Software: MoneyWorks Cashbook
MoneyWorks Cashbook is an entry-level accounting software by Cognito. It’s an elegant cash-basis accounting system with a free subscription; suitable for self-employed, small businesses, clubs, societies, and non-profit organisation (Check with your accountant or IRAS whether you are qualified for cash-basis accounting).
Being self-employed, you are supposed to have proper records of your income and operational expenses. It’s easier (accountability and traceability) to prepare the Statement of Accounts and extract the relevant figures for the 4-line Statement with an accounting software than using a spreadsheet.
Cashbook comes with Payment, Receipt, and General Journal features; suffice for recording payment out to the supplier, inflow of funds or revenue generated from sales of products and services, and journal adjustment during month-end or year-end closing.
You can start with Cashbook (which is free) when the I.T. budget is tight and then move on to an accrual basis accounting system like Express or MoneyWorks Now when the business grows.
Download a fully functional trial version or sign up a demo if you like to take a look on other option available such as MoneyWorks Express or Gold version.