for Solopreneurs
A Comparison of 3 Popular Options
Choosing the right accounting software is crucial for managing your finances effectively, especially for solopreneurs.
In this detailed comparison, I'll delve into QuickBooks Self-Employed, Sage Cloud, and Wave, covering their features, pricing, ease of use, popularity, specific industries they best serve, and a list of major features included in each platform.
QuickBooks Self-Employed
- Cost:
- Basic Plan: Starts at $15 per month.
- Premium Plan: About $25 per month for additional features.
- Ease of Use:
- User-friendly interface designed for freelancers and service-based businesses.
- Popularity:
- One of the most recognized accounting software solutions, trusted by millions of users.
- Best Suited For:
- Freelancers, gig workers, and service-based solopreneurs.
- Major Features:
- Expense tracking: Automatically syncs bank transactions and categorizes expenses.
- Mileage tracking: GPS-enabled tracking for business mileage.
- Invoicing: Create and send professional invoices with customizable templates.
- Tax estimation: Calculates estimated quarterly taxes based on income and expenses.
- Reporting: Generate profit and loss statements, tax reports, and cash flow summaries.
- Mobile app: Access your finances on the go with a dedicated mobile app.
Sage Cloud
- Cost:
- Pricing starts at around $10 per month.
- Ease of Use:
- Clean interface but may require some initial learning.
- Popularity:
- Solid user base, particularly in the UK and Europe.
- Best Suited For:
- Small businesses in retail, construction, and consulting.
- Major Features:
- Invoicing: Create and manage invoices easily; customize templates.
- Expense tracking: Track and categorize expenses for better financial management.
- Cash flow management: Monitor cash inflow and outflow to maintain financial health.
- Project management: Manage multiple projects, assigning costs and tracking time.
- Reporting: Generate detailed financial reports, including profit and loss and balance sheets.
- Mobile access: Use the mobile app for on-the-go financial management.
Wave
- Cost:
- Core accounting software is free, with transaction fees for payment processing and payroll.
- Ease of Use:
- Known for its intuitive and user-friendly interface.
- Popularity:
- Popular among freelancers and small businesses, particularly in North America.
- Best Suited For:
- Creative professionals and budget-conscious solopreneurs.
- Major Features:
- Income and expense tracking: Easily track income and categorize expenses.
- Invoicing: Create customizable invoices and send them to clients directly.
- Receipt scanning: Snap pictures of receipts to upload and categorize expenses automatically.
- Financial reporting: Generate essential reports, such as profit and loss statements and cash flow reports.
- Payment processing: Accept credit card payments directly through invoices (with transaction fees).
- Payroll: Add-on service for managing payroll (starting at $20/month).
| Quickbooks Self-Employed | Sage Cloud | Wave | |
| Cost | Starts at $15/month | Starts at $10/month | Free (pay for add ons) |
| Ease of Use | User-friendly; busy interface | Clean interface; learning curve | Intuitive; easy to use |
| Best Suited For | Freelancers; gig workers | Small businesses, especially retail and construction | Creative professionals, budget- conscious solopreneurs |
| Features | |||
| Expense Tracking | Yes | Yes | Yes |
| Invoicing | Yes | Yes | Yes |
| Income Tracking | Yes | Yes | Yes |
| Cash Flow Management | Yes | Yes | Yes |
| Receipt Scanning | Yes | Add-on | Yes |
| Tax Estimation | Yes | Yes | - |
| Project Management | Add-on | Yes | - |
| Financial Statements | Yes | Yes | Yes |
| Payroll | Add-on | Add-on | Add-on |
| Mobile App | Yes | Yes | - |
| In-App Payment Processing | Add-on | Add-on | Add-on |
| Customer Support | Robust resources and multi-channel support | Strong customer support | Community forums and email support |
| Integrations | Many | Some | Payment processors only |
Free trials are available for Quickbooks and Sage, and of course Wave has it's free forever plan, so it's easy to sign up and try each software to see if it fits your needs.
If you're still not sure which software is best for you, email me at info@goldstarbookkeeping.ca for a personal recommendation.
