The Best Accounting Software for Designers

February 20, 2024
5
minutes to read
by
Alice Surdy
Table of Contents

As a designer, your focus is on creating stunning visuals and engaging with your clients. However, managing finances is an essential part of running your business. Having the right accounting software can make this complex task more manageable and allow you to focus on what you do best. In this article, we will explore the best accounting software options available for designers. We will also highlight the key features to look for in accounting software solutions to help you make an informed decision.

Why Designers Need Accounting Software

Designers play an important role in the creative industry, and their accounting requirements are unique and varied. While general accounting software can handle some of their needs, specialised accounting software is essential for designers. Here are some of the key reasons why:

  • Managing project-based income and expenses: Designers often work on a project basis, which means their income and expenses are tied to specific projects. Specialised accounting software can help them keep track of each project's financials, including expenses, income, and profits.
  • Creating customised invoices to reflect your brand: Designers rely on their brand to attract clients, and their invoices should reflect their brand identity. Specialised accounting software can help them create customised invoices that align with their brand's style and tone.
  • Tracking time and creating accurate billable hours: Designers typically bill clients based on the time they spend on a project. Specialised accounting software can help them track their time accurately and generate invoices based on billable hours.

By using specialised accounting software, designers can streamline their accounting processes, save time, and ensure accuracy in financial management.

Streamlining Project Management and Invoicing

Project management and invoicing are two critical components of a designer's workflow. However, manual processes can be time-consuming and can slow down their workflow. Accounting software can integrate with project management tools and automate invoicing related to specific projects or clients.

Having real-time tracking of the project's status and associated expenses can help ensure that designers are meeting deadlines and staying within budget limits. Automating invoicing for each milestone can ensure prompt payments, which can maximise cash flow and reduce the risk of errors like missed payments or late fees.

Customisable Financial Reporting for Creative Businesses

Managing finances for a small business can be challenging, especially if you're not an accounting expert. However, choosing accounting software with customisable financial reporting can make it a lot easier.

Customised reports can provide insights into key financial indicators like billable hours, profitability, and cost of goods sold. This can help designers make informed business decisions and identify areas where they can reduce costs or increase revenue.

Integrations with Design Tools and Platforms

Designers spend most of their time in design tools like Adobe Creative Suite, Canva, Sketch, or Figma. Having accounting software with seamless integration with these tools can save them time and increase productivity.

Integrating accounting software with design platforms can automate processes such as tracking billable hours, creating invoices, and generating financial reports. These integrations can save designers time and ensure that they remain productive while running their business.

In conclusion, specialised accounting software is essential for designers. It can help them streamline their accounting processes, save time, and ensure accuracy in financial management. With the right accounting software, designers can focus on what they do best – creating beautiful designs.

Top Accounting Software Options for Designers

When it comes to running a design business, it's essential to have the right accounting software to manage finances effectively. However, with so many options available, it can be challenging to know which software to choose. Here are some of the top accounting software options for designers:

1. Thriday: A Designers Dream

Thriday accounting software offers several advantages for designers. First, it simplifies financial management by automating tasks such as invoicing, expense tracking, and bill payments, saving time and reducing human errors. It also provides real-time access to financial data, allowing for better decision-making and more accurate forecasting. Thriday offers customisable reports and tax forecasts, enabling businesses to gain insights into their financial performance and identify areas for improvement. Additionally, the software ensures compliance with tax regulations and provides secure cloud storage. Overall, Thriday accounting software streamlines financial processes, improves efficiency, and enhances the overall financial health of designers.

2. QuickBooks Online: A Comprehensive Solution

QuickBooks Online is one of the most popular accounting software solutions for small businesses. It offers a wide range of features, including invoicing, bill tracking, automatic payment reminders, and tax preparation.

One of the benefits of QuickBooks Online is that it integrates seamlessly with many popular banking institutions. This feature enables creative teams to manage their finances more efficiently, saving time and reducing the risk of errors.

3. Xero: Cloud-Based Accounting for Design Agencies

Xero is a cloud-based accounting software solution that caters to small businesses and design agencies. It offers features such as project accounting, inventory management, and financial reporting, making it a comprehensive solution for businesses that require more advanced accounting features.

Xero also integrates with design and project management software like WorkflowMax and Asana, making it easier for designers to streamline their workflow and simplify accounting processes. With Xero, design agencies can manage their finances more efficiently, freeing up time to focus on creative projects.

Ultimately, when choosing accounting software for your design business, it's essential to consider your unique needs and budget. By selecting the right software, you can streamline your accounting processes, save time, and focus on what you do best – creating beautiful designs.

Key Takeaways

When it comes to running a design business, there's no doubt that accounting can be a daunting task. However, with the right software, you can streamline your finances and focus on what you do best - designing. One of the key features to look for in accounting software is time tracking and project management. This can save you a lot of time and hassle, as it allows you to track billable hours and automate invoicing. You can also get real-time updates on the status of your projects, ensuring that you're always on top of things. Another essential feature to consider is invoices and estimates. This is particularly important for designers, as you want your invoices to reflect your brand and style. Look for software that allows you to create customised invoices and estimates, including terms and conditions specific to your business.

Expense tracking and categorisation is another key feature to look for. This can save you a lot of time, as software that can automatically track and categorise expenses makes cost analysis and financial tracking much more manageable. If you work with a team, collaboration tools are crucial. Look for software that offers team sharing, user roles, and permissions, as this will enable you to delegate tasks and streamline your workflow. Finally, as your design business grows, your accounting requirements will also increase. It's essential to choose software that can scale with your business, providing you with the advanced features you need while keeping costs manageable. Look for software that offers scalable pricing options, so you're not paying for features you don't need. In summary, selecting the right accounting software for your design business is crucial. Look for software that offers time tracking and project management, customisable invoices and estimates, expense tracking and categorisation, collaboration tools for teams, and scalability and pricing options. With the right software, you can streamline your finances and focus on growing your business.

Final Thoughts

Choosing the right accounting software solution can simplify the financial management of your design business. When selecting accounting software for your business, look for software that caters to designing needs and provides features that streamline your workflow. We hope this article helps to guide you through the best accounting software options available.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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