With the help of mobile bookkeeping applications, accounting processes may be made simpler and more efficient. Online accounting software, both commercial and free of charge, is used by businesses and organizations to produce and disseminate estimates to prospective customers and clients.
Once these prospective customers become regular customers, everyday accounting app assist in creating and monitoring all future invoices and statements. The best bookkeeping software also allows you to manage payroll, scan receipts, track money and do a wide range of other financial and accounting duties.
Why use myBillBook?
Why Use myBillBook Mobile Bookkeeping App
- On-the-go billing
Invoicing has traditionally been a desktop activity, but finding the time to sit down and do it can be challenging. Clients may send invoices straight from their phone or tablet, whether they are on the job site, in a vehicle, or at a lunch stop. The sooner they invoice, the sooner they will be paid.
- Recovering past-due
When an invoice is paid or when it is past due, your clients will be notified via mobile accounting app. This simplifies the management of accounts receivable.
- Maintaining bank reconciliations
Accounting software can get a direct feed from your client’s bank account, allowing them to monitor transactions daily. Instead of letting it pile up over a month, quarter, or year, they may now conduct a few minutes of bank reconciliation each morning.
- Photographs, as well as store receipts and invoices
Remove the weight of paper records from your clients’ shoulders. They may use their phone to picture receipts and bills, and mobile bookkeeping app will send these to company accounting software.
- Monitor your cash flow at any moment.
You may create a dashboard that lets clients track money coming in and going out of their accounts.
- More involved clientele
Clients that have access to their company account 24×7, significantly become more interested in the figures. They’ll monitor data daily and become more involved in the company’s future. This eventually develops into a stronger bond with their accountant.
- Quick victories
Mobile bookkeeping app might be the single most important solution for some clients’ cash flow. Business owners who used to spend one day a month at home pounding out invoices on a desktop computer may now do so from anywhere. They might suddenly submit invoices as soon as jobs are completed. In a single move, you may significantly enhance their monetary situation.
- Purchase cleaner books
For client bookkeeping, mobile accounting software combined with daily bank feeds works well. Bank reconciliation is far more likely to be up to date because companies may examine and code transactions on their phone every day. This allows you to track and advise on business success, and it makes the conclusion of the fiscal year considerably less stressful.
- A completely paperless office
It is time-saving for you when your clients enter expense data into their accounting software by collecting receipts. As a result of the paperless mobile bookkeeping report, you won’t receive a deluge of papers at the end of the fiscal year, and tax season will be significantly more organized & accurate.
- Improved expenditure tracking
As soon as a purchase is completed, clients may utilize mobile applications to connect expenditures to jobs. This makes determining the real cost and profitability of certain tasks much easier.
Significance of Mobile Bookkeeping App for small business
Sustainable Mobile Computing for Database Requirements
Financial institutions must handle tens of thousands of contacts, which may include clients, investors, and partners. The mobile accounting software has database options to assist businesses in establishing and maintaining their CRM.
Banks and financial organizations are progressively recognizing the need of embracing cloud technology and establishing significant cloud footprints. Hosting databases ensures that the internal storage space is not exploited for other purposes. To ensure compliance with database standards, download the Mobile bookkeeping app to your phone and laptop.
Information technology infrastructure cost savings
Some financial institutions might struggle to meet the criteria for IT infrastructure and software. Migration to the cloud greatly reduces the number of IT infrastructure required and eliminates the need to acquire hardware.
There is no necessity to substantially invest in in-house computers and networks to protect accounting data. When using mobile accounting software, IT infrastructure costs are significantly lowered. Save money by installing the app from the store on your IT infrastructure.
Top Security Parameter
Businesses that use cloud computing have better security than those that use traditional methods. Cloud solutions provide banks with data management and transaction visibility. Accessing account details using the Mobile accounting app is the most secure method of data access.
Banks can respond to threats and protect consumer information thanks to cloud-based technology. The cloud providers ensure built-in malware protection, compliance retention, email encryption, and virus protection. Data saved using the Smartphone bookkeeping mobile app is immediately stored in the cloud.
Low Operating Expenses
Bank infrastructure costs are decreased when files are maintained on-site. In addition, the expense of day-to-day maintenance is greatly reduced. Cloud finance solutions eliminate the costs associated with server development and maintenance. Installing the Mobile accounting app on your mobile device requires ZERO upkeep.
The expense of IT infrastructure upkeep might be too expensive at times. The equipment required to maintain technology up to date is considerably reduced with cloud banking solutions. For new updates to the mobile app, the app must be updated after some time.
Enhancement of Operational Efficiency
One of the most important advantages of shifting to the cloud for banks is increased operational efficiency. With a multi-user facility, information may be viewed remotely from any device. With the aid of mobile bookkeeping applications, the operational efficiency of the firm is increased to a new level.
Cloud technologies help banks’ overburdened IT departments operate more efficiently. By bringing vendors and buyers together on a single platform, online payment efficiency is improved. Businesses may manage accounting issues more effectively with the mobile accounting app.
Features of myBillBook mobile Bookkeeping App
Chart of account
When it comes to financial organization, a chart of accounts (COA) is a tool that offers a comprehensive listing of every account in a financial accounting system. Each form of asset, liability, equity, revenue, and cost has its account, which is a unique record of the transaction.
In accounting, a journal entry is the logging of a transaction into a journal item that is used to track the transaction. The journal entry can be made up of many entries, each of which represents either a debit or a credit in the bookkeeping system. Otherwise, the journal entry is considered “unbalanced” since the total of the debits does not match the total of the credits.
The opening balance is the initial entry in a company’s accounting records, whether it is when the company is originally established or at the beginning of a new fiscal year. It is possible to find the opening balance on the credit or debit side of the ledger, depending on whether the company has a positive or negative balance at the time of the transaction.
A general ledger account is a type of account or record that is used to organize and keep transactions from the balance sheet and income statement. Cash accounts receivable, inventory, investments, land, and equipment are examples of general ledger accounts, as are asset accounts like cash, accounts payable, and accounts receivable.
This list contains all of the general ledger accounts (both income and capital) that are present in the business’s ledger at the time of the trial balance. This list will contain the names of each nominal ledger account and the value of the nominal ledger balance for each nominal ledger account. Each nominal ledger account will have either a debit or a credit balance, depending on the situation.
Multiple account support
Accounts may be created and managed separately for each app in the application, allowing for greater flexibility.
FAQs – Mobile Bookkeeping App myBillBook
- Is it possible to track my time using accounting software?
Yes, you are permitted to use the software to track project time and bill customers.
- Is it possible to customize the accounting mobile app’s templates?
No, you cannot modify the templates via the mobile accounting app at this time. You can, however, select a template from our collection of templates in the mobile app and then change it in the online app.
- Is it possible to record transactions in multiple currencies using the mobile app?
Yes, the mobile bookkeeping app can process transactions in a wide range of different currency types.
- Does the mobile app have the ability to establish recurring transactions?
Yes, both one-time and recurring transactions are supported by the mobile accounting application.