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Originally published on LinkedIn.
These days, every person and every app aims to get things done conveniently and faster. On top of that when you hear words like “modern”, “smart” and “innovative”, almost everyone starts to have a fear of missing out. And when it comes to business, there is one area that can be a true headache- accounting management. But you know what? It’s 2024. There’s no need to struggle with tired workflows when there is a slew of better options out there. Modern, industry-shaking accounting apps are here to make things easier for you, and even the corner store down the street.
Modern accounting apps are leading the way
As businesses strive to stay competitive and innovative, traditional methods of accounting can feel like a slog. Luckily, modern accounting apps have changed the way businesses handle their accounts. Let’s take a closer look into ways you benefit from upgrading your tech stack:
Time savings: Accounting apps automate tasks like data entry and report generation, freeing up your time for more important business activities.
Streamlined processes: They simplify transaction recording, account reconciliation, and invoice management, reducing redundancy and oversight.
Enhanced collaboration: Modern accounting apps focus on collaboration, allowing multiple team members and clients to work on financial data concurrently, improving communication within your organization.
Accuracy: These apps minimize human errors in calculations and data entry, ensuring your financial records are reliable for decision-making.
Our top picks for streamlining workflows
Financial Cents
There’s a reason Financial Cents is on everybody’s mind. Showing incredible growth over the past few years, Financial Cents is a popular practice management software designed to streamline the operations of accounting firms. It helps them keep track of their work and clients, putting everything in one place for easy access. It also does some of the boring work for them, like automating tasks, so they don’t have to do everything by hand. And the best part is, it’s easy to use for everyone on the team.
Financial Cents helps you keep track of your work, deadlines, and team tasks all in one place, so nothing slips through the cracks. It also makes it easy to communicate with clients, automating requests and reminders without needing them to log in. Plus, it stores all your important information in one spot for easy access, which makes your team more efficient. You can give it a try for free for 14 days, and if you like it, the Team Plan starts at $39 per user per month when billed annually.
CPA Pilot
While relatively new, if you’re involved in tax and haven’t tried out CPA Pilot , you’re missing out. CPA Pilot increases revenue and productivity with AI tax assistance. It’s designed to streamline tasks like tax research, client communication, and crafting marketing content, saving you valuable time. With regular updates, you can trust CPA Pilot to provide accurate and up-to-date assistance, better than ChatGPT.
Best of all, you can start with a free demo and then upgrade to the premium version, starting at just $8.99 per month. It’s not just an AI app – it’s like having a personal assistant tailored for accountants – efficient, convenient, and cost-effective.
Forwardly
My app, Forwardly , presents a perfect package for small business financial management, offering free same-day ACH transfers as a cherry on top. One of its standout features is its use of the FedNow Service and the RTP Network to help businesses receive instant payments any time, using a seamless integration with QuickBooks Online and Xero to automatically reconcile transactions. Sending bill payments is absolutely free. Plus, it helps you plan for the future with 12 months of cash flow forecasting and creates financial reports easily helping you make better financial decisions.
Forwardly is different because it offers affordable instant payments and free same-day ACH transfers. Many business payment providers ask for monthly fees, need you to open a new bank account, or expect you to pre-fund a wallet to make payments, but not Forwardly. It connects securely with any US bank using Plaid to be completely bank-agnostic. And, if you have a team, you can invite as many people as you need to. This makes it a good choice for people who want to pay bills as late as possible, save money, get paid instantly, and work together on their finances.
Bookkeep
Bookkeep – Smarter Ecommerce Accounting Automation simplifies accounting, keeping your finances organized and accurate. It centralizes sales data, manages US sales tax, and provides daily financial summaries for smart decision-making. It’s especially helpful for accountants, managing multiple clients and providing daily reports, making their work easier. Whether you’re a pro or just want financial order, Bookkeep is a helpful app.
Bookkeep offers efficient and accurate automation, saving time and reducing errors in financial tasks. It offers clear daily financial summaries and works with data from various sources, making it versatile. For accountants, it’s a valuable app for client management. You can try it free for 14 days to see if it suits your needs.
Fyle
With Fyle , you can automate tedious tasks like expense reporting, reconciling credit card expenses, reimbursing employees, and seamlessly syncing expenses with your accounting software. This means you’ll save precious hours every month and speed up your bookkeeping process like never before. Submitting expense receipts is a piece of cake for your team with Fyle. They can do it via text messages, Fyle’s Mobile App, Gmail & Outlook Plugins, Slack, Email Forwarding, and more. Fyle’s advanced AI ensures accurate data extraction, while its smart auto-categorization and GL coding make everything run smoothly.
With the Standard plan, you’ll enjoy unlimited expense tracking and report creation at just $6.99 per active user per month, billed annually. And with a minimum billing requirement of just 5 users, Fyle is perfect for businesses of all sizes.
Amalgam
Amalgam is one of the best apps you might not have heard of yet. With Amalgam, you can connect Excel or Google Sheets with any business app, right from your familiar spreadsheet environment. It’s super easy to download, edit, and sync data without ever leaving your spreadsheet. No more hassle with scattered data or struggling with limited business apps for analysis and reconciliation. Amalgam takes care of all that for you. And the best part? Amalgam’s user-friendly interface makes automation a breeze, even for those with basic spreadsheet skills. With 23 integrations available, you’ll have everything you need to streamline your workflow. It starts at just $49 per month, making it perfect for solo entrepreneurs or small businesses like yours.
Picking the perfect accounting app
Selecting the right accounting app doesn’t have to be tricky. Here are some easy tips to help you choose the best one for your needs:
Know what you need: Start by figuring out what you really need. Do you want basic bookkeeping, or do you need more advanced features like payroll or inventory management?
Check the price: Once you know what you need, figure out the most cost effective way to get those features without skimping on the time cost. It might make more sense to splurge on an app that has the exact feature you need, rather than buying a cheaper app that has a feature that requires extra legwork later.
Look at integrations: If you use accounting software platforms or payment systems, check if the accounting app can work with them. Integration makes things smoother.
Read reviews: See what others say about the app. Reviews can give you a good idea of how user-friendly it is and if it has any issues.
Don’t discount a good demo: Booking out 15-30 minutes can be a big ask for your calendar, but taking the time to talk to an app’s product expert could teach you in seconds what might otherwise not be immediately clear.
Choose an app you want to use: A user-friendly UI is important. If you don’t like how the app feels, it’s going to be annoying to go back and you and your team might not use it effectively.
Want to make your accounting easier and your business better? Try these top accounting apps now to save time and reduce errors. But remember, the best one for you depends only on your financial needs.
Want to see a quick example of some of these apps? Check out Forwardly, Bookkeep, Amalgam, Fyle, and CPA Pilot’s Love at First Demo event for a quick overview of all 5.
