Financial Apps for Small Business Accounting Challenges

Accounting is a crucial aspect of business. Committing even small errors can cause huge problems that may weaken business’ operation and eventually lead to failure. Even if there are now more theories about accounting and bookkeeping, people still commit errors. With this, it is important to adopt other measures that can significantly minimize accounting errors. One great way of doing this is by optimizing technological tools. In particular, there are now tools like applications or apps specifically created and designed for mobile devices like smartphones and tablets. With these, small businesses can ensure an efficient accounting system without spending a lot. Below are some financial apps that can greatly help small businesses in addressing accounting challenges:

Outright for Online Bookkeeping

The best way for solo entrepreneurs and small businesses to reduce overhead and operations costs is by adopting online tools. When it comes to bookkeeping, the Outright app can help them do the task online. The app is designed to address the needs of online sellers, self-employed people, entrepreneurs and of course small businesses. It works by automatically importing all of your data from banks, credit cards, PayPal, Etsy, eBay and Amazon. With this, you can easily track your expenses and income. This allows you to have an idea of the status of your business and how it is doing. The app also helps users to be organized before tax time. Currently, the app is offered for free. It has neither expiration date nor trial.

Xero for Online Accounting

Small businesses don’t have to look for affordable and efficient financial tools anymore. For their accounting needs, they can adopt the Xero app. It is an app that allows users to do accounting online. It has a web-based system that allows users to do bookkeeping, bank reconciliation, managing of accounts payable and invoicing or billing. It is flexible and very easy to use, which is good as this means that they can accomplish more tasks in only a few minutes. In addition, the app also includes a full accrual accounting system that has reporting, sales tax, creditors, debtors, invoicing, automated daily bank feeds, and cashbook. With these features, small business users can definitely perform and accomplish numerous tasks that are related to accounting.

Apparently, the app is reliable and credible because it has won two Webby Awards in 2009 as world-class software in terms of design and usability. What is great about it is that it offers a free trial, which is good as small businesses can have an opportunity to test its effectiveness and efficiency.

Yendo for Accounting and Customer Relationship Management

Yendo is another software that is specifically designed for small business accounting. Small business users can do their accounting online, which includes nominal ledgers, trial balance, payments and invoicing. The app has a cloud computing application that can be accessed by users anywhere and anytime as long as there is a web connection around. This is great as business people can start working or finish an accounting document even if they are outside the office. For example, even if they are on travel they can still manage payments, expenses, purchases and invoicing. They can also work on balance sheets and profit and loss. With all these, creating their own reports to determine the company’s performance becomes a lot easier. Currently, the app is offered for free but for a single user only. In addition, the user has a 30-day access to the premium version.

With these financial tools, accounting and bookkeeping becomes easier and more convenient for small businesses now. They just have to choose the one that is most appropriate for them. Together with a business phone service such as VoIP, any of these tools would surely deliver efficiency in financial matters of any company.