The Best Accounting Software for Side Hustlers
Are you a side hustler looking for the best accounting software to streamline your finances? Look no further. With more than half of side hustlers reporting that managing finances is their biggest challenge, having the right accounting software can make a world of difference.
Why Side Hustlers Need Accounting Software
Side hustlers have unique accounting needs that differ from those of full-time business owners or employees. Often, side hustlers juggle multiple income streams and mix business income with personal expenses. This can quickly become overwhelming without reliable accounting software.
However, being a side hustler also has its perks. It allows you to explore your passions and interests while earning extra income. But to make the most of your side hustle, it's crucial to have the right tools, and accounting software is one of them.
Time-saving features for busy entrepreneurs
The best accounting software for side hustlers should come equipped with time-saving features. Look for automation options such as automatic categorisation of transactions and invoice reminders to help simplify your accounting tasks.
With the right software, you can save time and focus on growing your business. You can also avoid the hassle of manually entering data or reconciling your accounts, which can be a significant burden for busy entrepreneurs.
Customisable solutions for diverse income streams
Side hustlers often earn income from multiple sources. Thus, they need an accounting software that can easily accommodate and reconcile different income streams, tally expenses and monitor profits. The best accounting software solutions give users the flexibility to customise their bookkeeping records to fit their unique financial situation.
Moreover, if you're a creative entrepreneur, you might have different income streams, such as selling your artwork or offering freelance services. In such cases, having an accounting software that can handle diverse income streams is essential. It can help you keep track of your finances and make informed decisions about your business.
Tax support tailored to side hustles
As a side hustler, it’s vital to have accounting software that can cater to your tax requirements. Some accounting software comes with tax forms and guidelines for individuals and businesses alike, making it easy to report taxes accurately and claim all eligible deductions.
Moreover, if you're running a side hustle, you might have to deal with different tax requirements than full-time business owners. For instance, you might have to report your income on your personal tax return, which can be confusing. But with the right accounting software, you can simplify the process and avoid costly mistakes.
In conclusion, side hustlers need specialised accounting software to manage their finances effectively. With the right software, you can save time, customise your bookkeeping records, and stay on top of your tax requirements. So, invest in the right accounting software today and take your side hustle to the next level!
Top Accounting Software Options for Side Hustlers
As a side hustler, managing your finances can be a daunting task. However, with the right accounting software, you can streamline your bookkeeping and focus on growing your business. Here are some top accounting software options that can help set your side hustling activities on the right track.
1. Thriday (Top Choice)
Thriday proves to be an excellent choice for side hustlers looking for reliable accounting software for several compelling reasons. Firstly, Thriday offers a user-friendly and intuitive interface that simplifies financial management for individuals juggling multiple income streams. It allows side hustlers to easily track their earnings, expenses, and invoices, ensuring accurate records and streamlined organisation.
Thriday's automation features save time by automating tasks such as expense categorisation and invoice generation. Additionally, Thriday provides valuable insights through its reporting and analytics capabilities, enabling side hustlers to make informed decisions about their businesses. The software seamlessly integrates with various payment platforms, making it convenient to track and reconcile transactions. Thriday also prioritises data security and compliance, giving side hustlers peace of mind. With its affordability and efficiency, Thriday empowers side hustlers to efficiently manage their finances, helping them stay organised, maximise their earnings, and achieve financial success.
QuickBooks is an all-in-one accounting software for small businesses, freelancers and side hustlers. It boasts several impressive features, such as automatic data synchronisation, expense tracking, and customisable invoicing options. With QuickBooks, you can easily keep track of your income and expenses, create professional invoices, and manage your cash flow. QuickBooks also offers integration with other business tools, including PayPal, eBay, and Shopify, making it a great choice for side hustlers who need to manage multiple platforms.
Moreover, QuickBooks has a user-friendly interface that makes it easy to navigate and use. You can also access QuickBooks from anywhere, at any time, as it is a cloud-based software. This means that you can manage your finances on the go, without being tied to your office.
If you're an on-the-go entrepreneur who needs to manage your finances from anywhere, then Xero is a great option. Xero is a cloud-based accounting software solution that offers complete business management features. With Xero, you can automate your bank reconciliations, track your expenses, and manage your budget.
Xero also offers a range of customisable templates for invoices, so you can create professional-looking invoices that reflect your brand. What's more, Xero integrates with a range of business tools, including PayPal, Stripe, and Shopify, making it easy to manage your finances across multiple platforms.
In conclusion, as a side hustler, it's important to choose an accounting software that meets your specific needs. Whether you're looking for a comprehensive solution like QuickBooks or a free option like Wave, there's a software out there that can help you manage your finances and grow your business.
Key Features to Look for in Accounting Software
Integration with other business tools
When it comes to accounting software, integration with other business tools is essential. This feature allows you to streamline your accounting process by connecting your accounting software with payment gateways, e-commerce software, or project management software. By doing so, you can save time and avoid the hassle of manually entering data from one system to another.
For example, if you're using an e-commerce platform to sell products or services, you can integrate it with your accounting software to automatically record sales and expenses. This integration can also help you keep track of your inventory and manage your cash flow more effectively.
Mobile app functionality
As a side hustler, managing your finances on the go is vital. You need an accounting software that has a mobile app feature to help you manage your accounts, send invoices, and track expenses quickly, even while you’re out and about.
Mobile app functionality is especially important if you're always on the move or if you don't have access to a computer all the time. With a mobile app, you can keep track of your finances from anywhere, at any time.
Customisable invoicing and payment options
Having customisable invoicing and payment options is crucial to ensure that the accounting software suits your unique needs. This feature allows you to personalise your invoices, credit notes, and quotes and enable different payment gateways for smoother transactions.
For instance, you can customise your invoices with your business logo, add your payment terms, and include a personalised message for your clients. You can also enable different payment options, such as credit card payments, PayPal, or bank transfers, to make it easier for your clients to pay you.
Robust reporting and analytics
The right accounting software should come with robust reporting and analytics features. This allows you to get insights into your business's financials, helps in identifying areas where you can improve and take prompt actions to enhance your financial performance and productivity.
With robust reporting and analytics features, you can generate financial reports, such as profit and loss statements, balance sheets, and cash flow statements, with just a few clicks. You can also track your expenses and revenue in real-time, which can help you make informed decisions about your business.
Scalability as your side hustle grows
As your side hustle expands, you need accounting software that grows with you. The best software should be flexible to cater to your increasing business requirements without replacing it soon. Scalable accounting software can save you time, money, and potential headaches by allowing you to keep your financial records in one place for longer periods.
For example, if you start as a freelancer and later decide to form a company, you need accounting software that can handle the transition smoothly. You don't want to lose your financial data or start from scratch. With scalable accounting software, you can upgrade your plan or add new features as your business grows.
Choosing the right accounting software is crucial for side hustlers who want to save time and focus on what they do best. Be sure to research and analyse the accounting software solutions on offer to decide what's best for your unique situation. Happy bookkeeping!
Side hustle inspiration
This article from The Age is a good read: From silkworms to sculptures, the strange side hustles are keeping Australians afloat