s, but they’re a good fit for a business that doesn’t require additional services like payroll, invoicing, and bill pay.

Bookkeeper360

Pilot is only compatible with QuickBooks Online and doesn’t offer payroll services or cash-basis accounting. It is very expensive when compared to its competitors, but geared towards larger companies or companies that anticipate rapid growth. When we compare QuickBooks Live and Pilot Bookkeeping, we find that they differ mainly in the types of services they offer and the level of customer support available. While QuickBooks Live offers more basic bookkeeping services like categorization of transactions and financial reporting, Pilot also offers the option of tax, CFO advisory, and A/P and A/R services.

• While Pilot offers real-time insights, they do not leverage AI automation as extensively as Zeni.
• In addition, we employ a comprehensive editorial process that involves expert writers.
• Bench is a similar service in that you get access to a team of bookkeepers and financial experts.
• Since QuickBooks Live and Pilot both require a subscription to QuickBooks Online, the price for the software must be factored in as well.
• Deciding on the right business phone system for your company can take a lot of research.

The best on our list is what we think is best for most, not for everyone. As such, identify your specific needs while reviewing our list, and you’ll be sure to find the ideal fit from our top-rated services. The integration process was just as smooth, and I have to say, I am loving the client portal so far. The ease of finding relevant reports and interacting with my bookkeeper to ensure we’re accounting for the nuanced transactions properly has far Restaurant Cash Flow Management exceeded my expectations.

• All plans include monthly reports with profit and loss statement, balance sheet and cash flow statement; burn-rate calculations; chart of accounts.
• Pilot is an online bookkeeping service that claims to combine human expertise with advanced software to provide small businesses and startups with accurate and efficient financial management.
• Pilot prices its services based on your business’s monthly expenses.
• Transactions are sent automatically to Pilot to ensure your financial records are fully accurate.

The team we worked with are super knowledgeable and the financial controllers helped us setup our processes to help us scale our business. Something that sets Pilot apart is the fact that you can purchase CFO services. Though costly, they can help you build your staff if you can’t find your own CFO or if you’ve not yet reached the point where you can afford to hire one in-house. Beyond that, an extensive resource library full of articles about finances and small businesses/startups is completely separate from the blog. You have a Task list, which allows you to communicate with the team if they have any questions about the transactions. From what I could see of the interface in the demo, everything is clearly laid out and easy to understand.

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• With either service, you’ll have access to the QuickBooks Online mobile app to work on your books while away from the office, so we call this category a tie.
• With the QuickBooks Online mobile app, you’ll be able to receive real-time cash flow updates, access to reports and spending categories.
• If you have any questions, you can speak with your account manager through the QuickBooks portal or by email at no additional cost.

Online bookkeeping services can also automate certain tasks, such as reconciling bank statements, generating financial reports, and tracking expenses. In welcome contrast to other services on our list, Pilot offers a series of helpful price breakdowns in addition to custom pricing options. They show clear and readable lists detailing services provided, pricing pilot accounting reviews based on monthly expenses, and with add-ons clearly marked. Like other tech-forward bookkeeping services, Pilot supports integrations with business and payroll software such as QuickBooks, Gusto, and Expensify. It also specializes in working with high-growth technology startups, ecommerce and professional service providers, and nonprofits. Pricing starts at $499 per month for businesses with less than $15,000 in monthly expenses.

In a double entry accounting system, the total volume of assets must balance with the total number of liabilities and shareholders’ equity a company has at a given point in time. As you can see from the equation, assets always have to equal liabilities plus equity. For example, if an asset account is increased or debited, either a liability or equity account must be increased or credited for the same amount. It’s a categorized list of all the accounts you use to record business transactions—e.g., cash, accounts payable, sales revenue, and operating expenses. When you set it up correctly from the start, you ensure every transaction lands in the right place. Unlike single-entry bookkeeping, which only tracks one side of a transaction, double-entry bookkeeping reflects both where the money is coming from and where it’s going.

The main difference between single entry and double-entry bookkeeping is that single entry bookkeeping only records one side of a transaction, while double entry bookkeeping records both sides. In contrast, single-entry accounting does not provide the same level of checks and balances. Because transactions are only recorded in one account, it is easier for errors to go unnoticed. This can lead to inaccurate financial statements and a lack of transparency. Double entry bookkeeping is a system that helps businesses keep track of their financial transactions. Revenue, expenses, and profits are three key concepts that are essential to understanding the financial health of any business.

Importance of Following Double-Entry Bookkeeping Rules

It is important to note that after the transaction, the debit amount is exactly equal to the credit amount, $5,000. For instance, if a business takes a loan from a financial entity like a bank, the borrowed money will raise the company’s assets and the loan liability will also rise by an equivalent amount. In a double-entry accounting system, credits are offset by debits in a general ledger or T-account. You’ve probably heard of QuickBooks for small business accounting, but it’s evolved since then. Now, QuickBooks offers solutions for QuickBooks intercompany transactions through its Enterprise version.

For businesses that need to submit financial reports to regulators, banks, or investors, using this system ensures compliance. The double entry accounting method offers a number of benefits to organizations adopting it all in terms of accuracy, systematic organization, and better performance monitoring. Double-entry bookkeeping records every transaction in at least two accounts, creating a system of checks and balances. This dual-entry method makes it easier to detect discrepancies and ensures any unauthorized changes are more difficult to hide. Common accounts include cash, accounts receivable, inventory, accounts payable, and revenue.

Begin entering transactions using the double-entry system, ensuring that each entry includes both a debit and a credit to maintain balance. To further maximize these advantages, consider hiring a qualified bookkeeper or using accounting software, like QuickBooks, designed for double-entry bookkeeping. Accounting software has become advanced and can make bookkeeping and accounting processes much easier. Debits are typically located on the left side of a ledger, while credits are located on the right side. This is commonly illustrated using T-accounts, especially when teaching the concept in foundational-level accounting classes. However, T- accounts are also used by more experienced professionals as well, as it gives a visual depiction of the movement of figures from one account to another.

📆 Date: June 28-29, 2025🕛 Time: 8:30-11:30 AM EST📍 Venue: OnlineInstructor: Dheeraj Vaidya, CFA, FRM

For both entities, total equity, defined as assets minus liabilities, has not changed. Double-entry accounting is a system of bookkeeping where every financial transaction is recorded in at least two accounts. A double-entry system provides a check and balance for each transaction, which helps ensure accuracy and prevent fraud. This accounting system also allows you to track business finances more effectively and make better decisions about where to allocate your resources. It depends on the type of business you run, how many employees you have, and how many transactions you need to track.

For businesses in the United States, the Financial Accounting Standards Board (FASB), is a non-governmental body. They decide on the generally accepted accounting principles (GAAP), which are the official rules and methods for double-entry bookkeeping. To account for the credit purchase, entries must be made in their respective accounting ledgers. Because the business has accumulated more assets, a debit to the asset account for the cost of the purchase ($250,000) will be made.

Rules

The equation must always be balanced, meaning that every transaction will impact at least two of these categories. Bookkeeping and accounting go hand in hand, but choosing the right bookkeeping system is crucial for maximizing their benefits. This single-entry bookkeeping is a simple way of showing the flow of one account. Because the double-entry system is more complete and transparent, anyone considering giving your business money will be a lot more likely to do so if you use this system. Very small, new businesses may be able to make do with single-entry bookkeeping. Public companies must use the double-entry bookkeeping system and follow any rules and methods outlined by GAAP or IFRS (the differences between the two standards are outlined in this article).

Business Size and Complexity

Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. We believe everyone should be able to make financial decisions with confidence. This acronym is a lifesaver when you’re trying to remember how different account types work in a double-entry system. A bachelor’s degree in accounting can provide you with the necessary skills to start an entry-level role as an accountant.

Double-entry accounting is a system of bookkeeping in which every financial transaction is recorded in at least two accounts. This system provides a check and balance for each transaction, which helps ensure accuracy and prevent fraud. It also allows you to track business finances more effectively and make better decisions about where to allocate your resources. The balance sheet provides a snapshot of a company’s financial position at a specific point in time. It shows the assets, liabilities, and equity of a company and is used to determine the company’s net worth.

• The concept of double entry accounting is the basis for recording business transaction and journal entries.
• After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.
• Instead, each transaction affects just one account and results in only one entry (as opposed to two).
• When all the accounts in a company’s books have been balanced, the result is a zero balance in each account.
• This is a report that lists all of the accounts in the ledger and their balances.

Ultimately, this structure is key for producing accurate financial reports, complying with accounting standards, and making informed business decisions. Each accounting transaction is recorded in a minimum of two accounts, one is a debit account, and another is a credit account. Also, the transaction should be balanced, i.e., the credit amount should be equal to the debit amount.

Expenses are recorded in an expense account, which is a type of cost account. Revenue refers to the income that a business generates from its operations. It can come from the sale of goods or services, as well as from other sources such as investments or interest on savings. Revenue is recorded in a revenue account, which is a type of income account.

Let us understand the advantages of double entry accounting through the points below. #3 – Nominal Accounts – Debit all Expenses and Losses and Credit all Incomes and Gains. Nominal accounts include all the Expenses, Income, Profit, and Loss accounts. For example, the Salary Paid account is debited, and the rent received account is credited.

In other words, if a company has $100 in assets and $50 in liabilities, then its equity must be $50. If a company has $100 in assets and $110 in liabilities, then its equity would be -$10. In single-entry accounting, when a business completes a transaction, it records that transaction in only one account. For example, if a business sells a good, the expenses of the good are recorded when it is purchased, and the revenue is recorded when the good is sold.

• Double-entry bookkeeping is based on “balancing” the books, that is to say, satisfying the accounting equation.
• For example, an e-commerce company buys $1,000 worth of inventory on credit.
• It depends on the type of business you run, how many employees you have, and how many transactions you need to track.
• The balance sheet is based on the double-entry accounting system where the total assets of a company are equal to the total liabilities and shareholder equity.

If a business buys raw materials by paying cash, it will lead to an increase in inventory (asset) while reducing cash capital (another asset). Because there are two or more accounts affected by every transaction e g. definition andmeaning carried out by a company, the accounting system is referred to as double-entry accounting. By tracking all entries in two accounts, double-entry bookkeeping also lets you spot and resolve any mistakes quickly and with accuracy.

Common Examples of Double-Entry Accounting

They are an essential tool for making informed decisions about the business and are used by stakeholders to evaluate the company’s performance and potential. Double entry bookkeeping is a reliable system that helps businesses maintain accurate financial records. It is important to detect and correct errors and fraudulent activities as soon as possible to maintain the accuracy of financial records.

The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud. Recordkeeping is handled as single entry accounting and double entry accounting. The former deals with making a one-time entry into an account, be it an expense or income. On the contrary, the latter is about making two entries simultaneously to two different accounts and marking both the debit and credit sides. Every modern accounting system is built on the double entry bookkeeping concept because every business transaction affects at least two different accounts. For example, when a company takes out a loan from a bank, it receives cash from the loan and also creates a liability that it must repay in the future.

This document summarizes revenues, expenses, and changes in net assets over a specific period, usually the past year. It also lists sources of income and their sustainability, expense allocations, and any surpluses or deficits. Generally, your bookkeeper will be the one to collect relevant financial information for your nonprofit. According to Jitasa’s nonprofit bookkeeper article, this is the person who will be inputting data, recording one side of transactions, processing payroll, and allocating costs.

Why your nonprofit needs robust financial management

• Once again, making the correct changes early can be a game-changer for your organization and ensure that you stay on the right path.
• Nonprofit financial policies will provide clarity and guidance for many of the decisions involved in financial management of your nonprofit.
• It encourages nonprofits to think proactively rather than reactively, allowing them to anticipate potential financial hurdles and prepare accordingly.
• All of this means that organizations in the nonprofit sector may not have the funds they need to handle an emergency or serve their purpose.
• These articles and related content is the property of The Sage Group plc or its contractors or its licensors (“Sage”).
• Consistency in messaging and frequency cultivates a dependable communication rhythm, which is crucial for sustaining donor interest and participation.

Nonprofit staffers may even trade higher salaries in the private sector. This can mean that staff bring different expectations to working in nonprofit organizations. They want to consistently feel like their work is contributing to a greater good. All of which means that nonprofit leaders will need to think very intentionally about how staff are engaged in and connected to a strategic planning process. Additionally, as organizations grow and evolve, their financial needs may change; therefore, it is crucial to ensure that the contingency plan aligns with the organization’s current goals and objectives.

• That is, it will help you to consider your finances for six months from now, but it will also ask you to consider where you would like your organization to be in, say, six years.
• This will allow your nonprofit organization to optimize financial outcomes and achieve mission objectives.
• Plus, you can use any funding you don’t spend to build your organization’s reserve funds, which contribute to long-term sustainability.
• Keeping everything connected is what financial leadership is all about.
• It is particularly important to create/update your business plan annually to make sure your nonprofit remains on track towards successfully fulfilling its mission.
• Protocols should outline how to disseminate information across multiple channels, from social media to direct email, and include a designated spokesperson to maintain consistency.

Capacity Building

Effective grant management helps nonprofits secure funding, stay compliant, and build funder trust. Modern financial management technology like Sage Intacct can transform how nonprofits handle their finances. By automating routine tasks and providing powerful reporting capabilities, the right technology allows your team to focus on strategic priorities rather than administrative burdens. At the core of your nonprofit, you have your mission statement and the goals that you want your nonprofit to achieve. As you set out to create your financial plan, your goals and objectives should be kept in mind from the very beginning. Having these ideals in place early allows you to build them into your plan from a foundational level and ensures that they are most likely to be adhered to and be successful in the long term.

Strategic Cost Allocation

Studies consistently show that organizations with a written plan double their likelihood of success. Yet according to research, https://nerdbot.com/2025/06/10/the-key-benefits-of-accounting-services-for-nonprofit-organizations/ only half of nonprofits have a strategic plan. Among those organizations that do have strategic plans, too few actually put them to use. The process of strategic planning is designed to create shared vision and strategic alignment across organizational stakeholders. Additionally, staying informed about industry trends and economic forecasts can help nonprofits anticipate external threats before they materialize.

• Consider ways that you can trim your monthly and annual budget that will not impede your ability to complete your mission or harm the integrity of your vision.
• If your project or initiative doesn’t yet have any funding, of course, you can simply go on to the next step.
• Ideally, you should have a system in place to track your nonprofit’s revenue and expenses.
• If you’re a medium or large nonprofit organization with strong financial teams and FP&A experts, you may not always need external financial advisors.
• Our integrated approach empowers organizations to connect deeply with their audiences, expand their reach, and achieve measurable results—all without stretching their resources.

Ultimately, it is a detailed planning of your nonprofit’s budget, helping you allocate financial resources and track income & expenses. If you’re a board or staff member of a nonprofit or are just starting a new organization, sign up for our newsletter to receive weekly articles on nonprofit financial rules and regulations. We also provide several resources and tips for fundraising, management, events, and more on our Nonprofit Blog. The first ‘what’,fund accounting, allows a nonprofit to match their sources of revenue with its designation. This provides a method of measuring if a nonprofit has the resources available to meet The Key Benefits of Accounting Services for Nonprofit Organizations their mission-based goals. It identifies the sources of revenue and shows how efficiently a nonprofit is using those revenues for their designated purpose.

Understanding and optimizing these practices can lead to better decision-making and increased profitability. Retail businesses often face unique challenges that require tailored accounting solutions. Managing inventory, controlling costs, and accurately forecasting demand are essential components of a robust accounting strategy.

Cloud ERP with POS Integration: Definition, How It Works and Best Practices for Connecting Your ERP and Point of Sale

Using the same example, let’s say you sell 130 bottles of water for $25 each. Financially literate staff understand the impact of their actions on the company’s finances, leading to better decision-making, cost control, and ultimately, improved profit margins. Store owners can estimate current inventory based on sales figures, making it simpler, particularly for stores with large inventories. If you sell offline, you’ll have to acquire a POS system where each item will be assigned a barcode. When the item is sold and you scan its barcode, the numbers in your inventory will update automatically. For instance, if a pair of shoes costs $40 to manufacture and retailers sell them for $100 each, the cost-to-retail ratio is 40% (or $40/$100) when expressed as a percentage.

Specific identification

Software has made many aspects of running a retail business more manageable. Some of the most beneficial tools include inventory and retail accounting software. In addition to following a consistent cost flow assumption, retail businesses must use an inventory valuation method to determine their cost of goods sold and the cost of ending inventory. It assumes that the cost of each unit sold in a given period and left in ending inventory afterward is the weighted average cost of those you had available for sale during that time. For every period, retail stores need to know their beginning inventory, units sold, and the amount left on hand. Otherwise, they may struggle to meet expected demand without buying too many units and impacting their cash flow management.

Weighted average

It is another crucial accounting method for retail businesses of all sizes, distinct from FIFO primarily in its approach. LIFO accounting does the opposite of FIFO by assuming that the most recently added items to the inventory are sold first, as indicated by its name. Following established accounting policies is essential for any retail business. These policies dictate the processes and rules governing your financial activities, ultimately impacting your bottom line.

Inventory’s impact on profitability

The effectiveness of this method can vary depending on the diversity and pricing of the items you sell. Retail accounting might yield inaccurate figures for businesses with a wide range of products priced differently. The LIFO method is beneficial when individual inventory units are indistinguishable from one another or when there’s no practice of rotating stock Accounting For Architects to ensure older items are sold first. It’s an essential retail accounting strategy for organizations looking to build their business from the ground up, providing a different perspective on inventory management and cost assessment.

• By consistently calculating and monitoring your COGS, you gain valuable insights into your business’s efficiency and profitability.
• Unlike inventory costing, tracking inventory on hand is relatively easy.
• The balance sheet presents your assets, liabilities, and equity, while the cash flow statement tracks the movement of cash in and out of your business.
• It’s relatively simple to implement and works well for businesses with steady sales and constant inventory turnover.

Manage your inventory and business easier

They will be able to make a recommendation regarding which costing method is most favorable for your business. While it saves time by avoiding manual counting, retail accounting may offer less precise numbers compared to manual methods. Also, since it’s an estimate, it’s hard to give an exact figure using this technique. By embracing these strategies and continually refining your approach, you can transform inventory management from a complex challenge into a powerful tool for optimizing your retail business. Remember, consistent monitoring, data analysis, and strategic planning are key ingredients in the recipe for successful inventory management.

• Imagine you own a gift shop that sells a wide range of products–from handmade candles ot quirky mugs–each with different cost structures.
• The specific identification is another inventory costing method that tracks the cost of each item you have in stock by assigning a different price to each item, usually with SKUs.
• Next, you’ll calculate your total inventory costs, including your initial inventory and additional inventory purchases, before making sales.
• By embracing these strategies and continually refining your approach, you can transform inventory management from a complex challenge into a powerful tool for optimizing your retail business.

In fact, calling it retail accounting makes it sound as if there is a special discipline of accounting, especially for retailers. Keep track of your stock, purchases and sales with our handy inventory spreadsheet. While retail accounting isn’t a separate discipline of accounting, the difference is that there’s a greater focus on inventory, which we’ll explain in this guide. Then, you decided to buy 100 more water bottles which cost you $12 each, totaling up to $1,200.

For example, let’s say your business has a bin of 200 hair ties, each of which you and you purchased at different prices for a total of $40. Using the weighted average, you’ll divide the total cost of the hair ties by the number you purchased, which is 20 cents each. If you sold 120 of them, the cost of goods sold was $24, and you have $16 for the ending inventory. The cost accounting method calculates your inventory based on the price it costs you to buy them. The retail accounting method considers the price you sell your inventory. For tax purposes, you want to use the inventory costing method which will give you the most accurate inventory valuation.

Synder lets you automatically synchronize multichannel data into accounting platforms like QuickBooks Online, QuickBooks Desktop, Sage Intacct, and Xero. You can choose to sync this data either as daily journal entries or in detailed transactions. During the quarter, your sales recorded through our point of sale system reached $40,000.

Net purchases include the items purchased and added to your inventory count during the current period. Retail inventory removes the need for manual counting, which is great for different retail stores. Keeping accurate inventory records will also help save time while preparing your tax statements. The retail method works well when there’s a clear relationship between wholesale purchasing prices and retail selling prices. As you explore deeper, you’ll encounter additional terms specific to your industry and business model.

If you sell online using PayPal, Stripe, or Square, you might not need a separate POS. Instead, you can set up a smart auto-tracker in the background to instantly enter all changes into your ecommerce accounting software after a sale. You can do it manually, but it will be very time consuming, or  it can be done using specialized software, making it easier to identify loss, damage, or theft.

QuickBooks Desktop, on the other hand, is locally installed with a license pricing model. QuickBooks Advanced is best for enterprise businesses with support for extra users and new features which help businesses operate more efficiently at scale. Reporting tools are available on the Simple Start plan but they are a bit limited.

QuickBooks Solopreneur pricing

Each add-on feature comes with an additional fee that QuickBooks clearly states on its website. While QuickBooks Online is among the most well-known accounting solutions on the market, it may not be the best fit for every business. Below, we compare QuickBooks Online to Xero and FreshBooks to help you decide if an alternate software is right for you.

Questions, Comments, Feedback 💬

QuickBooks Online caters to all businesses from start-up companies to established enterprises. Given its tiered pricing structure, businesses in any industry and of any size can find a plan that suits their needs and budget. Here’s a breakdown of how we reviewed and rated accounting software. Our team ranked all the best accounting solutions using a points system for each category.

In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books. Accept credit cards and payments anywhere and we’ll automatically calculate sales tax for you. A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication.

QuickBooks Online Advanced costs $235/month and supports up to 25 users. QuickBooks Online Plus (not to be confused with QuickBooks Desktop Pro Plus) includes five users and advanced features. QuickBooks doesn’t have a free plan, so you can’t get the software without paying. However, you can set up payments to come yearly instead of monthly.

The Bottom Line On QuickBooks Online Pricing

1. Get all the functionality of basic reports plus the ability to run specific budgeting, inventory, and class reports.
2. It’ll help you manage all of your clients, suppliers and employees without hassle.
3. Kristy Snyder is a freelance writer and editor with 12 years of experience, currently contributing to the Forbes Advisor Small Business vertical.
4. Businesses with inventory will likely get the most benefit from QuickBooks Plus.

Opening a QuickBooks Checking account is free, with no monthly fees or account minimums. The QuickBooks Online Essentials plan costs $65/month and includes three users and more features. These discounts change from time to time, but a common one is 50% off your first three months. QuickBooks Online often offers promotional deals, such as 50% off three months, for first-time users. You can check the pricing page on the website to see if there are any deals running. MarketWatch Guides may receive compensation from companies that appear on this page.

Paying your freelancers is also easy thanks to 1099 contractor management features. Come tax day, Essentials lets you send out 1099s right from the app. And if you have employees who work hourly, they can easily track their hours thanks to the quality of receivables refers to integration with QuickBooks Time.

Vehicle tracking is included, too, should you need to invoice for fuel and driving time for any job. Similarly, you can create a client database and track overdue client payments to keep on top of who owes you what. Starts at $4,668/year for one user (only offered as a monthly subscription). All Gold features, plus advanced inventory, advanced pricing rules and workflow approvals. This easy-to-use and feature-rich software is ideal if you have no bookkeeping experience and want top-notch customer support.