If you have a yoga studio, you know that the best yoga studio accounting software can make your life a lot easier. Nothing is worse than preparing for tax season and having to round up all your receipts and expenses. If you’re using good accounting software, you’ll be able to pull all your financial statements together quickly and easily.
But how do you choose the best yoga studio accounting software? We’ve listed some of the best options to narrow it down for you. You can also check out our guide on how to open a yoga studio.
FreshBooks was founded in Toronto, Canada, in 2003. In the beginning, it was an invoicing software program. As time went on, the developers added more features. Today, FreshBooks has more than 30 million dedicated users. With FreshBooks, you can choose between four different plans.
You can save 10% on the overall price if you pay yearly. The primary difference between the paid plans is how many clients you can bill monthly. For example, the Lite plan only allows you to bill five clients per month. Meanwhile, with the Premium plan, you can bill unlimited clients. It’s completely Cloud-based and user-friendly, with lots of integration with third-party apps and advanced features for invoicing.
Xero got its start in New Zealand in 2006, and now, the company has more than three million subscribers from all over the world, along with more than 4,000 employees. While Xero is more popular in the U.K., Australia, and New Zealand, the company’s U.S. presence is growing.
The 30-day free trial will give you plenty of time to evaluate the software. The monthly fee for paid plans is pretty affordable, so it’s great for small yoga businesses. You can even grow to a full-service payroll option for an additional cost.
It’s also Cloud-based and integrates with lots of third-party apps. It uses Gusto for payroll integration and is easy to navigate. It also has a robust mobile app. However, the cheapest plan is quite limited, and in general, there is minimal customer service and limited reporting systems in place. Check out our round-up of the best yoga newsletter software.
3. Intuit QuickBooks Online
Many small businesses use Intuit QuickBooks to keep track of their finances. The features can be accessed from the main dashboard, and you will never run out of free training resources online. In addition to YouTube training videos, there are lots of QuickBooks forums where you can find information.
The plans are tiered, with the higher-priced plans offering more advanced features. Some of the features of QuickBooks include time tracking, cash flow, and inventory management. You might be interested in our tips for owning a yoga studio that succeeds.
Intuit QuickBooks is fully Cloud-based, highly scalable, and integrates with several third-party applications such as Paypal and Stripe. It also has a robust mobile app. Best of all, it has a free 30-day trial, and if you stick with them, its plans are fairly affordable. However, you will need to upgrade if you have more than one user. There is also minimal phone support.
Wave is one of the newcomers on the block when it comes to accounting software, but the company was purchased in 2019 by H&R Block, so you can expect it to grow. The software has everything you would expect with accounting software, including invoicing features, expense tracking, income tracking, receipt scanning, and robust financial reporting. Best of all, you get all these features in the free version.
The way Wave makes money is through its payment gateway. When Wave processes a customer’s payment, they charge 2.9% plus 60 cents per transaction for Discover, Mastercard, and Visa. For American Express, fees are higher. Those pennies add up quickly, and that can make this a more expensive software option.
Unlike some other software brands, you can have unlimited users and multiple businesses in one account. There are no billing or transaction limits. It also has a fully integrated mobile app. However, the full-service payroll options are not available in all states, and it only integrates through Zapier.
FAQs About The Best Yoga Studio Accounting Software
What is the most commonly used accounting software?
QuickBooks and FreshBooks are the two most commonly used accounting software companies for small to mid-sized businesses.
What is the simplest bookkeeping software?
FreshBooks and Neat are often regarded as the easiest bookkeeping software programs to use.
What is the cheapest small business accounting software?
There are a few different accounting software products that you can use for free, including Wave Accounting and Zoho Books. If you want a paid accounting software solution, the most affordable one is FreshBooks.