Quickbooks or Freshbooks?
How about neither!
Accounting softwares like Quickbooks are commonly used in small businesses however they often don’t deliver on their promises.
Did you know that using Freshbooks and Quickbooks can actually cost you more time than they save for the average solopreneur. You are basically doing a massive copy and paste and for many small businesses, it is a $40 to $75 a month expense that would be better managed using MS Excel, which is a free spreadsheet program. Not only will spending too much on Quickbooks drain your business budget from better purchases that could grow your business, but it also typically takes someone many months to get proficient with a system you don’t even need. If you want to get your time back, don’t make your bookkeeping more complicated than it needs to be. Find out how you can easily avoid the wasted time and money with accounting software and bookkeeping that is 10 times more complicated than your new venture needs. Follow Finance Learning Lab on Youtube to find out how.
But doesn’t everyone buy an accounting software?
Well yes it is true that many entrepreneurs when they are starting out will start paying monthly fees for a cloud based accounting subscription they don’t need. It is also true that something like 96% of businesses fail within their first few years. Richard Branson (quote source), the famous CEO of Virgin has a wonderful quote that is well suited to this matter. He says “Complexity is your enemy. Any fool can make something complicated. It is hard to keep things simple.”. If your bookkeeper has convinced you that that business finance needs to be complicated, find a new bookkeeper and stop paying monthly fees for Quickbooks to make your life more complicated. Or do what everyone else does and join the 96%.
Attend a workshop with Finance Learning Lab to find out more about why you may not need to spend a penny or countless hours learning a time consuming accounting software. For many small businesses and solopreneurs, a simple Excel spreadsheet can meet their needs without needing to incur any costs and ultimately keep your bookkeeping easy for you to understand. Learn alternatives to set up your books without needing Quickbooks or Freshbooks at all.