Free Bookkeeping Software Online

In today's age, almost every business must use bookkeeping software, making it a lot easier for businesses to maintain documents and summarize the business's overall financial health.

Businesses like freelancers, small businesses, and micro to large enterprises must use accounting software. The only difference is that as the business grows over a period of time, the business needs a custom bookkeeping system that makes sense with its needs and requirements.

But self-employed freelancers and small business owners can use any good accounting software as not much customization is required for these types of businesses.

Refrens is one such bookkeeping and accounting software that offers invoicing and bookkeeping software free of charge to businesses like freelancers and small businesses, and startups at the early stages of their business and can not afford to pay thousands of dollars for cloud-based accounting software.

Benefits of Bookkeeping Software

If used properly, bookkeeping software is the only tool that can save you hundreds of hours and manpower to track your finances. Not just saves time, but bookkeeping software has many other benefits. Here are some of the list.

Minimal error

One of the best use cases of using online accounting software is the error that used to have while doing manual Bookkeeping. The same error that human does while maintaining the accounts are overcast while using automated accounting software.

Online bookkeeping software tries to minimize human efforts by auto-calculating all the calculations and creating reports and financial statements. It makes your business data more accurate and easy to use.

Time-saving

Everyone knows manual or handwritten accounting is a pain, even for small businesses. It’s a pain for most business owners to track all the transactions and documents sent to their clients. Even professionals like bookkeepers or accountants have to search many papers and documents like invoices, credit notes, sales notes etc., to make an entry in the book.

But by using free bookkeeping software, you can save a lot of time by creating and maintaining your documents in one place. There is no need to search through the files and folders of your computers or single documents.

Efficiency

Online Bookkeeping helps to streamline your accounting process. It saves time with minimized error, making learning and focusing on your core business more efficient rather than getting puzzled by invoicing and expenses.

Instant Access

If you are into online accounting software, you can use your mobile phone to easily use all your documents, transactions and other important reports. You only have to log in to your account, and you can access the information right at your fingertips.

Cost Effective

For small businesses, startups and freelancers with limited budgets, having a dedicated or full-time employee that helps them through their accounting is more costly than using bookkeeping software. You can check out Refrens accounting software for startups.

You can further reduce th cost by using only the features you want to use or using a coupon, or applying discounts, and even a layman can use accounting software without hiring a professional.

Scalability

Compared to automated accounting software, using paper accounting becomes tedious, especially when your business grows faster. YOu have to transfer all the handwritten accounts to online software, which is another issue as you have to do all of it manually. So adapting software at early stages avoids the scalability issue in the future.

Collaboration

Easy to share documents among your team members and CA’s, add them as your team members and can have full or limited access to the software.

For example, if you have a salesperson and you want to give access only to leads and quotations-related documents, possible in online bookkeeping software.

Reporting

One of the important use cases of Bookkeeping is to have a report of your business's daily, weekly, and monthly financial transactions. Bookkeeping software makes it easy to track all the transactions and carve out a summary that further helps to analyze your business growth.

The need for bookkeeping software varies from business to business. For example, every bookkeeping software should have leads, quotations, invoices, expense, and payment features for a freelance business. At the same time, some product-based small businesses should also have inventory management, bank reconciliation, and sales order.

But there are some features that every business must have, and the same is listed down below:

Leads Management

Managing leads in your existing software is one of the most important pros of any bookkeeping software, as you dont have to maintain a different software to keep track of your sales leads. This system helps you to manage all the closed leads, salesman-wise reports, easy-to-set follow-up dates, reminders, and WhatsApp or Email features. To know more about sales lead management software or sales CRM, click here.

Quotation Management

Before making any sales, almost all businesses have to send a quotation to their prospects or potential customers. And Having full-fledged quotation software within your bookkeeping software is bliss.

From closed leads to directly creating quotations with just one click makes your and your teammate's work easy and hassle-free. You can change the quotation status to won or lost and make a report based on whether the company sent the quotation is worth it. You can know more about Refrens quotation or want to create a quotation, use our quotation maker or quotation template here.

Invoice Management

Once the quotation is won, the work of documents like proforma invoice, invoice, delivery challan, and payment receipt, and all these documents come under invoicing software. And if you immediately want to create an invoice or proforma invoice, here is the free tool provided by Refrens: invoice generator and proforma invoice format.

GST Invoicing

If you are a GSTIN business, then creating a GST invoice becomes more important as a business owner. You can create a normal invoice into a GST invoice with one click. Our system supports all the GST rates and GST types like CGST, SGST and IGST. You can use Refrens GST billing software only if you are into GST invoicing.

E-invoicing

E-invoicing is something not every business is aware of. Businesses with over ten crores of annual turnover must use e-invoicing per government rules. You can go through our e-invoicing software here.

Expense Management

Business is not just about account receivables; there are many other expenses that businesses have to record; these can be daily miscellaneous expenses, salary expenses, office or rent expenses, raw material costs, etc., and all these are considered account payables for the business.

Similar to creating and managing invoices, it is also important to record and keep track of expenses incurred while running the business. Here you can learn more about Refrens expense management software.

Inventory Management

Inventory software is used by businesses having more or product side. It is also important for them to keep track of stocks and all their respective details like buying price, selling price, stock quantity, and other details.

Also, when creating the invoice or expense, the products are fetched directly from the inventory system, which automates all the transactions, thus helping businesses identify the stock they are left with and when to replenish the inventory. You can check Refrens inventory management system to learn more about the stock.

Purchase Order

Again similar to inventory management, purchase order is something not every business uses. Still, it is an important aspect of the business if the business is into manufacturing or selling products. PO is especially used when you have to purchase raw materials or you are into flipping the products, like buying the product at a cheaper cost and selling it to the end customer at a higher price. So purchase order is important if you make purchases for your business at regular intervals. Check out our free po templates.

Sales Order

A sales order is the document sent to the client notifying or informing them that these are the products or services you are opted for. Once the confirmation is received from the customer, the product is dispatched and delivered to the customer along with the final invoice.

Vendor/Client Management

It is one of the most important tools every business must use as client or vendor management can be used to manage all the details for your vendors and clients. You can use this data to send them promotional emails about new products or services. You can also use these details to retain your existing customers, invoicing, and other documenting purposes.

Accept Online Payments

One of the most painful things for every business is to collect payment. No matter which business you are into, whether a freelancer or a small business, everyone has an issue with collecting payments. You have multiple options, especially when you have to collect payments globally, but having a cost-effective method to collect international payments is pure bliss.

Using the Refrens payment system, you can collect payment cheaper than other payment methods and payment processors.

Ledger

Bookkeeping software is incomplete without a ledger. It contains all the entries related to assets, liabilities, revenue, expense, interest, accounts receivables and payables and many such entries. It helps to create a trial balance and income statement for the business.

Bank Reconciliation

A Bank reconciliation statement is a verification statement stating that all the financial transactions in the books are genuine. It shows the transactions made by the business through a business bank account. It shows details like credits, charges, interest, uncleared cheques; cheque bounces etc.

Reporting

Bookkeeping is all about having every report that matters to your business. You neither can't grow your business nor be able to file taxes properly until you have all the reports related to your business, and that can be either a salesman-wise report, invoice report, leads report, expense report, purchase report, or GST report.

Balance sheet

A balance sheet is a final report which shows whether you are in loss of profit, and this should be the report every bookkeeping software must have.