7 Helpful Accounting Apps

If you’re a small business owner, most likely you are running your finances through computer software that creates invoices, tracks expenses, process payments, etc.  But with the world getting more and more mobile, why not have access some of these accounting tools at your fingertips?  Being able to keep track of certain things as they’re happening has the advantage of greater accuracy and less time spent in the office going over the numbers.  While your desktop software is absolutely necessary for more in-depth accounting features, using your iPhone or iPad for your basic expense needs has its instant advantages.  Using cloud technology guarantees its up-to-date no matter which device you access it from.

Easy Books 

(Free)

This app keeps track of your basic finances, with a mobile version of the Easy Books software available.  Its free version allows you to send invoices to your customers as well as create quick estimates and reports to see an overall view of your expenses.  This app allows you to pay for individual features as you need them.  The advantage is that you're not paying for more than what you need, and as your company grows you have the option to add more.  If you have the Easy Books desktop software version, information will automatically sync between the mobile version.

Visit their site here

Kashoo

(Subscription ~$20/month)

Designed for the iPad, this is a full-featured accounting app.  Free for your iPhone once you sign up for the monthly service, it keeps track of nearly everything you need for your small business.  Tracking payments and transactions, creating invoices and recording expenses, you can even snap a photo of your receipts and they are scanned in.  This app also allows data sharing between you and your business partner or accountant.  Set regular intervals for this app to automatically create a financial report for you.

Visit their site here

Shoeboxed

(Subscription -$10/month)

This app will be a lifesaver when it comes time to file taxes for the small business owner.  Take a photo of your bills and receipts, the app will automatically extract data like: vendor, date, total amount and payment type.  This app creates a database for all your transactions that you can easily search through at any time using the information you’ve entered by uploading a photo.

Visit their site here

Mint

(Free)

While the Mint app is listed for personal finance, it has the basic, minimal tools to help you see where your money is going.  It keeps track of your spending from your credit cards and your accounts and creates user friendly graphs for a full view picture of your finances.  Mint will automatically categorize your spending once you add accounts and cards to the app to keep track of.  Mint offers a general view of your transactions to help the entrepreneur or small business owner focus on operations.

Visit their site here

InDinero

(Price varies)

InDinero works a lot like Mint, except it is tailored to your specific business.  Add accounts and credit cards to have it automatically track your expenses, InDinero will create comparisons like spending vs. revenue.  A little more in-depth, it allows you to keep track of inventory costs as well as travel expenses or insurance costs.

Visit their site here

QuickBooks for iPhone

(Free with subscription -$13/month)

A great companion to the desktop software,  QuickBook mobile offers similar services such as invoice issuing, tracking payments and sales.  An excellent tool in your arsenal while away from the office.

Visit their site here

Freshbooks

(Subscription -$20/month)

Very user friendly, its a contender to the QuickBooks app.  Also offering invoice services, financial tracking and business profits, this app allows for easier invoice creation by tracking the time spent by you or employees on a specific project.  It also creates charts to help make better tax decisions for your business when it comes time to file.

Visit their site here

Lots of these apps offer free trials to make it easier to decide which works best for you business.  There are loads of options and features out there to help your small business finances stay healthy and your revenue progressing.  Spending less time doing paperwork and having automatically generated graphs and comparisons can save you money and help you think on your feet.  So empower yourself and your business to move with the times and away from your office.

6 Best Business Invoicing Practices

     When starting your own small business, invoicing plays a vital role in the life-blood of your company.  It's how you make money and make an impression on your clients.  It can also be one of the hardest things to keep up with.  Invoicing takes practice, a rhythm.  Here are 6 tips to avoid getting off schedule in creating and sending invoices as well as tracking down late-payers so you have time to focus on other aspects of running your company.

1.    Make your invoices as professional as possible.  If you send out handwritten scribble on invoices you’ve ordered for $.20 in bulk, some of your clients may be less inclined to pay you as promptly as other, more official looking requests for payment.  Be proud of your brand; have it printed on your invoices.  Make sure the amount owed is very clear and easy to understand.  Be detail oriented down to the color, font and wording of the document.  Be clear, plain and very official.  If you feel the necessity to include legal jargon, have a lawyer help you translate what you’re trying to say in plain english.

2.     Invoices are official records, so what’s on it must be correct and follow standard business practice laws.  If you’re an LLC, an LLP or other limited company you must provide your business’s registered address and phone number.  If you have one member or executive's name listed, you must have them all listed.  Make sure your document follows all of your local and state business requirements.  One of the benefits of purchasing an  accounting system for your business is that all of these things can be done for you.

3.    Stay organized by using invoice numbers.  Secondary to the total amount due, keeping your invoices organized and easily referenceable is key.  You can use a unique sequential number for each of your clients, or use a chronological method of organization where the date part of the sequence of numbers.  Assigning your client with their own customer number at the beginning of the sequence gives you a secondary way of referencing a specific client’s invoice.  Two examples for customer number 47 that had their first invoice on February 2, 2015 could be 0047-02022015-01 (Customer number, date, sequential number) or 0047-0001 (customer number, sequential number).

4.     Choose a clear payment structure.  Asking for a deposit before you begin your work, or even asking for the full payment upfront helps reduce financial risk to your business and is easier on your cash flow.  There is nothing legally stopping you from requesting a payment upfront.  If at the end of your services your client refuses to pay either the full or partial amount, you’ve lost your leverage to stop work until payment is complete because it’s already finished.  If you’re worried about losing clients by requesting a hefty sum upfront, offer your client a satisfaction guarantee or their money back.

5.   Be clear about your payment terms.  Your client should be aware and understand your payment terms when initially signing a contract with you, but make sure you remind them on your invoice.  Make sure your deadlines are clear on your invoices to remind your client of the importance to make a payment by that date.  You should also make clear and unquestionable any late penalties or fees you plan on implementing if the payment requirement is not met.

6.     Be prompt.  Not only is it efficient business practice to send out invoices as soon as the work is done, but if you’re lackadaisical about your invoicing practices you might run the risk of sending your client the impression that they can be as haphazard with their payment.  Do your book keeping and invoicing at least once a week.  Make it easy for your clients to pay you by including the different payment methods you accept by providing account numbers, online links, etc.  If you are using an accounting system, consider one that sends out automatic email alerts for late payments.  That can help you save even more time.

     Keep the cash flowing in your business by streamlining your invoicing process.  Making sure your client has no questions or doubts about how much, when and how they need to pay you is key in keeping your business afloat.  Efficiency is indispensable in invoicing practices to keep you and your client happy.  Follow these invoicing principles to help you achieve maximum cash flow and organization.

Accounting in the New Millennium

Well, the "new" millennium is about 15 years old now which is pretty insane but with it came a myriad of updates as far as technology is concerned. Remember when the first cell phone came out? That thing was huge and the battery lasted at best a couple of hours. Fast forward fifteen years and we have mini computers in all of our pockets capable of doing everything from video calling, word processing and most importantly let us check our Facebook! Yes, we tend to use our electronic devices for all sorts of unproductive things but believe it or not we can get a lot of stuff done with our computers, tablets and smartphones! This is especially true if you own a business or are self employed. I have put together a list of a few of my favorite services to facilitate everyday accounting and taxes, I am all about automation. Let’s dig right in:

Small Business Workbench

One of the hardest things to do when you have a small business is budgeting. Understanding your cash flow and capital to hire and spend accordingly is difficult, this online tool helps your predict how much money you’ll have in the bank based on your previous sales history. Basically it does all the math so businesses don’t have to, it helps them make projects into the future helping them better manage their expenses. Sometimes it’s not as simple as looking at a business’ bank account but instead it’s about understanding how much money is coming in, out and how much money will be available in the future. What’s great about this is that it is cloud based so all your information can be accessed from multiple and various types of devices at any time as long as you have an internet connection.  

http://www.sbworkbench.com/

TaxMate

One of the main reasons why we even keep track of cash flow, other than try to figure out if we’re a profitable business, is because we are required to by law. Well sorta, taxes are one of the biggest burdens that a business owner has to deal with. Sometimes an accountant or employee handles all the numbers but business owners need to ensure everything is accurate to avoid serious consequences. Taxmate is a free app that helps you “predict” how much you will owe in taxes. Although taxes are typically a little bit more complicated than what an app can handle, TaxMate is a great way to have a ballpark figure as far as taxes are concerned allowing you to better manage your sales. 

http://www.taxmateapp.com/

Hiveage

Do you have a smaller business? and by smaller we mean under twenty employees. Some businesses just need a bit of help managing their everyday accounting needs, specifically invoicing, taking payments, keeping track of mileage, managing teams among other tasks. There are different tools that accomplish this same process but Hiveage aims to offer more functionality than some of the other services out there that only do one thing at a time. Hiveage is also very affordable since you only pay for the features you need and as your business grows, you can add more features. The core of Hiveage is actually free, so it’s a win win since you get to try it out without investing too much in it. 

http://www.hiveage.com/

I have only really scratched the surface with these services, there’s plenty more and I will be covering some of them in the upcoming weeks. You can always reach out to me personally if you have any other questions

Stephen

stephen@accountingworkssolutions.com