While we hope and search for free things, nothing can ever truly be free. As the old adage goes, “You’ve gotta spend money to make money.” When starting and running a small business, staying on top of your finances is absolutely
essential. There is no shortage of varying accounting software, ranging in price from top to bottom. And while a few claim to be “free,” there are hidden charges, upselling tactics, and frustrating pop ups designed to fund their businesses.
Your time is valuable; as we’ve all heard, time is money. Since your time is money, these free services are actually costing you. Using the right accounting software can also save you time, nearly an hour a
day. Accounting software doesn’t have to break the bank, and there is real value in finding the correct paid service for your needs and comfort level.
Free Accounting Software
Accounting software can be pricey,
ranging from $9 to $999 per user, per month. By
2026, the global market for accounting software will be valued at $11.8 billion. Many accounting software companies promote either a free option in their suite of products or a lite version of their software. In either scenario, the end game is the same.
These free options are designed to operate at a lower standard, and upsell you into other services. In a lite version of a software, you will be subject to
continuous pop-ups to purchase the full version, while also lacking the functionality you need.
With standalone free services, money-making options can often be hidden to you. Services may charge for credit card transactions, payroll, or other services. In a small business, profit margins can be minute. These small 2.9% fees can be the difference between your profit and being in the red.
Long term, there is no guarantee that these services will stay free. A business needs revenue to function. By choosing a correct paid service now, and budgeting for that expense, you save yourself in the future from an unexpected change or cost.
When comparing these options, they always leave out one or more important functions you will need. From limiting your accounts to device availability, these are functions you don’t want to compromise. Most small business owners have multiple accounts. Some of these free services might limit you to only one account, causing confusion and frustration when you try to reconcile.
Creating your own spreadsheets might seem appealing, but they lack advanced features you need. Other free services might prohibit you to only one device. When you’re on the go, it’s helpful to have access to your accounts on any device necessary.
Protection
There is added protection when using paid versions of software. In your initial setup process, finances can be overwhelming. You could find yourself paying 2-3x the software price on a consulting firm or CPA to simply get the software rolling.
Free versions do not offer the customer support of paid services. They are not backed by professionals to assist you, nor do they have the experience this knowledge provides.
Big E-Z, for example, has checks and balances in place to prevent you from going down a wrong path with your accounting. Through years of trial and error, we’ve worked through kinks and bugs to make your life simpler. With AI on the rise, technology poses to replace nearly 94% of accountants and auditors (Source: Accounting Today). Being ahead of this trend, and working with educated professionals now, only poses to aid the longevity of your small business.
Accounting Expenses
On average, American small businesses spend between $1000-$5000 a year on accounting expenses. These overhead costs are a necessary expense that cannot be overlooked.
With well-kept records, you save both time and money. Nearly 75% of accounting firms charge extra for poorly kept records. Being ahead of the curve will serve you greatly long term. Saving yourself time and frustration only leads to benefit your business, as your mental state can affect other areas within your business.
Most small business owners are spending 40+ hours on tax
preparation. With the appropriate software, support, and records, you can find yourself with more time to dedicate to what really matters in your business: generating income.
Big E-Z Accounting Software
At
Big E-Z,
we have spent years streamlining to create a highly efficient bookkeeping software. With decades of bookkeeping experience, we know the ins and outs of these frustrating systems. We have worked tirelessly, with the help of CPAs, to make sure this software is the best it can be for you. Our flat yearly rate is set in place to help you maximize your profits and aid in removing stress from your life and with fewer bells, whistles, and popups. We offer a free consultation in initial setup, just one point of our top-tier customer service.
