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August 15th 2016 / BY: Wisteria

Accounting Apps for your business

So you have incorporated your new business and you have started to run your business successfully. But wait! How do you keep track of everything? In the modern world, there is less and less paper being passed around between individuals and companies as everyone starts to move towards a more digital era.

Therefore there are literally hundreds of companies who have the app which is ‘the right one’ or the ‘only app you need’ to help you and your business operate smoothly. Here we will run through a selection of apps to cover a range of services which you might find useful in the day to day running of your new business.

Companies House App

– this free to download app will be hugely useful for you and your business to ensure that you keep up-to-date with your filing deadlines. With access to over 2.7m UK registered companies you will be able to check when your accounts and confirmation statements are due.

iXpenseIt App

– this app aims to simplify your daily expense tracking and monthly budgeting by enabling users to simply take a photo of their receipts and have this stored electronically. By extracting all the relevant information from photos, this app also supports various CSV and HTML formats for you to be able to export your data via email or WiFi.

Expensify

– this is another app to help keep track of your daily expenses. Whether this is your normal day to day business expenditure (such as rent and utility bills), or whether you need to keep track your expenses whilst on a business trip. With the added ability to link a credit or debit card, the app will be able to place charges directly on an expense report. Also, by being able to integrate this with your employee’s phones, you will also be able to automatically reimburse any employee’s expenses through the app with the click of a button. This however is an app that you will need to pay on a monthly basis to get the maximum use out of it.

Quickbooks

– as one of the main accounting software providers for small to medium businesses which helps to provide a full sense of your company’s financial health. By being able to track the sales and expenses, view financial statements (Profit and Loss and Balance Sheet reports), this app aims to provide a complete analysis of the business in one simple app / platform. There is also the in-app ability to capture expenses on the go and also migrate data between various software packages.. By providing such a wide variety of options within the one platform, there are a number of different packages which you can pay for on a monthly basis.

Xero

– as another one of the main accounting software providers in recent years, the app simplifies record keeping so that you can focus on running your business. Removing the requirement to understand T Accounts and Double Entry bookkeeping, this app makes accounting and running your business. Within one app, you will have access to cash flow reports, invoicing, payroll and payments which truly simplifies things for you. By also being cloud based, it will enable you to quickly share your data with your accountant without the hassle of importing and exporting data.

Sage One

– the final big accountancy software provider have released a simplified version of their Sage software which enables smaller businesses take more control over their accounts and bookkeeping without getting bogged down and stressed about debits and credits and whether or not they have entered the wrong figure in their T Accounts. By breaking down the areas into Sage One, Sage One Payroll and Sage One Start, it means that business can more closely match their needs and requirements to each particular package.

Of course, with the number of software packages out there on the market today, it can be daunting trying to find the right one for your business. Therefore talking to an accountant can often help you to decide on the best software for your business and its requirements.

However, although taking a lot of the work in house to manage your own accounts will mean you can keep a closer eye on the day to day financials, it can mean that you will spend less time building up your business. Therefore it is often recommended that you work with an accountant and use a software package simultaneously. By doing this, you can keep an eye on your business on a daily basis, but with the support of an accountant to ensure all your reports are correct and in the right statutory formats.

If you would like more information as to how Wisteria can assist you and your business, then please feel free to contact one of team here at Wisteria on 020 8429 9245 or at info@wisteria.co.uk