Whether you are a startup or run a well-established brand, accounting is an essential part of your business. Keeping a track of your ‘daily’ minor expenses to huge expenditures can give you a clear picture of your current financial condition. It enables you to take better decisions and mitigate the risk of massive loss. Not only this, it also facilitates you with different options like keeping a record of the processes and documents, executing calculations and generating reports, which eventually helps in enhancing the efficiency of operations and increasing profits.
While accounting is one of the important pillars on which your business’s future relies, it involves endless paperwork which is cumbersome and error-prone, when done manually. Various businesses have suffered from heaving financial loss just because of a single mistake in their records. To overcome this factor, various accounting apps and software have come into existence.
Benefits of Accounting Apps and Software
The mobile apps and software leveraged the business with a plethora of benefits, making their accounting experience seamless. Some of the advantages offered by the accounting apps are as follow:
- User-friendly
The very first advantage of the accounting software and apps is that they are easy to learn and use.
- Payroll
The online accounting software and applications allow you to easily fill out employee forms correctly and on time.
- Invoicing
Creating invoicing, the most vital aspect of a business, is easier, faster and error-free with accounting mobile apps and software. The invoices can be directly mailed to the clients, saving the cost of paper and stamps.
- Higher Productivity
Paperwork can be monotonous, causing the employees to get distracted easily. However, the accounting applications facilitate the feature of autofill; cutting down the efforts of the employees and making them available for other productive tasks.
- Better Opportunities
Various accounting software and mobile applications help the companies to trace the trends, losses and profits; helping them to explore new opportunities and thus, enjoy higher revenue.
- Cash Flow
Mobile apps and software make the accounting process simpler by discovering the incentives for employees, discounts to the clients, etc. Apart from this, the applications also enable the managers to view profits and losses in an extensive way.
- Security
Last but not the least, the online software and applications for accounting are secure.
Now as you are familiar with different benefits of using accounting app, wish to know about a few accounting apps/software? If so, here is the list of the 8 popular applications used for streamlining your accounting processes:
Applications making Your Accounting Experience Incredible
1. QuickBooks Accounting: Invoicing and Expenses
QuickBooks accounting app lets you create invoices, manage your profits and losses, track sales and customers, and much more. When talking specifically about invoicing, you can customize your sales invoices and receipts with your brand’s logo and fields in no time. You can easily add new customers and contact them. You can photograph your receipts and attach them to your expenses, and thus, get maximum tax savings. You can also review your banking transactions and add them to your accounting records. Besides these, you can also add additional features, including inventory management and advanced CRM.
2. BookKeeper - Accounting, GST Invoicing, Inventory
It’s a complete package of accounting services best suitable for SMBs, enabling one to maintain company books and perform business accounting effectively. It allows you to track expenses and receipts, send invoices and estimates, view daily transaction book, manage inventory, view/send financial reports, and so on.
When talking specifically about Indian businesses, it helps them to build GST compliant invoices and view the relevant taxes captured on every individual transaction generated. It also supports GST filing.
3. ZOHO Books
ZOHO Books is another amazing accounting app using which you can easily send invoices to clients and initiate accepting payments online, track inventory levels, work in coordination with your accountants and colleagues without any hassle or additional cost, connect to your bank, fetch transaction and perform other required activities, stay up-to-date with the accounting reports, and much more.
4. Kashoo
Kashoo is an efficient online accounting and booking iOS app, and a great alternative to QuickBooks. In the app, you can create brand invoices, view your financial data, customize your tax rates, get automated sale tax tracking, view financial reports, connect with multiple banks and categorize them, access multiple businesses with a single user login, and much more
5. GnuCash App
GnuCash is a small-business financial-accounting software available for Microsoft Windows, Mac OS X, GNU/Linux, BSD, and Solaris. It has an easy-to-learn user interface and offer various facilities, such as bill splitting, performing double entry, categorizing cash flow, scheduling transactions, viewing summary of reports in the form of pie/charts, importing account hierarchy from GnuCash desktop, exporting transactions in different formats and scheduling export to third-party syn services, etc.
6. Xero Accounting Software
It is an online accounting software for managing finances anytime and anywhere. It allows you to easily view all of your bank accounts, credit card and PayPal balances. You can make create and send invoices instantly directly from your Android phone, upload photographed receipts, record business expenses, and enjoy quick bank statement reconciliation. Besides this, you can call customers and other people involved directly from the app and make notes. And the best part is that all the data entered in Xero app is saved in the cloud, using high-end data encryption practices.
7. Bill Minder
You can easily sync your bills and know about the total due amount using this app. The app keeps a backup of all your financial details on a secure server, which is accessible even offline. This accounting app supports different currencies, has a built-in calculator and can be exported as a CSV file.
8. Wave App
If you are small business who wants to get rid of overcomplicated bookkeeping tools, Wave accounting application is the right option for you. It allows you to create, send and track invoices and payments effortlessly. Besides this, it let you analyze your business decision and determine how can you make more profits (savings).
Mobile apps are transforming each and every aspect of the business. It has been estimated that 97.5% of basic accounting services will be automated in the coming years. There will be a rise in the use of accounting apps and software, which indicates you should look forward to integrating these applications into your accounting processes.