The Best Simple Bookkeeping Software for Self-Employed Independent Contractors

As a self-employed independent contractor operating an LLC taxed as an S-Corporation, managing finances can often feel overwhelming, especially when it comes to Bookkeeping. If you’re in a similar situation to mine—providing healthcare services with minimal expenses and 1099 compensation—you might be on the lookout for straightforward Bookkeeping software that doesn’t burden you with unnecessary complexity.

Simplifying Your Bookkeeping Needs

As an independent contractor, my financial landscape is fairly simple: I receive monthly 1099s from the facilities I work with and handle a few business-related expenses. My payroll is managed through Gusto, which simplifies personal income management. However, when it comes to bookkeeping software, I need something that aligns with my straightforward requirements.

Avoiding Overpriced Solutions

Many well-known bookkeeping platforms, like QuickBooks, offer extensive features that are simply unnecessary for my situation. While they might be robust, their pricing—often around $35 per month—is far from ideal for someone with limited bookkeeping needs. I need a tool that will make it easier for my accountant without the financial strain.

What I’m Looking For

Ideally, I seek a basic bookkeeping software solution that allows me to:

• Manage minimal transactions effortlessly.
• Access and operate mainly through an iOS app.
• Link directly with my bank and credit card accounts to streamline transactions.

Currently, I’m considering two options: Wave and Zoho Books.

Comparing Wave and Zoho Books

Wave is known for its user-friendly interface and is free to use for basic bookkeeping needs, making it an appealing choice for those like me who have straightforward financial requirements. It integrates nicely with bank accounts, which is a significant advantage when tracking expenses.

On the other hand, Zoho Books offers more features but at a slightly higher cost. While it provides a comprehensive Accounting solution, its complexity might be more than I need at this stage.

Conclusion

For fellow independent contractors seeking a simple and cost-effective bookkeeping solution, assessing your specific needs is crucial. Whether you choose Wave for its simplicity and zero cost or Zoho Books for its additional features, the goal is to simplify your financial management.

If anyone has experience with either of these platforms or other suggestions, your insights would be greatly appreciated! Thank you for your guidance as I navigate this essential aspect of my contracting business.