Content
Some of the reports included in BooksTime Bookkeeping are profit and loss report, spending report, top selling items, sales by state, and several time tracking reports. Unfortunately, BooksTime is missing the balance sheet report, and like BooksTime, it does not include a cash flow statement. BooksTime Bookkeeping has three pricing plans that run between $4.99 and $14.99 per month. The Get Paid plan is limited in the features included, whereas the Essentials and Premium plans are identical except for one feature, the ability to create recurring invoices.
But with BooksTime bookkeeping, it’s a little more simplistic than other accounting software. The biggest benefit to using a simple bookkeeping software is because it’s easier to set up and understand. The drawback is once you start growing you might want more sophisticated accounting software to show you more data and track financial data with more granularity. If this is the case there are several other accounting software solutions for Amazon FBA sellers that offer more functionality (i.e. BooksTime and zero). These accounting software solutions also allow you to integrate with a variety of third-party software (i.e. using inventory software with BooksTime or BooksTime). BooksTime is not a comprehensive accounting package and a rather thin feature list reflects that fact.
Additional Bookkeeping Features
You can, for example, ask to be notified when an invoice is viewed by the customer and when it’s paid online. You can set up automated notifications when an invoice is due and when payment is received. Wave offers tools similar to these, and, like BooksTime Bookkeeping, supports estimates, too. BooksTime Online Bookkeeping is more suitable for freelancers and contractors. They lack the more complex features a small business would need or even a company with employees and inventory.
This being said, if you need more collaboration with regard to your business finances, you’ll want to look for bookkeeping or accounting alternatives that allow for multi-user access. Another downside of BooksTime Bookkeeping is regardless of which of the three plans you choose, you’ll only ever be able to attach a single user to your account. Therefore, if you want a business partner, employee, or even business accountant to take a look at your bookkeeping, you’ll have to let them use your account information—which is not ideal for security.
BooksTime Online Bookkeeping is ideal for Amazon sellers to manage your financials with no prior accounting knowledge. The software lets you automatically create and send invoices, view reports such as a profit and loss statement, and accept payments via credit and debit cards from your smartphone.
On the pros side, BooksTime Bookkeeping is a lot more affordable, it lets you track and calculate mileage, and it includes Schedule C tax worksheets. BooksTime allows you to give other users secure access, create automatic late payment reminders, and generate a balance sheet and accounts receivable report which are not available in BooksTime Bookkeeping. BooksTime Bookkeeping allows customers to pay their invoices online like BooksTime does. However, BooksTime does not have an internal credit card payment processor. Instead, you will need to connect a payment service such as Stripe or PayPal to your BooksTime Bookkeeping account in order to offer online payments to your customers. The BooksTime Bookkeeping Get Paid plan is ideal for a brand new start-up business that does not have a lot of banking, credit card, or sales data. Because this tier does not have the ability to connect to your bank or ecommerce websites, you have to enter this data manually.
For example, recurring invoices, scheduling late fees, and automatic payment reminders are not included in the Lite plan. BooksTime Bookkeeping is ideal for ecommerce businesses that sell products through Amazon, PayPal, eBay, or Etsy.
The BooksTime Online Bookkeeping Premium plan will cost $14.99 per month. The last BooksTime Bookkeeping plan available for small business owners is the Premium plan. For both Stripe and PayPal, you’ll pay 2.9% + $0.30 per transaction to accept online payments. The most affordable of the three BooksTime Online Bookkeeping options, the Get Paid plan will cost $4.99 per month. This bookkeeping service emerged from BooksTime’s acquisition of the software company Outright Accounting and now the software falls under the BooksTime brand name.
One excellent performance-enhancing feature is BooksTime’s seamless connectivity with Amazon, Etsy, PayPal and eBay. This selection gives away who BooksTime sees as its core customer base. If you do sell through these ecommerce platforms, and use PayPal to process payments, it is an extremely useful feature and unique to BooksTime. Link your sales from ecommerce marketplaces to BooksTime and easily stay on top of income, taxes and business performance. BooksTime is a simple bookkeeping tool for freelancers and small time ecommerce businesses and as such it performs well. Tasks can be achieved quickly and outputs are generally clean and professional.
If you charge sales tax, BooksTime Bookkeeping can keep track of the sales tax collected from customers. When you are ready to file and pay sales tax, you can run the sales tax summary report to see how much you owe. On the time tracking dashboard, you can enter time using a calendar view or a single entry view.
Best Reviews
The dashboard is easy to understand, the overall software is rather straightforward and if you aren’t sure, they have plenty of resources to help you find what you need. You can, however, integrate your BooksTime Online account with POS systems and other online third-party retailers like Etsy. Most software that connects to your Amazon account will need to utilize the MWS APIs, which requires a Professional account — another benefit of a professional seller account. After signing in, the page will refresh, so please just scroll back down to leave your review. There is no double-entry and payroll, which means BooksTime is unsuitable for larger businesses in need of a complete accounting solution. Crystalynn Shelton is an Adjunct Instructor at UCLA Extension where—for eight years—she has taught hundreds of small business owners how to set up and manage their books.
- But with BooksTime bookkeeping, it’s a little more simplistic than other accounting software.
- You can invite an accountant to your Outright account, but this doesn’t always work – so most users find they have to download their accountant file and email it over.
- Instead, users share the same login credentials with access to all areas of the program.
- This is the only feature that sets BooksTime Premium apart from the Lite and Plus plans.
- At first, when you download the GDB app from the app store you’re probably shocked at how “simple” the app design and logo is.
- You may find that some expense categories that were left out may need to be added.
Migrating from BooksTime to BooksTime is an easy process and can help you keep your data integrated for a holistic view of your business. The migration requires you to export your data into an Excel or CSV file first and then import it into your BooksTime software.
The personal account manager is your primary point of contact and can help you get your business setup, schedule the custom training for your staff, and answer any questions you have. The robust time tracking tool allows you to invite team members to log the time spent on projects. You can run reports to see which projects are progressing and which ones are at a stand still. Once a project is complete, you can transfer the billable hours to an invoice and email your customer.
My Overall Impression Of BooksTime Bookkeeping
On the flipside, there are hardly any other integrations to speak of. Aside from banks and payment income summary gateways, receipt scanning and tracking app Shoeboxed is the only other integrated app of note.
Unlike BooksTime, all plans allow you to bill an unlimited number of clients. Another benefit of the BooksTime Select plan is access to customized training for you and your team. Contact your account manager to schedule a training session or multiple training sessions to get your team up to speed on how to use BooksTime. Unfortunately, customized training is not included in any of the BooksTime Bookkeeping pricing plans. However, they do have live telephone support and several resources you can tap into to learn how to use the software. You don’t have to pay for additional users if you choose BooksTime Bookkeeping and the program allows users to sign in at the same time.
https://bookstime.solutions/ fits any budget with a starting price of $4.99 vs $14.99 for BooksTime. Setting Up – Before you proceed towards setting up the program, you will welcomed by BooksTime’s short survey, which you don’t have to watch all the way to the end. The process for setting up is a bit annoying, it is easy, but there are quite a bit of things you have to do and information that you need to fill. For example, you will be asked to tell BooksTime about your personalized experience and whatnot. By investing just 10 minutes of your time configuring the Archive to BooksTime Bookkeeping Bot, get access to a world of simplified work. Integrate with all of the most favorite platforms like Google Drive, DropBox, Salesforce, HubSpot, etc. Set up the Bot to connect business productivity instruments, automate workflows, and boost performance.
At $9.99/month (discounted to $8.34/month if you sign up for a year), you can’t beat the price. This is a “light-weight” service that may work fine for someone doing a part-time business that will just report their business income on a Schedule C attached to their personal tax return. There are a lot options available to an entrepreneur who is just starting out in business. One that may look attractive to a new startup with limited funds for accounting software is BooksTime Bookkeeping. Every entrepreneur needs a program to know where the business stands financially. Most invoicing programs force you to create two transactions, one for the invoice payment and one for the account listing transaction. But with BooksTime Bookkeeping you can avoid the additional transaction and streamline it with just one.
The following are some benefits that you receive when you integrate BooksTime bookkeeping with your Amazon account. Keep in mind that only Amazon FBA sellers with Pro accounts or Amazon Marketplace sellers can use the BooksTime software. Individual accounts, accounts outside the United States, Payments by Amazon, and Checkout by Amazon are not supported by the program. If you want to utilize the automation and importing of your data into BooksTime bookkeeping, then you need an Amazon professional seller account. Otherwise, if you have an individual seller account, you can always export the data or input it manually.
Is BooksTime compatible with BooksTime?
T-Hub’s integration with the website, UPS, and BooksTime is seamless! The installation was quick and easy and when I did have a few questions, their customer support was excellent. I definitely recommend T-Hub if you want to save time and money.
BooksTime Bookkeeping can be a handy piece of software for small businesses, but it’s just not designed with the unique needs of Etsy sellers in mind. Crafters are manufacturers, and manufacturers need a complete different set of features for their bookkeeping needs – income and expense tracking unfortunately just isn’t enough. You can track time spent per customer to learn more about your costs, and be alerted when clients or suppliers have viewed or paid your invoices. Popular domain registrar BooksTime.com has introduced a bookkeeping application that is designed for online sellers.
The only additional capability you’ll receive with this plan is the ability to set up and schedule recurring invoices for customers. As with the Get Paid and Essentials plans, you’ll need to pay the associated credit card processing fees from Stripe or PayPal to accept online payments for your invoices. When you’re in the dashboard on the Android version, the plus sign in the upper right opens links to adding only expenses, income, and mileage. Once you’re in other areas of the app , the plus sign opens a blank data entry screen. Another link in the upper right accessible from any page opens your settings. In both versions, though, clicking on the profit or loss entry opens a beautiful multi-period chart. Finally, BooksTime Bookkeeping has a feature that no other small business accounting website does.
It does, however, include a Schedule C Worksheet, which is unique in this group. BooksTime Bookkeeping’s Premium level lets you schedule invoices to repeat automatically, a trait not commonly found in entry-level accounting websites. You can set up profiles, specifying the client, frequency, and so on, and you can also choose to have them sent automatically or just have a draft created for you to send yourself. Because there’s no employee management, you cannot file payroll taxes. You can invite an accountant to your Outright account, but this doesn’t always work – so most users find they have to download their accountant file and email it over. You cannot actually file your taxes with BooksTime Online Bookkeeping – and we hope they add that option in the future. But, they do have the ability to automatically retrieve and input 1099-Ks and their income from companies like PayPal, Amazon and Etsy – a unique feature.
Recording Your Expenses
You can choose to charge a percentage of the total amount due or a flat fee. This feature is not available in any of the what are retained earnings plans. BooksTime’s Online Bookkeeping is the perfect option for small business owners looking to streamline their business accounts and financial undertakings.
Is there a free bookkeeping software?
GnuCash provides a simple approach to bookkeeping and accounting for small businesses. This free accounting software is available for Android, Linux, Windows, OS X, FreeBSDm GNU and OpenBSD. The software manages invoices, accounts payable and receivable, as well as employee expenses and some payroll features.
You can provide company names and billing addresses, along with an hourly rate, multiple contacts, and a shipping address. The site also contains generic contact templates that you can use for anyone. These contain fields for a name and physical/mailing address, Online Accounting email address, phone number, and business type. After you enter your login credentials for your financial institutions, BooksTime makes a connection and downloads your most recent transactions. Most banks allow only 90 days’ worth, but you may be able to get more.
Both BooksTime and BooksTime Bookkeeping offer several ways for you to get help when you run into an issue or have a question. Both companies offer live telephone support, give you access to an extensive database of support articles, and have email support for non-urgent questions. BooksTime Bookkeeping goes a step further by giving you access to an account with sample data so you can see how it works. BooksTime Bookkeeping is one of the most affordable and user friendly accounting software programs on the market. At a starting price of $4.99, it is a great alternative to some of the free accounting software programs available.
When it’s time to make your sales tax payments, you can run the sales tax summary report which includes all of the information you need to file your sales tax return and make your payment. BooksTime has a similar process for tracking and reporting sales tax collected. BooksTime Plus is ideal for a business that has no more than 50 billable clients. This is ten times the billable clients in the Lite plan, and https://bookstime.solutions/ you can create recurring invoices for customers who purchase from you on a regular basis. Plus, you can schedule late fees and automate late payment reminders, which are also not included in the Lite plan. Organization – Because BooksTime has purposely designed its online bookkeeping program to be simple, it does not incorporate a lot of features – which means you don’t really have to organize anything.