You might know that starting a franchise is a great way to make more money. However, unless you are an accountant by trade, you probably don’t know how to keep track of it all.
But don’t worry! Even if you have an unhealthy affinity for an abacus, confuse balance sheets with balance beams or think that an allowance is only something you give to your kids, there are some great small business accounting tools out there that you can use to manage your money—and manage your business.
Here are our picks for the best accounting tools for small business:
Cost: $12.95-$39.95 A Month
Let’s start with the most well-known name in accounting software: QuickBooks.
QuickBooks offers several different tiers of tools to satisfy different needs, and these offerings include QuickBooks Simple Start ($12.95 per month), QuickBooks Essentials ($26.95 per month) and QuickBooks Online Plus ($39.95 per month).
All three options let you track income and expenses, download transactions from your bank and credit card accounts, generate invoices and estimates, import data from Excel, and print checks and record transactions. It’s very user friendly, with easy-to-follow menus and navigation, making it a great choice for those new to financial management.
However, the best bang for your buck—and the best option to manage those bucks—may be QuickBooks Online Plus, which offers a more robust feature set for more sophisticated money managers. These features include inventory management, the ability to track billable hours, budgeting tools and more.
Cost: $9.95-$39.95 A Month
Billed as the accounting solution for non-accountants, Freshbooks is super simple to use yet boasts an array of features, including bank account integration, powerful reporting, payroll and payment processing and time tracking.
Pricing is based on the number of clients you manage simultaneously and the number of team members who need access to the tool. Their most affordable option, the “Sprout” package, allows for five clients and one user and starts at $9.95 while their “Mighty Oak” plan costs $39.95 and includes support for an unlimited number of clients and up to five users.
Though the feature set and pricing is appealing, the reason why many people love FreshBooks is because of its commitment to customer service. All plans include toll-free customer support from professionally trained agents.
FreshBooks offers a free 30-day trial, so you may want to give it a test run for yourself.
Cost: Free (For Most Features)
If you need invoicing management, the ability to import bank transactions, robust reporting and receipt scanning—and don’t want to pay a dime for it—this is your option, and it’s a pretty good one.
Wave is completely free for these features, and also offers payroll and payment management for a very nominal fee. It was designed specifically for businesses with nine employees or fewer, which makes it a great fit for a franchisee with a small team and a small budget.
Cost: Free To Download; $10 A Month For Advanced Features
While not a full-fledged accounting solution like the other programs on this list, Shoebox is a business accounting app that excels at some specific things—digitizing, managing and tracking receipts.
It can help you declutter your file cabinets and file your taxes, and it is very simple to use. In fact, it has a four-star rating on iTunes based on more than 3,000 ratings.
When you run a franchise, managing your personal expenses — and keeping them separate from your business expenses — is crucial. Mint can help you do just that, as it offers useful tools for tracking your bank accounts, credit cards and day-to-day transactions. It also organizes all of the information into easy-to-read graphs in order to help you visualize exactly where your money is going.
You can sign up for a free Mint account and try it out for yourself.
Open A Different Kind Of Book
While managing your money is important, so too is understanding how to make it. Our free E-BOOK can help you make the transition from frustrated employee to successful franchisee—all while earning a great income. Download your free copy today.