TrulySmall Accounting Review: Is Simplicity Worth the Switch?

Compared to giants like QuickBooks, Xero, and FreshBooks, entry-level bookkeeping software TrulySmall Accounting mostly falls under the radar. However, its straightforward features, intuitive interface, and accessible price point still make it a worthwhile investment, especially for freelancers, self-employed individuals, contractors, and micro businesses. Below, we dive into the features, strengths, and limitations of TrulySmall Accounting to help you determine if the solution fits your needs. 

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• Best Bookkeeping Software for Self-Employed Individuals: Best for ease of use

TrulySmall Accounting Interface Overview

The TrulySmall Accounting dashboard

TrulySmall Accounting provides an extremely straightforward interface. It consists of a navigation bar on the left-hand side of the screen and a utility bar on top.

The navigation sidebar leads you directly to the platform’s core accounting tools, along with a few helpful utilities. Its buttons include:

• Inbox: The inbox page shows you activity updates. It acts as a centralized location for notifications across all bookkeeping areas. 
• Dashboard: As your home page, your dashboard shows you your financial performance at a glance. It creates visualizations, tables, and widgets for key financial performance metrics, such as net income over the fiscal year, top expenses, and account balance. 
• Transactions: The transactions page displays a table of your most recent income and expense items. It provides dedicated columns for key details, such as dates, descriptions, accounts, categories, tax types, currencies, and withdrawal or deposit amounts. It also summarizes your total income, total expenses, net income, and net cash. 
• Invoices: The invoices page allows you to create, view, and organize invoices. It shows the details of each invoice and calculates total earnings for the fiscal year, average time to pay, total outstanding invoices, and total invoice amounts past the due date. 
• Estimates: Similar to the invoices page, the estimates page lets you create, view, and organize client estimates. The page also summarizes the total number of pending estimates and their equivalent amount. 
• Bills to Pay: The bills to pay page lists your upcoming bills and their due dates. It summarizes your total bill spending, average time to pay, total outstanding bills, and total bill amounts past due date. 
• Contacts: The contacts page stores your customer and vendor information in a single, organized directory.
• Accounts: The accounts page functions as a chart of accounts and lists the different asset, liability, equity, income, and expense accounts your business works with. It also shows balances per account. 
• Products: The products page keeps a catalog of the products and services you offer. It provides key details, such as names, prices, and descriptions.
• Taxes: The taxes page tracks tax rates and amounts due to help you stay current and organized.
• Projects: The projects page allows you to track project-based work, monitor costs, and review profitability.
• Reconcile: The reconcile page allows you to perform bank reconciliation. You can match bank statements with your TrulySmall Accounting records to ensure accuracy. 
• Reports: The reports page lets you generate standard bookkeeping reports, including financial statements, sales tax reports, general ledgers, unpaid bills and invoices reports, trial balances, transaction reports, and purchases and sales reports. 
• History Log: The history log page displays all actions you’ve executed within the platform. It allows you to review the changes you’ve made over time. 
• Settings: Finally, the settings page allows you to adjust information and preferences. Setting categories include business details, subscription and billing, invoicing and payments, email and PDF presets, connected banks, additional users, and category rules. 

Meanwhile, the top menu bar leads you to key utility tasks. It consists of the following buttons:

• Business: This button displays the name of your business. Clicking on it allows you to access other businesses you’ve connected to TrulySmall Accounting. 
• Help: The help button leads you to the help center on TrulySmall’s website. It provides tutorials, how-to guides, and answers to frequently asked questions.
• Notifications: The notifications button shows you the most recent account updates, then links out to affected pages. 
• Profile: Clicking the Profile button opens a dropdown menu with User Settings and Sign Out. In User Settings, you can update your username, email, password, mobile number, and notification preferences, or delete your account.

The platform also provides a built-in help pop-up at the bottom right corner of the page. This pop-up gives quick access to software tutorials, news articles, and answers to frequently asked questions. It also comes with a chat box, allowing you to message customer support during business hours. 

Does TrulySmall Accounting Have a Mobile App?

TrulySmall Accounting is also available in mobile app form on both the App Store and Google Play. The app comes free with your subscription and lets you do the following:

• View, edit, and categorize transactions
• Capture and attach receipts to transactions with Optical Character Recognition (OCR)
• Monitor business spending
• Generate, view, and download reports
• Access chat support

Key Features

As an entry-level tool, TrulySmall Accounting only provides essential bookkeeping tools. 

Automatic Transaction Posting and Categorization

TrulySmall Accounting automatically imports transactions from connected bank feeds and categorizes them into income, expenses, or other accounts. This spares you from the time-consuming and error-prone burden of manual data entry. You can tell the system which transactions to add to which categories to speed up the process. 

Invoices and Estimates

TrulySmall Accounting allows you to create professional invoices with ease. You can customize invoice templates, set payment terms, and track overdue and paid invoices. You can also create and send estimates, then convert them into invoices upon receiving client approval. The system uses all this data to calculate total earnings, average payment times, and outstanding invoices, providing a clear overview of your receivables. 

Bank Reconciliation

The software also streamlines bank reconciliation. You can match transactions from your bank statements with your records in the system in just a few clicks. This ensures that your accounts are accurate and up-to-date. 

Basic Reporting

TrulySmall Accounting uses your financial data to generate essential financial reports. These include:

• Income Statements
• Balance Sheets
• Sales Tax
• General Ledger
• Unpaid Bills and Invoices
• Trial Balance
• All Transactions
• Purchases and Sales

These reports are easy to create and interpret, helping you gain a clear picture of your financial health. 

Product Tracking

The product tracking feature lets you maintain a catalog of goods and services. The page tracks key details about each item, including names, descriptions, and pricing. You can monitor inventory levels and manage products without switching between multiple tools.

Project Tracking

TrulySmall Accounting allows you to track project-based work, monitor costs, and assess profitability per project. You can assign expenses, time, and invoices to specific projects to forecast which projects are profitable. 

Multi-Currency Support

TrulySmall Accounting allows you to record transactions, create invoices, enter bills, and generate reports in over 160 currencies. You can manually input exchange rates or use the software’s automatic exchange rate updates to reduce manual calculations. 

Multi-User Support

The software provides an unlimited number of user seats, enabling teams of any size to access the platform simultaneously. This streamlines collaborative workflows. 

However, there are only three types of user roles:

• Admin and Billing: These users can add and delete users, edit user roles, manage subscription and payment options, and access all TrulySmall Accounting business pages. 
• Admin: These users enjoy the same privileges as Admin and Billing but cannot manage subscription or payment options. 
• Business Owner: These users have access to all TrulySmall Accounting pages except accounts and transactions. This role is only available if you leave account management to bookkeepers. 

These limitations restrict the ability to assign fine-grained permissions or segregate duties, which could be a concern for businesses that need stricter internal controls.

TrulySmall Plans

TrulySmall Accounting	TrulySmall Invoices	TrulySmall Expenses
$20 per month	$8.99 per month	$8.99 per month
– Automated accounting processes – Send invoices and estimates – Track income and expenses – Track sales taxes – Generate basic reports – Double-entry bookkeeping ledger – CRA-standard chart of accounts	– Send invoices and estimates – Accept digital payments – Automatic invoice reminders – Invoice status updates	– Automatic expense recording – OCR receipt imports – Track budget and spending – Convert expense to invoice

TrulySmall Accounting is one of several bookkeeping tools in the TrulySmall suite. It costs $20 per month and includes basic invoicing, expense tracking, and core bookkeeping features. You can add more advanced invoicing or expense tracking for $8.99 per month each.

The company targets freelancers, solopreneurs, and owners of very small businesses. Its tools aim to serve people who need simple bookkeeping support but don’t have accounting experience. At $20 per month, it does the job sufficiently

However, TrulySmall Accounting is not the cheapest bookkeeping solution. That label goes to Zoho Books, which offers a free plan with transaction tracking, invoicing, bank reconciliation, mileage tracking, and reporting. TrulySmall Accounting’s only advantages over Zoho Books are its unlimited user seats and support for foreign currency transactions.

When to Choose an Alternative

TrulySmall Accounting targets freelancers, self-employed individuals, independent contractors, and owners of very small businesses. Entrepreneurs with more complex bookkeeping needs may find the platform’s offers insufficient. 

You want stricter user permissions

Although TrulySmall Accounting provides an unlimited number of user seats, the available user roles are limited and inflexible. There are only three types of roles: admin and billing, admin, and business owners. Each gets a high level of account access. If you want to offload the responsibility of financial management, but want stricter restrictions on non-owner user activity, consider looking at alternatives.

The best bookkeeping software for multi-user teams is Xero. It provides unlimited free user seats and five types of user roles. This affords you greater control over what your users see and do in your Xero account. You can read our Xero accounting software review for more information. 

You run multiple businesses

TrulySmall Accounting requires you to sign up for separate subscriptions per business. To save on subscription fees, consider choosing FreshBooks. This bookkeeping software lets you manage multiple distinct legal entities at no additional cost. You can switch between businesses seamlessly under one login, enabling smooth workflows. For more details, check out our FreshBooks accounting software review. 

You need third-party integrations

TrulySmall Accounting only connects with bank feeds, TrulySmall Invoices, and TrulySmall Expenses. If you need integrations with other business tools, such as payroll solutions, customer relationship management (CRM) systems, human resources (HR) tools, or eCommerce platforms, you’re better off looking elsewhere. Zoho Books, another entry-level bookkeeping software, supports external payment gateways like Stripe, PayPal, and Square, connects with third-party integrations, and provides an ecosystem of business solutions, which includes Zoho CRM, Zoho People, Zoho Projects, and Zoho Expenses.

You need specialized industry solutions

As an entry-level bookkeeping software, TrulySmall Accounting targets freelancers, solopreneurs, self-employed individuals, and very small businesses. Aside from project tracking, it offers very few industry-specific tools. If you want smoother workflows that support your specific industry needs, look into specialized bookkeeping solutions.

At EpicBooks, we’ve written buyer’s guides for a wide range of industries, including:

• Best Bookkeeping Software for Churches
• Best Bookkeeping Software for Construction Companies
• Best Farm Bookkeeping Software
• Best Bookkeeping Software for Nonprofits
• Best Property Management Bookkeeping Software
• Best Bookkeeping Software for Restaurants

TrulySmall Accounting vs Competitors

	TrulySmall Accounting	Xero	FreshBooks	Zoho Books
Starting Price*	$20 per month	$25 per month	$22 per month	Free
G2 Rating	★★★★ 4.5 out of 5 (based on 60+ reviews)	★★★★ 4.4 out of 5 (based on 1,000+ reviews)	★★★★4.5 out of 5 (based on 900+ reviews)	★★★★4.4 out of 5 (based on 200+ reviews)
Additional Users	Unlimited	Unlimited	$13 per additional user	1 user and 1 accountant

*Prices are in CAD

Bottomline

Lower Monthly Subscription Fee: The TrulySmall Accounting $20 monthly fee is lower than most bookkeeping solutions. Straightforward Interface: The TrulySmall Accounting interface lists features in a straightforward manner, enabling easy navigation.

TrulySmall Accounting provides all essential bookkeeping tools at just $20 per month, making it an economical choice for freelancers, self-employed individuals, independent contractors, and very small businesses. However, its lack of support for third-party integrations may limit functionality. 

Start Your Bookkeeping Journey with Epicbooks

The burden of bookkeeping isn’t one you need to bear alone. With the EpicBooks team at your side, you can modernize your bookkeeping with confidence. Our deep experience in Canadian markets allows us to deliver bookkeeping services that streamline your processes for the digital age. By covering everything from account reconciliation, asset tracking, journal entries, and financial reporting, we help you clarify your finances, empowering data-driven innovation and growth.