ACCOUNTING

APPS
2 INDEX
Sr. No. Contents Page Number
1. Certificate of Group project completed 3
2. Types of accounting apps 4-28
3. Conclusion 29
4. References/source material 30
5. List of group members 31
 Certificate
3

This is to certify that the group project entitled “ Accounting Apps” submitted by Jay
Jadye , Pratham Priolkar , Keshav Naik , Vedika Kamble , Nishita Raut , and Aditya Machha.
Roll No. 2215 , 2229 , 2218 , 2246 , 2223 , and 2204 is a faithful record of his/her own work
carried out under my supervision and guidance and has completed it to my satisfaction.

Date: Signature of the Guide

4

TYPES OF ACCOUNTING
APPS
5 QUICKBOOKS
6
KEY FEATURES
 Invoicing and Payments:
1. Create and send customized invoices.
2. Accept online payments and track invoice statuses.
 Expense Tracking:
1. Link bank accounts and credit cards to automatically import transactions.
2. Categorize expenses and generate reports for better expense management.
 Financial Reporting:
1. Generate various financial reports such as profit and loss statements, balance sheets,
and cash flow statements.
2. Track financial performance over different periods.
 Payroll Management:
1. Process payroll, including tax calculations and direct deposits.
2. Generate payroll reports and comply with tax regulations.
7 VERSION AND PLANS
 QuickBooks Online
1. Cloud-based version with various plans (Simple Start, Essentials, Plus, Advanced).
2. Access your data from anywhere with an internet connection.

 QuickBooks Desktop
1. Installed on your computer, available in different versions (Pro, Premier,
Enterprise).
2. Requires a one-time purchase or an annual subscription.

 QuickBooks Self-Employed
1. Designed for freelancers and independent contractors.
2. Focuses on expense tracking, invoicing, and tax deductions.
8 Advantages And Disadvantages
Advantages Disadvantages
User-Friendly Interface: QuickBooks is Cost: QuickBooks can be relatively expensive,
designed to be intuitive, making it easier for particularly for small businesses or startups.
users without a strong accounting Costs can add up with subscription plans, add-
background to manage their finances. ons, and additional users.
Learning Curve : Despite being user-friendly,
Comprehensive Features: It offers a range
QuickBooks can still be complex for users
of features including invoicing, expense
unfamiliar with accounting principles,
tracking, payroll, tax calculations, and
requiring some time to learn and master.
financial reporting.
Limited Customization: Some users may find
Scalability: QuickBooks offers various
that the level of customization available in
versions and plans (e.g., QuickBooks
QuickBooks is insufficient for their specific
Online, QuickBooks Desktop), which can
needs, especially in the more basic plans.
be tailored to the needs of different business
sizes and types.
9 XERO
10 KEY FEATURES
 User-Friendly Interface: Xero is designed with an intuitive dashboard that makes
it easy for users to navigate and access various accounting functions.
 Cloud-Based: As a cloud-based solution, Xero allows users to access their
financial data from anywhere with an internet connection. This is particularly
beneficial for businesses with remote teams or multiple locations.
 Invoicing: Users can create and send professional invoices, set up recurring
invoices, and automate payment reminders. Customizable templates are also
available.
 Expense Tracking: Xero enables users to track expenses, attach receipts, and
categorize expenses for better financial management.
11 PRICING PLAN
 Starter
• This plan is suitable for small businesses or sole traders with basic accounting
needs, offering limited invoices and transactions.
 Standard
• The Standard plan is ideal for growing businesses, offering unlimited invoices,
bills, and reconciliations.
 Premium
• Premium plans cater to larger businesses with additional features like multi-
currency support and payroll for a larger number of employees.
12 Advantages And Disadvantages
Advantages Disadvantages
•Ease of Use: Xero’s interface is designed •Cost: Xero can be relatively expensive,
to be intuitive, making it accessible even especially for small businesses or startups.
for users who are not accounting experts. Pricing varies based on the plan and features
required.
•Accessibility: Being cloud-based, Xero
provides easy access to financial data from •Learning Curve: While user-friendly, some
anywhere, which is ideal for businesses users may still experience a learning curve,
with remote or traveling teams. particularly those who are new to accounting
software.
•Automation: The software automates
many accounting tasks such as bank •Limited Customization: Some users may
reconciliation and invoice reminders, find the customization options limited
which helps to save time and reduce errors. compared to other accounting software,
especially in terms of reports and templates.
•Real-Time Collaboration: Xero allows
multiple users to access and collaborate on •Feature Variability: Certain features, such
the same data simultaneously, enhancing as payroll, may not be available in all regions
team productivity. or may require additional modules or plans.
13 WAVE
14
 Invoicing:
KEY FEATURES
•Create and send professional-looking invoices.
•Automate reminders for unpaid invoices.
•Accept payments online directly through invoices.

 Expense Tracking:
•Automatically import expenses from connected bank accounts or credit
cards.
•Categorize and organize expenses for easy tracking.

 Bank Reconciliation:
•Match transactions with your bank statements to ensure everything is
accurate and up-to-date.

 Payroll:
•Manage employee payroll, including tax calculations and direct deposits
(available in select countries).
•Automate payroll tax filings (for users in the United States and Canada).
15 IDEAL FOR
 Wave is ideal for small businesses, freelancers, and solo entrepreneurs who need
a cost-effective solution to manage their finances. It's especially suited for
service-based businesses that don’t need advanced features like inventory
management.
 Wave is a good option for those looking for a straightforward accounting tool
without the need for complex customization or advanced features.
16
Advantages And Disadvantages
Advantages Disadvantages
•Free to Use: The core accounting, •Limited Payroll Support: Payroll
invoicing, and receipt scanning services are limited to the US and Canada.
features are completely free.
•No Inventory Management: wave doesn't
•User-Friendly: The interface is
have built-in inventory tracking, which
intuitive, making it accessible even may be a drawback for product-based
for those without an accounting businesses.
background.
•Customer Support: Free users have
•Cloud-Based: Access your data
limited access to customer support, while
from anywhere with an internet paid support is available for a fee.
connection.
17
ZOHO BOOK
18 KEY FEATURES
 Invoicing
Create, customize, and send professional invoices

 Expense Tracking
Track and categorize expenses automatically.

 Bank Reconciliation
Automatically fetch bank feeds and reconcile transactions.

 Inventory Management
Manage inventory levels, create purchase orders, and monitor stock.

 GST Compliance
GST-compliant invoicing, filing, and reporting (specific to India)
19 Who Should Use Zoho Books ?
•Small to Medium-Sized Businesses: Ideal for businesses that need a cost-effective
and comprehensive accounting solution.

•Startups: Perfect for startups needing basic to advanced accounting features at an

affordable price.

•Freelancers: Useful for freelancers who need to manage invoices, expenses, and basic
accounting tasks.

•Businesses with GST Compliance Needs: Zoho Books is particularly useful for
businesses in India due to its GST compliance features.
20 Advantages And Disadvantages
Advantages Disadvantages
•Ease of Use: The user-friendly •Limited Payroll Features: Zoho Books lacks
interface makes it easy for non- built-in payroll management, which could be a
accountants to navigate and manage downside for businesses that require this
finances. functionality.

•Affordability: Zoho Books offers •Complexity for Large Businesses: While

competitive pricing, making it suitable for small to medium businesses, larger
accessible for small businesses. enterprises might find Zoho Books lacking in
advanced features needed for complex accounting
•Comprehensive Features: It provides processes.
a wide range of accounting tools, from Limited Offline Access: Since it is cloud-based,
basic bookkeeping to advanced there is limited functionality when offline, which
inventory management, all in one might be an issue in areas with unreliable internet
platform. connectivity.
21
SAGE
22
KEY FEATURES
 Invoicing
Create, customize, and send invoices to clients. The app allows for recurring invoices,
automatic reminders, and online payment options.

 Expense Management
Track and categorize business expenses, attach receipts, and link expenses directly to
transactions.

 Cash Flow Management:

Monitor your cash flow in real-time with tools that provide insights into incoming and
outgoing cash.

 Bank Reconciliation:
Automatically import bank transactions and reconcile them with your accounts to
ensure accuracy.
23 Who Should Use Sage Accounting?
•Small to Medium-Sized Businesses: Sage Accounting is ideal for businesses that
require robust financial management tools that can scale as they grow.

•Businesses Needing Strong Reporting: Companies that rely heavily on detailed

financial reporting for decision-making will benefit from Sage's strong reporting
capabilities.

•Businesses with Complex Accounting Needs: If your business requires more advanced
accounting features, such as multi-currency support or project tracking, Sage Accounting
offers solutions tailored to these needs.

•Companies with Regulatory Compliance Requirements: Sage's strong focus on

compliance and security makes it a good fit for businesses that need to adhere to strict
regulatory standards.
24 Advantages and Disadvantages
Advantages Disadvantages
•User-Friendly Interface: The •Limited Features in Lower Plans: Some
software is designed with simplicity advanced features like project management
in mind, making it accessible even and multi-currency support are only
to users with little accounting available in the higher-tier plans.
experience.
•Complexity for Non-Accountants:
•Scalability: Sage Accounting While user-friendly, the depth of features
offers features that can scale with may be overwhelming for those without a
your business, making it suitable background in accounting.
for growing companies.
•Cost: Sage Accounting can be more
•Strong Reporting Tools: It expensive compared to some competitors,
provides comprehensive financial especially for small businesses or
reports, which are useful for both freelancers.
daily management and strategic
decision-making.
25
FRESH BOOKS
26
KEY FEATURES
 Invoicing : Create and send professional invoices with customizable templates.

 Expense Tracking: Automatically categorize and track expenses by linking your

bank accounts.

 Time Tracking : Log billable hours and directly link them to projects and invoice.

 Project Management: Collaborate with clients and team members, track project
progress, and manage deadlines.

 Payments : Accept online payments via credit cards and ACH transfers, and set up
recurring billing.

 Reporting : Generate financial reports like profit and loss statements, tax
summaries, and expense reports.
27 Who Should Use FreshBooks?
FreshBooks is best suited for small businesses, freelancers, and service-based
professionals who need a straightforward, easy-to-use accounting solution with
strong invoicing and time-tracking features. It is particularly valuable for those who
prioritize customer support and mobile accessibility.
28 Advantages And Disadvantages
Advantages Disadvantages
•Ease of Use: FreshBooks is known for its •Limited Inventory Management:
user-friendly interface, making it FreshBooks does not offer advanced inventory
accessible even for those without management features, making it less suitable
accounting experience. for product-based businesses.

•Excellent Customer Support: •Pricing: FreshBooks can be more expensive

FreshBooks offers responsive customer than some competitors, especially as you add
service, including phone support, which is more clients or team members.
rare among accounting software.
•Limited Advanced Features: While it's great
•Robust Invoicing Features: The for small businesses, FreshBooks may lack
software's invoicing capabilities are some of the advanced accounting features that
particularly strong, with features like larger businesses need, such as more detailed
automatic late payment reminders and financial reporting.
customizable templates.
29 Conclusion
In conclusion, we have learned that QuickBooks and Xero are best for comprehensive
accounting, and suitable for businesses of various sizes, though they might be more
expensive and complex. Wave and FreshBooks are ideal for freelancers and small
businesses, with Wave being free and FreshBooks offering a user-friendly experience.
Zoho Books is great for growing businesses, balancing affordability with features, making
it suitable for small to medium-sized businesses. Sage Accounting is best for established
businesses, known for being reliable and particularly suited for businesses with more
complex accounting needs.
30 References

 https://www.basis365.com/blog/pros-and-cons-of-the-top-6-accounting-software-
today

 https://www.freshbooks.com/hub/accounting/best-accounting-apps
31 LIST OF GROUP MEMBERS
Sr. No. Names Roll No.
1. Jay Jadye 2215
2. Pratham Priolkar 2229
3. Keshav Naik 2218
4. Vedika Kamble 2246
5. Nishita Raut 2223
6. Aditya Machha 2204
32

THANK YOU