Lendio Accounting Review

Pros

• Free
• Easy to use
• Paid plan supports unlimited users & businesses
• Double-entry accounting
• Excellent customer support

Cons

• Limited integrations
• Poor mobile apps

What Is Lendio Accounting?

Lendio Accounting (formerly Sunrise by Lendio) is cloud-based bookkeeping software. What stands out most about Lendio Accounting is its free plan, which offers basic bookkeeping features with no monthly subscription fees. Lendio Accounting has a clean, simple design that’s easy to use — even for accounting newbies — with no outdated UI or ads cluttering the dashboard. A recent addition of a paid plan includes a few more features, as well as support for unlimited users and businesses. And if you need funding for your small business, Lendio Accounting’s Loan Match service allows you to apply for funding from 75+ lenders right within the software.

Of course, there are a few drawbacks. The free software has basic accounting features but lacks other features that may be useful to your business, such as time-tracking and project management. Some users have also experienced issues when adding their bank accounts or when using the mobile apps, and the lack of integrations may pose a problem for some. Lendio also discontinued its paid bookkeeping services and now only offers self-service bookkeeping. Despite these flaws, Lendio Accounting may be worth a look for the budget-minded small business owner in search of easy-to-use bookkeeping software.

Lendio Accounting Pricing

Lendio Accounting has two pricing plans, including a free option with no monthly subscription fees. Lendio Accounting’s paid plan is available on a month-to-month basis with no contract required. A 14-day free trial is available.

Previously, Lendio Accounting offered professional bookkeeping services. This service has been discontinued and is no longer available.

Lendio Accounting Free

The Lendio Accounting Free plan costs $0/month and includes:

• Manual or automatic transaction imports
• Income tracking
• Expense tracking
• Invoicing
• Quotes
• Accept bank payments, debit cards, & credit cards with WePay
• Vendor & customer management
• Reports
• Lendio Tax Assist
• One user

Lendio Accounting Plus

Lendio Accounting Plus costs $19.99/month and includes everything from Lendio Accounting Free, plus:

• Invoice templates
• Cash flow insights & alerts
• Integrations with Stripe, Square, & PayPal
• Automatic expense categorization
• Lower payment processing fees
• Unlimited users
• Unlimited businesses

Extra Lendio Accounting Costs & Fees

Even though the software is free, there are a few add-ons that may be useful to your business.

• Payroll: Lendio Accounting integrates with Gusto payroll for an additional monthly fee. Lendio Accounting users can get three months free. Contact Gusto or Lendio to learn more about pricing and getting started.
• WePay: Make it easy for your customers to pay their invoices with WePay. You can accept online credit card, debit card, or bank payments with this service. Rates start at 2.55% + $.30 per transaction for credit card payments and 0.5% + $0.30 per transaction for bank payments.

Is Lendio Accounting Easy To Use?

Lendio Accounting is very easy to navigate, with all features clearly marked on the dashboard. If you can’t find what you’re looking for on the main dashboard, everything else is tucked away under the Settings menu. From here, you can quickly switch organizations, update invoice settings, change your tax settings, and more.

Even users with little or no prior bookkeeping experience will find this software easy to navigate. And if you encounter any problems, the help center is just a click away and offers lots of helpful information.

Lendio Accounting Features

If you need more advanced features like inventory tracking and project management, you won’t find what you’re looking for here. But if you’re a freelancer or own a small business with simple accounting needs, Lendio Accounting offers a nice set of basic bookkeeping features even with its free plan. Keep reading to learn more about Lendio Accounting’s standout features.

Invoices & Estimates

You can easily send invoices and estimates with Lendio Accounting. Upgrading to the Plus plan gives you access to additional features, including invoicing templates. You can also accept online payments by signing up for payment processing. Invoicing and estimate features include:

• Unlimited invoices
• Recurring invoices
• Payment reminders
• Client portal
• Estimates
• Quotes
• Customize invoices to match your company’s branding
• Accept online payments with WePay payment processing
• Stripe, Square, & PayPal payment integrations (Plus plan only)

Bookkeeping

Lendio Accounting has basic features that make it easy to track finances and keep your books balanced. Notable bookkeeping features include:

• Automatically import transactions
• Manually enter expenses
• Receipt capture
• Bank reconciliation
• Auto-categorize expenses (Plus plan only)
• Chart of accounts
• Journal entries
• Gusto Payroll integration
• Loan matching service
• Supports 30+ currencies
• Import bank transactions, journal entries, & other data as a .csv files
• Export contacts & products as .cvs files
• Export chart of accounts as .csv, .pdf, or HTML

Contact Management

Lendio Accounting has a very basic contact management feature for customers and vendors. Here’s what to expect from this feature:

• Customer management
• Vendor management
• Add basic contact information including names, phone numbers, & addresses
• Set default currency
• Add tax ID
• Set payment terms
• Set late payment alerts

Inventory

Lendio Accounting doesn’t have the most well-developed inventory feature. It offers a basic list of products and services, but there is no way to track stock levels. Here’s what you’ll receive in terms of inventory:

• Add product names, prices, & descriptions
• Add product SKUs
• Set revenue category
• Set tax rates
• Add product images

Time Tracking

Unfortunately, Lendio Accounting does not have a built-in time tracking feature.

Project Management

Lendio Accounting does not offer a project management feature.

Reporting & Budgeting

Lendio Accounting doesn’t have an extensive number of reports, but it does have a few of the most important financial statements your business needs. Reporting and budgeting features include:

• Profit & loss statements
• Balance sheets
• Trial balance
• Sales tax reports
• Cash flow tracker (Plus plan only)

Tax Support

Every Lendio Accounting user gets access to Tax Assist. Highlights of Tax Assist and other tax support features include:

• Set sales tax & VAT rates
• Set rules to apply sales tax & VAT rates automatically
• Estimated tax liability
• Tax prep checklist
• Export tax documents for your tax preparer
• File your state & federal taxes through FreeTaxUSA

Lendio Accounting Customer Service

One area where Lendio Accounting stands out is its customer support. There are several ways to get in touch, including email and an easy-to-use in-software live chat option. When you open the live chat feature, you can chat with “Sunny,” an automated assistant that offers answers to FAQs and points you in the direction of resources to get started. If Sunny can’t answer your questions, you can speak with a real representative. Support reps are polite, courteous, and knowledgeable.

Other support resources are also available, including a company blog and profiles on Facebook, Twitter, and LinkedIn. One drawback is that there isn’t a phone support option for current customers. However, there is a phone number for anyone that has questions about signing up.

Lendio Accounting Integrations

One of the areas where Lendio Accounting falls short is its integrations. If you subscribe to payroll services, Lendio Accounting does integrate with Gusto. Lendio Accounting also integrates with Zapier, which connects you to 1,000+ apps and programs. Unfortunately, this is where integrations end, but hopefully, we will see additional integrations as Lendio Accounting becomes more established.

Lendio Accounting Reviews

Lendio Accounting reviews across the web are generally positive. It receives 4.52/5 stars on Software Advice, 4.5/5 stars on Capterra, and 4.5/5 stars on GetApp. However, not every software works for every business, so some complaints are mixed in. Most of the complaints are a bit dated and were for the accounting software Billy, which was prior to Lendio’s acquisition and rebranding of the software.

Negative Lendio Accounting Reviews & Complaints

• Limited invoice, estimate, & quote templates
• Limited invoice customization options
• Bank integration errors
• Limited mobile app functionality

Positive Lendio Accounting Reviews

• User-friendly software
• Affordable pricing plans
• Solid set of basic accounting features
• Good customer support

Is Lendio Accounting Secure?

Lendio Accounting has a fair amount of security measures in place to protect your data, including:

• 256-bit SSL encryption
• Backups in data centers across the United States
• Multiple backups

The Final Verdict: Is Lendio Accounting Worth It?

Whenever you hear the words “free software,” you always have to wonder, “What’s the catch?” In the case of Lendio Accounting, there aren’t any catches. In fact, this free software has a lot of pleasant surprises. Lendio Accounting is very easy to use and has numerous resources to help you set up and learn the software. The software has a good feature set for its target audience — small businesses, microbusinesses, and freelancers. The UI is clean and easy to navigate, and even if you’ve never used accounting or bookkeeping software in the past, you’ll be balancing the books like a pro in no time.

Customer service is also a highlight, according to users, although the lack of phone support may be a problem for some. The recent elimination of professional bookkeeping services, as well as moving some features (such as support for unlimited users and cash flow insights) to the new Lendio Accounting Plus plan, may also prove to be dealbreakers. Larger businesses or businesses that need full-featured accounting software with inventory management, project management, and all the bells and whistles won’t find what they need here. Likewise, businesses that want lots of integrations may also be disappointed. Accounting software such as Xero or QuickBooks Online may be a better option.

But businesses that want simple, basic bookkeeping without breaking the bank should give Lendio Accounting a shot. The free plan makes it easy to get hands-on with the software to help you determine if it is the best software to help you get — and keep — your business finances on track.

The Merchant Maverick Seal of Approval 🏆

Lendio Accounting	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Lendio Accounting for yourself.

The Merchant Maverick Seal of Approval 🏆

Lendio Accounting	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Lendio Accounting for yourself.

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