Re: INVOICE & EXPENSES SOLUTION

[Amy1991]

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Hello Solopreneurs

Can someone please suggest which one should I buy/get:

1. Zoho
2. Wave
3. Anything else?

My requirement is:

1. Invoicing
2. Expenses
3. Reporting (if possible)

Ideally:

1. Looking for a free or cheap solution

Any help will be really appreciated

[eightknots]

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I have been using quickbooks online for a couple of years , nice and easy to use , cheapest version round 10.00 per month and have a 1 month free trail i think from memory and normally a 3 month ish discount offer when you sign up

[Amy1991]

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eightknots, post: 268354, member: 116784 wrote:

I have been using quickbooks online for a couple of years , nice and easy to use , cheapest version round 10.00 per month and have a 1 month free trail i think from memory and normally a 3 month ish discount offer when you sign up
Thank you. I am now trying their free trial month Thanks for the help

[Greg_M]

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Amy1991, post: 268314, member: 114657 wrote:

Hello Solopreneurs

Can someone please suggest which one should I buy/get:

1. Zoho
2. Wave
3. Anything else?

My requirement is:

1. Invoicing
2. Expenses
3. Reporting (if possible)

Ideally:

1. Looking for a free or cheap solution

Any help will be really appreciated

I’ve been using Wave for a few years now, as a small operator with no payroll it works fine for me.

The invoicing is sweet and allows customers to pay by credit card. My accountant reckons it’s ok, has no issues logging in and finding the reports he wants.

Up until recently it had automatic bank transaction feeds, but they’ve killed the off for a lot of countries including OZ. They have a Google sheets add on that integrates and allows uploading bank statements…but I haven’t tried it out yet.

Certainly worth a look and the price is right.

[Amy1991]

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Greg_M, post: 268603, member: 38207 wrote:

I’ve been using Wave for a few years now, as a small operator with no payroll it works fine for me.

The invoicing is sweet and allows customers to pay by credit card. My accountant reckons it’s ok, has no issues logging in and finding the reports he wants.

Up until recently it had automatic bank transaction feeds, but they’ve killed the off for a lot of countries including OZ. They have a Google sheets add on that integrates and allows uploading bank statements…but I haven’t tried it out yet.

Certainly worth a look and the price is right.
Thank you, Greg. I will check it out. I am reluctant to give access to my bank account to any 3rd party accounting software.

[Greg_M]

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Amy1991, post: 268604, member: 114657 wrote:

Thank you, Greg. I will check it out. I am reluctant to give access to my bank account to any 3rd party accounting software.

Understandable, though it’s not as evil as it seems. Most Cloud software does it if you want it. You can’t actually interact with the accounts it’s only bringing in the transactions as per a bank statement. It’s the banks own API that it’s reading off, so I figure if it’s breached (and I know about it ha ha) I’ll go looking to the bank for compensation not the accounting software.

I guess it’s the usual trade off, convenience usually wins in my case. I’ll miss that functionality because I hate bookkeeping, and over time the software learns what goes where…reconciling accounts is very easy and usually fast.

Apart from invoicing, reconciling is about all I do, the accountant does the rest. Because I only work a bit these days and there’s no stock, or payroll => no GST , not many transactions and I don’t want to spend $. If it wasn’t for the invoicing and payment gateway I’d probably just use spreadsheets.

[bb1]

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Greg_M, post: 268606, member: 38207 wrote:

Understandable, though it’s not as evil as it seems. Most Cloud software does it if you want it. You can’t actually interact with the accounts it’s only bringing in the transactions as per a bank statement. It’s the banks own API that it’s reading off, so I figure if it’s breached (and I know about it ha ha) I’ll go looking to the bank for compensation not the accounting software.

Actually there is a wrong assumption here, once the cloud accounting software grabs the data and imports it into their system, it’s not the bank that will be at fault, it is the cloud software company who holds the data, so it falls in their control, thus you will need to try to going to the software company, you told the bank its ok to pass the data to them.

[Greg_M]

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bb1, post: 268610, member: 53375 wrote:

Actually there is a wrong assumption here, once the cloud accounting software grabs the data and imports it into their system, it’s not the bank that will be at fault, it is the cloud software company who holds the data, so it falls in their control, thus you will need to try to going to the software company, you told the bank its ok to pass the data to them.

Maybe I wasn’t clear. I only see it as the banks issue if they breach the actual account at the bank itself, i.e. use the API to get in.

I agree, once they have the data if the breach is with them (the software company) then it’s their problem.

But all they actually have is a transaction record, not access, passwords etc to the account.

I guess if the transaction record is a privacy issue for the user they should assess the risks differently.

Like I said, for me it’s a trade off between risk, convenience and ease of use.

Privacy and data security is a huge issue and not one I take lightly, but I’ve come to the conclusion between Google, online tracking, my eftpos use etc, there’s not much they don’t know about my habits anyway and there’s nothing in my transaction records that’s a big deal to me or anyone else. I only grant API access on my business account nothing personal.

I’d also agree to many people hand info over too easily without assessing the risk…most have no idea imo.

Security and privacy in the digital world is going to be a headliner in the next couple of years. I know people who are now using VPN’s on their phones as well as other connected devices…but they have a lot more to protect than me.

I was actually talking to a senior exec of a large company recently who was telling me there’s been a big swing back to Blackberry phones for security reasons…and you can’t get into Russia unless you surrender them.

[oysterhub]

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Keep in mind that it is also possible to import bank statements into most modern accounting software. The process only takes about five minutes once you get used to it. Depending on the software automatic reconciliation or rule based matching is also possible.

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