Today's Guest Article Is From Andrea Bell
Accounting is not a child’s play. It entails more than just summing up the total that a small business makes. Technology, however, is taking necessary initiatives to make accounting matters simpler and more manageable.Accounting is not a child’s play. It entails more than just summing up the total that a small business makes. Technology, however, is taking necessary initiatives to make accounting matters simpler and more manageable.
The State of Accounts report confirms that 37% of businesses believe that they can complete several accounting tasks themselves as accounting becomes more automated. The report also confirms that 59% of small ventures won’t be needing an accounting service in ten years.
Even so, slips in accounting are common with one such mistake firing a round of problems. Iryna Stepanchuk, a certified public accountant, discusses one of the gravest accounting mistakes. Stepanchuk reveals that not keeping external receipts can to lead to many problems.
She explains, “Many business owners fail to save copies of business expense receipts, which can result in a series of tax, accounting, and cash flow problems. How many times have you looked at your bank account statement and had no clue what that $100 charge is?”
However, you can always save yourself from such bookkeeping struggles by switching from the use of the traditional spreadsheets to a cloud accounting app. Not only will this make your company’s financial matters efficient but save your time too.
Findings from GetData show that one-third of initiatives waste a lot of their time by not employing an accounting app. Businesses that implement such an app save three-plus hours in a week. Unfortunately, 36.6% of respondents from the same study conceded to not using an accounting software. This means they lose up to one working day every week.
To make bookkeeping easy for you, here are five apps that can simplify your small business’s accounting needs:
1. Xero For Construction
Xero is an accounting application that is available for both Android and Apple users. It’s an ideal choice for small businesses that have an international clientele. The app works to import all the financial transactions to its database. It, then, keeps tabs on all the corresponding financial transactions.
Xero exhibits a simple dashboard that provides a complete picture of the income and expenditure, pending invoices, and key accounts. The app stands out from the crowd of accounting apps as it does not hold the number of its users in check. This means that you can give the app’s access to multiple employees.
Another excellent bookkeeping application is FreshBooks. Business News Daily has picked this app as the best small business invoicing software. One of the most distinctive features of this app is of expense tracking, an easy-to-use interface that allows creating invoices quickly, and also enables efficient time tracking.
Moreover, FreshBooks is competitively priced. You can work on this application offline as well. When you’re online again, FreshBooks will automatically sync the new info to the cloud database. The icing on top of this is that this accounting app boasts an award-winning customer support team.
3. Zoho Books
Zoho Books is an excellent accounting app for small business holders. For instance, the app meets the needs of freelancers, consultants, home-based businesses, solo proprietors, and the like. Such small businesses don’t need a complicated accounting software. Instead, they need a simple app that supports the growth of the venture. Zoho Books does just that.
It covers all the accounting basics. These include tracking expenses and time, creating and sending invoices, and generating reports as well. Zoho Books exhibits a clutter-free dashboard, which collapses any icons that are not in use.
Plus, the app provides a quick summary of your business’s financial performance. There are separate widgets for top expenses, bank accounts, cash flow chart, current and overdue amounts, and more.
Another notable app on this list is an accounting software named Wave. Collectively, the application is best for bill tracking, invoicing, and bookkeeping. The app is free; only its add-on services don’t come free of cost. Business.com credits Wave as a useful app for small businesses that provide service(s).
It is also a good accounting fit for new companies that have little to no inventory. Wave offers a bank reconciliation feature too. This allows you to link your PayPal and bank accounts with the app for real-time transactions. Wave enables businesses to generate sales tax reports, balance sheets, payable and receivable reports.
5. QuickBooks For Contractors
Lastly, QuickBooks is also one of the best bookkeeping applications for small businesses. It’s your one-stop solution for billing, invoicing, and accounting. The user-friendly interface makes it easy to operate the app. QuickBooks offers other features too. These include sketching reports, keeping tabs on sales, tax, and inventory, and time tracking as well.
What’s more is that QuickBooks allows ventures to keep tabs on the bank deposits and prepare weekly timesheets. Hence, you will be able to keep an eye on the cash flow.
Accounting is one tough nut to crack. However, you don’t have to scratch your head for hours trying to wrap your head around the numbers. These applications are free from Airg spam.They can maximize the efficacy of balancing the books as well as help you save considerable time.
About The Author:
Andrea Bell is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.
Find her on Twitter:@IM_AndreaBell
The Information Shown Below Is From Fast Easy Accounting
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