The Best 4 Accounting Tools for Sole Traders

No business can run efficiently without the right tools. No matter what your business is, or how big it is, you need to have the right software on hand to help you stay on top of everything. Below are four examples of fantastic accounting tools that any sole trader will find useful.

 

Freshbooks

There is plenty of accounting software on the market for entrepreneurs and businesses to choose from today. However, one thing that you will quickly notice if you begin searching as a freelancer is that the majority of software is either aimed at small businesses or larger enterprises. There are not many options that are made specifically, or primarily, for individual traders.

Freshbooks is one of the few exceptions. This is an ideal accounting tool for any freelancer or individual trader who is not ready to purchase something more fully-featured yet. You can access Freshbooks from your mobile, which makes it convenient for managing accounts while on the go. It is missing many of the features that define its bigger competitors, but most of these are things that freelancers will not miss.

 

QuickBooks

QuickBooks is one of the most instantly recognizable names in the world of accounting tools. One of the big selling points of QuickBooks, and one of the reasons that it is so popular, is that it is able to serve everyone from individual traders up to medium-sized businesses. There are few accounting tools that are so versatile or well suited to businesses of different sizes.

In addition to the excellent scalability, QuickBooks also offers a number of other excellent features that we really like. As well as providing mobile access, QuickBooks also enables traders to keep track of their inventory while on the go.

 

Wave

Wave is another very popular option, and it is another that is designed specifically for individual freelancers. Some people find that this makes Wave a preferable choice to something like QuickBooks, whereas others prefer having something that they know will serve them well if they do grow into a larger business further down the line.

PieSync has an excellent article on its website, ‘Wave vs. QuickBooks: which is the best accounting tool?’ which digs deep into how the two tools compare with one another. We can wholeheartedly recommend PieSync’s website and blog in general if you want more advice about which software to use in your business, for accounting and more. PieSync frequently publishes comparison articles and other useful guides that are well worth reading.

There is a good reason that Wave has been able to achieve the rising start status that it has. You only need a short session with Wave to get a feel for how intuitive and simple its interface is, without making any sacrifices in terms of features.

 

Sage

There are few other brands whose names are as instantly recognizable as Sage when it comes to accounting tools. For a long time, Sage was the only serious choice out there, everything else was a poor imitation. That is no longer the case, and Sage now has some very stiff competition. However, Sage remains a force to be reckoned with and is still the standard to which other accounting tools are often held.  With Sage, you can be confident of good service.

Having the right accounting software on hand will make managing your business’s finances so much easier. Don’t be afraid to take your time with this decision if it means saving you headaches down the line. What we’ve listed above are some of the more popular options for sole traders.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.