Looking for Affordable QuickBooks/Xero Alternatives for Managing Multiple LLCs
Hello everyone!
I’m in search of a cost-effective bookkeeping/Accounting application. Currently, I handle multiple LLCs, and I’ve found that QuickBooks and Xero require separate subscriptions for each company, which becomes quite expensive over time. I’m hoping to find alternatives that are more budget-friendly. Ideally, I’d like a cloud-based solution that integrates well with payment platforms like PayPal, Stripe, or Square. Any recommendations would be greatly appreciated! Thank you for your help! 🙏
One response
Managing multiple LLCs can indeed be cumbersome and expensive with platforms that require a separate subscription for each entity. Fortunately, there are some cost-effective alternatives to QuickBooks and Xero that offer features suited for managing multiple businesses. Below are some recommendations that align with your requirements:
1. Wave Accounting
Features:
– Multi-business support: You can manage multiple businesses under a single account at no extra cost.
– Invoicing and Payments: Create and send invoices, with integrated payment solutions like PayPal and Stripe.
– Expense Tracking: Connect your bank accounts and credit cards to automatically track expenses.
– Reports: Generate financial statements, sales tax reports, etc.
Pros:
– Free Accounting Software with no monthly fees for Accounting and invoicing.
– User-friendly interface, especially for freelancers and small businesses.
Cons:
– Somewhat limited in advanced features compared to paid competitors.
– Premium features (like payments and payroll) incur additional fees.
Pricing: Free with charges for payment processing (e.g., 1% for bank payments, 2.9% + 30¢ for credit card transactions).
2. Zoho Books
Features:
– Multi-business management: Handle multiple businesses from a single dashboard.
– Automation: Automate recurring invoices and payment reminders.
– Integrations: Integrates well with payment gateways like Stripe and PayPal.
– Comprehensive reporting: Real-time business insights with advanced reporting tools.
Pros:
– Affordable pricing with a robust set of features.
– Strong ecosystem with other Zoho products and services.
Cons:
– May have a learning curve for those unfamiliar with Zoho products.
– Some features might be limited in lower-tier plans.
Pricing: Starts at $15 per organization, per month (with discounts available for annual subscriptions).
3. FreshBooks
Features:
– Multiple Businesses: Manage multiple clients and projects.
– Time tracking: Built-in time tracking for billing purposes.
– Online Payments: Works well with online payment services like Stripe, PayPal, and Square.
– Financial & Accounting Reports: Gain in-depth insights into your finances.
Pros:
– Particularly beneficial for service-based businesses and freelancers.
– Intuitive interface with mobile access.
Cons:
– Requires separate accounts for each LLC, which might not address your key concern.
– More expensive than some other options when managing