The Embroidery Business and t shirt printing businesses, just like in any other business, accounting and finances is important. From knowing what orders are coming up and what’s been paid, to knowing how much you’re spending on blanks, marketing, rent, and so much more.
But how can you keep track of all those numbers without feeling overwhelmed, or hiring a full-time accountant? Excel spreadsheets and envelops full of receipts aren’t going to cut it, and will likely make you feel even more frustrated at the end of the day.
The good news is there is great accounting software out there, aimed particularly for small businesses. We’ve rounded up our top 5 choices, and wanted to give you a brief summary to help you determine which one is right for you.
- Quickbooks Online
Pricing
Quickbooks Online starts at $10/month and then goes up from there depending on the features you need. This is probably the most popular small business accounting software, and while there’s nothing specific to the embroidery business in it, it’s popularity make it simple to find training videos, etc.
Key Features
- Finance Reporting
- Tracking income and expenses
- Ability to download bank and credit card transactions
- Automatic data backups
- Quarterly and year-end tax preparation and filing
Mobile accounting
Quickbook Online has both an iOS and an Android app. So if you prefer having things accessible on your phone, it’s easy to update your account. Mobile apps are valuable to an embroidery business especially if you’re setting up or selling offsite, like fairs and festivals. With mobile, you can invoice, check stock back at the office, etc.
Free trial?
Yes. Quickbooks has a free 30-day trial.
What we like about it
An easy to use interface that provides a quick overview of your business. Making is easy to see income, overdue and paid invoices, expenses, etc. With the auto backup of data, you don’t have to worry about losing information, which can be a huge concern for an embroidery business just like any other.
- FreshBooks
Pricing
FreshBooks starts at $9.95/month
Key Features
- Create clients
- Add expenses
- Time-tracking
- Create invoices
Mobile accounting
FreshBooks has both an iOS and an Android app. So if you prefer having things accessible on your phone, it’s easy to update your account.
Free trial?
Yes. FreshBooks has a free 30-day trial.
What we like about it
There is no additional cost for the mobile app, and out of all the software options, has the best app experience. Time tracking can help you understand which orders require the most work, to help you compare that against the price you charge customers. After all, that commercial embroidery machine or t shirt printing machine doesn’t pay for itself and if you don’t have the right profit margins you won’t make enough on each order to survive.
Recurring expenses can be generated so you’re not manually inputting numbers every month. You can also email your clients their invoice and let them pay directly online.
- Xero
Pricing
Xero starts at $9/month.
Key Features
- Clients can pay online or you can mark them once paid
- Automatic bill payments
- Connect bank accounts
- Inventory management
- Email integration
Mobile accounting
Xero has both an iOS and an Android app. So if you prefer having things accessible on your phone, it’s easy to update your account.
Free trial?
Yes. Xero offers a free 30-day trial.
What we like about it
If you have other employees or business partners, Xero does not charge for additional users. We also found that the system was fairly intuitive, making it relatively easy to learn how to use. For custom apparel businesses, the system can help you track your inventory of blanks and supplies, helping you getting a better understanding of which products are the most profitable.
- Zoho Books
Pricing
Zoho Books starts at $9/month
Key Features
- Create and send invoices
- Track expenses
- Sync bank accounts
- Create reports
Mobile accounting
Zoho Books has an iOS, an Android app, and an app for Windows Phone. So if you prefer having things accessible on your phone, it’s easy to update your account.
Free trial?
Yes. Zoho offers a free 14-day trial.
What we like about it
Zoho’s starting plan allows for up to 50 contacts, and 2 users. The user interface is really clean, making it easy to navigate through. They also provide 24 hour support Monday through Friday, so if you’re working late, they’re there to help. Zoho also has many companion apps, like ZohoCRM. A CRM allows you to keep track of your embroidery or uniform customers and your vendors making sure you stay on top of your contacts.
- Wave Accounting
Pricing
Wave Accounting is free. Additional add-ons for a monthly fee.
Key Features
- Invoicing
- Automated billing & reminders
- Reporting
- Data syncing
- Connects to banks, credit cards, PayPal to import expenses & deposits
Mobile accounting
Wave Accounting does not have a native app.
What we like about it
Unlike many other free software, Wave Accounting isn’t limited in it’s capabilities, but has many of the features you need to properly manage finances. It provides an overview of income, expenses, accounts, payables, and receivables all on one page. We also like the ability to set reminders to ensure any expenses are paid on-time. Reports can also be easily generated. It’s a great option for businesses who intend to stay small, and don’t want the added expense of accounting software.
Accounting software makes running a business easier.
Before you commit to any software, we recommend taking the time to go through some of the tutorials, and try them out. While most software does allow you to cancel your subscription at any time, you don’t want the extra hassle of learning a new system every month. Managing invoicing, collecting payments, and get your accounts ready for tax season should not be painful.
Whether you’ve been in the embroidery business for a few years now, or are just starting out in the t shirt printing business, having accounting software will save you time and headaches (both yours and your accountant’s). Allowing you to get back to making great custom apparel and building your business.
