google-site-verification=rELuVVyS5Y8o0Ezst8ITY3su3PIT5khzDgo-anRp4o8 Top 4 Financial Accounting Apps for Small Businesses ~ Tech Senser - Technology and General Guide

31 Aug 2012

Top 4 Financial Accounting Apps for Small Businesses

Financial Accounting AppsFinancial applications are used by businesses to facilitate the management of all processes related to cash flows. These programs are beneficial because they save time that would normally be spent handling financial records manually.

Financial applications do this by reducing or eliminating redundant data entry, performing calculations, and preparing financial statements and reports. Here are the top 4 financial accounting applications for small businesses:

1. LessAccounting
LessAccounting makes it to the top of the list because of its ease of use and integration into other electronic devices and systems (e.g. iPhones & PayPal). It also has a simple interface and a bank data importing feature that allows businesses to connect with their online banking accounts.

The app streamlines the bookkeeping process by helping businesses spend as little as 20% of the original time they would normally use to keep track of their books. LessAccounting eliminates most data entry operations by connecting to bank databases and assisting businesses with downloading transaction reports when needed.

Businesses can use the limited version of LessAccounting for $30 a month, but pricier options are available for businesses that require more bookkeeping help.

2. Intacct
Unlike LessAccounting, Intacct is a comprehensive financial accounting system that offers accounting and other applications for small businesses use. This app is second on the list because it is equipped with applications such as project management, purchase and inventory, revenue recognition, contract management and financial consolidation to integrate business processes.

Intacct has two major drawbacks. One drawback is software navigation, which can be complex because of Intacct’s abundant integration features. The second drawback is businesses risk losing money if they purchase a prepaid subscription and later decide to discontinue using the app.

3. Outright
Outright is a web based application that works by storing business accounting and financial data online to make it accessible from any computer at any location. The upload site is highly encrypted and password protected to ensure business data is kept safe and confidential. Some of the top features of this application include:
  • Automatic categorization of transactions, such as such as income and expenses, to provide businesses with an estimated figure of their year-end taxes.
  • Friendly user interface.
Outright is ranked number three because it is designed to cater to sole proprietorships, which limits its use.

4. QuickBooks Online
QuickBooks Online is another web-based application that is worth considering. Notable benefits include:
  • Ease of use – it has an intuitive design that is easy to understand.
  • Integration- Business owners can easily import business data into other programs (e.g. tax preparation programs) to make the process easier.
  • Customization – The app comes with numerous templates that can be used to create charts and business plans.
QuickBooks Online is at the bottom of the list because of its inability to document some financial transactions and information. This application also has pricey upgrade fees to enable owners to access premium program features. Lastly, some features of the application are better suited for larger businesses, which can make the program overwhelming for some small businesses.

 Henry Carpenter

About the Guest Author:

Henry Carpenter is a corporate accountant and guest author at Accounting-Degree.org, a site with resources and guides to the top-rated accounting degree programs online.