If you have a Schedule C business (sole proprietor), LessAccounting wants to be your one stop bookkeeping shop. The key for LessAccounting is being an integrated solution rather than having to stop by one program for invoicing, another for bookkeeping, and yet another for contact management.
Goal: Simplify bookkeeping for micro-businesses (less than 20 employees and less than $10M in revenue as defined by LessAccounting).
- Banking integration – minimize your data entry by categorizing imported transactions
- Send and track invoices – know who owes you money
- Bank reconciliations available
- Track expenses by project, income type, and category
- Create proposals
- Track your business mileage
- Default categories are similar to Schedule C
- PayPal Pay Now option on invoices
- Integrations with other applications
- Can opt to have them do your bookkeeping
- Integrated one stop solution with invoicing, bookkeeping & contact management combined
- Multiple user access
- Contact management isn’t really going to replace any serious CRM solution
- The automatic banking integration can be buggy at times
- Integration does not include time tracking – still need another app for that (or not track time)
- Pricing for most desirable features makes the product more expensive on an annual basis than QuickBooks
- No balance sheet, although cash balances and accounts receivable are tracked
- Detailed invoicing may be less robust than other dedicated invoicing or billing applications
- The only payment option you can include on an invoice is Paypal
- No payroll integrations noted
I think LessAccounting is a nicely done, well rounded program for those that it has the horsepower to support. If you’re a sole proprietor filing a Schedule C, I think it makes a lot of sense to consider this program, if you’re willing to jump up to the $24/month plan to get the most out of its positive features.
If you have more robust needs, or can’t justify the price point compared to your desktop applications like QuickBooks or Peachtree, then LessAccounting may be too little accounting for you.