Managing finances is a crucial aspect of running a successful business. Choosing the correct accounting and bookkeeping apps can make this task more accessible and efficient. This article will explore the top 10 accounting and bookkeeping apps for small businesses, providing easy-to-understand descriptions, their foundation year, country of origin, and necessary outbound links.
Should I Outsource My Accounting or Do It Myself?
The decision to outsource or handle accounting depends on your financial knowledge, available time, and budget. If you are confident in your accounting skills and have time to manage finances, using accounting and bookkeeping apps can help streamline the process. However, if you lack financial expertise or have limited time, outsourcing accounting to a professional can ensure accuracy and compliance and save you time.
Tips for Managing Accounting and Bookkeeping More Effectively
- Use the right accounting software. Choose an app that fits your business needs and offers features that simplify financial management.
- Automate financial processes. Many apps offer automation features, such as recurring invoices, payment reminders, and automatic expense categorization, saving time and reducing errors.
- Regularly review financial statements. Stay up-to-date on your financial health by checking balance sheets, income, and cash flow statements.
- Keep accurate records. Accurate financial records are crucial for tax compliance and informed decision-making. Use features such as receipt scanning and transaction import to maintain correct records.
- Consider outsourcing or consulting with a professional. If you need more clarification on your accounting abilities or financial guidance, consult a professional or outsource your accounting to ensure accuracy and compliance.
By utilizing the features and functionality of these top accounting and bookkeeping apps, small business owners can effectively manage their finances and focus on growing their businesses.
LAB90 Picks: The Best Accounting and Bookkeeping Apps
Intuit QuickBooks (1983, United States)
QuickBooks is a popular accounting software designed for small to medium-sized businesses. It offers features like invoicing, expense tracking, payroll, inventory management, and reporting, allowing you to manage your finances in one place.
Xero (2006, New Zealand)
Xero is an online accounting software that enables you to manage invoicing, bank reconciliation, expense tracking, and payroll. An intuitive interface and robust feature set make Xero an excellent choice for businesses of all sizes.
MYOB (1991, Australia)
MYOB is a popular accounting software solution in Australia and New Zealand. It offers features such as invoicing, payroll, expense tracking, and inventory management for small to medium-sized businesses.
Sage Accounting (1981, United Kingdom)
Sage Accounting is a comprehensive accounting software that caters to businesses of all sizes. It provides a range of features, including invoicing, cash flow management, payroll, and financial reporting.
Bonsai (2015, United States)
Bonsai is a freelance-focused bookkeeping and CRM app that streamlines invoicing, expense tracking, and client management. It also offers contract creation and time-tracking features.
FreshBooks (2003, Canada)
FreshBooks is an accounting software designed for small businesses and freelancers. It simplifies invoicing, time tracking, expense management, and reporting, making it easy for non-accountants to handle their finances.
Wave Accounting (2010, Canada)
Wave Accounting is a free, user-friendly accounting app for small businesses. It offers invoicing, receipt scanning, expense tracking, and basic financial reporting, making it a cost-effective solution for managing finances.
InDinero (2009, United States)
InDinero is a financial management platform that combines accounting, bookkeeping, and tax services. It provides businesses with a dedicated team of professionals to manage their finances, saving time and ensuring compliance.
ZipBooks (2015, United States)
ZipBooks is an intuitive accounting software that simplifies small business invoicing, expense tracking, and reporting. It also includes time tracking and project management features.
Braintree (2007, United States)
Braintree is a payment platform that specializes in online and mobile payment processing. It integrates with various accounting software and allows for easy management of transactions and invoices.
Here’s a short list of commonly accepted accounting & finance terms:
Accounts payable: The money a business owes to its suppliers or vendors.
Accounts receivable: The cash owed to a business by its customers.
Balance sheet: A financial statement showing a company’s assets, liabilities, and equity at a specific time.
Cash flow: The movement of money in and out of a company.
Expenses: These are the cost of goods or services used in the operation of a business.
General ledger: The record of all financial transactions for a company.
Income statement: The financial information that shows a company’s revenues, expenses, and net income over a specific period.
Payroll: The process of paying employees, including calculating wages, deductions, and taxes.
Reconciliation: The process of comparing financial records to ensure accuracy and consistency.
Taxation: The process of calculating and paying taxes owed by a business to the government.