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

nradam123

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For me, I went down from Tally to Excel. Because for my work, Excel was enough.
It saved me atleast a couple hours each week because the sheet i made in excel was much quicker than entries in Tally as I was doing it myself and did not have an accountant.
 

Valor

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Do you still use it?

Recommend it?

How about Wave users?
I've used Wave for 2-3 years now for my ecommerce business.

Free and more than sufficient for me.

They also made their software a lot "smarter" last year, and it makes importing and categorizing my transactions in bulk very quick and easy.

I definitely recommend it.

I've tried QB and Xero in the past too, and those seem like they would work great as well. Wave just seemed to have all the features I needed, I liked the UI, and it was free so I went with it.

My books definitely are not "perfect", but they are "good enough" for doing taxes and if I wanted to sell the business
 

CareCPA

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I've been using QB Online for years. I use it for my small business. I use a $70k a year ERP at work. Dollar for dollar Quickbooks is better than the ERP.

If you're doing under $20M a year, you can do it on QB unless you're a manufacturer or have a gazillion SKUs.

EDIT: If any forum users need help doing a QB setup I can help you and I'm pretty sure @CareCPA has given excellent service to some forum members as well.
Hmm, for some reason that tag didn't show up in my notifications - odd.

I use QBO and Xero. I actually prefer Xero, although QBO is good for recurring charges without having to add another processor (i.e. Stripe or Paypal). The recommendation would change depending on what you're trying to do/streamline in your business.

For you e-commerce guys, QBO also handles bundles well if you're tracking inventory in the software. Xero only allows for single-item inventory tracking.
 

Lex DeVille

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I use QBO only because no other accounting software would integrate with my bank for some reason, and because my accountant basically couldn't live without it.

If there were any other option, I wouldn't be with QB because their software is clunky and often confusing and we've had problems with their integrations that caused a lot of extra work on my part.

Beyond that, QB has a nasty habit of trying to upsell you, including when you are just trying to get help with simple issues (which I think @MJ DeMarco recently had a similar experience with ATT and HBO). QBO is all about making money, even at the expense of customers.

Even as recently as today QB let me know they'll be finding new ways to suck cash out of their subscription customers faster. What's worse is they've applied my own YOU Focused approach to copy to do it!

Screenshot 2019-05-21 at 2.28.52 PM.png



By the way, if you ever need to get support from QB...do NOT go through their online channels. Just pick up the phone and talk with a service rep. They've all been U.S. based as far as I could tell.
 
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AgainstAllOdds

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I'm currently using a combination of Wave and Excel.

Excel is perfect for all my managerial accounting needs (which customer is how much in revenue, which product lines generate the most profit, etc). Meanwhile, Wave is good enough for invoicing and keeping track of the big picture numbers.
 

Andy Black

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I'm currently using a combination of Wave and Excel.

Excel is perfect for all my managerial accounting needs (which customer is how much in revenue, which product lines generate the most profit, etc). Meanwhile, Wave is good enough for invoicing and keeping track of the big picture numbers.
Does Wave invoice in different currencies? I can’t find it mentioned on their site...
 

AgainstAllOdds

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Does Wave invoice in different currencies? I can’t find it mentioned on their site...
It's really stupid. Basically you set the currency that you want to use, and then have to stick with it. For someone like yourself, it could be a problem if you're taking in different currencies.

Note: I haven't played around with the currency in almost two years so it might've been updated.
 

Tanu1234

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Aug 4, 2018
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I've been using waveapps for a year now and I think it is great except for some simple issues. Here are some issues I saw (and please let me know if there is a solution)

1. I pay off my credit card. It doesn't know that the reduction in my cash is to be applied to the credit card. Rather, they treat it as an expense.

2. Obviously, you will need to book your cost of goods sold

3. For amazon people, it will book your amazon payouts as revenue. However, I need to manually go in to break that out. As we know, that amount is net after FBA fees, perhaps advertising, shipping...etc. Monthly, I go in to break this out to Amazon Sales, FBA Fees, Amazon Advertising Cost, Amazon Shipping

4. Sometimes my cash balance does not tie to my bank statement. Maybe I jacked it up but definitely reconcile on a MONTHLY basis or else you will regret it at the end of the year.

5. Tip for e-commerce. I like to book Amazon, Shopify, Ebay, Etsy...etc revenue separately. That way, I can calculate profit margin for each sales channel easier.
1. You need to create credit card account in wave. payment to credit card should be considered as transfer. If you have personal credit card, payment to credit card should be recorded as shareholder's current account.

3. Wave or any software cannot segregate your amazon payout. Amazon transaction accounting is different thing. You need to use additional software like a2x or other software. But I dont think wave can be integrated with it. Xero or Quickbooks is better option if you have large amazon sales.

Please note that even you go with a2x, some manual work is required to approve bill and reconcile everything. ( Hire good accountant for this kind of work).

4. Monthly reconciliation is necessary if you want clean books.

5. In xero or quickbooks, there is additional feature to track different business via class. In wave, create different account for different income. Ex. Amazon Sales, Shopify Sales etc.

Please note I am not sales agent of Xero or Quickbooks. We are accounting firm helping people in Accounting and Bookkeeping needs. All the comments are based on my experience while working with clients.

If anyone needs help in Accounting or bookkeeping work, Message me. We have helped Ecommerce, Service, Wholesale,Retail,Marketing companies, Non Profit businesses across the globe.
 

Tanu1234

Contributor
Aug 4, 2018
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It's really stupid. Basically you set the currency that you want to use, and then have to stick with it. For someone like yourself, it could be a problem if you're taking in different currencies.

Note: I haven't played around with the currency in almost two years so it might've been updated.
Wave has multi currency option.

You can select different currency while entering transactions.
 

Tanu1234

Contributor
Aug 4, 2018
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For me, I went down from Tally to Excel. Because for my work, Excel was enough.
It saved me atleast a couple hours each week because the sheet i made in excel was much quicker than entries in Tally as I was doing it myself and did not have an accountant.
Wave is better than excel. Give it a try if you want to go with free option.
 

JasonR

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I've used Xero in the last few years and have been happy with them!
 

MJ DeMarco

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I'm going to test drive Xero, looks like they support multiple currencies.

Wish I could test-drive Quickbooks, but they want a phone number, and according to their TOS, giving them your mobile number opts you in to telemarketing solicitation via your mobile phone. NO THANKS.

Negative value skew = Not trying it.

Screen Shot 2019-05-22 at 2.23.43 PM.png
 

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