Accounting may not be an entrepreneur’s favorite aspect of daily operations, but it is an essential part of running a business. The old-school way of keeping accounts involved multiple ledgers and a lot of arithmetic. However, most businesses nowadays use some sort of software program to , log receipts and expenditures and create invoices. Accounting apps take the software idea one step further by condensing complex programming into an easy-to-use app format.
Apps Are Portable
Although several computer-based operating systems now use apps, the technology is most closely associated with smartphones and tablets. When you use an accounting app on one of these portable devices, you can update it on the go, which is much more convenient than setting aside time at the end of every day or week to record transactions on your computer or in a physical ledger. For example, with a smartphone app, you can enter an expense right when you incur it and snap a photo of the receipt to attach to the transaction.
The Best Accounting Apps Are Multi-Functional
Although bare-bones accounting apps do exist, a complete project management app will save you time and effort by keeping all your information organized in one place. A comprehensive accounting app may include things like customer relationship management (CRM) functionality, report generation, free invoice templates and billing software in addition to basic receipt and expenditure record-keeping.
Stay Organized All Year and Don’t Stress at Tax Time
Using an accounting app to manage your business and keep accurate records can save you time and anxiety at the end of the year. No one wants to spend hours going through old shoeboxes filled with receipts and trying to sort out an entire year’s worth of finances during tax season, and few business owners have time to learn a complex software system just to keep account of their financials. A full-featured project management and accounting app may be just what you need for your business.