When it comes to accounting solutions, small business owners need all the help they can get. An entrepreneur just starting out will have to act as his own accountant, and if he don’t have the sufficient training, or is so tied up with the day-to-day business, bothering with having to constantly monitor expenses and entering every transaction into the journal can get exhausting and, at times, confusing.
So What Are The Solutions Available?
In yesteryear a small business owner or entrepreneur would either to have to hire an accountant. Luckily, in this day and age, where automation helps people save time there are apps available to satisfy every need.
What Are The Options Available For Apps?
There are many apps available for accounting solutions:
- “Kashoo” is a popular, fully featured accounting app for the iOS platform. It lets you view and track transactions, create invoices and record payments. It also features a collaboration feature, so you can share your financial data with a business partner, etc.
- “QuickBooks” is available for both the Android and iOS platforms. While it isn’t a fully featured app like Kashoo, it offers various beneficial tools such as the ability to track sales, send out invoices and review recent payments when you’re away from the office.
- “Invoice2Go,” like QuickBooks is available for both Android and iOS. It only provides services for creating invoices, estimates, etc. It includes buttons for PayPal for the invoices so that you can get paid more quickly.
What Are The Benefits Of Automating Payroll?
The greatest concern with small business owners is how to ensure that their employees get paid on time, and as the aforementioned apps help with doing just that, one has to wonder about what the benefits could be:
- As estimated by the American Payroll Association, payroll automation reduces costs related to payroll management by up to 80%, which is partially explained by the reduced mistakes in wage payments and invoicing.
- By placing all relevant information in one place mistakes which may arise from managing duplicate sets of data is reduced.
- When combined with work shift management software, payroll automation can utilize data regarding working hours, overtime, allowances, holidays and absences, thus helping to give a fair and accurate estimate on the payment due.
With so many benefits, there is only one drawback, and that is the danger of malware and viruses. However, that can be kept in check by installing anti-virus software and making sure it is updated daily.
A payroll invoicing app for freelancers, entrepreneurs and small business owners is therefore one worth downloading and using!