Smaller Businesses Increasingly Benefit from Apps for Accounts Receivable
When you think about apps, you probably imagine games, birthday reminders, weight loss tools and other personal helpers. But apps are increasingly about more than Angry Birds or your personal horoscope, as many small businesses are finding today.
While finance and accounting may not seem like an app-worthy kind of discipline, there are an increasing number of apps available for small business financial management. Think about it: if your business is at all mobile (and whose isn’t?), chances are good you’re relying on your smartphone or tablet to get through the work day.
YFS Entrepreneur recently profiled a number of these apps for small business finance.
They include helpful apps like inDinero, created to help small business owners and managers track and manage money and expenses. The app consolidates a company’s business bank and credit card statements and automatically allocates expenses to the right budget categories. The app can also help create profit and loss statements.
Another useful app is Expensify, which imports expenses and receipts directly from business credit cards or bank accounts, submits expense reports via PDF (which can then be e-mailed) and even reimburses expense accounts under $10,000.
There are a number of apps that allow small businesses to process credit or debit card payments on mobile devices such as smartphones and tablets, and even apps to cope with up-and-coming mobile wallet solutions.
Apps created specifically for the accounts receivable industry include:
- Zencash, a cloud-based app that helps companies manage accounts receivable communication with customers. Zencash synchronizes with a company’s accounting application and then provides it with a single place to manage, track, and report on the process of moving invoices from unpaid to paid.
- Zoho Books, designed to help companies manage invoices online and automate recurring invoices easily with a time-tracker component for invoices and automatic bank feeds.
- Rapid Billing, a Web-based billing software solution that enables smaller businesses access to their accounting information wherever, whenever, and however it’s required, allowing companies to streamline their customers’ invoicing and billing.
- Bill.com, an invoicing app that can actually mail invoices for a small business, either via e-mail or postal service. As checks and online payments come in, Bill.com can make deposits, eliminating trips to the bank. It also adds transparency to the accounts receivable process: once customers view the invoice online, the AR department becomes part of the process. Businesses can track when invoices are received, and have visibility into whether payment has been scheduled.
As the world, and in particular the business world, becomes more app-driven, it’s inevitable that every business process – even the ones with processes that haven’t changed much in decades – can benefit from a wide variety of apps. Today, small business accounting departments have a variety to choose from…one is bound to fit.
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Edited by Braden Becker