Your accountants and bookkeepers, whether in-house or not, are always recording, analyzing, and calculating your financial data round the clock. They are always busy, ensuring that your business stays on top of its finances and does not lose track of it. Unfortunately, many of these professionals end up drowning themselves in work, trying to complete everything by hand. However, there is a solution to this problem, and that solution comes from software and applications!

There are many applications and tech stack out there that can assist in making an accountant’s life easier. If you are interested in making accounting and bookkeeping much easier to accomplish, here are the types of applications you need to keep an eye out for.

Types of Accounting Applications to Help with Your Finances

    1. Payroll apps
    2. Time tracking apps
    3. Inventory management apps
    4. Document management apps

1. Payroll apps

If you cannot keep up with your payroll, then it might be time to utilize a payroll application. Many of these platforms work online, meaning that you can take care of your payroll activities as long as you have internet access. These platforms offer various useful features, such as automated calculation of income and taxes, automated report creation, and more.

2. Time tracking apps

Many time tracking software are available and offer their own sets of features, such as taking care of billing and payroll. They also come with features, such as project management, complex accounting calculations, receipt management, and more. They even come with human resources features, such as employee document management.

In other words, time-tracking apps are capable of performing various functions for accounting and bookkeeping, which are rolled into a simple package for your convenient use.

3. Inventory management apps

Inventory management applications take care of all things inventory for your needs. These can include managing inventory, traceability, reporting, and even vendor management. Some even come with barcoding features, order purchasing, and overall warehouse management to ensure no inventory is missed or left behind.

Overall, these applications take care of your inventory-related and accounting needs, combining both aspects to make things much more manageable.

4. Document management apps

Documents will inevitably rack up as you complete accounting and bookkeeping tasks. Document management applications can assist by providing features that streamline the process of gathering, processing, storing, and delivering documents, which eliminates the need for paper.

Because many of these applications are also accessible via the internet, document management can be done anytime, anywhere. They also integrate well with many other software and applications, meaning you can add a document management app to your tool kit without too much trouble.

Conclusion

Many applications combine plenty of different accounting and bookkeeping features you need to simplify the entire process. If you run into trouble keeping on top of your financial activities, it might be worth your time to look into these applications to make it easier.

That said, there are many different applications out there that offer additional features and work on different platforms. Do take the time to check out as many applications as possible, and consider the features and requirements they offer. In doing so, you will be able to select the right applications to support your financial activities and keep your business on the right track.

Financial cents offer an easy-to-use, cloud-based accounting practice management software to assist businesses with any of their accounting needs. Start your free trial with us today!