Why is Bookkeeping Important for a Small Business?
Bookkeeping is essential for a small business as it helps:
- Monitor financial health and make informed decisions, including cash flow.
- Comply with tax regulations and avoid penalties.
- Track expenses and revenues, enabling identification of areas for improvement.
- Enhance credibility with lenders, investors and customers.
Advantages of using Mobile Apps
Mobile accounting apps offer several advantages for small business owners and entrepreneurs, simplifying their financial management tasks. Some of the key benefits include:
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Accessibility
Mobile accounting apps allow users to access their financial data anytime, anywhere, as long as they have an internet connection. This enables business owners to make informed decisions even when away from their office or computer.
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Create Invoices on the Go
Creating and sending professional invoices quickly is a key requirement for small businesses. Mobile accounting apps allow users to create, modify, and send invoices with just a few taps on their smartphone or tablet. It will also show any overdue invoices to remind customers about payments.
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Integration with Business Bank Accounts
Many modern accounting apps allow users to connect their bank accounts directly and sync the transactions in real time. This makes it easier to monitor and track the income and expenses of the business, eliminating the need for manual entry.
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Time-saving
Automated features like invoicing, expense tracking, and importing bank transactions and bank feeds save time by reducing manual data entry and streamlining accounting processes.
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Ease of use
Most mobile accounting apps have intuitive interfaces and user-friendly designs, making it easy for non-accountants to manage their finances without any prior accounting knowledge.
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Data security
Cloud-based mobile accounting apps store data in secure servers with regular backups and strong encryption, ensuring that sensitive financial information remains safe and protected.
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Scalability
As your business grows, mobile accounting apps can accommodate additional users, transactions, and features, allowing you to scale up your financial management capabilities without complex software upgrades.
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Cost-effective
Mobile accounting apps generally offer subscription-based pricing models, making them affordable for small businesses with limited budgets. Additionally, these apps reduce the need for hiring additional staff, as many tasks can be handled in-house.
By leveraging these advantages, small business owners can streamline their financial management processes, improve decision-making, and focus more on their core business operations.
Our Top 3 Packages
1. Xero
Xero is a cloud-based accounting software that helps small businesses easily manage their accounting records. It offers various features designed to automate the tedious tasks associated with accounting and bookkeeping while giving users real-time visibility into all aspects of their financial operations. It is smart and super easy to use, links to your bank feed and makes reconciliation of transactions simple – literally with a click of a button.
2. QuickBooks
The QuickBooks range of simple, smart accounting solutions can help take your business to the next level. Once you’ve chosen your plan, there’s no hidden fees or charges QuickBooks Accounting Software is a great accounting app for self-employed professionals and small business owners.
3. Sage
The Sage mobile app is a cloud-based accounting application for small and medium-sized businesses. It is an extension of Sage Business Cloud, which allows users to manage their financials on the go. The app provides features that cater to various accounting needs, making it easier for business owners to keep track of their finances.
Do mobile Accounting Apps have multiple-user access?
Yes, most mobile accounting apps offer multi-user access allowing multiple users to access the system simultaneously. Sharing your data with a third party allows both sides to look at real time information and makes advice and decision making more informed.
How can Moorgate help me?
Moorgate offer continued support, training and bookkeeping services for your business, whatever its size. Tailored packages to suit you with active financial reviews to make sure you have all the information you need to run your business effectively.
Let us make things really easy with our team of in-house, friendly, expert bookkeepers.
Contact us for a chat and see how we can help you