If you’re creating custom invitations, though, you can add the expense of the paper purchased to Cost of Goods Sold. Use the BooksTime mobile app to snap a photo of your receipt from lunch and upload it into BooksTime, where you can then drag the uploaded receipt image into the expense screen.
If you’re working on a side hustle or just getting started with a small business idea, you may not want to go all-in with a fancy accounting software just yet. Other BooksTime advantages include simple project management, integration with Stripe to get paid online, and automated and manual invoice reminders for unpaid bills. Here are five scenarios when the accounting software giant can make the most sense for your business. A disadvantage of BooksTime is the maximum number of billable clients per plan. With the Lite plan you can only manage and invoice 5 clients, which is very limited for most businesses. As a small business, accounting software can transform your working life. It’s the easiest way to monitor money flowing in and out, bill customers, and simply process your finances at the end of the year.
Create and send invoices, record payments, track and import expenses, manage projects and track your time. BooksTime’ features automate most of your accounting so you can spend more time focusing on your work and your clients. You can have invoices automatically generated and sent, expenses automatically tracked and even have your payments automatically recorded, all without you lifting a finger. The Premium plan, at $45/month, includes up to 500 clients, while the Select plan is available for those with more than 500 clients. You can create a new project in minutes, with the option to choose a flat-rate project or an hourly project.
What Is BooksTime? An Overview
While limited, BooksTime accounting offers most of the reports needed by a small business owner. One of the original core offerings, BooksTime invoice capabilities allow you to create professional invoices that let clients pay instantly through BooksTime Payments. BooksTime bookkeeping allows for unlimited invoice automation, including reminders for outstanding invoices and past-due payments, which saves you time and encourages faster payments. This feature also allows business owners to require deposits from clients, facilitating better cash flow.
How do I invite an accountant to BooksTime?
How Do I Invite My Accountant to BooksTime? 1. Log in to your BooksTime account.
2. Once on your Dashboard, click the green Invite button in the top right corner.
3. Select the Accountant option.
4. Enter their Name and Email Address.
5. Add a personal message if needed, then click Send Invitation.
On the “new expense” page, you can fill out the details of your expense. If you need to, you can also attach a receipt through this page. Unlike in “invoices,” you can’t add items to this entry, so attaching a receipt helps you keep track of what you purchase. To customize BooksTime’ invoice template, click the “customize invoice” button in the “invoice settings” section. BooksTime only has two fonts and templates to use, unlike BooksTime or BooksTime Online. Fortunately, you can still pick an accent color, upload your logo and add a header image to personalize your invoices. You can create an invoice through the dashboard by selecting the “create new” button or through the “invoices” page.
If You Want Native Integrations With Your Other Tools
You can also contact BooksTime via email, use the contact form on the website, or access support from within the application. The website also offers a BooksTime tour and a searchable FAQ page. In this BooksTime alternative, support is included in the cost of the subscription, and you can call the toll-free number and talk to a live person during extended https://bookstime.solutions/ business hours. While many support questions can be easily answered by using the other resources available in BooksTime, it’s incredibly refreshing to have the option to call support when it’s needed. One of the biggest complaints I have with comparable online accounting applications such as BooksTime and BooksTime Online is their lack of telephone support.
This context sensitivity is great feature, one that saves time and constantly reminds you of options available. You can, for example, switch to a different invoice style here. You can also make the invoice recur at specified intervals, either automatically or manually, and set up online payments. Additional context-sensitive settings appear once you save an invoice.
If you’re self-employed,BooksTime was created to give you an easy way to track income and expenses. Before, I was just using Paypal and an Excel sheet, but I would often forget to invoice or follow up with existing invoices. BooksTime makes it easy to time-track and generates helpful analytics for understanding cash flow. They’re also constantly improving the service with new features, so I know I won’t quickly become outdated.
This feature helps small business owners and their teams easily coordinate, communicate and work on projects. Such a feature in which everyone is on board and has a defined set of tasks and deadline boosts productivity of the team. This feature allows business owners to invite their team, contractors and business partners to work on different projects. You can not only add your team but also choose which document related to the project is visible and accessible how to hire an accountant to which team member by using the team permissions feature. An effective accounting solution helps businesses become more profitable and understand their assets, liability and equity situation at any time. This can help in the decision making process for future plans. The accounting reports available on BooksTime include Balance Sheet, Profit and Loss, General Ledger, Trial Balance, Bank Reconciliation Summary, Sales Tax Summary and Cash Flow.
With BooksTime small businesses can easily make and send customised estimates to their clients which the clients can view and accept online. These estimates are convertible to invoices and a discount can be added to the estimates.
I was spending way too much time trying to keep costs down while also looking professional and legit. So I started looking a resource for bookkeeping, invoicing, and a bit of accounting. BooksTime works best for service-based businesses, for freelancers and solopreneurs who need a way to track expenses and revenue for simple reports. , BooksTime beats BooksTime on customer support, price, and feature development. BooksTime offers inventory tracking and better reconciliation, as well as more favorable integrations.
Easy To Use Dashboard
HoneyBook helps you manage projects, book clients, send invoices, and get paid on time. With the advanced payments option, you can save and proactively charge your clients’ credit card details they’ve provided to you. You can also do this on all invoices, including recurring invoices and payments. The cloud-based accounting software has three tiers, and a fourth if you’re a large company or enterprise. However, I’ll just be going over the three main tiers that they include. You can also see when your potential client has viewed and accepted the estimate, and you can turn any estimate into an invoice with the click of a button.
- Being able to link your bank account, credit card and the option to add other users also make it easy to use software.
- You may add detailed time entry notes, bill for tracked hours automatically, and track time on the go with its mobile app.
- With that said, it’s also more complicated to set up and has a more challenging learning curve.
- In addition to FAQs, you can find a searchable knowledgebase, a free webinar, a blog with helpful accounting and business tips, and free e-books.
- Alternatives Looking for a different set of features or lower price point?
If you value that time on your hourly rate…that is a lot of money. BooksTime is perfect for small business owners who are looking for a basic, user-friendly accounting tool to do invoicing and expense tracking.
Even though the increased customer slot is enormous, you have to pay twice the price of the “Plus” plan. The price gap between these plans is pretty big, considering there are no new features for this upgrade. BooksTime has a lot of interesting features that work well with each other. It also completes most of its features with automation options. However, there are also some basic tools missing, such as payroll, inventory tracking and bill reminders.
BooksTime Is A Life
In case you want to improve your accounting skills, there are plenty of resources online. BooksTime support is available globally during business hours. There are also a useful chatbot and comprehensive knowledge base if you’re in a hurry. You can add team members to every plan for an additional BooksTime monthly cost of $10 per person.
What is the cheapest version of BooksTime?
BooksTime Simple Start
Simple Start is the smallest BooksTime plan. The BooksTime Online Simple plan costs $25/month and supports one user.
If you want to impress your clients with tailor-made projects, you can do so with BooksTime proposals. You can ease the acceptance process by allowing your customers to do everything online. And the cherry on top—you can brand everything to present high levels of professionalism.
The Lite plan is $4.50 per month, which allows you to bill up to five clients. You can connect with your bank account, accept invoice payments, track your time and access the mobile app.
Traditionally, discussing tax strategy with your accountant would mean gathering a bunch of documents and giving your accountant a messy view of the business (aka wasting everyone’s time). BooksTime has approached these needs through the ability to integrate simply with all sorts of other platforms, payment systems cash basis and even 3rd party users. Every single business has all sorts of random requirements and needs. However, they have been trying to rapidly grow outside their original wheelhouse of freelancers billing hourly time. When you set up a new client, you just enter their information and they become part of the system.
BooksTime Pros And Cons
Paperwork is a challenge to deal with, especially if you’re working alone or within a small team. Larger companies and departments often have their own accounting team to deal with paperwork.
Frequently asked questions and guidelines for each module of BooksTime are available for ease of use of consumers. BooksTime has a well-developed and detailed blog to help small businesses run their business more effectively. The Total Spending graph on the Dashboard allows you to keep a track of your budget and how much of your spending is allocated to which category. You can enter your expenses from anywhere with the availability of the iOS and android application for BooksTime. Furthermore, expenses are auto categorized according to the IRS tax system which makes filing taxes easier at the year end. The software is more suited to single users as adding every additional member comes at an additional price.
You can favorite any reports that you want by clicking on the star next to the report’s name. These favorited reports will be featured at the top of the reports section for easy access. If you’re looking for an accounting solution and you’re wondering whether BooksTime could be a good option for you, you’re in the right place. In this BooksTime review, we’ll be analyzing the pros, cons, and alternatives to help you decide if this is a good fit for you. It will offer more collaboration features and efficient delivery functions.
BooksTime is a beautifully designed accounting software that offers low prices (just $9 a month for their basic version), and by far the most features out of all the softwares I’ve mentioned. As you can see, it’s best for self-employed folks that need to easily track their time, expenses, and invoices. That makes keeping track of time clocks, projects, and expenses a whole lot easier.
With the time tracking tool, you can keep a close watch on your and your team’s efficiency and where most of your time is being spent/utilised. You can manually enter your time or start the timer on BooksTime. All the pricing plans are suited for a single user and there is an additional price of $10 to add another user. Each day when you log into your BooksTime account you can see your transactions at a glance.