Accounting apps designed to handle financial information for large and small businesses are increasingly gaining popularity among digital entrepreneurs. An app, of course, can’t be as efficient as an actual accountant but it can be a valuable tool for handling financial information. Many of these apps have similar features. Standard modules include invoicing, ledger management, and payment processing.
Resource: Top 10 Online Accounting Degree Programs
Besides features, there are many other aspects you need to consider when choosing the best accounting app for your business. Consider whether it is user-friendly, compatibility and integration, and security. Accounting apps give you the flexibility to customize processes, scale pricing based on your current needs, and integrate third-party apps. As apps for accountants drive the growth of the entire cloud service industry, the features are getting more complex, robust, and yet easier to use and deploy. Small businesses may turn to accountant’s apps for help in times of regulatory upheavals. This article compares five top accounting apps on the market.
QuickBooks Online is probably the most popular app for users with less complex accounting needs. It has features that you can easily enlarge. It is commonly used by small-to-mid-sized businesses such as consultants, freelancers, and mom-and-pop shops. Note that QuickBooks Online has a user-friendly interface and features. It’s so intuitive and friendlier to users that millions of accountants use the app. QuickBooks Online comes with over 40 accounting modules such as Balance Sheet, Income Statement, and Cash Flow Statement. QuickBooks Online can be used for budgeting and inventory management. It is worth noting that the app lacks full support. Alternatively, a third-party QuickBooks-certified accountant can help you fully optimize the solution for a fee.
It has almost similar appearance and tools as QuickBooks Online, but with advanced features. It is ideal for QuickBooks users wishing to switch to a more robust accounting experience. Xero stands out among top accounting apps for having Mac integration. Unlike QuickBooks Online that only features a plugin; the Mac module allows Xero to natively connect with the Mac UI. Its other essential features include bank reconciliation, invoicing, payroll module, dashboard, inventory management, and balance sheet. The app, however, doesn’t link you directly with the banks, but that should not worry you once you integrate the app with your bank.
Freshbooks is probably the ideal app for freelancers and owners of small businesses. One thing that makes Freshbooks stand out among the best accounting apps is its scales depth. From less sophisticated to integrated modules such as expense management and time tracking, Freshbooks can grow with your needs. Besides cloud payment, expense management, and invoicing, Freshbooks has reliable tax management tools and API add-ons.
Freshbooks is the most responsive app that you can easily access through Windows, iPhone, and Android-powered devices. The app offers great customer support. You can easily connect with the vendor via video tutorials, online chats, and phone. The app has a proactive methodology to ensuring user fulfilment.
Zoho Books is an ideal accounting app for micro-businesses due to its expansive basic accounting features. While it closely matches with Freshbooks, Zoho Books allows the use of customizable templates. Its key features include automated workflow, time tracking, online customer engagement, automatic bank feedback, and invoice tracking. It can natively integrate with many third-party apps. Like Freshbooks, Zoho Books allows customer engagement through online chats, phone, and video tutorials.
Wave is the most inclusive app for basic accounting needs. It best suits an enterprise with nine or fewer staff. Wave helps accountants handle routine office processes and simple financial reporting such as receipts, income statement reports, invoicing, and balance sheet. Note that cash management is difficult with Wave as it lacks the ability to track and record invoices and payment.
With the help of QuickBooks Online, Xero, Freshbooks, Zoho Books, and Wave Accounting, it is possible to automate invoicing, general ledger management, reconciliation, time tracking, and payment processing. Running a business means managing a lot of transactions at a go, so you need an accounting app to operate efficiently.