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The Sunrise app is a trading platform that offers an automated, easy-to-use tool for day traders. It features some of the best technology to help you make successful trades and has received great reviews from users who have been using it since 2017 because of its simplistic design and ease
of use. The only negative aspect is the high price – but find out how much cheaper this could be in 2022!
The “sunrise accounting” is a new app on the market. It has been released in 2022 and it is designed to be an easy way for people to keep track of their finances. The app has a free version that offers three features and a paid version that offers more features.
Sunrise is a free cloud-based accounting and bookkeeping software tool developed by Lendio that allows you to make quotations and estimates, manage spending, streamline tax filing, and more. Invoicing, billing, financial reporting, and payroll connection with Gusto are just a few of the capabilities available. Sunrise is free to use, but there are three premium accounting options available, starting at $149 per month.
What We Think Sunrise Accounting Software Is Good For
Based on the findings of an internally designed case study, we rank accounting software in 11 categories. Sunrise performed well in the areas of accounts payable (A/P), accounts receivable (A/R), tax, and reporting, particularly given the software’s low cost. Sunrise is ideal for small companies and entrepreneurs that need to handle invoices, sales tax, and payments, manage invoicing and costs, and generate financial reports because of these powerful features.
Sunrise accounting software is particularly useful for the following tasks:
- Quotes and estimates, recurring bills, expenditure monitoring, product/service and contact information, and payment processing are just a few of the features Sunrise provides to freelancers. Read our evaluation of the best accounting software for freelancers to learn about different possibilities for your freelancing company.
- Users who need help with bookkeeping should sign up for its professional bookkeeping package, which allows them to delegate all of their accounting and bookkeeping responsibilities to a professional bookkeeper. Check out our assessment of the finest online accounting services if you’re thinking about outsourcing your bookkeeping.
- Sunrise provides a free self-service subscription for one person and one company to businesses looking for free accounting software. Other free accounting software solutions may be found on our list of the top free accounting software.
- Firms with several entities: Sunrise enables you to retain the records for multiple companies if you pay for a premium plan. Check out our selection of the finest multi-company accounting software if your firm requires consolidated financial reporting.
Sunrise is unsuitable for:
- Sunrise is lacking in key capabilities that ecommerce firms need, such as inventory management, point-of-sale (POS) functionalities, and Shopify connection. Consider Xero or go through our list of the top ecommerce accounting software if you need a cost-effective accounting solution for your ecommerce store.
- Companies who need inventory accounting: Sunrise does not allow you to monitor your inventory. If you need this feature, more complex accounting software such as QuickBooks Online is recommended.
- Companies engaged in construction: You can’t monitor expenditures by project using Sunrise. QuickBooks Premier Contractor Edition is a wonderful low-cost option for contractors that need to track project expenditures and compare predicted and real prices.
Are you on the lookout for something unique? Read our guide to the best accounting software for small businesses.
Sunrise App Accounting Pros & Cons
Accounting Software by Sunrise App
Case Study: Sunrise
Sunrise is compared against Wave and QuickBooks Online across 11 areas in our internally designed, in-depth case study to evaluate how it compares to comparable applications.
Sunrise and Comparable Software Case Study Results
Sunrise outperforms Wave in almost every category, but it stands out for its customer service and mobile app. While Wave customers may only access self-service information if they have questions, Sunrise users can talk with a real person and get assistance right away.
Inventory accounting and project accounting are two of Sunrise’s significant flaws. If you need one of these functionalities, QuickBooks Online is the way to go. If you wish to print checks from your computer, we also suggest QuickBooks Online. In the features section below, we offer further details on how Sunrise did in each area.
Pricing for Sunrise App Accounting Software
Sunrise provides a free self-service plan that contains the majority of the accounting capabilities included in the other plans. For $19.99 a month, you can subscribe to Sunrise Plus, which includes automatic spending categorization in your bank feed as well as other payment connectors. Customers additionally save 1% on their Sunrise Pay transactions, which are processed via Sunrise’s integrated payment gateway.
- Free Self Service: This option is available indefinitely and covers the majority of the capabilities covered in this review, but it is restricted to one person.
- Sunrise With: $19.99 a month for unlimited users, plus a discount on Sunrise Pay transactions.
Sunrise provides the following options for customers who need help with their bookkeeping: bank reconciliations, meetings with your personal bookkeeper, and monthly reports.
- Early bird pricing is $149 per month for up to 120 transactions.
- Increasing: $299 per month for up to 200 monthly transactions
- $499 per month for up to 500 transactions per month for businesses.
Features of Sunrise Accounting
Sunrise’s free self-service plan has a lot of useful features for most organizations, however there are a few that are lacking, as shown below. Watch our accounting expert review the software in the videos within each section for a more in-depth look.
Sunrise is simple to put up. You have the option of changing their default chart of accounts or importing your own. Instead of making a journal entry, beginning balances for each account may be simply entered into the chart of accounts. You may make adjusting journal entries at the conclusion of your accounting period and share access with your external bookkeeper or tax preparer.
Video of the Sunrise General Features
Cash Management & Banking
Sunrise, like other cloud-based accounting software, makes it simple to link your bank accounts and have transactions immediately sent into the application. After the transactions have been transmitted, you must allocate them to your chart of accounts and accept them. Sunrise’s Plus version will offer account recommendations for you, which you may accept or change.
There are a few of bank functions that aren’t available in Sunrise:
- There isn’t a way to print checks straight from Sunrise. After you’ve written the checks by hand, you’ll need to input them as expenditures.
- Sunrise does not provide consumers with the ability to reconcile their bank and credit card accounts. Because bank reconciliations are such an important part of excellent accounting, you’ll have to complete them by hand. If you subscribe to one of Sunrise’s aided accounting services, they will handle the bank reconciliations for you.
Video of Sunrise Cash Management and Banking
Sunrise performs an excellent job of keeping track of your overdue invoices. You may register new invoices and examine any outstanding or past due bills from the Expenses page.
Sunrise Expense Screen
- Record Expenses: Click here to get to the expenditure page, where you may input new invoices or see and pay bills that have already been submitted.
- View both paid and outstanding invoices in the Expenses section.
- View any overdue invoices that have passed their due date.
- View all unpaid invoices, including those that are past due.
- View all of the invoices that have been paid.
By clicking on the delinquent bill in the page shown above, you may record the payment of a bill. Any cost may also be accompanied by a receipt.
Sunrise’s bill management system is functional, however it does not enable you to short-pay an invoice, apply vendor credits to delinquent invoices, or set recurring payments.
Accounts Payable Video by Sunrise
Sunrise’s finest feature is arguably its ability to manage client bills. The fundamentals of producing invoices and collecting payments are simple to do.
Screenshot of Invoices in the Morning
- Invoices: To visit the Invoices screen, click here.
- Invoices in their entirety: Both paid and unpaid bills may be seen.
- View draft bills that have not yet been completed and mailed.
- Unpaid: View all bills that have not been paid.
- View all bills that have been paid.
You may begin activities such as obtaining payment on an outstanding invoice or sending a reminder to your client from the Action column on the left side of the page.
Sunrise contains a remarkable number of invoicing capabilities for a free software tool, including:
- Creating bills that are sent out on a regular basis
- Sales tax collection and tracking by jurisdiction
- Customizing an invoice with your company’s logo, colors, and a personal note
- Accepting consumers’ short-payments
- Credit memos are sent to clients.
The option to identify costs as chargeable and subsequently add them to a client invoice is the most important invoicing feature lacking from Sunrise.
Accounts Receivable Video by Sunrise
If you often deal with inventory, you should seek for a different accounting application. Your accounting application should, at the absolute least, assist you in allocating the cost of your inventory purchases to ending inventory and cost of goods sold. Sunrise is unable to do this computation. Inventory accounting tools are available in both QuickBooks Online and Xero.
Inventory was graded with accounts receivable and accounts payable, hence it does not have its own video. You can learn more about inventory capabilities by watching those videos.
Aside from enabling you to develop and send estimates to prospective clients, Sunrise doesn’t have much to offer contractors and other businesses that deal with projects. A company must analyze spending per project and compare actual costs to planned prices in order to practice good project management. For a selection of accounting solutions with great project management capabilities, see our list of the top contractor accounting software.
Video of Sunrise Project Accounting
Sunrise lets you establish numerous sales tax items that may be applied to invoices based on the customer’s jurisdiction. The tax will be accrued each item so that when your sales tax return is due, you may pay the exact amount. The software, however, will not assist you in paying your sales tax or filing your return.
Sunrise also allows you to keep track of payments made to independent contractors so that you have the information you need to complete the mandatory 1099. The application, however, will not assist you in completing Form 1099.
Sunrise’s sales and income tax features were evaluated throughout our case study, thus there is no standalone video accessible.
Sunrise’s fixed asset accounting function may not be suitable for your organization if it involves the utilization of equipment and vehicles. We were able to record the acquisition of a fixed asset with a loan in our case study, however there are no tools that allow us to monitor or manage our list of fixed assets. You can’t depreciate your asset or create or see depreciation and amortization schedules, either. QuickBooks Accountant Desktop is one of the few basic accounting products that contains a fixed asset manager if fixed asset management is crucial to you.
Video of Sunrise Fixed Assets
Sunrise has a decent reporting system in place. Cash flow statements, profit and loss statements, balance sheets, trial balance, accounts receivable, accounts payable, and sales tax reports are among the basic reports available. Custom reports, such as customer transaction lists and vendor spending reports, are also available. We definitely suggest QuickBooks Online if you want greater flexibility in your financial reporting.
Video of Sunrise Reporting
Sunrise provides amazing customer service for a free software package. They didn’t do well in this area since they don’t have a phone number. You may, however, start a chat session with a bot, which will then enable you to swiftly request a conversation with a representative. We’ve done this multiple times, and the representative usually responds in less than a minute. You may also send us an email with your queries. We tried the email option and got a response from a real person in four minutes who addressed our queries straight.
Video of Sunrise Customer Service
Sunrise provides a mobile app that can handle a variety of functions, including sending invoices, inputting bill payments, and classifying bank feed transactions. Sunrise’s mobile app, on the other hand, is missing certain key capabilities, such as time tracking, reporting, project management, and mobile reporting.
Video from the Sunrise Mobile App
Options for Assisted Bookkeeping
You should join up for a premium subscription if you need to utilize Sunrise’s accounting service. Sunrise’s premium services provide you with a professional bookkeeper to manage your finances and reporting. Your personal bookkeeper will give you with one-on-one assistance and consultation tools to make tax filing easier. You have the option to terminate your accounting service at any time.
Integrations
In comparison to its main rivals, such as Xero and QuickBooks Online, Sunrise offers a restricted number of connectors. Gusto for payroll, Google Sheets, PayPal, Stripe, Gmail, and Slack are all major connections. Sunrise also uses Zapier to connect to over 3,000 applications.
Alternatives
Conclusion
Sunrise is an excellent accounting software application for small firms on a tight budget that are ready to forego features such as inventory monitoring and project management. If you’re comfortable with your accounting, the free plan has a lot to offer in terms of simplifying your bookkeeping. Pricing is only provided if you use the services of one of the company’s expert bookkeepers. Overall, Sunrise is a powerful free mobile app that might be a good substitute for more expensive software like as QuickBooks.
The “sunrise plus” is a new app that allows users to compare the features and pricing of various financial services. The app can be used for free, but there are premium features available.
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