The Best Simple Bookkeeping Solutions for Independent Contractors

As a self-employed independent contractor operating as an LLC taxed as an S-Corp, managing your finances doesn’t have to be overwhelming, especially when it comes to Bookkeeping. With a limited number of expenses and straightforward 1099 income, there are various simple Bookkeeping software options available that can streamline your Accounting and make life easier for both you and your accountant.

Finding the Right Fit

If you’re providing services such as healthcare and receiving payment through 1099 forms from the facilities you contract with, it’s essential to find software that caters specifically to your needs. Many popular options like QuickBooks can feel excessive for someone in your position, especially when you’re not dealing with inventory management, invoicing, or time tracking.

Key Requirements

When searching for an ideal bookkeeping solution, here are some specific features to consider:
– Affordability: Look for software that doesn’t break the bank, preferably under $35 per month, especially since your requirements are minimal.
– Simplicity: The software should be user-friendly, allowing you to easily track your few expenses and income without a steep learning curve.
– Mobile Accessibility: If you’re often on the go, having a solid iOS app is essential for managing your bookkeeping from your smartphone.
– Bank Integration: Look for options that allow you to link your bank and credit card accounts, making transaction tracking effortless.

Current Options

At the moment, two contenders that fit this bill are Wave and Zoho Books.

• Wave is known for its free plan, which offers unlimited income and expense tracking, as well as the ability to scan receipts. It’s great for service-based businesses like yours and has an intuitive interface that you can navigate easily.

• Zoho Books, on the other hand, is a comprehensive yet affordable option, providing a range of features tailored to small businesses. While it comes at a lower monthly cost than QuickBooks Simple Start, it still offers robust functionality, including expense tracking and automated bank feeds.

Conclusion

Choosing the most suitable bookkeeping software as a self-employed contractor doesn’t have to be a daunting task. By focusing on simplicity, affordability, and essential features, you can find a solution that meets your needs without adding unnecessary complexity. Take the time to explore Wave and Zoho Books to see which one resonates more with your requirements. Your accountant will thank you for making their job easier,