Accounting software for sole traders
Accounting software for sole traders and the self employed
Accounting software for sole traders keeps your invoices, payments, expenses and bank in one set of books, so the figures for your return are ready when you need them. In ExecCortex that is the Invoicing app for getting paid and the Accounting & Finance app for the books.
What accounting software for sole traders needs to do
Accounting software for sole traders has a short job list: send invoices, know who has paid, record what you spent, match it to the bank, and see your profit at the end of the year. Sole trader is the UK and Australian term; in the US the same person is usually called self employed or a sole proprietor. The needs are the same.
ExecCortex splits this into two apps you switch on separately. Invoicing produces the documents you send and records payments. Accounting & Finance keeps double entry books behind them. Start with Invoicing alone if all you need today is to bill clients and see what is owed, and add the books when you want a proper profit and loss.
Getting paid
Invoices and quotations
Build documents from your saved Products, in USD, EUR, GBP, PKR, AED, INR, CAD or AUD, with Draft, Sent, Paid and Overdue at a glance.
Pay Links
Send a link with the invoice and the client pays without signing in to anything.
Recurring
A monthly rule raises the same invoice for a retainer client so nobody has to remember.
Credit notes
Correct an invoice that has gone out without deleting it or its number.
Keeping the books as a sole trader
Accounting & Finance is a full double entry system, and a one person business does not need all of it. The guide’s own advice is that a small business can run on four groups, Ledger, Receivables & Payables, Cash & Banking and Close, and ignore the rest until it needs them. You only see the pages your role allows, so the menu can stay short.
Bank Accounts and Reconciliation match your books against the bank statement, which you bring in as a file on Import Data. Expense Categories tie each kind of spend to an account. Tax Codes & Rates hold the VAT, GST or sales tax rates you charge and reclaim, and Tax Returns total your posted entries into the boxes of your return.
At the end of the year, run the Trial Balance, then Profit & Loss. Year End posts one journal moving profit into retained earnings and locks the year, so the figures you gave your accountant cannot drift afterwards.
How a sole trader sets it up in ExecCortex
1.Switch on Invoicing
Choose a template, connect a payment gateway for pay links, and set numbering and tax in Settings.
2.Add your clients and products
Clients go in Directory and what you sell goes in Products, so each invoice takes seconds.
3.Add Accounting & Finance when you want the books
Set your company’s name and base currency, generate a fiscal year, apply a chart of accounts template and open the first period.
4.Map the postings
In Account Mapping, point each slot at an account so invoices from Invoicing post into your ledger.
5.Reconcile monthly
Import the bank statement file and match it on Reconciliation.
Every screen is explained in detail in the Invoicing guide and the Accounting & Finance guide.
What it does not do
- It does not file your tax return. It prepares the figures; you or your accountant submit them to HMRC, the ATO, the IRS or whoever you file with.
- There is no live bank feed. Statements come in as files you import.
- It is not tax advice. Which expenses you can claim is a question for your accountant.
What it costs
Every workspace starts on the free plan, with no card required. Each app is then priced per workspace and switched on by itself, and capacity packs raise one limit at a time without moving you to a bigger plan. Prices below are read live from the platform.
- Invoicing Management SystemQuotes, invoices, payments and payroll, paid faster.$3 per month per workspace
- Accounting & FinanceGeneral ledger, expenses and financial reporting for the whole company.$15 per month per workspace
See every price and capacity pack or read more about Invoicing Management System and Accounting & Finance.
Related: General ledger software, CRM with invoicing, or every use case.
Accounting software for sole traders: common questions
What is the best accounting software for sole traders?
One that covers invoicing, payments, expenses and the bank without asking you to learn bookkeeping. Here that is Invoicing, with Accounting & Finance added when you want full books.
Is it suitable if I am self employed in the US?
Yes. Sole trader and self employed describe the same one person business, and Invoicing works in US dollars as well as the other listed currencies.
Do I need double entry bookkeeping?
Not to send invoices. Accounting & Finance uses double entry because it is what makes a profit and loss provable, but the screens check the debits and credits for you.
Can I see who owes me money?
Yes. The invoice tabs show Sent, Partial, Paid and Overdue, and with the books on, Aging buckets what is outstanding by how long.
Will it file my VAT or GST return?
No. Tax Returns totals your figures into the boxes you defined. The filing is done by you or your accountant.
Give your team one place to work
Create a workspace, invite your team and import your first leads, all on the free plan.
- Free plan, no card
- Ready in a few minutes
- Cancel from inside the product