Business Accounting Apps: 3 Best apps to use

Business accounting apps can help track finances, and finances are essential for small businesses, but this task doesn’t need to be relegated to the office, or reserved for the company’s bookkeeper. Thanks to cloud computing, these six bookkeeping apps sync seamlessly across desktop, phone, and tablet, allowing you to manage billing, accounting, budgeting, and invoicing on the go.

We reviewed the six best finance apps for small business to help you decide which one will meet the needs of your business.

1. Xero

Xero, one of the best business accounting apps, has a tagline of “beautiful accounting software,” it’s no wonder that users praise Xero’s attractive, simple and clean interface. The app provides a view of cashflow, the ability to reconcile transactions, add expenses, and create and send invoices.

Pros of the Xero App

• Invoice feature allows you to create and send invoices and track their status.
• Ability to connect to your bank account so you can see all of your transactions.
• Payments for invoices are synched through your bank account, making accounting one step easier.
• Integrates with more than 350 other business apps.
• Allows unlimited users.
• Free 24-hour support.

Cons of the Xero App

• Not all features from the full site are available; limited functionality monitoring bank accounts, creating and managing invoices, and managing contacts.
• There are no automated features, like overdue alerts or receipts of payment.
• Once your contacts have been added, you can’t edit their information. You’re also limited to just inputting their name.
• Auto-correct doesn’t work in the app.
• There’s no landscape screen rotation.

The Xero app is available for Android, iPad, and iPhone. The app is free to download, but after a 30-day trial, there’s a monthly fee for using Xero’s service, starting at $11 per month. The standard plan is $32 per month, and the premium plan is $62 monthly.

2. Wave

A full suite of products designed specifically for entrepreneurs, Wave offers automated accounting, invoicing, payroll, and payment services to small businesses. The interface is easy to read and navigate, and many of the core business functions are completely free. Wave also has a group of advisors and a library of resources available to assist its customers.

Pros of wave apps

• Getting started on Wave is pretty quick, and the system automatically syncs so all your data is backed up regularly.
• Once you give Wave permission, it ties in directly to your bank accounts so you can get real-time updates on cash in and cash out.
• You can export an updated financial statement at the click of a button.
• Wave’s accounting, invoicing, and receipts apps are all totally free to use, and they integrate together seamlessly.

Cons of wave Apps

• Some app users have reported slow load times when setting up their Wave accounts for the first time.
• Depending on which Wave services you use, the processing times could delay certain business transactions in you don’t plan ahead.
• Though the main accounting functions are free, any integrated upgrades are likely to come at a cost.

Wave’s free apps for invoicing and receipts are all available for iPhones and iPads as well as Androids. Wave’s payment processing and payroll services are available through the website. Wave charges for payment processing per credit card or bank transaction. Wave also charges a monthly fee of $20-$35 for payroll services, depending on the state where the business is located.

3. QuickBooks Online

Created by Intuit, QuickBooks is one of the most widely used accounting software systems out there, and has won many awards. The app offers easy onboarding for new users, but existing users of the online platform have expressed frustration at the app’s missing features.

Pros of QuickBooks

• After selecting your business type, the app customizes your dashboard to your industry.
• Simplifies double-entry accounting via attractive charts, colors and design. This layout also makes it easy to see what areas need attention.
• Ability to automate invoices, payments, expenses, and more.
• There are 150+ additional business app plug-ins to sync with, such as payment processors or customer relationship management (CRM).

Cons of QuickBooks

• If you grant your employees access to your QuickBooks Online account, they may be able to see more information than they should be allowed, like a coworker’s billing rate.
• Quickbooks Online doesn’t offer the full feature set of the site, so you’ll need to upgrade your account to access the additional features.
• Only Intuit payment services can be used.
• Users complain about customer service, and wish the app had an e-mail support center.

QuickBooks Online is available for both Android and iPhone/iPad. Downloading the app is free, but after a 30-day trial, there’s a $12.50 monthly subscription fee.

Using Accounting Apps

Managing finances is crucial for small businesses, and with cloud-based bookkeeping apps, it’s easier than ever to handle accounting, invoicing, and budgeting on the go. Apps like Xero, Wave, and QuickBooks Online provide a range of features to suit different needs, from automated invoicing to real-time cashflow updates. While each app has its strengths and limitations, they all offer accessible, mobile-friendly solutions to keep your business finances on track.