Want to cut right to the case? The best accounting software for interior designers right now are FreshBooks and Sage.
With Covid-19 advent and its attendant restriction on our daily activities and movement around the cities and workplaces, Americans are in their great numbers spending heavily on buying new homes and remodeling their existing homes.
If you run a furnishing or interior design site or business, you’re already in for luck during this Covid-19 pandemic. And to make sure you’re not losing sight of your expenses and income and to have accurate and real-time insights into the overall financial health of your business, you need the best accounting software for your interior design business.
Accounting software is a must-have regardless of your business industries when you need to keep proper and up-to-date records of your revenue and expenses. Accounting software for interior designers helps interior designers looking for ways to stay more efficient, effective, and automated with their business accounting.
An advanced accounting solution with automation features, for example, will save you time and stress with entering financial data manually. It will provide you with a centralized platform where you can securely store your important information and access it at any time or from anywhere.
The question is: what accounting isn’t your passion or strength?
Don’t pack! With the right accounting software, you can do your business accounting seamlessly, and you wouldn’t need to learn to account. Or the worst-case scenario, you can get accounting software with an easy and short learning curve. And best of all, we have rounded up the best accounting software for interior designers for you to select.
In this guide, we waded through the markets and came up with the list of the best software you can trust. We based our selection of these accounting tools on several factors like the features and functions specifically designed for interior designers. Other things we took into cognizance include ease of use, cost-effectiveness, mobile options, automation, and more.
Essential Features To Consider For Your Accounting Software
While there are so many factors to look into when choosing accounting software for your interior design business, the following are the most fundamental features we always like to give priority to:
1. Ease of Use
We always put this feature first because if you’re anything like us, you most certainly don’t want accounting software that will take you a year or more to get your team up and running fast. Or you don’t want to spend extra bucks hiring an expert to train them to use it. Ease of use entails many things such as the ease of setting up or deploying the software, the user interface, ease of integrating with other apps, among others.
With easy-to-use accounting software, you can get you can hit the ground running almost immediately and save both time and money.
2. Intuitive and Feature-Rich Software
Everyone hates spending extra bucks for getting add-on features. Accounting software that isn’t capable of thoroughly managing your finances is not worth your investment. Accounting especially requires complete management of your finances, and these include invoicing, purchasing, transactions reconciliations, and generating financial reports, among others. Of course, the software may require a few ad-on features it has to be intuitive enough when it comes to managing the accounting or financial side of your business.
Additionally, intuitive and all-in-one accounting software saves you precious time on wading through files and documents.
Overall, an all-encompassing accounting solution will integrate all the essential features like invoice generation, billing, time tracking, and reporting. With this, you can rest assured your business is not going off the rail.
3. Automated Functions
Accounting values accurate representation of data and frowns at errors and misrepresentation. But since there is a tendency for human beings to make errors when manually entering data, accounting software with automation is needed. Automation helps you eliminate human errors and saves time by duplicating invoices and updating documents. Advanced accounting solutions with automated functions will help you create a client list and add invoices to your existing client list without you having to generate new invoices for your repeat clients. What this means is that the era of repetitive and generic form filling and invoice generation is over. And once you customize your documents (for example, your invoice) properly, the software will automatically generate an invoice for you when next that same client is doing business with you.
4. Third-Party Integration
You probably have existing software you’re already passionate about. If you’re getting new software, you’re most likely going to consider this feature. While much-advanced accounting software available in the market support integration with third-party apps, many don’t. So, you have got to consider this feature while selecting your accounting software.
5. Mobile App Options
When you’re busy creating beautiful furniture ideas for your clients, or you need to update an ongoing project, or need to view the status of a project while out of the office, you need software with mobile app capability to get things done fast and conveniently. With advanced accounting software, you don’t need to be in the office to do all of these, and your team can access the software on their mobile devices regardless of where they are. That is an important feature you want to make sure your accounting tool has in this era where everyone has gone mobile.
All in all, the benefits of having this type of software are enormous. Your work goes on as planned because you’re not location-dependent to access your accounting tool.
Tips For Accounting For Interior Design Business
Jaime Bako already explained the hack to accounting for interior designer’s business in her cheat sheet here. You can check it out for a better read. You need to keep track of how money flows in and out of your business to give a clear picture of your business’s financial health. Also, you should keep a tab on time spent on projects. Doing this will help you in billing your customers.
- Tracking Your Expenses: There are two types of expenses you’re likely to incur when running interior design projects for your clients. These could be either recoverable or irrecoverable expenses. Your recoverable expenses are those costs you incurred during the project and you entitled to get a refund. Examples are the cost of boarding a bus to a client site, or the cost of materials and supplies needed for your client’s job. All these costs if they persist can be huge expenses that will affect your bottom-line if added up.
So for a true picture of your bottom line, you need to keep track of all these expenses and factor them in as you’re evaluating your business’ financial health.
- Tracking Your Time: Most advanced accounting software offers time tracking capability for interior designer’s accounting. And so you should take advantage of this invaluable feature by keeping track of every time spent on clients’ projects. This helps you bill your clients effectively and fairly. On the other hand, if you’re leaving out this feature, you’ll not only be losing the money you’ll also be underestimating time spent on projects. And timing is a key factor for determining what to bill your clients.
- Determining Your Bottom-line: Your revenue is your gross profit before deducting your expenses. In business, your bottom line is either profit or loss after netting your income against your expenses. It’s very important to be watchful over this to see if your business is over-performing or under-performing. And there is no way to know without monitoring your expenses including your purchase orders.
Since your projects are most likely to drag on for a long time, you need to monitor your purchase orders. The good thing is your PO can be very useful for apportioning costs to clients’ invoices. This is so as all materials and supplies are from what you ordered from your suppliers.
Best Accounting Software for Interior Designers
|Brand||Starting price||Best for|
|1. Sage||$10 – $25/month||Flexible and scalable accounting|
|2. FreshBooks||$15 – $50 per month||Simplified accounting|
|3. IVY||$80/month||Efficiency and profitability|
|4. Studio Webware||$44 – $58/month||Several exciting features|
Sage accounting softwareare specially designed with your company’s needs in mind. Sage is user-friendly and integrated, allowing you to view and work with all your financial data from a single system. Sage accounting software solutions will assist you in better managing your interior design business. Sage accounting software is one of the safest locations to save your financial records. The systems are frequently backed up and maintained by theindustry-leading online security tools.
What We Like About Sage
- Accessible from anywhere
- Compliant accounting
- Tailored packages
- Collaborative platform
- Intuitive system
Sage provides a 30-day free trial for theAccounting plans. If you have any queries, you can also set up a private consultation with a Sage Accounting specialist or contact its sales phone line for further details.
One of the advantages FreshBooks of over other accounting software is its ease of use in that you don’t need to have any prior experience with accounting software to use it. And as simplified accounting software, this tool is a big time-saver when it comes to invoicing and billing, managing your expenses, or collaborating with your team members.
While you’re busy handling a photo shooting project, FreshBooks keep track of your receivables to ensure you’re getting faster. With this accounting tool, you’re sure of being on top of your expenses and time management so that you don’t lose track of your money any longer.
What We Like About FreshBooks
- Automated bills schedule capabilities
- Automated late payment reminders
- Seamless team collaboration and management
- Robust time-tracker
- Simple-to-use accounting software
Although FreshBooks offers a 30-day free trial with no conditions or credit card involved, you need to sign up to get started with this. And for their paid plan, they offer multiple package plans that reflect different budgets and needs. So to get further information on the pricing plans, you can visit their official website here.
Ivy is a business management app specially designed for designers to help improve their efficiency and profitability.
Designed by Houzz, provides you with exciting features meant to help you with tasks like sourcing for products, creating invoices and proposals, tracking projects, and tracking time and expenses, among others. Also, this tool offers seamless integration with QuickBooks Online and it comes with a mobile app option.
What We Like About IVY
- Smart product sourcing and cataloging
- Powerful invoice and proposal creation capability
- Effective project tracker
- Easy-to-use and secure online payment feature
- Personalized reports
Ivy offers a blend of tiered and customizable pricing options that reflect different business needs and budgets. You can check out their website here for the right plan for your business.
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4. Studio Webware
We chose Studio Webware as one of our top accounting software for interior designers because of the several exciting features it offers, including online project management, product sourcing, and accounting tool. It’s a powerful app for interior industry accounting because of its integrated tools which let you manage your finances effortlessly.
As cloud-based software, Studio Webware lets you collaborate on projects, share tasks among your team, and do many more in one unified platform.
What We Like About Studio Webware
- Unlimited financial reporting and projects capability
- Amazing client portal for collaborating on projects and accepting payments from your clients
- Robust studio capture which lets you source for products online
- Powerful project management tool
There are two subscription plans for getting started with Studio Webware. These include a monthly and annual subscription. Both have a three-tiered pricing plan namely basic and professional. You can also pay an extra fee to include ad-on features in your subscription. As for the Basic plan, the pricing is $44.00 per month per user, while the professional plan costs $58.00 per month per user.
If you choose to go by the annual subscription, you’ll be able to save extra bucks. For example, the Basic plan when billed annually goes for $500. This is about a $28.00 difference from the monthly pricing. The same thing goes for the Professional plan when billed annually in that you save about $46.00.
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Wrapping Up On Best Accounting Software For Interior Designers
So there you have our top picks of the best accounting software for interior designers. You can go ahead and make an informed choice of the right one for you. Don’t forget to share your experience with us.
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