Accounting Tools Designed For The Entrepreneur

To most entrepreneurs, accounting and bookkeeping bring about cold sweats or immediate stress.  Luckily, several highly functional accounting apps take the pain out of keeping accurate records, allowing for business owners to feel empowered and informed!

 

1. Wave 

Built for the self-employed, Wave is an all-encompassing accounting and financial software that is a must-have for startups. From payroll processing to invoicing customers, Wave is powerful enough to handle all your needs with just a few taps or clicks. 

Pros

Its user interface is clean, allowing for reporting at a glance, something most entrepreneurs love. Because Wave integrates with your bank accounts, the platform ensures that data flows completely, making monthly reconciliations a cinch. 

Receipt scanning is a huge plus in this app. Best of all, a basic accounting/invoicing/receipt management package is completely free.

Cons

Unfortunately, some of the best features are missing on the Wave mobile app; beyond that, there are actually multiple Wave apps that support unique functions. If you’re looking for an omnipotent mobile app, Wave may not be right for you. 

However, because Wave is cloud-based, it’s extremely mobile-friendly, allowing for many of the features to still be accessed via smartphone.

Regardless, the mobile apps (mobile invoicing and receipt scanning) can be utilized alongside the web-based tools to eliminate any headaches caused by bookkeeping and accounting.

2. Xero – 

Another entrepreneur app that packs the heat, Xero is a cloud-based accounting software whose app handles accounting and bookkeeping like one of the old standbys. While there are various pricing points depending on how robust you need the app to be, Xero offers a potent punch for minimal paper.

Pros

It too links to bank accounts, a feature that saves time with transactional entry and reconciling. Looking for your business’ financial health in real-time? Xero’s smooth reporting interface allows for just that, keeping you in tune with your business at a moment’s notice. 

Xero also gives the benefit of allowing unlimited users, a feature that is atypical of an industry that charges per additional user.

Cons

One of the negatives associated with this app is that because the app portion of their accounting software is relatively under-utilized, there are still some kinks that need working out. 

This is partially a disadvantage, but Xero realizes how important mobile bookkeeping has become in today’s world and has invested significant resources in improving this technology. 

Overall, between the price and the reporting interface, Xero offers entrepreneurs an app that solves many of the problems associated with accounting, allowing them to flourish in their communities.

3. QuickBooks 

The brainchild of arguably the most recognizable accounting software in the world, QuickBooks Online comes in app form for the on-the-go entrepreneur. The QBO app is a little bulkier than some of the aforementioned apps, but still has some of the bells and whistles that the desktop software is known for. 

Whether it’s invoicing or saving receipts, the QBO app will meet an entrepreneur’s needs.

Pros

One excellent feature of the app is the ability to use GPS to track mileage for business purposes, this is often one of the first questions new entrepreneurs ask their tax accountants about. With this tool, you’ll have firm documentation on your business mileage, which empowers your ability to deduct the expense. 

This is an absolute coup for the QBO app to include for the self-employed, maximizing the deductions available to everyone.

Cons

There is a downside, however. QBO can become costly quickly, ranging from $7.50 per month all the way up to $75 per month, so it may be more beneficial to really get a grip on how exorbitant your accounting and bookkeeping needs really are. 

Regardless, this app will stack up against any other, continuing Intuit’s dominance of the accounting/bookkeeping space.

4. Zoho Books 

Accounting and bookkeeping can seem mundane and monotonous for business owners that would rather be spending that time running their business. What if there was a way to transition some of the monotonous off an owner’s plate through the use of an app? Zoho Books has you covered. 

Pros

Their automated workflows (common transactions that you can assign as repeatable) eliminate the data entry/coding side of bookkeeping, freeing up more time for an entrepreneur to make money.

Cons

Unfortunately, if a business has payroll needs, the Zoho Books app misses the mark, unable to process any sort of payroll. This includes zero automation with outside payroll processing, making bookkeeping a potential headache if this function is needed.

Regardless, the strength of this product is the mobile app (assuming no payroll needs) and the ability to bookkeep while anywhere, at any time. Pricing is not too much of a reach, ensuring that Zoho should be on every entrepreneur’s list of accounting apps to check out before deciding.

 

There are countless other apps available for mobile accounting and bookkeeping, but these are some of the major players that have the strengths to hoist them to the top of the heap. 

Regardless of where you are in your business’ life cycle, it’s vital to stay informed about the financial health of your business; this can only happen if your books are in order, which starts with a sound bookkeeping app. If you aren’t sure which is the right option for your business, send us an email. We would be happy to point you in the right direction.

Click here to Get Started!

hello@trulybookkeeping.com