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What are the application recommendations for financial reports that you can use on Android and iOS-based smartphones? Continue reading!

Every business needs financial reports to monitor and evaluate the financial condition of their business. Unfortunately, only some business people have an accounting background, so they need help understanding how to generate this report. There are also quite a few companies that still use a manual paper entry system. Manual records are error-prone, leading to suboptimal financial management and an even worse potential for fraud.

You don’t have to worry because, with the development of technology, you can only create financial reports through the app on your smartphone. The need for a company to make professional financial statements more efficiently is one of the factors in the many applications that provide examples of simple Excel financial reports. Interestingly, each application offers its own set of features and benefits. The application of financial reporting can be interpreted as a computer program that can process transactional data to obtain the financial reports required by a business.


Why is it necessary to have an application for financial reporting?

Do companies need to use financial reporting applications?

The answer is necessary because there are many benefits that businesses can enjoy, such as matters related to administration and the control of transactions in detail. This can minimize the company’s budget deficit, speed up the preparation of financial reports, facilitate verification and, of course, facilitate analyzing the company’s profit and loss. Of course, these benefits are closely related to applying financial reporting to businesses. Here are some of the benefits applications can provide to support enterprises:


1. Easier and safer

Several Android and iOS-based financial reporting applications have features that allow users to access them anywhere, anytime. Because the data is stored in the cloud, by using this application, you can update cash flow data in real-time. Data updated in real-time minimizes data entry errors that can occur. Even if you can access this application anywhere, it does not mean that your company’s financial data is not secure. For this reason, make sure you choose a financial reporting application that is ISO/IEC/27001 certified.

Application Recommendations for Financial Reports

2. Presenting more complete and accurate reports

You can access the company’s financials anywhere and anytime, which means the financials you have are very detailed. Of course, detailed data also result in complete and transparent financial reports. The Financial Report application shows complete information about your assets, how much debt you have to pay, and what expenses you incur in day-to-day operations. In addition, the resulting report also includes transactions, both income and expenses, within a specific period, which can help calculate the profit and loss of the company.


3. Save time and effort

You can save more time and effort by using a simple financial reporting application that is both Android and iOS based. The time you usually spend on administrative matters like preparing financial reports can be used to plan and develop your business. The reason for this is that economic reports can be generated automatically. In addition, sending professional invoices is easy as financial reporting applications usually provide professional invoice templates that you can personalize with your company logo and brand.


Application Recommendations for Financial Reports on Android and iOS Financial Reports

Which applications are suitable for financial statements?

The following are application recommendations for financial reports available on Android and iOS app versions that you can use to manage finances for your business:


1. Xero Accounting Software

Application Recommendations for Financial Reports

You can monitor outstanding bills, bank account balances, profits and losses, cash flows, bank reconciliations, and invoices with Xero accounting software just from your Android smartphone. One of the outstanding features of this financial reporting application is the presence of a reporting dashboard, which makes it easier for you to monitor all business transactions and cash flow anywhere more efficiently via a smartphone.


2. QuickBooks online accounting, billing, and expenses

Application Recommendations for Financial Reports

Another application recommendations for financial reports on Android is QuickBooks by Intuit Inc. This application is suitable for those who are just starting a business and need help understanding financial management. Still, of course, financial management is mandatory in a company. Several features in QuickBooks allow business owners to automatically manage cash flow, generate invoices, and manage payments and sales. Therefore, you can get accurate financial reports with just your smartphone.


4. Book Keeper Simple Android Finance App

Next is Book Keeper from Just App Pvt, Ltd. this Android-based application is designed for small to medium-sized businesses to facilitate management and quickly produce accurate financial reports. Financial reporting is one of the superior features of the Book Keeper application. These features allow you to perform an in-depth financial analysis of your business with comprehensive reports.


4. Freshbook

FreshBook has several excellent features that can help you manage your finances such as: Such as invoicing, expenses, time tracking, accounting, payment, and reporting features that can help your business, whether it’s a large company or a business just starting. The mobile feature allows you to work anywhere, anytime, using your Android smartphone. Being accessible to record will undoubtedly influence more accurate business financial reports.


5. Sage Accounting

Application Recommendations for Financial Reports

Next is Sage Accounting, which also offers a financial reporting application with a simple dashboard display. This cloud-based software provides features that enable business, bill, and payroll payments. The advantage of this Android and iOS-basediOS-based application is that financial report management is more flexible and accessible.

You can quickly classify key financial details with dedicated dashboards and visualizations available to help stakeholders assess and make decisions. Sage Accounting also includes an innovative ledger feature that can summarize transactions, operational expenses, and budgets. This allows you to quickly access and creates reports without manually typing them in.


6. Odoo

The last application recommendations for financial reports is Odoo. This business management application offers exclusive features, including CRM management, e-commerce, invoicing, accounting, manufacturing, warehousing, project management, and warehouse management. You can make reports more dynamic according to the desired references. Types of financial statements generated, e.g., income reports, cash flows, to the trial balance. This app allows you to monitor business performance to conduct financial analysis more effectively and efficiently.


These are some application recommendations for financial reports based on Android and iOS apps that can be an option to help you create financial reports. Before deciding which application you will use, you must first understand your business needs and your needs.

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