Would you like to help your small business take off? Start by simplifying your finances. Knowing how to manage your finances is the foundation for a successful business. And technology is an excellent way to increase your productivity in this area. Accounting apps and software are an indispensable component of the digital workforce. Bookkeeping is a lot easier when you have the right apps, which will help save you time and stress.
Accounting basics: how apps can help with common accounting tasks
Accounting is a complicated subject, and we could spend hours (or days!) talking about how it works. Luckily, you don’t have to be a certified accountant to successfully manage your finances. Gain an understanding of accounting basics, and afterward, apps can do the rest of the work for you. Small business apps can provide assistance with the following accounting tasks:
- Financial statements: Financial statements include the balance sheet, the income statement, and the cash flow statement. These statements provide an overview of how much you spend and earn, so being able to create and understand a financial statement is important.
- Budget: Determining your budget isn’t always a straightforward task. With the right apps, however, you can easily figure out what your budget goals are and what steps you need to take to ensure you don’t overspend or underspend.
- Payroll: As the owner of a small business, you may be responsible for managing payroll. Look for apps and software to help you plan, organize and deliver paychecks to your employees in an efficient manner.
- Taxes: Being able to make the required tax payments on time is a key factor in your business’s survival. Tax software can help simplify this task—and organize information about sales tax and payroll tax—to help make your life a little easier.
Our favorite accounting apps and software
There are a variety of apps to choose from when you’re managing your finances. Deciding which software is best for you depends on your individual wants and needs. Check out the options below, which include some of our favorite apps for 2021, to get started.
QuickBooks consistently makes the list of the best small business accounting apps. A multitasking app, QuickBooks can help generate financial reports, send invoices, and track expenses. QuickBooks is also helpful if you’re in the process of setting up or updating your payroll system.
FreshBooks is another go-to app for small business owners. FreshBooks can create professional invoices in just a matter of seconds, making invoicing a piece of cake. FreshBooks also helps you record expenses, track time, and generate easy-to-understand financial reports perfect for novice accountants.
Sage Business Cloud Accounting software can help you track business finances and cash flow, manage payments, create and send invoices, and organize payroll. Sage is set up for multiple users, and it’s easy to use even if you don’t know anything about accounting, making it a great choice for new small business owners.
If you have some experience in accounting, AccountEdge Pro might work for you. It offers a variety of features and capabilities to help you take your small- to medium-sized business to the next level. Control inventory management, direct deposit, payment processing, and full-service payroll with AccountEdge Pro.
Zoho Books is an easy-to-use accounting tool for accounting novices. In addition to helping you manage inventory, keep track of sales and customers, and collaborate seamlessly with your colleagues on financial matters, it also offers educational resources about finances, so you can learn more and become a better accountant as you go.
Accounting is a no-brainer with Xero. Ideal for microbusinesses in need of simple accounting software, Xero is cloud-based system founded in New Zealand. Xero can help you collect payment from customers, manage inventory, and pay your employees through a third-party payroll service.
Now that you have an understanding of the different accounting apps, you’re ready to explore your options and find the one that works best for you. When it comes to small businesses, dream big—and make apps a part of the equation.
Small businesses need more than apps to run smoothly—strong WiFi is important too. CenturyLink Fiber Internet is a great choice for small business owners who are looking for fast, reliable internet. Learn more about how to get fiber internet to keep your apps and software running efficiently.
If you’re not a small business owner yourself, you can still support small businesses in a variety of ways. Learn more about how to show support for small businesses. Or explore some of our other blogs today.