Accounting applications help businesses track expenses and accounts, keep tabs on finances, and prepare for tax season.
Small business owners and startups need to travel globally to grow their businesses. So, keeping track of everything while traveling is quite difficult, and you will have to depend on someone specially to do it for you.
But not anymore; with management applications, you can keep track of everything on the go.
Accounting software is one solution that helps you keep track of all your cash flow and finances.
Proper management ensures that records are up to date so that small business owners can know their revenue, predict profitability and tax liabilities, and check account balances.
In the modern world, many businesses prefer software instead of an accountant to manage their payroll and taxes. But which one is suitable for you is a question.
Discover why you need accounting software and which application best suits your business.
What is Accounting Software?
Accounting software is a program that allows small businesses to track expenses and income. The small business owner can automate recurring activities, such as data entry, to streamline financial management. In addition, it enables understanding profitability, filing taxes, and bookkeeping easily.
Since accounting software is ideal for startups and small businesses, it comes in handy and easy-to-use. The accounting software also helps generate reports, such as balance sheets and profit-loss statements.
Most software programs include features like tracking payments and receivables, managing inventory, invoicing, and more. Apart from this, the application must be secure and user-friendly. It must contain some basic features, such as:
- Basic accounting capabilities: Accounting software for small businesses must have options like invoicing, account reconciliation, accounts payable, and more.
- Expense tracking: The accounting application must let you track and capture invoices, receipts, etc., regularly. Thus, this helps you create a better budget and enhance your financial health.
- Financial reports management: Instead of wasting time on manual work, the accounting app ensures that small businesses can instantly generate accurate and customized reports.
- Time tracking: The software helps you in tracking the time spent on final project deliveries so that while issuing invoices, you can add billable hours.
- Connecting with stakeholders: The application enables your businesses to monitor payments and due dates. It is integrated with payment systems to make online payments faster.
Why Use Accounting Software?
Doing business has become easier than ever before with technology. Everyone now has a smartphone, making it extremely easy to manage your business processes on your phone.
From sending invoices to tracking payments, accounting software offers many benefits to small businesses, including:
- Organized transactions: Accounting software helps you organize all the financial transactions and records in a single place so that you can track them whenever you want.
- Time-saving: Accounting software has automation features that let you save time while performing different tasks, such as reconciling statements and creating journal entries.
- Affordable: Using the right accounting software for your business can cost you less as compared to hiring an accountant for the same purpose.
- Compliance: Accounting software offers various features to help small businesses with compliance, like reporting and tax preparation.
- Integration: By integrating with other applications, such as e-commerce and CRM platforms, accounting software will become easier for a business owner to handle.
- Access anywhere, anytime: You can easily access your account at any time, from any location, to track invoices and expenses.
- Error reduction: Since accounting software has automation features, it will automatically help businesses manage their finances and other expenses, resulting in reduced or no errors.
Now that you know what accounting software is and how it benefits your business, let’s discuss some of the best accounting applications offering never-ending features to meet your business’s financial needs.
Work anywhere and manage your business with the FreshBooks accounting application. It will help keep your growing business at your fingertips and stay connected with clients who handle accounting from anywhere.
With FreshBooks accounting software, you can track the mileage automatically as you drive and categorize all business trips just with a swipe. In addition, view the potential tax deduction right from your mobile phone.
Once you finish the final delivery of the project, you can send the invoice right from your office and get instant payment by the time you’ve reached home.
FreshBooks app eliminates paper receipts. The only thing you need to do is snap a clear picture of the receipt. Once you are done with that, FreshBooks captures the totals, merchant fees, and taxes automatically for you. Hence, tracking expenses will become swift.
Furthermore, responding to the client’s feedback and questions is now easy with mobile accounting. Even if you are on a trip, you can track everything, like your conversations, and keep them in a single place. Instantly, get an update when the client views your invoice or when your payment is overdue.
FreshBooks software stays in sync with the mobile and desktop accounting applications, so you can work on any device without missing important information. Along with that, you will get estimates and proposals tracking, time tracking, projects and payment tracking, accounting, reports, and other add-ons.
Download the application for free or buy the application at a starting price of $1.70/month and get additional features.
Manage your business accounting easily with Zoho Books Android and iOS apps. It provides easy insights into how well your small business is performing with the help of a KPI dashboard. You can offer convenient and secure payment options for your customers to make online payments straightforwardly.
Design your own personalized invoices to reflect your brand and send them to your clients. Monitoring bills and expenses are now super easy, allowing you to see how your money moves out of the business.
In addition, you can easily generate financial reports, such as cash flow statements, income statements, and balance sheets, to know your business status.
Add widgets to your Apple phone’s home screen to quickly access invoice lists, total receivables, and timers. Zoho Books can track your travel distance and convert the same into expenses with Apple maps and GPS. Scan any business cards, which will add to your contact lists.
With Siri’s conversational shortcuts, you can easily create expenses, view unpaid invoices, start or stop timers, and set reminders of transactions. The Zoho Books application also comes with Apple Watch support that lets you track your financials while multitasking, send payment reminders, track time for projects, view outstanding invoices, and more.
Try it for free, or choose a standard plan for your growing business. Sign up now and enjoy accounting.
Run your business on the go from your smartphone with QuickBooks mobile application. It will allow you to access your data on mobile devices instantly. You can enter transactions, invoice customers, send reports, record expenses, and do more from anywhere you want.
QuickBooks automatically backs up your saved data to the cloud and syncs with all devices. It helps you run a profit-loss report and access the balance sheets. In addition, it will take care of your payments. You can use its mobile card reader to dip, tap, or swipe a credit card.
Furthermore, it will record the transaction and automatically send money to the bank account. You can create invoices easily with the application and email a copy to your customers in no time. If you are an Android user, you can also send the invoices using WhatsApp.
Get instant notification when the customer views your invoice or pays the total bill amount. QuickBooks mobile application turns the camera into a quick receipt scanner. It first snaps a photo of the receipt and records the billable expenses in the books once the transaction is approved.
Moreover, you can add the expenses to the invoice and attach a receipt to it in order to get reimbursed and track tax deductions. You can also track expenses on the phone, provide estimates, and stay on top of accounts management.
Get flexible pricing plans for every kind of business starting from $15/month. Avail yourself of a free trial for 30 days.
Manage your finances on the go with the Wave application. It will help you track banking, payments, and invoicing all in a single place to save plenty of time, make money management simpler, and get you paid faster.
With Wave, keep your personal and business finances separate. You can connect with the accounting software to automate your accounting book. In addition, use the Wave Visa Business Debit Card and virtual cards anywhere, anytime.
Furthermore, monitor and track easily what’s going on with an intuitive dashboard. The summary you find allows you to take charge of controlling your business finances on the go, including a task list of various items. You can also design, customize, and send invoices from anywhere.
Wave has instant notification functionality that lets you know when your invoice is viewed, payment is due, and payment is complete, so you can manage cash flow better than anyone. You will also find automatic payment reminders when the invoice is due.
Mark invoices as paid immediately after you receive the payment so that your records are up to date. You can personalize your invoices by adding colors, logos, and a choice of templates. Also, add your customizable payment terms to your invoices with ease.
Create your free account today and pay as per the service you need.
Run your business confidently with the Xero accounting application and manage your accounting from any location. It helps you send immediate invoices on the go as soon as the job gets done, review transactions, and match them in seconds.
The app will enable you to track unpaid and overdue invoices to know the status of the invoices. You can also check how your business is doing instantly with this application. In addition, you can convert the quotes easily to invoices and edit and send invoices through a messaging application or email.
Add new customers quickly when you need to send the invoice and check the outstanding payments in your accounting application. Additionally, track your customers when they view your invoices and monitor cash flow and profit to understand how your small business performs.
Start using the Xero accounting application for free and access all features for 30 days after deciding which plan suits you the best. If you are self-employed or running a new business, you can choose a starter pack with enough features to achieve your financial goals.
Work from anywhere and manage all your finances easily with the Sage Accounting application. It’s more suitable for small businesses and offers Android and iOS mobile applications to cover more users. This app will help you become more productive even from home.
Being offline, you can check various key details. It is now easy to quickly follow up with clients and customers and check for outstanding invoices.
In addition, you can send quick reminders for unpaid invoices, track your business health in real time, and update the accounts on the go.
The Sage accounting application is the quickest way to access all financial information onsite, with a customer, or on the road. Track which customers owe you how much money so that you can keep a record of the cash flow.
Moreover, you can easily snap receipts with your mobile camera and upload the details to the accounting application. Sage helps you bring your contacts from your smartphone into the application, reducing errors due to manual entry while copying addresses, contacts, and telephone numbers.
You can update your stock levels while invoicing. This will save time and speed up the invoicing processes. After delivery, you can add files and images to your invoices before sending them to the clients or customers.
Bring better results in managing your finances by choosing the right plan. You can upgrade or cancel the subscription at any time. They will never ask you for hidden fees, commitments, and contracts. Take a free frail today and decide which is best suited to your business.
Accounting is a crucial department in every business. To manage accounts efficiently, you need to track and monitor your daily expenses.
Using a reliable accounting application saves you time and resources in the account management process. Thus, consider some factors, such as pricing, free trial, ease of use, inventory and project management, reporting, etc., while choosing the best accounting software for your business.
Next, check out the best invoice generators to accept client payments.