6 Best Accounting Software for Consultants

QuickBooks On-line: Greatest general accounting software program for consultants

QuickBooks On-line is our greatest small-business accounting software program due to its strong options in day by day accounting and reporting. For consultants, one of the best plan is QuickBooks On-line Superior as a result of it’s good for 25 customers and has all of the options QuickBooks On-line presents. Consultants will like class and placement monitoring, venture monitoring, knowledge sync with Excel for advanced calculations and workflow automation.

Why we selected QuickBooks On-line

We selected QuickBooks On-line as our greatest general decide as a result of it has all of the options consulting corporations would want for accounting. It’s versatile, accessible to impartial bookkeepers and ProAdvisors and fashionable in america. QuickBooks additionally has loads of integrations with third-party apps, making it an easy-to-implement software program.

Pricing

• Easy Begin: $30 per thirty days for one accounting consumer.
• Necessities: $60 per thirty days for 3 accounting customers.
• Plus: $90 per thirty days for 5 accounting customers.
• Superior: $200 per thirty days for 25 accounting customers (really useful for many consultants).

The Necessities plan and better consists of limitless time-tracking-only customers.

Options

• Income recognition: Consultants with shoppers on retainers will like Superior’s income recognition options. Recurring charges from these shoppers might be acknowledged as income mechanically and the bookkeeper needn’t alter these each month manually.
• Class and placement monitoring: If you wish to monitor a selected service line in your consulting enterprise, you need to use courses and places for this one.
• Excel knowledge sync: Superior can ship knowledge to Microsoft Excel seamlessly, so you possibly can carry out superior and sophisticated calculations for knowledge evaluation. And in case your consulting agency makes use of Excel’s Information Evaluation Toolpak, a direct connection from QuickBooks On-line will make it straightforward so that you can acquire knowledge and carry out regression evaluation, create correlation matrices or generate descriptive statistics.

Professionals

• Provides you entry to an enormous community of ProAdvisors.
• Features a built-in time tracker.
• Has a wonderful customized reporting software.
• Contains limitless time-tracking customers.

Cons

• Has no built-in function for detailed shopper monitoring.
• Requires Superior subscription to maximise all options for a consulting enterprise.
• Has restricted accounting seats — with no possibility so as to add extra seats.

For extra info, learn our QuickBooks On-line evaluation.

FreshBooks: Greatest for solo practitioners

FreshBooks is accounting software program designed with self-employed people in thoughts. Self-practicing consultants can use it for invoicing, billing, time monitoring and venture administration. Consultants also can monitor venture profitability and create dynamic electronic mail templates. The platform even makes it handy for consultants to receives a commission due to the checkout hyperlinks inside buyer invoices.

Why we selected FreshBooks

We selected FreshBooks due to its simplicity and interface. It’s not as intimidating to make use of as the opposite suppliers on this record, and consultants with out accounting software program expertise can be taught and use FreshBooks simply. It additionally accepts on-line funds, making it straightforward for shoppers to pay and handy for consultants to gather funds.

Pricing

• Lite: $19 per thirty days for one consumer solely.
• Plus: $33 per thirty days for one consumer solely.
• Premium: $60 per thirty days for one consumer solely (really useful for consultants).
• Choose: Customized priced.

When you want extra seats, you possibly can add $11 per consumer, per thirty days, to your invoice.

Options

• Undertaking monitoring: FreshBooks’ venture monitoring instruments allow you to monitor billable time, enter billable bills, handle venture prices and examine precise vs. budgeted prices for efficiency analysis.
• Receipt seize: Consultants can seize receipts simply utilizing their smartphones by means of the cellular app. FreshBooks can learn the info mechanically and enter it into the system. This function is useful for consultants who work on the go.
• Recurring invoices: Recurring charges are frequent within the consulting trade, particularly if the guide is on name. If in case you have recurring shoppers, FreshBooks’ recurring invoices function sends invoices to those shoppers mechanically. This function may help you save time and give attention to extra vital duties.

Professionals

• Provides professional-looking bill designs and dynamic electronic mail templates.
• Has a built-in time tracker for monitoring billable hours.
• Can add an accountant at no extra value.
• Is straightforward to make use of.

Cons

• Prices extra charges per added consumer.
• Contains just one consumer in all plans.
• Requires financial institution feed connection to make use of banking options.
• Wants workers to be added as extra customers to trace time.

For extra info, learn our FreshBooks evaluation.

Xero: Greatest for giant consulting corporations

Xero is among the main accounting software program suppliers and is second to QuickBooks. What makes Xero engaging is its reasonably priced pricing, which incorporates limitless customers. Its Established Plan — the very best plan — comprises all of the options Xero presents however is priced decrease in comparison with QuickBooks On-line’s Superior tier. In Xero, you may also monitor time, ship invoices, obtain payments and reconcile financial institution accounts.

Why we selected Xero

When you’re a consulting agency that doesn’t need limits on the consumer depend, Xero is our greatest decide. For under $78 per thirty days, you get all of Xero’s options — plus limitless seats. You may set their limits and allow customers to handle some, or all, of Xero’s capabilities. When you’re a consulting agency with greater than 30 customers who want entry to the platform, we advocate Xero for its reasonably priced worth and in depth accounting options.

Pricing

• Early: $15 per thirty days for limitless customers.
• Rising: $42 per thirty days for limitless customers.
• Established: $78 per thirty days for limitless customers (really useful for consultants).

Options

• Undertaking monetary dashboard: Xero’s monetary dashboard gives a fast overview of venture numbers to assist managers and venture house owners see real-time info with out producing a report.
• Undertaking monitoring: Monitoring venture time and price is simple in Xero’s Undertaking Tracker. This module of Xero offers venture managers a central hub for managing venture prices and progress. Consultants can use this module to trace consulting prices, revenues and different shopper billables.

Professionals

• Contains limitless seats in all plans.
• Has glorious venture accounting options.
• Provides extra reasonably priced month-to-month charges than QuickBooks.
• Lets customers monitor time utilizing the cellular app.

Cons

• Limits the variety of payments and invoices within the Early plan.
• Will not be as fashionable as QuickBooks within the U.S.

For extra info, learn our Xero evaluation.

Zoho Books: Greatest software program ecosystem for consulting corporations

Zoho Books is a rising competitor of QuickBooks within the U.S. It’s also a strong accounting software program with strong options and an impressive cellular app. Its versatile paid plans and free possibility make it straightforward for small consulting corporations to develop and scale with it. The software program options buyer portals, superior analytics and superior report customization that aren’t current in QuickBooks.

Why we selected Zoho Books

We selected Zoho Books for consulting corporations that is perhaps within the Zoho suite. Although the platform could be bought standalone, getting Zoho One offers customers entry to all of Zoho’s built-in apps, akin to Zoho Expense, Zoho Bill and Zoho Stock. It additionally has productiveness apps, akin to Zoho Author and Zoho Sheets.

Consulting corporations can profit from Zoho One since it’s a software program ecosystem. This makes it an all-in-one answer for productiveness administration, work administration, accounting and finance, doc administration and electronic mail internet hosting, to call a couple of.

Pricing

• Free: $0 per thirty days for 1 consumer.
• Commonplace: $20 per thirty days for 3 customers.
• Skilled: $50 per thirty days for five customers.
• Premium: $70 per thirty days for 10 customers (really useful for consultants).
• Elite: $150 per thirty days for 10 customers.
• Final: $275 per thirty days for 15 customers.

You may add extra seats at $3 per consumer, per thirty days.

Zoho One’s pricing is as follows — and also you don’t want to purchase all of your workers a license:

• All Worker Pricing: $45 per consumer, per thirty days.
• Versatile-user Pricing: $105 per consumer, per thirty days.

Options

• Buyer portal: Consultants can create a portal per shopper and use it as a significant communication channel for all issues associated to present and future initiatives. You may ship estimates, quotes, invoices and paperwork within the portal. Purchasers additionally use this portal to replace their private info.
• Undertaking administration: In Zoho Books, the venture administration module can monitor time, handle a number of initiatives, monitor venture bills and add member roles for collaboration. This function is additional enhanced if the crew makes use of the cellular accounting app for time monitoring and receipt seize.
• Reporting and analytics: Consulting corporations want customized reporting to trace the efficiency of groups, initiatives and prices throughout a number of enterprise areas. With Zoho Books, consultants could make particular experiences that may assist with inside decision-making.

Professionals

• Has an ecosystem of software program that may improve productiveness.
• Provides versatile plans with a number of tiers.
• Has a free plan appropriate for consultants new to the trade.
• Allows you to add extra customers to every plan for an extra value.

Cons

• Will not be as fashionable as QuickBooks.
• Doesn’t have an enormous community of advisors for assisted bookkeeping.
• Lacks venture monitoring within the Commonplace plan.
• Permits solely paid customers enter their very own time.

For extra info, learn our Zoho Books evaluation.

Wave: Greatest for consultants with few shoppers

Wave Accounting is an easy accounting answer for consultants who want to trace solely revenue and bills. Its free plan is appropriate for these with few shoppers and initiatives that don’t want advanced monitoring, particularly if their engagements are fixed-fee since Wave can’t be used to trace time. Consultants can create invoices, request and settle for funds and seize receipts utilizing the cellular app.

Why we selected Wave

Consultants who deal with few shoppers and provide easy consulting providers will profit from Wave due to its easy-to-use interface. It’s preferrred for consultants who aren’t able to decide to extra superior software program however nonetheless wish to account for consulting revenue and bills. When you invoice most of your shoppers by the hour, we advise contemplating one of many paid choices on this information since Wave doesn’t provide time monitoring.

Pricing

• Starter: $0.
• Professional: $16 per thirty days.

Options

• Skilled and limitless invoicing: Consultants can create customized invoices simply in Wave, add on-line fee strategies and ship them to shoppers. When you get the Professional plan, you take pleasure in discounted charges for on-line funds. Furthermore, consultants with recurring shoppers may arrange recurring invoices in order that they don’t have to fret about invoicing month-to-month.
• Financial institution reconciliations: Wave options an easy-to-understand financial institution reconciliation module. Even consultants with little data of accounting can be taught and perceive find out how to match and reconcile accounts.

Professionals

• Is reasonably priced for consultants searching for a paid software program answer.
• Lets you ship limitless invoices even with the free plan.
• Gives entry to Wave Advisors for an extra payment.

Cons

• Can’t monitor and invoice time.
• Doesn’t have venture accounting options.
• Options solely a restricted variety of experiences.

For extra info, learn our Wave Accounting evaluation.

NetSuite: Greatest ERP for consultants

NetSuite is an enterprise useful resource planning (ERP) software program that options totally different sorts of options for each side of a enterprise. Established consulting firms can use NetSuite’s superior capabilities to create tailor-made options for his or her consulting providers, shoppers and workers.

Why we selected NetSuite

We picked NetSuite for customers who want a extra highly effective and streamlined answer. ERP software program could be personalized to the wants of the enterprise — and consulting corporations can design a system that matches their workflow and desires with NetSuite. On condition that ERP is advanced, it offers consulting corporations a wide selection of instruments in accounting and finance, human assets (HR) and shopper administration, which can assist all departments within the enterprise.

Pricing

Contact NetSuite for a customized quote.

Options

• International enterprise administration: If in case you have groups overseas, NetSuite is able to managing international operations, dealing with multicurrency transactions, making use of totally different tax guidelines and creating personalized experiences per area.
• Planning and budgeting: Via NetSuite’s enterprise efficiency administration module, customers can create budgets and forecasts based mostly on precise and projected knowledge. This module is ideal for planning future operations and projecting future efficiency.

Professionals

• Comprises totally different sorts of options for accounting, HR, payroll, buyer relationship administration (CRM) and analytics.
• Could be tailor-made to the wants of a consulting firm.

Cons

• Could also be costly given it’s ERP software program.
• Is unsuitable for solo practitioners or small consulting corporations.
• Has a steep studying curve.

For extra info, learn our Oracle NetSuite evaluation.