Updated: Sep 14, 2020
One of the first things you should take care of when launching or growing your business is setting up an accounting system that works for you. Keeping track of all your expenses, purchase orders, open invoices, taxes, etc. is a lot to manage. Even if your business is straightforward and simple, having an accounting software will at some point, without a doubt save you from major headaches. That being said, you don't want to "over-arm" yourself with a high performance accounting program if you don't need one. After researching and weighing many entry-level accounting tools for small businesses, we found one that that just seemed one big step ahead!
Quickbooks is a very popular player in the accounting software industry, many small and medium size businesses use Quickbooks products for their ease of use and integration abilities with other software and banking tools. But their Simple Start plan is really all you need to get started.
Tracking income and expenses is made very simple by allowing you to connect data automatically from your bank, credit cards, paypal, etc. as well as upload receipts directly into your expense report . They have small features that really help, like a driving mileage tracker, connected to GPS so you can calculate travel expenses. Their tracking systems make tax time much easier and offers quick and easy insights on your business.
Customer Estimates and Invoices. The Quickbooks Simple Start plan makes it easy to create, send and manage customer estimates and invoices in a clean and professional manner. Estimates are super easy to create, you can add products to your Quickbooks 'catalog' which enables you to quickly add info like pricing and descriptions to the quotes without having to re-write it every time. Estimates can be sent directly to the customer and approved or revised. Once a estimate is approved you can instantly create an Invoice for it. A fantastic feature with this plan allows you to accept payment directly when you send your customer an Invoice. Meaning, they can pay with a credit card or bank info instantly when they open your Invoice in their email!
Taxes. Nobody likes them, but we just gotta do it... With the Simple Start plan, Sales tax is automatically added to your estimates and invoices, you can over-ride this feature for whatever reason. They really put a lot of thought into making tax time easy and tracking tools ready to help you maximize your tax deductions. You can create reports and export information to share with your accountant (if you have one).
The Quickbooks Simple Start Plan is ideal if you are a small business selling products or services and need a simple solution to track money in and out, send estimates / invoices and create reports for taxes. Quickbooks offers other plans with additional features that may or may not be useful to your business. You can see their small business plan comparison here. Keep in mind you can always start with a lower plan and upgrade if needed.