New Modern Mobile Phone Applications Now Let You Run the “Business of Tomorrow” from Your Cell Phone – Today!
There are many applications for mobile phone that let you run your business using just your smart phone.
This blog will review some of the top applications using a mobile phone to create and send invoices, collect revenue, pay bills, and transfer money to and from your bank account right from the palm of your hand. We will discuss several free or low cost mobile applications so the owner and field technicians can run the business from your smart phone – without having to go into the office!
Let’s start out with Accounting Applications to manage the business next Tuesday we will look at Credit Card Payment Applications so we can receive payments in the field.
Mint www.mint.com, is the easiest to use than the other accounting applications reviewed here because Mint links to your bank accounts and automatically categorizes your transactions. But that ease of use comes at the cost of functions available. Mint is easy to setup and use but it doesn’t create invoices and can’t track inventory. If those functions are key for you, Mint not the ideal choice.
Easy Books www.easybooksapp.com, has true double entry accounting and has a very robust sync function between devices. E-mailing customers directly out of the software is a strongpoint of Easy Books.
QuickBooks On-line www.quickbooks.intuit.com strong point is you can access your accounting from anywhere and it allows several users to access the Accounting software simultaneously. QuickBooks is a full double entry accounting package that can track inventory. Each level has several reports which are customizable including sales tax and payroll reports. QuickBooks has a timesheet function. QuickBooks accepts mobile payments and has payroll capabilities. QuickBooks will directly e-mail customer invoices. QuickBooks automatically downloads, categorizes and reconciles bank transactions. QuickBooks On-line has three product levels: QuickBooks Online Simple Start, (1 user 20 reports), QuickBooks Online Essentials, (3 users 40+ reports) QuickBooks Online Plus, (5 users 65+ reports) QuickBooks is also compatible with TurboTax for preparing income taxes. Companies should look for a QuickBooks certified CPA to work with them.
FreshBooks www.freshbooks.com, this application’s focus is service-based businesses. Its strong points are tracking and billing time to Jobs, and team timesheets. It has automatic expense updates and provides for attaching pdfs of receipts directly to invoices. FreshBooks is not a double entry accounting system. Field service companies should look for a
FreshBooks certified CPA to work with them.
Wave www.wave.com, is a double-entry accounting software for non-accountants. It will download transactions from your Bank, PayPal, and Excel. A strong point of Wave is its price. Most accounting apps are free. For example, remote invoicing by Wave is free with unlimited invoicing. Payroll is a monthly fee of only $5 dollars plus 4 dollars per employee for the first 11 employees, and only 1 dollar per employee after 11 employees.
In conclusion, there are many accounting apps for mobile devices that help small business. You should choose the Accounting Application which is the best fit for your business. I highlighted the primary business focus and strengths of each of these Mobile Accounting Applications in order to make the choice a little easier.
To schedule an appointment to implement this strategy and others within the context of your unique tax situation, Contact Brown CPA Group, Ltd., at (847) 509-4100.
About the author: Ken Smith is an Enrolled Agent and Senior Staff Accountant with Brown CPA Group, Ltd. We know that success means different things to different people. While a business owner strives to maximize profits, increase efficiency and plan for succession; an individual client is more concerned with tax planning, wealth management, retirement and estate planning. At Brown CPA, we work with you on the total picture. Together, we succeed.
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