TrulySmall Accounting Review 2024

Our Verdict

Simplistic accounting for freelancers

TrulySmall can be an excellent tool if you’re a freelancer, a contractor, or are running a small business offering services to a handful of clients. You can opt for just invoicing and only pay for this functionality, so it’s super cost-effective as well.

The software is straightforward and simplistic, so it’s easy to use even if you have no previous experience with any accounting tools. That said, it lacks advanced features that larger businesses might need, such as project tracking, budgeting, time tracking, and inventory management.

All in all, if you’re looking for a simple accounting solution to digitize invoicing, expense tracking, and tax categorization, TrulySmall might be just the tool you’re looking for. The best part about it is that you can try it out in practice completely free for 14 days, so you can see first-hand whether it fits your needs.

Pros

  • Simple and easy to use
  • Invoicing templates, themes, and branding
  • Separate business and personal expenses
  • Automatic transaction categorization with custom rules

Cons

  • No advanced accounting features
  • Doesn't offer any native third-party integrations

TrulySmall Accounting Plans & Pricing

TrulySmall offers three distinct pricing plans, each covering a different aspect of financial management — Invoices, Expenses, and Accounting. This is great news for SMBs since you can opt for the plan that best aligns with your needs and only pay for the functionality you’ll be using.

The best part about TrulySmall’s pricing is that you can test the platform in practice completely risk-free. The Invoicing module lets you send the first five invoices for free, whereas the Expenses and Accounting modules come with 14-day free trials (no credit card needed).

Here’s a breakdown of the pricing plans:

Invoices Expenses Accounting
Monthly Cost/User $8.99/month $8.99/month $20/month
Free Trial First 5 invoices free 14-day free trial 14-day free trial
Users Unlimited Unlimited Unlimited
Payroll
Double Entry
Expense Management
Reporting
Customer Support Phone, email Phone, email Phone, email

Invoices — $8.99/Month

The Invoices module is great for freelancers, contractors, and small businesses that provide services to local and global clients. It’s designed to facilitate invoicing and help you accept payments for your work.

You’ll be able to choose from a rich library of customizable templates and convert them into estimates and invoices in minutes. The templates range from generic to industry-specific ones.

What’s great about TrulySmall Invoices is the fact that you can invoice your customers anytime, from anywhere, thanks to the super-intuitive mobile app.

Expenses — $8.99/Month

The TrulySmall Expenses module is a must-have for small businesses that want to automate their budgeting and expense tracking. The best thing about this module is that it allows you to separate personal and business expenses, even if you’re paying with the same card.

The module also helps you keep track of your spending with categorization, monthly budget, spending trends, and other useful tools. You’ll also be able to connect your bank account to TrulySmall to ensure all expenses are automatically imported to the tool.

Accounting — $20/Month

If you’re looking for a bit more functionality than simply sending invoices and tracking your expenses, the Accounting module has got you covered. It automates and streamlines accounting processes, helps you track sales tax, lets you generate essential financial reports, and provides you with a true double-entry ledger.

Essentially, this module combines the functionality of Invoices and Expenses and throws a few more invaluable features into the mix, so it’s a great option for growing businesses.

TrulySmall Accounting Overview

Here’s a quick overview of the TrulySmall accounting software:

Starting price $8.99/month
Best for Freelancers, contractors, and SMBs
Customer support Phone, email
App integrations TrulySmall API (Application Programming Interface)
Security & Compliance SSL, PCI DSS, security audits
Payroll
Reporting & analytics
Mobile app
Double entry
E-signatures
Auto-alerts and reminders

Features

TrulySmall is a simple accounting tool, geared toward freelancers, solo entrepreneurs, and smaller businesses. It’s meant to help you streamline and digitize invoicing, expense tracking, and tax filing, as well as provide basic financial reports that help you assess the financial health of your business.

Here are the core features and functionalities of TrulySmall:

Invoicing

TrulySmall's invoicing feature

The invoicing feature of TrulySmall provides you with everything you need to create professional invoices in seconds and get paid for your work. You can customize the invoicing templates in TrulySmall using your brand’s colors, choose from a variety of professionally designed themes, and select which currency you’d like to be paid in.

You’ll also be able to provide your clients with flexible payment options, ranging from credit cards (Visa, MasterCard, AmEx) and ACH payments to Apple Pay and Google Pay. TrulySmall also gives you the option to set up automated late payment reminders, so you don’t have to worry about clients missing payments or send them a reminder email every day.

In addition to invoices, TrulySmall helps you create professional estimates for your services, as well as convert those estimates into invoices after the client accepts and you complete the work.

Expense Tracking

TrulySmall can be seamlessly connected to your business bank account, automating expense tracking and giving you valuable insight into your monthly budget, top categories, and spending trends. If you don’t have a business account yet, you can connect your personal credit card to TrulySmall and track personal and business expenses separately.

You’ll also be able to generate expense reports to get an overview of your total spending for a specified period of time, so you’ll know exactly how much money you’re investing into your business and where every dollar has gone.

Tax Categorization

TrulySmall's tax categorization feature

When it comes to taxes, TrulySmall can help alleviate the stress and prepare you for tax season by neatly sorting all transactions into IRS and CRA-approved categories. However, that’s the extent of the functionality, and the app itself doesn’t help you with the actual tax filing process. We’d like to see TrulySmall improve this functionality in the future to make it even easier for small business owners to file their taxes.

Automation

When you connect your bank account to TrulySmall, all of your transactions are automatically posted and categorized on the platform. This eliminates the chances of human error and ensures complete accuracy of your financial data.

Additionally, you can scan your receipts, and the app will automatically match them to existing records or create new ones, making it easy to keep track of all your expenses.

Finally, you can set up unique categorization rules and the app will remember them and apply them whenever the outlined conditions are met.

Reporting

TrulySmall's financial reporting feature

When it comes to reporting, TrulySmall provides you with critical insights into the financial health of your business by generating essential reports in less than five minutes. The reports detail your expenses, profit and loss, spending trends, sales, interest income, and other key financial parameters that can help you understand your business better, prepare for tax season, and even apply for business loans.

Integrations

TrulySmall doesn’t offer any native integrations with third-party tools and apps. It does, however, offer an API (Application Programming Interface), giving developers the option to build custom integrations with virtually any app the business is using.

So, in theory, you could connect TrulySmall to your existing software stack, but the integration will involve hiring a skilled developer and will likely take weeks if not months.

TrulySmall Accounting Customer Reviews

The majority of user reviews for TrulySmall across various reputable review sites are quite positive. Users often highlight the platform’s ease of use, variety of payment options, straightforward invoicing, and automated expense tracking as TrulySmall’s biggest benefits.

A review of TrulySmall Accounting

When it comes to potential drawbacks, users mention the simplicity of the platform, the pricing, and occasional issues with connecting their bank accounts.

What is TrulySmall Accounting Good For?

As the name suggests, TrulySmall is a tool designed to help small businesses, solo entrepreneurs, and freelancers handle the financial aspects of their businesses. As such, it’s a rather simplistic accounting tool that offers very little apart from the very basics.

For smaller businesses that want to move away from spreadsheets and digitize their invoicing and expense tracking, TrulySmall is an excellent, cost-effective tool. An added benefit of TrulySmall is that it offers an excellent mobile app, allowing you to handle your business’ finances on the go.

That said, TrulySmall isn’t a viable option for larger businesses that expect a ton of advanced functionality from the accounting software.

TrulySmall Accounting vs Top Competitors

If you’re not sure whether TrulySmall is the right choice for you, here’s a quick reference table so you can see how it compares with other leading accounting tools:

TrulySmall QuickBooks FreshBooks FreeAgent
Best for Freelancers, contractors, and SMBs looking to digitize invoicing and expense tracking SMBs looking to automate invoicing, payroll, tax filing, and time tracking SMBs executing projects for a variety of clients SMBs looking for an accounting solution that can scale with their business
Starting Price $8.99/month $18/month $6.80/month for the first 6 months (renews at $17/month thereafter) $10/month for the first 6 months (renews at $20/month thereafter)
Free Trial 14-day free trial 30-day free trial 30-day free trial 30-day free trial
Payroll Paid add-on
Reporting Essential reporting Customizable professional reports Business health, tax time, and double-entry accounting reports Sales tax reporting
Mobile App

TrulySmall vs QuickBooks

TrulySmall is a solid option for freelancers and businesses in the services industry, but it lacks a critical component retailers and brick-and-mortar businesses require — inventory management. In addition to inventory tracking, QuickBooks also lets you track project profitability and manage your budgets effectively, so it’s better suited for companies that work with multiple clients, need to track billable hours, and want to monitor their stock levels.

That said, TrulySmall lets you add an unlimited number of users to your account, whereas QuickBooks limits the number of users and requires you to pay additional monthly fees per user after you reach the maximum amount of each plan.

Learn more in our in-depth QuickBooks review.

TrulySmall vs FreshBooks

FreshBooks is like an improved version of TrulySmall, giving you access to time tracking, project planning, and payroll functionalities on top of the core accounting features. It’s also more than twice as expensive as TrulySmall, so it’s only worthwhile for businesses that will fully utilize everything the platform has to offer.

TrulySmall is simpler and more affordable, so if you don’t need any advanced features and simply want to digitize invoicing and expense tracking, it’s a better fit for your business.

Read our in-depth FreshBooks review for a more detailed analysis of the tool.

TrulySmall vs FreeAgent

FreeAgent is another excellent accounting software for small businesses. What’s unique about this platform is that it comes with a single pricing plan that gives you access to all of FreeAgent’s features. There are also optional add-ons and integrations, so you can easily scale the platform as you grow and expand your business.

TrulySmall is a bit more cost-effective, especially since there are no additional costs associated with its pricing plans, but it’s way more difficult to integrate with third-party tools and apps since you have to build custom integrations using the platform’s API.

How We Test Accounting Software

All reputable accounting software solutions will help you streamline and automate the core financial aspects of your business. That said, they can greatly differ in terms of advanced functionalities and pricing, and each platform has its distinct advantages and flaws.

Here are the key aspects we take into consideration when reviewing accounting software:

  • Pricing — The available pricing tiers, discounts for annual subscriptions, limitations on different tiers, and the availability of free trials.
  • Features — Core accounting features, advanced functionalities, and optional add-ons that help streamline and automate various aspects of financial business management.
  • Integrations — Integrations with third-party apps and tools, plus the availability of the API for custom integrations.
  • Automation — Which automations are available, and how easy they are to customize and implement.
  • Ease of use — The complexity of the platform, its UI and navigation, and how easy it is to learn all the ins and outs of the software and utilize its full potential.
  • Third-Party Reviews — The general sentiment of the platform, with special attention to highlighted advantages and drawbacks of the software.

How To Choose the Best Accounting Software

No two accounting platforms are the same, so you need to know exactly what you’re looking for to ensure you’re getting all the functionalities you need without overpaying for features you’ll never use.

Here’s what you should focus on when assessing different options to ensure you choose the best accounting software for your business:

  • Your budget — How much money you’re prepared to spend on accounting software each month. You need to ensure that you set a realistic budget if you want to have access to all the features and functionalities you need.
  • Features — What features do you need, and what pricing tiers they are available on. Also, consider how easy it would be to scale the platform and add additional features to your account as you grow your business.
  • Ease of use — How much time it would take you to learn how to fully utilize the platform. The best way to ascertain this is by scheduling a live demo or, even better, starting a free trial and trying out the platform yourself.
  • Integration — Which apps and tools you’re already using can be integrated with the accounting software.
  • Automation — What automations are available and how they can help you save time, ensure data accuracy, and streamline your accounting.
  • Reporting capabilities — What types of reports can the accounting software generate, how much data can you gather from these reports, and whether you can customize them to fit your needs.
  • Customer support — What methods are there for contacting customer support, what their working hours are, how quickly can you expect a response, and how efficient are they in resolving technical problems you may encounter.

FAQs

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Aleksandar Stevanovic

Aleksandar Stevanovic spent 10 years honing his craft as a freelance content writer. He has a degree in Economics, and extensive experience in software, crypto, and cybersecurity industries. He covers a multitude of topics, writing factual and informative articles, helping individuals better understand the intricacies of the online world. Over the last two years, his research focus shifted more towards tech and software content, as evidenced by his publications on CEX.IO, Business2Community, and Techopedia. He believes in simplifying complex topics and bringing them closer to like-minded individuals. His work is as detail-oriented as it is creative, and is designed to…