When it comes to running your business, one of the most important steps in your operations, is your accounting process. Now days, advances in technology have made the accounting process more simple and user friendly. There are a lot of really great accounting apps on the market that can help you streamline the entire process, and even take the process with you on your mobile devices. After all, one of the most important aspects of your accounting is that is gets done. Here are some of the best accounting apps that can help make your accounting process easier.
Why Use An Accounting App
Accounting apps have greatly improved over the last several years. Many allow users to snap pictures of receipts and automatically categorize expenses while on the go, which is great for expense tracking. In addition, many accounting apps are equipped with invoicing, bill pay, payroll, and bank integrations. And with the onset of cloud based accounting applications, all of your accounting information is easily accessible from any location. While keeping hard records is still a good practice, accounting apps help make the accounting process automatic and readily available. They help save time, money, and help improve the overall process which helps small businesses meet their financial goals.
Free Accounting Apps for New Businesses
There are a lot of free accounting apps available that are perfect for new businesses and startups. If you are just getting started you may be a little confused as to which accounting app is the best for your business. Understandably so, there are a lot of options out there, and you want to make an educated decision. Some of the best accounting apps for new businesses and startups include:
- Wave – Wave is an excellent accounting app that covers all of the basics a new business or start up would need: invoicing, profit tracking, expense tracking, bank and credit card integrations, and more. While it doesn’t include payroll, it is very well thought out and nicely designed, and the best part is it is free.
- ZipBooks – ZipBooks offers some really great features with their free version like payment processing, unlimited invoicing, bookkeeping, and bank integrations for one account. It is also nicely designed and really easy to use, which makes the whole accounting process easier, which save you time and money.
- GnuCash – GnuCash has been around for a while, and is compatible with a variety of operating systems including: Android, Mac, Windows, and Linux. It is also available in a variety of languages and has an impressive onset of features including: invoicing, expense tracking, some payroll, account and card integrations, and it is compatible to multiple currencies.
Our Favorite Business Accounting Apps
Remember, while many free accounting apps offer great features for the price, at some point your business might outgrow the available features. For larger companies, there are other options available for accounting apps that may suit your needs more appropriately. Our top picks include:
- Quickbooks – Quickbooks is one of the best known accounting apps on the market and with good reason. It has a long proven track record of dependability and good customer support. There are several different memberships available with different features depending on the needs of your business. Packages range from $10 – $30 per month. Some of the basic features include: receipt tracking and categorizing, invoicing, payment processing, track sales, sales tax, maximize tax deductions, and bank integrations. Some advanced features include: payroll, time tracking, inventory management, manage 1099 contractors, and more. Quickbooks also offers lending, which can make securing financing for your business easier and the process is integrated with your existing information.
- Xero – Xero is another big name in the accounting world, and with good reason. While it hasn’t been around as long as Quickbooks, it has been well adopted around the world and is known to be more agile than Quickbooks. It is compatible with multiple currencies and operating systems, making it a versatile choice. In addition, Xero has more customizable features when it comes to invoicing, which makes it a good choice for small businesses who want to customize their invoices. Other impressive features include: bill pay, expense tracking, profit tracking, bank integrations, inventory, and payroll. Xero also offers several different packages ranging from $9 – $60 per month.
- Mint – Though not exclusively for business, we recommend placing Mint on your personal account to understand what you need from your business to sustain and/or elevate your quality of life. Mint helps you understand how you spend all your income. Mint will tell you how you actually spend money and should highlight where you can save.
- Acorn / Robinhood – We like these tools as they encourage savings… (Why? Savings is good…). Acorn will automate some of the savings process so you can “set and forget” that. While Robinhood will allow you to save and to invest in capital markets free of charge. Compounding savings is a crucial component to wealth building and these two apps help make a good practice better by automating financial good habits.
Having the right accounting app can make a huge difference in your productivity. It is important to consider the needs of your business before selecting which accounting app to go with. To learn more about accounting apps and other accounting tips subscribe to our newsletter.