However, it took a major hit in pricing because it can get expensive as you add more users. We also couldn’t award a higher mark in ease of use and setup since Striven is not entry-level software, which means it requires an expert or someone with a background in using ERP solutions. Additionally, it provides a client portal that allows consultants to share and request clients’ documents easily. Clients can log in at any time from their device and access and upload documents, reports, and updates related to projects.

We Tried 12 Product Lifecycle Management Software for You

For a business with a lot of different clients, like consultants, it can quickly become overwhelming, increasing the chances of a silly mistake. For expenses, detail every purchase under write categories like office supplies, utilities, contractor help, etc. Breaking down costs helps determine where money goes for smarter budget decisions during the year. Don’t forget mileage for a major deduction - the IRS standard rate for 2024 is 65.5 cents per mile.

• The features that these types of accounting software offer typically include time tracking, project management, invoice generation and payment processing, as well as tracking expenses and income.
• Below is a list of additional accounting software for consultants that I shortlisted, but did not make it to the top list.
• While some consultants may think they don’t need one, or that their limited company resources forbid them from enjoying the benefits of such solutions, they could not be more wrong.
• Platforms like QuickBooks Online, FreshBooks, and Wave simplify recording income and expenses, create reports, and even integrate with business bank accounts.
• If you need advanced customization, some software offers the ability to use HTML/CSS for more detailed adjustments.

RescueTime: Time Tracking Tool with In-Built Analytics

• Consult quarterly profit and loss statements to catch any incorrect categorization of large purchases like new computer equipment.
• Be sure to ready your company for its digital transformation and stay on top of your accounting processes with these helpful tools.
• And if you’re a new user, you can connect with a ProAdvisor who will help you set up your QuickBooks account.
• It offers a wide range of features to manage financials, inventory, payroll, and more in one secure platform.

It offers automated accounting features that streamline financial management tasks. Features include a full suite of reports and insights, automated expense tracking, and easy invoicing and billing. ZipBooks also offers smart tagging, time tracking, and team management capabilities, making it a versatile tool for consultants. FreeAgent is a comprehensive accounting software designed to help small businesses and freelancers manage their finances efficiently. Features include automated invoicing, real-time financial tracking, and comprehensive reporting tools.

• The software can automatically calculate taxes on invoices and expenses, ensuring accurate tax reporting.
• This tax is based on their taxable income, which includes revenue generated minus deductible expenses.
• Its user-friendly interface runs quietly in the background on multiple devices and compiles data into actionable reports.
• This means that the most affordable provider receives the highest score.
• These tools simplify financial management, offering features like invoicing, expense tracking, and financial reporting.
• Meanwhile, in consultant-specific areas, QuickBooks Online took a hit since it lacks a built-in document management system.

Charging for your time

My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them contribution margin to turn their business dreams into reality. Entrepreneurs and freelancers under the simplified micro-BNC scheme, here's a summary of your obligations and a guide to make your declarations easier. From understanding the applicable rates, to choosing the right regime and reporting, we cover everything you need to navigate the world of VAT with confidence. The interoperability of different applications centralized in a single tool is the basis of an open ecosystem (API).

• Mixing your personal finances with your business finances is an easy path to confusion.
• The software also offers customizable chart of accounts and detailed reporting, making it a versatile tool for various accounting needs.
• We believe everyone should be able to make financial decisions with confidence.
• Regularly back up your files to an external hard drive or another secure location to ensure you have a copy in case of technical issues.
• Furthermore, Xero’s cloud-based nature ensures accessibility from any device, providing consultants with the flexibility to manage their finances on the go.
• For more details about Atomic Invest, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures.

Costs & Pricing Of Accounting Software For Consultants

These cost-savings and flexibility are what make SaaS accounting software extremely popular with growing small businesses such as start-ups… or successful consultants. FreshBooks is a solution for self-employed business owners with all the tools to stay in control of their accounting. This simple yet powerful accounting software for small businesses allows you to reduce payment delays and streamline your processes without a steep learning curve.

Financial Modeling

It helps consultants keep track of their finances, create invoices, and maintain accurate records. It also provides helpful insights into cash flow and makes tax time easier. Handling tax compliance with accounting software involves setting up tax rates according to your jurisdiction’s requirements. The software can automatically calculate taxes on invoices and expenses, ensuring accurate tax reporting. Many solutions offer tax filing features or integrations with tax filing services to streamline the process. It’s important to keep your tax settings updated and consult with a tax professional to ensure compliance with local regulations.

Some examples include AccountSight, FreshBooks, QuickBooks Online, and Zoho Books. We evaluated the best accounting software for consultants using the rubric below. QuickBooks Online aced our pricing criterion and scored high in most categories of our rubric. Our detailed NYC tax calendar provides a clear roadmap of over tax deadliness specific to New York City startups. From quarterly estimated payments to the critical April 15th deadlines and beyond, we ensure you never miss a beat.

R&D Tax Credits

For S corps, C corps, and partnerships, you can add on Partnership Accounting personal tax filing for one partner or shareholder for $59 per month when billed annually or $69 per month when billed monthly. Intuit Enterprise Suite is a configurable, AI-powered solution that delivers multi-entity reports and actionable insights across your portfolio. We ranked the providers based on how their pricing compared to each other. This means that the most affordable provider receives the highest score. To determine how their pricing stacks up against each other, we considered several factors, like the upfront cost and user limitations. You can sign up for a 30-day free trial for any of the plans, with no credit card required.

We looked for software providers that provide reliable bookkeeping for consultants customer support, preferably with multiple channels like email, phone, and live chat. Prompt and helpful support can be critical when you encounter issues or have questions. We explored each provider’s dashboard to gauge how easy it is to learn and use for different accounting tasks. Brokerage services for Atomic Invest are provided by Atomic Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC and an affiliate of Atomic Invest. Due to the relationship between Atomic Brokerage and Atomic Invest, there is a conflict of interest due to Atomic Invest directing orders to Atomic Brokerage.