4 Apps to Help Streamline Your Accounting Process

by | Jul 29, 2022 | Accounting

As the owner of a service-based business, you know the importance of your company’s financial health. Proper record keeping, timely updates, and a strong organizational strategy are vital parts of a successful company’s accounting process. Modern technology has made it much easier to perform these functions through various applications. In this article, we discuss four apps to help streamline your accounting process.

 

Why Is Streamlining Your Accounting Process Important?

There are several reasons streamlining your company’s accounting process is important. First, having a standardized accounting process in place allows all members of the accounting team to perform their duties according to a set of designated rules.  Without set procedures, employees could perform their duties differently, often leading to errors.  

Next, a streamlined accounting process can lead to significant savings of time and money. As mentioned above, the streamlined process takes the guesswork out of each employee’s duties thereby saving time.  Money is saved from reduced errors and the avoidance of redundant tasks for accounting personnel. 

Finally, a streamlined accounting process makes preparing tax returns and financial statements much easier.  By having designated areas and processes for organization and updating accounting records, many of the variations that can lead to errors in these important documents can be avoided. 

 

Four Apps to Help Streamline Your Accounting Process

QuickBooks

The first app that can help streamline your accounting process is QuickBooks. Although some consider QuickBooks more of a software package than an app, the principle still holds true. 

QuickBooks is an exceptionally user-friendly program that guides you through important activities such as bank reconciliation, transaction categorization, financial statement generation, and sending and receiving payments.

For example, suppose your service-based business performs monthly bank and credit card reconciliations by hand, comparing actual statements with your accounting records. This process likely takes a considerable amount of time that can be better spent on higher margin areas of your company. 

QuickBooks has an intuitive step-by-step reconciliation process that streamlines the reconciliation process a great deal. The program also links to both credit card and bank accounts to download all available transactions, ensuring that the chance of overlooking a transaction is greatly reduced. 

This is just one example of how QuickBooks can take a process that normally would take several hours, and reduce it to under an hour if done consistently. 

 

Expensify

Expensify is a popular small business application that makes tracking expenses in real time much easier.  

The Expensify app is simple to use and offers features such as expense tracking by category, tax tracking, and audit and compliance. 

One of the most popular features of Expensify is receipt scanning. As the owner of a service-based business, you likely need to purchase materials to produce services. With Expensify simply scan the receipt and it will be automatically added to your business expenses in the app.

Expensify integrates with most popular accounting programs such as QuickBooks or Xero and updates the expense transactions in your accounting books.

 

Bill.com

Bill.com is another app that integrates seamlessly with many popular accounting programs and can be helpful when streamlining your accounting process. 

The Bill.com app integrates with your business bank account and has features that let you swipe on your phone to approve and pay bills while away from the office.  

Bill.com also integrates with popular accounting programs which automatically update your invoice and payment information. Fields such as payment amount, vendor, and date are automatically entered which prevents data entry errors while saving both time and money. 

 

Toggl 

If you have a service-based business that pays workers by the hour, Toggl is an exceptionally user-friendly app that makes recording and tracking employee hours simple and easy.  

Once your employees register with Toggl, they can log their hours at the end of their shift or day, and if corrections need to be made before the pay period ends the app allows modification or deletion of erroneous time entries. 

Toggl also has the advantage of tracking hours by department or client, so if your service-based business wants to see how many hours a certain client was charged, Toggl makes checking these figures easy. 

 

We hope this short discussion to help streamline your accounting process has been helpful. We selected these particular apps because they are all user-friendly and do not have a significant learning curve when implemented. 

It is important to keep in mind that the overall goal of streamlining your accounting process is to increase the accuracy, efficiency, and effectiveness of your company’s financial reports. 

 

Helping streamline your company’s accounting process is just one area we can help your business. For more information, be sure to check out our services page by clicking here.