Many businesses are turning to independent contractors or freelancers rather than full-time employees to keep costs low. This allows the business to avoid paying for things like health insurance and vacation pay. Many of these freelancers are also required by law, especially those in states that have passed laws requiring paid sick leave, paid time off, and other benefits.
There is no reason why all these people should be affected by hiring full-time employees when software can help them out. It’s easy to calculate taxes on your own once you have your program, and it protects you from any liability if anything goes wrong with the numbers you input as a contractor. Below there’s the list of best accounting software for freelancers with quarterly tax payment features that may be handy for your business.
Our Top 5 Accounting Software For Freelancers With Quarterly Tax Payment
Best Accounting Software For Freelancers With Quarterly Tax Payment Reviews
1. Best Overall: QuickBooks Self-Employed
With accounting software for freelancers, you can get the job done effectively, quickly, and affordably. QuickBooks Self-Employed is leading software for freelancers that is easy to use and affordable. This app also comes with its blog, where you can find out new, helpful information about accounting and how to grow your business in this economy.
QuickBooks Self-Employed Features
- Complete records of client payments, expenses, and taxes owed or paid.
- Keep track of mileage so you can write off all your travel expenses.
- Easy time tracking for invoicing clients.
- Set up payment reminders to get paid faster.
- Link bank accounts for automatic income and expense tracking.
- Download transactions from the bank to keep balances updated automatically.
- Send estimates and accept credit card payments directly through the app.
With this app, you can be completely self-sufficient when it comes to your finances, and that’s why it’s our top pick in accounting software for freelancers.
2. Best Customer Support: AND CO
AND CO is one of the most widely used accounting software for freelancers with quarterly tax payments. It is easy to use and efficient. This software can help you maintain records, manage your clients, receive payments and taxes on the go, and more.
One of the greatest benefits of AND CO is that it’s easy to figure out how to use it. The software is so intuitive that you can get your bills out quickly. In addition, you’ll be able to send invoices, create estimates, and send work orders.
AND CO has a clean and intuitive interface which makes it easy for clients to understand. They can create projects with different stages, sub-stages, and to-do lists. These features make it easier for freelancers to show their progress to the clients. This way, there will be no confusion between the freelancer and the client about what’s already been done and what’s left.
Another benefit of this software is that it allows people in different time zones and countries to connect more easily.
3. Best User-Friendly Customization Options: Freshbooks
It can be hard for freelancers to keep on top of their taxes. Thankfully, Freshbooks has launched a new product that will take care of all your quarterly Paycheck Tax Reminders!
The new software is a set of three features that no freelancer should live without Tax Reminders, Payments, and Forms. All you have to do is tell it what state you live in, and the next time your job is due for filing taxes, Freshbooks will send an email reminder telling you which form to fill out and file.
And because remembering when that payment is due can feel like a chore sometimes, the system will also send reminders when it’s time to make the payment.
While Freshbooks will help your finances, it also provides an excellent service to your clients. For example, if they forget to pay their taxes, the software will send them reminders and keep reminding and reminding them until they pay up.
4. Best for Growing Businesses: Square Appointments
Square Appointments is a simple and straightforward accounting tool that’s perfect for freelancers and business owners. It’s software designed to give freelancers an affordable way of tracking their bookkeeping — without all the headaches that come with it.
Compared to other apps in the industry, Square Appointment is easy and intuitive to use, making it an excellent choice for people who are just getting started with bookkeeping or need a solid alternative to keep track of their finances.
Square Appointments takes the stress out of bookkeeping, giving you the ability to make it quick and easy. For instance, you can quickly generate your invoices which automatically include your payment information, or promptly track which client is liable for each invoice.
Once you receive a payment from a client, you can record it in the software immediately so that the money is reflected directly on your income and expense reports. And since Square Appointments allows you to sync with your bank account, you can import transactions automatically for an even quicker and more efficient way of tracking your finances.
5. Best Accounting Reports: Sage Accounting
Sage accounting is top-notch, industry-standard accounting software for freelancers and small businesses. Many people are skeptical about this software or think it’s too expensive. It’s not! You can try out the free trial before making a purchase decision.
Sage Accounting has tons of features and accounting packages to choose from. You can see the comparison table below, which highlights just some of the features.
Sage Accounting seems expensive at a glance, but you have to look at what you are getting for your money. When choosing accounting software for your small business, it’s essential to consider all of the features included in the package and how they will benefit your business.
Buyer’s Guide
As a contractor, you can use the software to keep track of your income and pay taxes quarterly. However, as a freelancer, you will have to file quarterly taxes no matter what, especially if you have an adjusted gross income over the cutoff.
The key thing when selecting software is that it must be capable of producing quarterly tax payments. You will need this feature to avoid paying big fines and penalties that will result in interest payments if you miss deadlines.
If at all possible, it’s best to get something where you can input all information at once instead of having to add things up over many different spreadsheets or files.
FAQ
Do Freelancers Need Accounting Software?
Some freelancers like to keep their work and finances separate, but others find that separating their business and personal expenses can be helpful. Accounting software can help make that easier for freelancers who need to keep on top of the details of what they’re spending and earning.
What Is The Best Accounting Software For Self-Employed?
The most important factor to consider is what you need your accounting software to do. For example, do you need it to collect data and reports simply, or do you need it to pay your business expenses, run payroll, handle bank reconciliations and cash management, and create templates for 1099s? If you are just starting a small business on the side, then something like QuickBooks or Xero can help you get organized without being too expensive in the short term.
Is Freshbooks Good For Self-Employed?
Yes, Freshbooks is cloud-based accounting software that assists self-employed owners in managing their businesses. It offers an Android and iOS app to do your billing and bookkeeping, track expenses, generate reports and automate more than 30 tasks.
