Small businesses often deal with new accounting and bookkeeping challenges on a regular basis. Even the smallest accounting errors can spark huge losses, especially in a business trying to get off the ground. A seemingly harmless mistake in recording a customer payment can result in less sales tax declared and ultimately leading to costly fines and interest fees. Fortunately, small business owners can look to new web and mobile applications for help in tackling financial issues.
Xero.com
This web-based accounting program provides a savvy solution for small businesses in regards to bookkeeping and other financial processes. Invoicing, billing, accounts payable, and bank reconciliation features are made simple and flexible. It also comes equipped with a complete accrual accounting model with a cashbook and automated bank feeds updated daily.
Outright.com
Outright caters to both small businesses and self-employed individuals through online bookkeeping. They offer a unique value proposition that takes into account many types of entrepreneurs, including those filing for a Schedule C.
The software automatically imports all of your information from linked accounts, such as Paypal or Amazon, allowing convenient tracking of income and expenses. Data can be used by the business owner to assess areas of weakness and overall growth. Outright currently offers a free account without any trial period or expiration date.
Expensify
Rather than accumulate scraps of receipts in a cabinet, the software enables scanning or taking a photo of customer and business receipts via a smartphone. The app then categorizes the data with a date, payee amount, and item description. Users can also import other pertinent reports from a credit card line or bank account.
TurboTax
Properly filing your taxes can be a tedious process, but is necessary to prevent penalties. TurboTax simplifies tax preparation and filing by allowing users to do so without the need for expert assistance that also costs money.
Although the software provides advice for capitalizing on various business-specific deductions and write-offs, a specialist from PenFinancial Credit Union recommends reviewing all these with an accountant before formally declaring them.
Yendo.com
Yendo offers an accounting and customer relationship management program tailored for small businesses. The web-based accounting package includes an easy-to-use nominal ledger, invoicing, and payments record.
A cloud-based computing app is also made available to Yendo users to access anytime and anywhere. This lets business owners manage purchases, expenses, payments, and balance sheets on-the-go. Currently, Yendo basic accounts are free of charge for a single user. There is also a complimentary 30-day access to the software’s premium version.