Mobile apps for accounting
Today, mobile phones, tablets and other mobile devices are often more powerful than the personal computer you owned 10 years ago. Amazingly, they manage to pack all that processing power into a package one-tenth of the size of that computer!
If you’ve got that much power to play with, it makes sense to use it for something other than Angry Birds! There are now a number of handy accounting apps available for accounting students and professional accountants. Some of these apps are now able to replace sophisticated or specialised tools such as scanners or digital inventory management devices. With cheap, powerful mobile devices becoming the norm, it makes sense to make use of these low cost hardware and app options to improve your accounting work or study.
5 top apps for accounting
Here are some of the top rated accounting applications available for Android devices at the moment:
Rating: 4.6 stars (80 ratings)
Requires Android: 1.6 and up
This application incorporates all the basic functionality of a normal calculator with some extra functions designed for accountants. Tax ‘+’ and ‘-‘ buttons make dealing with tax calculations much faster and easier and the app allows you to set the tax rate.
Rating: 4.4 stars (62 ratings)
Requires Android: 1.6 and up
The MBA by WAGmob application is designed to be a simple, on the go MBA reference for students. It has been optimised for phones and tablets to help you understand basic business principles, including many accounting topics. It also incorporates tutorials, quizzes and flashcards to provide information you need to learn in a useful and easily accessible format.
Rating: 4.4 stars (151 ratings)
Requires Android: 2.1 and up
Book Keeper-Finance Accounting is a powerful application designed to help you maintain your company books for small and medium businesses. It automates much of the double-entry bookkeeping process by allowing you to enter your daily vouchers and let the application do the rest of the recording work.
It is based on professional accounting principles to ensure your books are balanced and your accounting reports are accurate. The basic application is free to download, however some extra features such as exporting reports or backups need to be purchased to use.
Key Functions include:
- Multiple company support (using an addon)
- Maintain individual ledgers and accounts
- Profit consolidation at end of financial year
- Enter daily transactions
- Backup and restore all data (with an addon)
- Reports can be exported as PDF or CSV (with an addon)
It also supports inventory management, allowing you to:
- Create inventory entries for individual items using your own unit of measurement
- Record transactions involving inventory items (sales, purchases, returns etc)
- Summarize your inventory with the closing value of each item
- Automatically value your closing inventory value using FIFO system
- Reports on each inventory item
The application is also being updated with new features and should offer support for more languages and customer invoicing in the near future.
4. Financial Accounting Free
Rating: 4.4 stars (787 ratings)
Requires Android: 1.5 and up
Financial accounting free is another double entry accounting app designed to help small and medium businesses maintain their company books. It is based on professional accounting standards so that your books are balanced and your reports are accurate.
It offers the ability to:
- Automatically calculate profit and loss
- Enter daily transactions
- View reports including the trial balance, profit and loss account, trading account, balance sheet etc for the specified period
- Maintain individual ledgers or accounts
You can use it to manage your inventory with:
- Individual inventory items using your own units of measure
- Automatically value your closing inventory using a FIFO system
- Generate detail reports on each inventory item
- Display closing value of each inventory item in the inventory summary
- Transaction recording – sales, purchases and returns etc
Financial Accounting Free also handles separate accounts for tax, can calculate a tax report for your business and assist with easy filling of tax returns.
The application is also being improved regularly with plans to add more foreign language support in the future.
Rating: 4.4 stars (316 ratings)
Requires Android: 2.2 and up
Trade Accounting is designed to provide essential business operations such as invoices, orders, payments, products and services for various businesses such as salesmen, plumbers, hairdressers and so on.
It can be used to track inventory and keeps an inventory history for any time period for any product and service. It will automatically calculate inventory rests and mutual settlements.
It can even use the camera on your phone or tablet as a barcode scanner or you can do product searches by name, SKU or part number.
The database can be backed up to Google Docs.
It supports a number of regions and currencies which can be increased by using the ‘MoreLocale 2’ application for language and money name settings.
NB: Most, if not all, of these applications have been developed overseas.
While accounting principles standards are relatively similar across most developed nations (as they have to be to facilitate international business) there may be small differences in Australian standards and other areas such as taxes and tax laws.
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