Simplifying Your Bookkeeping: Best Software Options for Independent Contractors

As a self-employed independent contractor operating under an LLC and taxed as an S-Corp, managing your finances efficiently is essential. With most of your income coming from a few 1099s and having some basic business expenses, the complexity of Bookkeeping shouldn’t be overwhelming. If you’re searching for a straightforward solution that simplifies the process for both you and your accountant, you’re in the right place.

Understanding Your Needs

If you’re like many independent contractors, your financial situation may be uncomplicated, featuring minimal expenses and straightforward income sources. You provide healthcare services and manage your own payroll through Gusto; therefore, your Bookkeeping software should reflect that simplicity.

What to Look For

Your requirements are clear: you need basic bookkeeping functionality without the overwhelming features of comprehensive software like QuickBooks. Specifically, you’re seeking these qualities:

• Affordable Pricing: Something more economical than the $35/month for QuickBooks Simple Start.
• Mobile-Friendly: An iOS app that allows you to manage your finances on-the-go.
• Automatic Transactions: The ability to link your bank and credit card accounts for seamless transaction tracking.

Software Options to Consider

Currently, you might be weighing options like Wave and Zoho Books. Both of these tools offer unique features that may suit your needs perfectly:

1. Wave:

2. Wave is a free Accounting Software tailored for small businesses and freelancers. It provides essential functionalities like expense tracking and income management without the hefty price tag. The platform also has an intuitive mobile app for iOS, making it easy to manage your accounts wherever you are.

3. Zoho Books:

4. While Zoho Books has a more extensive feature set, it can also cater to those who need simple bookkeeping. Although there is a subscription fee, it provides a well-designed mobile interface and can efficiently handle your basic financial tasks.

Conclusion

Select a bookkeeping software that fits your specific needs as an independent contractor. By considering user-friendly options with good mobile capabilities, you’ll be setting yourself up for success without the stress of complicated features. Take the time to explore comparisons between Wave and Zoho Books to find which software aligns best with your preferences.

Have you used Wave or Zoho Books? Share your experiences in the comments below!