Simplifying Bookkeeping: The Best Software Options for Self-Employed Contractors

As a self-employed independent contractor operating under an LLC taxed as an S-Corp, managing your finances can feel overwhelming—especially when you’re looking for a straightforward and budget-friendly Bookkeeping solution. With limited expenses and primarily 1099 income, you need a system that simplifies things, not complicates them.

The Challenge: Finding Simple Bookkeeping Software

Currently, I provide healthcare services as a 1099 independent contractor and handle payroll through Gusto. However, when it comes to bookkeeping, my requirements are minimal. I primarily receive 1099 forms from the facilities I work with, and I maintain a few business expenses. For someone in my situation, traditional options like QuickBooks feel excessive and way too complex, especially since I don’t manage inventory, invoicing, or time tracking.

I’m on the lookout for an uncomplicated and cost-effective bookkeeping software that won’t break the bank—ideally, something below $35/month. Additionally, a robust mobile app experience is crucial for me, as I prefer managing my finances through my iOS device. Automatic transaction syncing from my bank and credit card accounts would also be a significant plus.

Exploring Options: Wave vs. Zoho Books

At the moment, I’m considering two main contenders: Wave and Zoho Books.

Wave

Wave is known for its user-friendly interface and free pricing structure, which makes it an attractive option for freelancers and small businesses. It offers features like invoicing, expense tracking, and financial reporting—all of which can be accessed via a mobile app. Additionally, Wave allows for easy bank and credit card integration, simplifying the process of tracking transactions.

Zoho Books

On the other hand, Zoho Books offers a slightly more comprehensive feature set, catering to small businesses that may need additional functionalities in the future. While it does have a nominal monthly fee, it provides a solid mobile experience and integrates well with bank accounts, making it another viable option for someone with straightforward bookkeeping needs.

Conclusion

As I navigate this search for the right bookkeeping software, simplicity and cost remain my top priorities. Both Wave and Zoho Books present compelling features that could align with my business model. If you find yourself in a similar position, it’s essential to evaluate these platforms to see which one meets your needs for ease of use and functionality.

I’d love to hear your thoughts or suggestions if you’ve had experiences with these platforms or other simple bookkeeping options