Free Accounting Apps: It is essential for any business, regardless of scale, to keep track of finances and cash flow. Proper bookkeeping ensures that documents are organized and up-to-date, allowing businesses to understand their revenue, review account balances, expect profitability and tax liabilities, etc. Nevertheless, unlike large organizations, minor businesses have fewer accounting department employees for financial planning. Once your business bank account is connected, Accounting Software automatically organizes financial information/transactions.
It lets you understand your overall financial health and easily make business decisions. The apps can synchronize between devices so that you can track your business activities on the go. In addition, you can manage various accounting tasks, such as transaction reconciliation, invoicing, submitting estimates, viewing reports, and emailing customers. While some apps are discrete, others are included with purchasing the desktop/web version of accounting software. To save time and expand your business, this blog discusses the best small business accounting apps you can choose based on your company’s needs.
What’s A Small Business Accounting App?
Well, a small business accounting app is a program suitable for mobile devices that enables small business owners to track accounts payable and accounts receivable on the go. You can easily automate data entry and other recurring tasks to expedite financial management processes. It facilitates accounting, comprehending profitability, and tax filing. Account apps’ capabilities differ by industry and company size. As they are intended for modest businesses, they are simple enough. As an organization expands, it typically opts for a customized enterprise resource planning system.
Free Accounting Apps For Small Business Features
The app must be user-friendly and provide the security of your sensitive data. Here are the most important features of free accounting apps for modest businesses.
Basic Accounting Capabilities
Account reconciliation, accounts payable, and other fundamental accounting options must be included in Accounting Apps for SMBs. In addition, the apps should help you keep track of the financial rules and regulations of the region in which you operate and ensure compliance. Data must be synchronized for the apps included with the PC or web version of the accounting software to be up-to-date in real-time.
Expense Tracking
You can capture and track receipts, invoices, and other expenses regularly using the free accounting apps. This helps you create a better budget and improve your company’s financial health.
Time Tracking
Free accounting apps track time spent on projects and generate invoices for billable hours. This time includes overtime hours and helps to prevent calculation errors. This is also beneficial for payroll processing and project profitability monitoring.
Financial Reports Management
Instead of wasting time painstakingly producing financial reports using paper and spreadsheets, the app allows small businesses to generate instant, accurate, customized reports.
Connecting With Stakeholders
The free accounting apps allow businesses to track payments and due dates with clients and suppliers. It is frequently integrated with payment systems to ensure quick online payments.
What Should You Look For In Small Business Accounting Apps?
A small business accounting app can simplify completing all tasks on the go if the following are considered before purchase.
User-friendly
The initial learning trajectory must be moderate. In addition, the navigation must be intuitive enough for small business proprietors to perform accounting tasks independently, if necessary.
Cost
The small business accounting app you buy must offer a free trial so that you can ensure it suits your requirements, such as the number of users who can access the account. In addition, small businesses are typically on a limited budget, so you should choose the app with the most features that fit your budget.
Core Features
Free accounting apps for small businesses must be able to perform all the fundamental accounting tasks, such as reconciliation, invoicing, tracking expenses, income, etc. This will allow you to function while away from the office.
Automation
You are transitioning from spreadsheet/paper-based accounting to app-based accounting primarily to reduce errors and save time. Therefore, the app must automate most recurring tasks, such as storing data from receipts and tracking transactions.
Security
The app must comply with all local rules and regulations to facilitate the business owner’s tax submission. In addition, since financial data is confidential information, the app must implement all security measures, such as preventing unauthorized access.
Best 10 Free Accounting Apps For Your Device
Depending on your device, you can choose between account apps for iOS and Android. However, many free accounting apps are compatible with both categories of devices. Following is a discussion of the most popular free accounting apps for modest businesses.
1. Xero
The cloud-based accounting software Xero provides an app as well. The app’s interface is so straightforward that even business proprietors can use it. The dashboard provides insight into cash flow, bank account balances, profit, and loss, among other metrics. In addition, you can view your business’s expenses at once to make informed decisions.
Features
- One-tap quote to invoice conversion.
- Creating invoices.
- Balance your bank accounts.
- Contacts management.
- Sharing of invoices via email/messaging apps.
- Reporting.
2. Sage
The Sage accounting app permits users to record expenses, manage inventory, generate estimates and quotations, etc. You can also attach supporting images or other file attachments when sending invoices. In addition, you can check your outstanding invoices and send payment reminders to expedite payments. The app is compatible with Android and iOS.
Features
- Bill creation and tracking.
- Bank account reconciliations.
- Keeping track of transactions.
- Contacts management.
- Overviews of operational performance.
3. Zoho Books
The accounting app Zoho Books enables businesses to create bills, send invoices, approve transactions, reconcile accounts, monitor expenditures, and track task time, among other capabilities. You can automatically generate invoices for recurring transactions. Multiple currencies are supported for international transactions. Your customers can keep up to date on all transactions by using the client portal.
Features
- Customized invoices.
- KPI dashboard for tracking performance.
- Integration of payment processing gateways.
- More than fifty business reports for insights.
- Multi-user collaboration.
4. Vyapar
The Vyapar app helps businesses with invoices, bills, inventory, and accounting requirements. You can personalize your invoice and send it via WhatsApp Business or email as a print or digital copy. You can check the stock status in real time and receive alerts when inventory is low. Additionally, it facilitates the compilation of GSTR reports.
Features
- Invoice maker.
- Tracking of payments.
- Quote to bill conversion.
- Inventory management.
- Report production.
5. QuickBooks Online
The QuickBooks accounting app allows businesses to generate, submit, and track paid and unpaid invoices. You can customize invoices and sales receipts with colors, logos, and other custom fields. Also, the cash flow dashboard provides customized financial insights for your business, allowing you to make more informed decisions. You can also directly email customers payment receipts for payment confirmation.
Features
- Invoice generator.
- Tracking expenses.
- Cash flow projections (90 days).
- Automatic mileage calculator.
- Integration with sophisticated CRM, inventory management, and other systems.
6. FreeAgent
The FreeAgent accounting app enables users to generate invoices, record expenses, manage projects, and capture images of receipts, among other capabilities. It gives a real-time comprehension of the efficacy of your business. Anytime, you can view and manage the entire list of suppliers and contacts. In addition, you are notified when your tax bill is almost due, ensuring that you never miss a deadline.
Features
- Bill creation and tracking.
- Time tracking is performed.
- The process of reconciling bank transactions.
- Expenses receipt tracker.
- Tracking of miles.
7. FreshBooks
Businesses can remain up to date with tasks like tracking expenses, sending invoices, accepting payments, etc., with the help of the FreshBooks invoicing and account management app. The payment records are automatically retained, so you do not need to take care of them manually. In addition, while working on multiple team projects, recording billable hours simple, which are automatically added to invoices.
Features
- Mileage tracker automatically.
- Tracking expenses.
- Time tracking is performed.
- Online payments are made automatically.
- Automatic reminders for payments.
Best Accounting Apps For Android
Here are a few best accounting apps for Android.
8. Book Keeper
Book Keeper is a GST-compliant accounting and inventory management solution. It is simple to generate GST invoices, generate GST reports, and file GST returns. You can also track stock, generate barcodes, and more with inventory management. In addition, it permits sending invoices via email or WhatsApp and publishing them on Wi-Fi printers. It’s compatible with Windows, iOS, and Android.
Features
- Estimates/invoices with fully customizable templates.
- Monitor paid and outstanding invoices.
- 10-35+ financial reports.
- Time tracking is performed.
- UPI payments.
9. myBillBook
MyBillBook billing and account management app help you record expenses, generate invoices and quotations, and generate GSTR reports, among other things. You are notified when inventory levels are low to prevent stockouts. You can manage GST/tax information by article. It supports UPI payments to expedite the payment process. It is accessible on Android and desktop platforms.
Features
- Accounts payable invoice tracking.
- Inventory management.
- Automatic payment reminders.
- Customer & supplier management.
- Twenty or more business reports.
10. Deskera
The Deskera app allows businesses to manage bills, inventory, expenses, and invoices, among other things. The app allows you to enter your business’s balance sheet, liabilities, and assets, among other information. A single touch can convert bills to invoices. The device can be used to detect barcodes and inventory on an invoice. To record their attendance, employees may check in from any location.
Features
- Create invoice/quotation.
- Inventory management.
- Customer management.
- Generating individualized reports.
- Group discussion.
- Attendance management.
FAQs:
What Are The Best Free Accounting Apps?
FreshBooks, Zoho Books, and Free Agent are a few of the most widely used free accounting apps.
What Are The Best Accounting Apps For Your Small Businesses?
Xero, QuickBooks, and Deskera are among the top accounting apps for small businesses.
What Are The Best Accounting Apps For Your Android?
You can pick the one that best suits your business’s requirements. Best account management apps for Android include myBillBook, Vyapar, and Book Keeper, among others.
The Bottom Line:
A decent accounting app can benefit a small business by reducing the time and resources required to complete accounting tasks. If you are searching for such a solution, you can choose from any of the account-keeping apps for SMBs mentioned above.
