These days, every business needs accounting software. However, the times have changed in only a few short years since these solutions entered the mainstream. Laptop-only software is no longer enough for business on the move, meaning there is an increasing need for mobile-friendly apps and software programs.
The mobile nature of modern businesses means that owners need solutions that move with them, but is a mobile-friendly solution necessary for growth? And if so, what are the best solutions to look out for?
The benefits of being mobile friendly
There are many benefits to using mobile-friendly accounting software, particularly for small businesses. These include:
One of the main benefits of mobile accounting software is the cost savings. Hiring an accountant is expensive, and it’s a luxury many small businesses can’t afford. Even running laptop-based software on an in-house server can cost far more than a mobile solution due to all the upgrades and system tools needed to maintain it. Many online software companies run on subscriptions, so you will only need to pay out a small fee each month for your mobile software instead of making one large purchase.
Using mobile accounting software will free up hours that could be spent growing or marketing your business. Not only does the user-friendliness of modern software cut time out of the process of invoicing and payroll, but you’ll also be able to access functions like invoicing and expenses tracking on the move. It means less time in the back office and more time on the frontline of your business.
It’s easy to train yourself and your employees to use mobile accounting software because it’s designed to be easy to use. What’s more, your team will be familiar with tablets and smartphones, so the mobile interface will come as second nature.
An online connection makes it easy to invoice clients, access bank information and assess your business’ financial reports at the touch of a button. However, many business owners worry about security. There is no need to worry; data security is a top priority for online software companies because these businesses are largely reputation-based. Therefore, their best experts and resources go into assuring the safety of your financial data.
Managing your cash flow remotely will help save your business money. Not only can you track all your expenses and invoices in real-time, but online accounting makes it easier to incentivize employees and spot your areas of weakness. Put simply; you can view your profits and losses in a more comprehensible way.
Mobile-friendly accounting software for small businesses
There is no shortage of mobile-based accounting software online. However, among of the most popular are FreshBooks, Xero, and QuickBooks. Let’s break them down so you can decide which software is best for your small business.
FreshBooks is cloud-based accounting software that starts at just $15 a month. It offers a number of features including API, billing and invoicing, customizable billing and collaboration tools, as well as automatic reminders and billing.
FreshBooks is best suited to freelancers and small to mid-sized businesses. They also offer ongoing support by phone, online chat, and video tutorials. The software integrates with a number of different apps, including Xero and MailChimp, and can be used on all platforms – apart from the Windows Phone app.
Xero is another popular accounting software that’s intended for freelancers and small businesses. Prices start at $20 a month and (according to their reviews) four out of five customers consider this good value for money!
Xero does offer some functions that FreshBooks does not, such as ad-hoc reporting, balance sheets, and sales tracking, but it doesn’t provide automatic billing or real-time updates. Again, Xero is supported by all platforms (including web-based applications, iPhones, and Android) but it can’t be used with Windows. Xero don’t offer phone support, so you will need to communicate with them online if you encounter any issues. Integrations include PayPal, FreshBooks and MailChimp. However, unlike FreshBooks, Xero does not integrate with QuickBooks.
Starting at $10 a month, QuickBooks is one of the most affordable accounting solutions on the market. It offers a number of features, such as customizable billing and reporting, deadline tracking and email integration, but it doesn’t offer the document storage or financial analysis that Xero and FreshBooks provide.
Like Xero, QuickBooks is mainly used by freelancers and small businesses, and it offers numerous integrations including PayPal and MailChimp. Both telephone and online support are available to subscribers.
FreshBooks, Xero, and QuickBooks: other points to consider
All of these solutions offer multifactor authentication, apart from FreshBooks. However, all three solutions meet Payment Card Industry (PCI) Data Security Standards, and they all encrypt sensitive data at rest. There is also HTTPS for all pages.
All three solutions operate a data backup policy across multiple regions. It means you’ll never lose vital information, and you can access your accounts wherever you are in the world.
Apple and Android devices support all three of these solutions, but they won’t work on Windows phones. If you’re looking for a Windows-based accounting solution, Zoho Books is another affordable choice for businesses of all sizes, and subscriptions start at just $9.00 a month.
As a small business owner, you have a lot to deal with when it comes to running your organization. Accounting and bookkeeping must be done, however, despite how time-consuming the process can be. Luckily, there is a long list of user-friendly accounting solutions designed to make it easier to balance the books.
There are many benefits to a mobile accounting solution, including affordability, security and more time to focus on your business. However, accounting software doesn’t just make running your business easier – it can make it better. You’ll have a greater understanding of your profits and losses, as well as the ability to integrate with other areas of your business (such as mail-outs and PayPal payments) in the palm of your hand.
In addition to writing about the financial markets, Mr. Kelly writes extensively about digital marketing and SEO.
Mr. Kelly attended Boston College where he studied English Literature and Economics, and also attended the University of Siena, Italy where he studied studio art.
Mr. Kelly has been a decades-long community volunteer in his hometown of Long Island where he established the community assistance foundation, Kelly's Heroes. He has also been a coach of Youth Lacrosse for over 10 years. Prior to volunteering in youth sports, Mr. Kelly was involved in the Inner City Scholarship program administered by the Archdiocese of New York.
Before creating ForexTV, Mr, Kelly was Sr. VP Global Marketing for Bridge Information Systems, the world’s second largest financial market data vendor. Prior to Bridge, Mr. Kelly was a team leader of Media at Bloomberg Financial Markets, where he created Bloomberg Personal Magazine.
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