Accounting Tools for Freelancers

As a freelance proofreader, you will need to keep track of your finances. And while this might seem intimidating, there are some great accounting tools for freelancers available. In this post, we look at three of the most popular accounting tools currently available.

1. QuickBooks Self-Employed

QuickBooks is the biggest name in small business accounting. And while that isn’t the sexiest sentence, it should make you sit up if you’re struggling with your finances! The company offers a range of products, including QuickBooks Self-Employed, which allows you to:

• Keep track of income and expenses
• Calculate and pay your self-assessment tax return
• Connect your software to your bank and credit card accounts
• Track and send invoices to clients

This is also the cheapest package QuickBooks offers. It does lack some advanced features available via their other plans, but you may not need these as a self-employed freelancer.

2. Zoho Books

Zoho Books is a cheap, simple accounting package that nevertheless offers all the tools your average freelance proofreader could need. Key features include:

• Income and expense tracking
• Tools for calculating taxes
• The ability to create and send customized estimates and invoices
• Time and project tracking capabilities
• Reports on receivables, sales, expenses and more
• A client portal and communication tools
• Bank account and credit card integration

Even at the basic subscription level, you can do all the above for up to 50 clients. And if you ever need more capacity or more tools, there are additional service tiers available.

3. Wave

The last of our accounting tools for freelancers is Wave. The big advantage here? It is free! With Wave you can get a solid set of accounting tools for absolutely nothing. This includes:

• Unlimited income and expense tracking
• A variety of reporting tools
• Customizable invoices and estimates
• A free mobile app to enable receipt scanning
• Bank and credit card integration

You can also pay-as-you-go for add-on features as required, such as credit card processing. Admittedly, Wave doesn’t boast all the advanced accounting features that you can get with some other packages, but it should cover most of your needs as a freelancer!

The Wave dashboard.

Update: Wave Alternatives in the UK and Australia

Unfortunately, since the end of 2020, Wave is no longer available to new users outside of North America. However, we do have a couple of alternatives that you can try:

• QuickFile boasts all the features you’ll need to keep track of your finances and is aimed at UK-based freelancers and small businesses in particular. It is even free for smaller accounts.
• For Australian users, MYOB is made “For Aussies by Aussies” and has a plan designed for sole traders. You can also try it for free before deciding whether to sign up to the full version.

Becoming A Proofreader

And if you want to brush up on your proofreading skills at any point, Knowadays has you covered. Sign up for a free trial of the Becoming A Proofreader course today.

Related posts:

Freelance Tips: Digital Payment Methods for Freelancers How Much Can a Freelance Proofreader Earn? What to Do When a Client Won’t Pay How to Keep Track of Your Finances