As soon as the new business starts seeing transactions hit the bank and credit card accounts, it is important to stay on top of the best accounting practices.

While some business owners completely outsource all book keeping, accounting and tax issues to specialized 3rd party, there are many of us who want to have full understaning of what’s going on in the business, so that the right tax planning conversations happen throughout the year and not a few days before the deadline.

It is not necessary to buy the most expensive accounting software, many of the options on the market are (quite frankly) an overkill for a small business that just started, doesn’t have too many (or any) employees and has just a handful of transactions in any given week.

Many of the accounting software packages recently switched to a recurring payment model, which may initially make it appear more affordable, but these monthly charges add up quite a bit over time.

I have used Quickbooks few years ago and that’s certainly still a viable option (although a bit expensive now). Lately I’ve had good luck with Freshbooks, which surprised me with how intuitive it was to get set up and connect with the bank and credit card account and how hassle free it was to keep all my accounts reconciled.

Freshbooks also has a free trial, so there isn’t any risk in testing it out for a few weeks to see how well it fits. If you came across something that’s even better, please do let me know in the comments bellow.