Are you unsure of what type of backend accounting software you need? Or what you need to be able to do with said accounting software?
In this guide I am going to share with you my personal favorites and price/capacity for any small business at any stage of growth!
**This post contains affiliate links.**
Excel Spreadsheet
An excel spreadsheet for accounting is ideal for side hustlers, solopreneur start ups, or any other business with few, uncomplicated transactions. Click below to download the excel spreadsheet that I use for my small business clients! A spreadsheet caters to small businesses who don’t have the budget for an accounting subscription. It is also ideal for someone that have very few transactions.
With the Excel method, you want to grab your business bank statements and enter each transaction with a category (or download a CSV file and import if your bank has that capability), which will build out your P&L.
Price: FREE
QuickBooks Online (QBO)
QBO has several pricing options and extras available for your business at each stage of growth. Below, I am going to highlight my favorite subscriptions offered. These could be great alternative for your business!
It is worth noting, I spend almost all of my client time in the week working within QBO!
Simple Start
Simple Start is ideal for clients that need to be able to invoice their clients, collect sales tax, manage 1099 contractor data, and run basic or customized reports. It is the lowest subscription level in QBO, and is perfect for a small or growing business!
Price: $30/month
Another note, If you choose a plan and it is not right for your business, you can upgrade and downgrade at any time!
Plus
Plus is idea for a growing business. If you need the ability to track by project or class; Plus may be the way to go. As per usual, QBO Plus also offers all the benefits of Simple Start. Plus is great for medium to large businesses and also has the ability to integrate with QB Time, to add an additional layer of cost analysis to your projects!
Businesses with Inventory will need to utilize the Plus subscription, as there is no ability to track inventory in Simple Start. You *COULD* use a spreadsheet to track inventory, just be cautious and consistent on whatever method you choose, FIFO or LIFO.
Price: $90/month
If your interested in getting a QBO subscription at a discounted rate, click here! Let me know in the comments if you have any questions! Or head over to the contact page and reach out if you need an expert to help!
Need help reconciling your books with QBO? Check out my post here with all the details on how to reconcile like a pro!