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NOTABLE! Free Accounting Software: If you need software, use these guys

Discussion in 'General Entrepreneur Discussion' started by AgainstAllOdds, Jan 4, 2018.

  1. AgainstAllOdds
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    AgainstAllOdds Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    A couple months back, @Vigilante made a thread in which he recommended all of us get our accounting in order. If you don't have your accounting in order, then you can't sell your business. This is a recurring theme heard by successful entrepreneurs that sold their businesses. It doesn't seem essential, but it is.

    So, after taking in that advice, I decided to finally migrate from Microsoft Excel to a real accounting software. My first choice was the only software I had heard of (Quickbooks), but after checking their website and realizing that it'd cost me $600 a year for the inventory tracking feature, I decided to keep searching.

    I hate spending money on anything that doesn't generate revenue, especially if it's something I don't really care about like accounting.

    Anyways, after searching for a bit, I found Wave: Wave - Free Invoicing & Accounting Software with Credit Card Processing & Payroll Services.

    It had all the features I needed, and best of all was free. It integrates easily with Chase and a whole bunch of other financial platforms, and makes accounting easy.

    The way they make money is on payroll services, credit card processing, loan origination, and bank wire processing (all features that you are not required to buy - to date I haven't used any of them).

    So: If you don't have accounting software yet, check them out. I've been using them for almost two months now and have zero complaints.
     
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  2. Longinus
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    Longinus Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Dammit, exactly one hour before your post, I subscribed to Quickbooks :clench:

    My problem is that I use multiple currencies, but I will definitely look into this. Thanks!
     
  3. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    In business since 2010. Good find.
     
  4. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Great find. I am actually going to a Quickbooks class tomorrow morning haha
     
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  5. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    Man that sounds boring. I hope they have good coffee and snacks.
     
  6. InspireHD
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    InspireHD Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    This looks similar to Freshbooks except they don't charge a monthly fee. I was going to sign up on Freshbooks when I got my first sale, but looks like I might be able to use Wave.

    Is it possible to manually add my 2017 revenue and expenses? I've been tracking everything in Excel, but if I can get everything organized professionally, it'll be easier to send off to my Accountant. I'm not interested in connecting bank accounts and wouldn't mind just manually entering everything since there isn't that much.
     
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  7. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Haha it could be. I have zero knowledge of it and my business advisor recommended it, so I might as well grit my teeth and learn.
     
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  8. Argue
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    Argue Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    @AgainstAllOdds thanks for this gem man!

    Me and my girl was looking for an alternative to quickbooks but couldn’t find anything worth it. Thanks to this post, there’s optimism now.
     
  9. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Nice find. There's no excuses now!

    Just an FYI... I've been using Freshbooks and me and my accountant are happy with it.

    I've always had an accountant and recently went with Freshbooks for the automatic monthly invoicing of clients, and payments via Stripe. It was such a relief to get away from a spreadsheet to track invoices sent and paid, and Word docs for invoices. One of the best things I did last year.
     
  10. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I imagine just having accountability on paid invoices will be a big jump in actual cash flow. For example, the certification agency I work with has yet to send me an invoice for my license, $1,000 I owe them, but they haven’t even asked for it yet.
     
  11. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    This is something even we accountants struggle with. We're great at doing accounting, bad at billing and collections.

    I've started setting my clients up on monthly recurring charges instead of invoicing. They provide billing info up front, they agree to automatically get charged every month, I enter the recurring transaction into QBO, and everything goes on autopilot until either they leave or the price changes (at which time I just have to stop it or change the price). No chasing people down for money, no lost revenue on my part from forgetting to invoice (which isn't uncommon. You're welcome, by the way, for anyone this has happened to).

    I assume Freshbooks (and probably Wave) have a similar feature, I just haven't explored them yet.
     
  12. Longinus
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    Longinus Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    You can manage multiple businesses on one single account. For that alone I'll ditch Quickbooks! (+ because it's free)

    Trying to find how I can import all Amazon data now.
     
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  13. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Are there accounting programs that integrate with and manage Amazon businesses? Because if not... sounds like a :bulb::bulb::bulb:
     
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  14. ironman150
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    ironman150 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    BOOM....Unscripted live and in action :)
     
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  15. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    There are programs that integrate with Amazon and bookkeeping software. Examples: Inventory Labs, Fetcher, A2X - it depends on the functionality you're looking for.
     
  16. ironman150
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    ironman150 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Do you know of any that work with Ebay?
     
  17. million$$$smile
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    million$$$smile Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Interesting. Haven't looked into these.

    Another idea that needs attention is creating a program that allows one to cross/utilize inventory skus from Amazon to their existing websites AND /or B&M stores (without spending $25k-30k yr in license fees). The issue is if you are utilizing an existing sku/product already on Amazon, then the sku will not be the same as what is usually on your website or B&M. We have tried multiple inventory systems and have been unhappy with the results. No one can 'stitch' different skus from different marketplaces to B&M /website inventory systems to track inventory. You literally have two sets of inventory skus for same item depending on marketplace/websites.

    I finally gave up and have decided to remove each item we sell on Amazon (4k+ items) and re-listing them with same sku as on our websites. It is time consuming but it will be done right once it is completed.

    If there is an economical (less than $2k/mo) program out there, we sure haven't found it o_O
     
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  18. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    Not specifically, but I also haven't looked hard. None of my current clients have a heavy enough presence on eBay to make it worth it. We just import transactions or do a direct feed from Paypal.
     
  19. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Looked at Wave about a year ago, opted to pay for Bench.co instead.

    Most accountants love Quickbooks though. I would have almost went with Xero but every accountant I talked to didn't know anything about it and didn't want to switch over.

    In the end, I just pay for Bench.co and have them handle everything bookkeeping wise. At the EOY everything gets emailed to my CPA and she finalizes it all up.

    I tried Wave on some test bank accounts I have for budding business ideas, I just couldn't get the hang of it.

    .
     
  20. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I love Wave.

    Went 100% Wave for everything at the start of the year. Before I had 1 LLC on quickbooks, and the rest on Wave.

    Now they're all in one place.

    Works for me, and it's free.

    My only complaint is the lack of a proper "chart of accounts" where I can just click to see all journal transactions at once, easily, in each individual account. Could be more intuitive in that regard, but otherwise it's great.
     
  21. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    I actually like Xero a lot better than QBO. More intuitive, better interface, and the integrations seem to be a lot smoother. They seem to be the "tech"ier younger brother of QBO.

    There's also some cool things in the works for the next couple years which will make a lot of accounting aspects easier for the small business.

    Sounds like I need to learn Wave now. Thanks for adding another thing to my list...
     
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  22. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Notable
     
  23. Raoul Duke
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    Raoul Duke May be Vader some day later Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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  24. SinisterLex
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    SinisterLex The moments that define you have already happened. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I chose Xero after multiple rounds of epic failure with QBO when I tried to give them my money and they couldn't figure out how to take it. F that. I'm not trusting my finances to a company that can't even handle the basics before I'm a customer.

    My accountant was the one who suggested QBO but she got on board with Xero and it was an easy transition. They did what QBO couldn't in minutes with 0 problems. Also Xero customer service is way better.
     
  25. BradD
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    BradD Bronze Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    +1 for Xero- I use one of those online chartered accounting services (bookkeeping & filing), and we've been using Xero for the past 3-4 years. Really powerful, licenses are cheap (and covered in the CA firm monthly sub)

    Also shoutout to Freshbooks for being a Canadian startup (no feedback on their service, but we have to support our own up here)
     
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