Are you stuck and don't know how to manage your own finances, expenses, or income? Or do you have a hard time keeping a record of your finances?

If you said yes, then this article is for you.

Thankfully technology has allowed humans to create tools and services that help us in our day-to-day activities. So, if you need aid you can use programs developed to help any business, company, entrepreneur, or civilian to keep track of their accounting.

Accounting is a field of study dedicated to measure, process, and communicate financial information of economic entities like large corporations or small businesses. It measures the results or outcomes of an entity's economic movements and it's usually used to present to investors or regulators.

Personal accounting or personal finances are used to keep track of the monetary movements of a person or a family. Keeping these sorts of records is important because it can save you from financial trouble and you can learn how to manage your money, income, tax payments, bank accounts, credit, and more.

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Transaction books are filled with every entry you can possibly imagine and accountants must be detailed on the information they input there. Photo by Towfiqu barbhuiya on Unsplash

In the past accountants or bookkeepers had to do their jobs manually by keeping journals and books. The job used to be a long and tedious process but these records are so necessary that someone had to do it.

However, engineers have developed accounting software for any bookkeeper or accountant to keep a record and report of financial transactions.

This service made life much easier for every accountant in the world because now they don't have to do everything manually, they have programs that help them.

All they have to do to start to work is input the information into the system and the bookkeeping and accounting are done much more automatically than before.

Now that you understand a little about accounting, its role in business, and the use of accounting software, you can continue reading to learn about our program recommendations, how to obtain it and do your own bookkeeping and accounting, and much more.

Learn more on our self-employed accounting guide.

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Software recommendations

The first thing you need to know is that there are different programs for different goals in accounting. Some offer the same service but with a different method, and some have a free trial time. There are also programs for invoicing, transparent pricing, growing businesses, automating accounts, and so on.

Accounting software was originally created for big corporations and businesses, however, over time, there has been new software created for small businesses and people who are self-employed.

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If you are learning to account make sure you are detailed, precise, and that you double-check your work because you can mix things up, especially if you're starting out. Photo by Kelly Sikkema on Unsplash

Here is a list of some of the best software you can use if you have a small business or if you're self-employed:

  • QuickBooks - this one is probably the most popular one for any small business, it has a trial of 30 days and after that, it has a cost of $15 per month. QuickBooks is popular because it is known for being affordable, effective, and easy to use.
  • GoDaddy - this is an online bookkeeping service directed at online merchants. It is designed for people who need to keep up with a financial entry of both online sales and in-person cash and money. This bookkeeping service is not free, it costs $4.99 per month.
  • Wave Financial - this free accounting program is designed for anyone who wants to keep up with their expenses. You can connect it to your bank account and it offers payroll and invoice features.
  • Sage Business - this software is designed for freelancers and self-employed people, it costs $10 per month and has a trial of 30 days. It's perfect for freelancers and self-employed people because it helps you send invoices and track payments easily.
  • Xero - this software is perfect for your business, especially if you have a growing business. It costs $11 per month and it has a trial of 30 days.

Here is a list of some of the best software companies and businesses might use:

  • Zoho Book - this software is designed for microbusinesses, it costs $9 per month and it does have a trial of 30 days. It is designed for microbusinesses because they don't have extensive transactions and they don't need a big system, all they need is software that is doing the small things for them.
  • FreshBooks - this is software designed for invoicing, it costs $4.50 per month, and it has a trial of 30 days. Many companies use excel for invoicing but that doesn't have the accounting features that FreshBooks has. With this software your business's invoicing will be dealt with quickly and easily.
  • Oracle Netsuite - this software is known for having enterprise resource planning (ERP) tools which makes managing the financial aspect of a business much easier and automated. There is no set price and no free trial.
  • Zar money - this software is known for its "transparent pricing" features, it costs $15 per month, and its trial period is of 14 days. It is popular for making a company's accounts, accounting, payroll, and transactions transparent.
  • Plooto - companies use this for everything that has to do with accounting except payroll, that's called automating accounts payable. It costs $25 per month and it has a trial of 30 days.

Have you ever wondered what are the advantages of managing your accounting when self-employed?

How to obtain this software

If you start a business, work freelance, or are self-employed one of the first things you need to set up is an accounting system to follow your income and expenses. You will also have to start doing the bookkeeping or hire a bookkeeper, follow your monthly sales to see your growth, record every drop of income you gain and set up everything with a program that is easy to use.

If you are wondering how to get any of the systems we listed above all you have to do is go online, search the name (for example QuickBooks), and follow the instructions given on an official site.

Remember that there are many trolls and viruses on the internet so you have to always make sure you're using official sites. To recognize a legit website you should pay attention to the URL, see if the company has a social media presence, or use Google's Safe Browsing Transparency Report.

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Having your own business means learning about tax payment, bookkeeping, cash flow, credit, payment method, and read everything you can on businesses and administration. Photo by Tyler Franta on Unsplash

If you are googling try to go to the links that aren't ads because those are legit sites on the first page that are popular and trusted by people.

Do not forget that technology is constantly evolving and somethings there is new software that is not compatible with your computer.

Make sure you do your research, read everything you can, and double-check your sources before you download something to your computer because if the program is too heavy it can damage your system and your computer.

Additional resources to help you manage your accounting.

What computer do you have?

As we mentioned, you have to make sure you have a computer that can support the weight of a program. For instance, if you bought a small laptop with little storage space and low RAM then odds are it won't be able to download heavy software.

However, if you have a state-of-the-art computer then you shouldn't worry, you can download any program you wish.

If you do not know what to do then you can start by researching and trying to figure out if your computer can withstand the program but the best thing you can do is find an expert that knows which program would be best for your computer.

Remember that there are many programs on the market and if there is one too heavy for your computer you can always find another smaller and much simpler program where you can do your bookkeeping.

Learn to do your own accounting

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A small business doesn't necessarily need an accountant, you can learn yourself and once you grow you can hire someone to take care of the financial aspect for you. Photo by Kelly Sikkema on Unsplash

If you know nothing about accounting, bookkeeping, expenses, transactions, account management, cash flow, tax, financial entry, and so on, then you should probably consider hiring a private tutor or an accountant so you can learn all these things and more.

Learning finances can be challenging but it is something you must learn if you want to be smart about money, especially if you're starting a business or if you're self-employed.

You can search for an accountant but if you're someone who has a hard time trusting others then you must find someone who can teach you accounting.

On Superprof you will find tutors for every subject you can imagine, close to home, qualified to teach people of different ages and backgrounds, and so on. All you have to do is go to our homepage and search for the subject, place, and level you wish to learn at.

Continue reading and learn how to manage your accounting if you’re self-employed.

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