Top 5 Mobile Accounting Apps For Small Business Accounts

For small business owners, keeping track of finances is crucial to ensure their enterprise’s smooth operation and growth. Managing accounts can be a daunting task, especially when juggling multiple responsibilities. However, with the advent of technology and mobile applications, it is now easier to efficiently manage your business’s accounting needs.

Top 5 Mobile Accounting Apps for Small Business Accounting

In this article, we will explore the top five mobile apps that cater to the unique requirements of small businesses, focusing on their features, ease of use, and pricing. We will also provide insightful analysis to help you choose the best app for your specific business requirements and offer tips and tricks for optimising the desired app.

Why is Accounting Important for Small Businesses?

Accounting is essential for small businesses as it helps them:

Monitor their financial health and make informed decisions, including cash flow.
Comply with tax regulations and avoid penalties.
Track expenses and revenues, enabling them to identify areas for improvement.
Enhance credibility with lenders, investors, and customers.

However, the small business owner faces challenges like limited time, lack of accounting knowledge, and budget constraints while managing their accounts. This is where mobile apps can be a game-changer.

Advantages of using Mobile Accounting Apps

Mobile accounting apps offer several advantages for small business owners and entrepreneurs, simplifying their financial management tasks. Some of the key benefits include:

Accessibility

Mobile accounting apps allow users to access their financial data anytime, anywhere, as long as they have an internet connection. This enables business owners to make informed decisions even when away from their office or computer.

Create Invoices on the Go

Creating and sending professional invoices quickly is a key requirement for small businesses. Mobile accounting apps allow users to create, modify, and send invoices with just a few taps on their smartphone or tablet. It will also show any overdue invoices to remind customers about payments.

Integration with Business Bank Accounts

Many modern accounting apps allow users to connect their bank accounts directly and sync the transactions in real time. This makes it easier to monitor and track the income and expenses of the business, eliminating the need for manual entry.

Time-saving:

Automated features like invoicing, expense tracking, and importing bank transactions and bank feeds save time by reducing manual data entry and streamlining accounting processes.

Ease of use

Most mobile accounting apps have intuitive interfaces and user-friendly designs, making it easy for non-accountants to manage their finances without any prior accounting knowledge.

Integration

Many mobile accounting apps integrate with other business tools like CRM, inventory management, and payment processing systems, allowing seamless data sharing and streamlined workflows.

Data security

Cloud-based mobile accounting apps store data in secure servers with regular backups and strong encryption, ensuring that sensitive financial information remains safe and protected.

Scalability

As your business grows, mobile accounting apps can accommodate additional users, transactions, and features, allowing you to scale up your financial management capabilities without complex software upgrades.

Cost-effective

Mobile accounting apps generally offer subscription-based pricing models, making them affordable for small businesses with limited budgets. Additionally, these apps reduce the need for hiring additional accounting staff, as many tasks can be handled in-house.

By leveraging these advantages, small business owners can streamline their financial management processes, improve decision-making, and focus more on their core business operations.

How to Choose the Best Accounting App

With so many accounting apps available in the market, choosing the best one for your business can be difficult. Here are some tips to help you find the right app:

Research and compare different accounting apps. Before deciding, look for features like automated invoicing, expense tracking, bank integration, data sharing, scalability, and affordability.

Read user reviews and ratings to get an idea of the app’s performance and user experience.
Check if the app integrates with other business tools.
Check if the app offers good customer support in case you have any issues or queries.
Test out the free trial version to see how the app works and how easy it is to use.
Choose an accounting app that meets your business needs without breaking the bank.
Speak to small business accounting professionals. If you have a bookkeeper or accountant ask them which application is the best for your business, they might even offer a discount.

Top 5 Mobile Accounting Apps for Small Business

1. QuickBooks Online Accounting Software – Best Accounting app for self-employed

QuickBooks Online Accounting Software is the ideal accounting app for self-employed professionals and small business owners. With QuickBooks’ intuitive interface and user-friendly design, even non-accountants can easily navigate through its powerful tools without any prior accounting knowledge.

Visit QuickBooks

The app also integrates with other business applications like CRM systems and payment processing services for seamless data sharing between different platforms. With its time-saving automation capabilities and cost-effective subscription pricing model, QuickBooks allows you to take control of your financial management processes while freeing up more resources to focus on growing your core business operations.

Some of its key features include:

Invoicing, expense tracking, and sales tax management.
Integration with third-party apps like PayPal and Shopify.
Real-time financial reports and insights.
Automatic backups and data security.
Making Tax Digital Ready
Tracking Mileage
Manage Cash Flow
Link bank account

Pricing: Starts at £14/month for the Simple Start plan and £10/month for the self-employed plan.

Visit QuickBooks

2. FreshBooks – Small Business Accounting Software

FreshBooks UK is a cloud-based software designed specifically for small businesses. With its intuitive user interface and powerful features, FreshBooks makes it easy to keep track of finances, manage cash flow, and generate invoices with just a few taps on their smartphone or tablet. It also offers integration with bank accounts for real-time transaction tracking and synchronization.

Some of its key features include:

Customizable invoicing and online payment processing.
Time tracking and project management.
Manage expenses.
Reconcile bank accounts
Capture receipts

FreshBooks accounting software pricing starts at £12/month for the Lite plan for five billable clients. The most popular package is the Plus £22/month for 50 billable clients, which includes double entry bookkeeping, mileage tracking and inviting your accountant.

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Sage Mobile App

Sage Mobile App is a cloud-based accounting application for small and medium-sized businesses. It is an extension of Sage Business Cloud Accounting, which allows users to manage their financials on the go. The app provides various features that cater to various accounting needs, making it easier for business owners to keep track of their finances.

Some key features of the Sage Mobile App include:

Create quotes and estimates
Invoicing
Receive payments
Enter bills and receipt capture
Manage contacts

Sage Business Cloud Accounting offers three pricing plans for its UK customers:

Accounting Start: This plan is designed for small businesses and sole traders who need essential accounting tools. It includes features like invoicing, expense tracking, and cash flow management. The price for the Accounting Start plan is £12 per month.
Accounting: This plan is suitable for growing businesses that require more advanced accounting features, such as VAT management, multi-currency support, and project tracking. The price for the Accounting plan is £26 per month.
Accounting Plus: This plan offers a full range of features and is suitable for businesses that need integrated payroll, tax management, multi-currency, budgeting, and forecasting tools. The price for the Accounting Plus plan is £33 per month.

3 Months FREE on Sage Business Cloud Accounting Standard

4. Xero – Best Accounting Software for Small Businesses

Xero is a cloud-based accounting software that helps small businesses easily manage their accounting records. It offers various features designed to automate the tedious tasks associated with accounting and bookkeeping while giving users real-time visibility into all aspects of their financial operations.

Some key features of Xero include:

Invoicing, quotes, and purchase orders.
Inventory management and expense tracking.
Bank reconciliation and real-time cash flow updates.
Integration with over 800 third-party apps.
Multiple Currencies
Unlimited numbers of users
Automate Recurring Invoices

Xero offers three pricing plans for its UK customers:

Top 5 Mobile Accounting Apps for Small Business: Streamline Your Finances

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5. Zoho Books

Zoho Books is an accounting software solution designed for small and medium-sized businesses. It provides users with comprehensive tools to manage their financial operations, from invoicing to bookkeeping and more.

One significant advantage of Zoho Books is that it will grow with your business, from its free plan to its additional 40 apps for various business tasks.

Some key features include:

Invoicing, billing, and online payment processing.
Time tracking and project management.
Inventory tracking and order management.
Automated workflows and custom functions.
Mileage tracking
Multi-Currency
Unlimited users

Zoho Books pricing in the UK is:

A completely FREE plan for a single user for up to 1,000 invoices per year.

The standard plan is £10/month, designed for freelancers and sole traders, and has up to 5,000 invoices, bank feeds, and three users.

The professional plan is £20/month, with features such as sales and purchase orders, exchange rates and stock tracking.

Do you want even more? Zoho has produced an app for the Apple watch.

Visit Zoho Books

Android or iOS Accounting App?

The good news is that all the leading accounting software providers provide Android and iOS apps so you can access and manage your accounts on the go. However, the features available in each app may vary depending on the platform, so it’s worth researching to find out which app offers the best features for your needs.

Choosing the Right App for Your Business

To select the best app for your small business, consider factors such as your business size, industry-specific requirements, and budget. For instance, QuickBooks Online and Xero offer advanced features and integrations, making them suitable for growing businesses. On the other hand, FreshBooks and Zoho Books are ideal for service-based businesses that require time tracking and project management.

Tips and Tricks for Optimizing Your Chosen Accounting App

To get the most out of your chosen accounting app, follow these tips:

Regularly update your financial data to ensure accurate reporting.
Utilise built-in reporting features to track your business’s performance.
Automate repetitive tasks, such as invoicing and expense tracking, to save time.
Leverage integrations with other apps to streamline your workflow.

Alternatives to Mobile Accounting Apps

Although accounting apps are good when you are out on the road or just away from the office, there are some alternatives when you’re in the office. The top mobile apps have an online version of their accounting software making it easier to view your financial records. There are also some alternatives, including free bookkeeping software and Excel bookkeeping templates.

Small Business Accounting Software

While mobile accounting apps offer convenience and accessibility, there are several reasons why a business might choose to use the online version of accounting software instead:

Full functionality

Online versions of accounting software typically provide more comprehensive features and tools than their mobile app counterparts. This allows businesses to perform complex accounting tasks and generate detailed financial reports that may not be available on the mobile app.

Larger screen

Working on a computer or laptop provides a larger screen and better visibility, making navigating through multiple windows, viewing detailed financial data, and creating detailed reports easier.

Keyboard and mouse

Inputting data, selecting options, and navigating through menus can be faster and more precise using a keyboard and mouse instead of touchscreen controls on a mobile device.

Multi-user access

Online versions of accounting software often allow multiple users to access the system simultaneously, enabling team collaboration and efficient task delegation. While some mobile apps offer multi-user access, the experience might be limited compared to the online version.

Some of the best accounting software with online versions include QuickBooks Online, Xero, Sage Business Cloud Accounting, FreshBooks, and Zoho Books. These platforms offer a range of features and integrations to cater to the diverse needs of businesses.

Ultimately, the choice between using an online version of accounting software or a mobile app depends on the business’s specific requirements, preferences, and work environment. Many businesses choose to use both, taking advantage of each platform’s unique benefits. For example, they might use the online version for in-depth financial analysis and reporting and the mobile app for on-the-go tasks like invoicing and expense tracking.

Free Accounting Software

Free accounting software can be an attractive alternative for small businesses, startups, and freelancers with limited budgets or simple accounting needs.

One of the main advantages of using free accounting software is the cost savings. It allows businesses to manage their finances without incurring additional expenses, which is particularly beneficial for those with tight budgets.

Excel Bookkeeping Templates

Free accounting templates might be an option for a small business requiring basic bookkeeping. We have created over 25 bookkeeping templates available with free downloads and instructions.

Businesses mainly use our templates because they are easy to use, and prefer using Excel rather than accounting software.

Mobile Accounting App FAQ

Which is the easiest Accounting Software?

The answer to this question depends on your accounting needs and preferences. Some of the easiest accounting software programs to use include QuickBooks Online, Xero, Sage Business Cloud Accounting, FreshBooks, and Zoho Books. One of the best ideas is to look at the user interface and see how easy it is to find the functions required.

Do mobile accounting apps have multiple-user access?

Yes, most mobile accounting apps offer multi-user access, allowing multiple users to access the system simultaneously. However, the experience might be limited compared to what is available on the online version of a platform.

Can I use mobile accounting apps for detailed financial analysis?

It depends on the features offered by the app you are using. Most mobile accounting apps provide only essential functions unsuitable for complex financial analysis. However, some apps offer more advanced features that can be used for detailed financial analysis. For tasks like VAT returns, I would suggest using the online platform.

Mobile Accounting App Conclusion

Mobile accounting apps have come a long way in recent years, offering a range of convenient features for businesses. They provide the flexibility to manage finances on the go and access data from anywhere with an internet connection.

While mobile apps can be great for basic tasks such as invoicing and expense tracking, their capabilities are limited for more advanced functions like detailed financial analysis. An online version of accounting software or Excel bookkeeping templates may be preferable for these activities, depending on your unique needs and preferences.

Ultimately, choosing between a mobile app or an online platform is up to you – so take some time to consider which would best suit your business’s needs before making any decisions.

In conclusion, mobile apps can significantly simplify accounting for small businesses, enabling them to focus on their core operations. By selecting the right app and using it effectively, you can ensure your business stays financially healthy and well-positioned for growth.