Online bookkeeping and accounting help you expedite and streamline the bookkeeping process. Here are 3 apps your business should start using.
We live in a world where anyone can start a small business. You no longer need a pot of money to buy the goods you might need to start buying and selling, all you need to operate is a computer or tablet, a nose for hunting out the right clients and perhaps the ability to persuade a bank manager to give you a loan.
And you can do this from anywhere in the world, from the beaches of the Caribbean to the snow-covered peaks of Switzerland.
It’s an incredible time to be starting your own business but it does have its downsides. And one of those is bookkeeping. But not to panic this can be done online too.
Here are the three best apps for online bookkeeping.
One the greatest concerns of a lot of people doing their bookkeeping online is that you are handing over your tax returns to a computer, a robot, by way of a business accounting app. And computers sometimes think too logically, allowing key mistakes to go unchecked. This can be a worry since you will still be personally liable for your accountants if they are filled in wrong.
Bench is unique in that it is an app with people at the other end of it. You simply upload your credit cards, bank account details and financial statements and every month the app does its thing. But instead of a computer, a team of bookkeepers will do your small business bookkeeping for you.
The team is composed of a senior bookkeeper and two juniors bookkeepers and they can even talk with your accountant to make sure everyone is on the same page.
This accounting app does what it says on the tin: it automates your bill paying process so you don’t even have to think about it.
This app connects everything up. It links the bills you pay and the bills you receive from clients and any payments you make from your bank account to any accounting software you already own.
The best part about this app is you no longer having to worry about administrative tasks that can take up your time and focus on being creative and successful in the age of business disruption or convincing that next client that you are worthy of his or her investment.
When considering whether to go for Quickbooks or Xero, be sure to consult PieSync who have compared the two pieces of software.
Quickbooks operates in the cloud so you don’t have to worry if you change computers. Like the other apps, it connects to your bank account, credit cards and other products you own.
What makes it useful is its selection of reports that can be emailed to the team and set to run on particular dates. These can give you a live snapshot of how well your business is doing in terms of its profits.
Online Bookkeeping is the Future
There can be very few businesses now who keep their books the old fashioned way – by hand. Most businesses do them on a computer, perhaps on a spreadsheet, but automated online bookkeeping is now the way forward given how sophisticated some programs and apps have become.
If you’re interested in bookkeeping be sure to read our article on the 4 types of payments you might consider for employees.