If you have ever had the chance to experience working at a start-up, then you understand that most start-ups are run on a very tight budget. Each and every penny needs to be accounted for and there usually isn’t much in terms of surplus.
In most cases, it’s advisable to hire a part-time accountant to look through your books every month or so to make sure all your records are up to date, and that the best accounting practices and standards are being followed. That being said, the start-up shall still need a way to monitor its accounts and keep track of its accounting records, in preparation for the monthly professional accountant visit. Therefore, free invoicing and accounting tools are a valuable asset and come in very handy during the day to day running of the start-up.
Outlined below are the top 3 free accounting tools that a start-up can use to keep track of their invoicing and accounting without the need for professional grade accounting.
QuickFile is a simple, fast, secure and completely free cloud-based accounting system built for the non-accountant.
It is full of features, including but not limited to; an invoicing feature allowing you to create one-off invoices, setup recurring invoice profiles to auto-send to clients, multi-currency support with over 100 countries, multilingual support in over 6 languages, custom branded administration and client area, invoice emailing and automated overdue reminders; a purchase ledger allowing you to log purchases with multiple items and categorizations, add new suppliers, upload digitized receipts, setup recurring purchase profiles among others; a banking feature that supports up to 50 bank accounts, automated bank feeds with Barclays and Paypal, and bank statements for account reconciliation and many more features.
It is a free full-fledged accounting system that makes accounting and invoicing so much easier.
Wave is another full featured cloud-based accounting solution that offers invoicing, accounting, payroll processing, receipt management, payments and a number of other useful features.
It offers quite a number of options for the free user but goes a step further for those willing to pay a small monthly fee.
It also allows for integration with other payment processing systems like PayPal, provides digital invoices and generates reports while tracking your finances automatically.
Wave also has an online forum packed with articles, data and quick tips to help start-up owners.
NCH Express Invoice (www.nchsoftware.com/invoice)
NCH Express Invoice is ideal for the smaller start-up with five or less staff members.
Smaller start-ups generally require less complex accounting software, and this is where NCH Express comes in.
Unlike the previous two mentions, NCH Express Invoice is not a cloud-based system. Instead, you are required to download the software and install it in a relatively simple process.
Once it is up and running, it gives you a chance to create and track invoices, keep an up-to-date customer record including contact details, apply partial or full payments toward recorded invoices when payments are received, view and print reports, among other features, all in a simple and straight-forward manner that doesn’t require expert accounting skills.
It is wholly up to the start-up to choose the accounting option that best suits their needs, including paid options like Freshbooks or Zoho Books, since once they have the right tools, they can focus on what they do best.