Your personal ai accounting tutor.

Learn Smarter, Not Harder with Accounting AI

Introducing StudyMonkey, your AI-powered Accounting tutor .

StudyMonkey AI can tutor complex Accounting homework questions, enhance your essay writing and assess your work—all in seconds.

No more long all-nighters

24/7 solutions to Accounting questions you're stumped on and essays you procrastinated on.

No more stress and anxiety

Get all your Accounting assignments done with helpful answers in 10 seconds or less.

No more asking friends for Accounting help

StudyMonkey is your new smart bestie that will never ghost you.

No more staying after school

AI Accounting tutoring is available 24/7, on-demand when you need it most.

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing, and reporting these transactions to oversight agencies and tax collection entities.

AI Tutor for any subject

American college testing (act), anthropology, advanced placement exams (ap exams), arabic language, archaeology, biochemistry, chartered financial analyst (cfa) exam, communications, computer science, certified public accountant (cpa) exam, cultural studies, cyber security, dental admission test (dat), discrete mathematics, earth science, elementary school, entrepreneurship, environmental science, farsi (persian) language, fundamentals of engineering (fe) exam, gender studies, graduate management admission test (gmat), graduate record examination (gre), greek language, hebrew language, high school entrance exam, high school, human geography, human resources, international english language testing system (ielts), information technology, international relations, independent school entrance exam (isee), linear algebra, linguistics, law school admission test (lsat), machine learning, master's degree, medical college admission test (mcat), meteorology, microbiology, middle school, national council licensure examination (nclex), national merit scholarship qualifying test (nmsqt), number theory, organic chemistry, project management professional (pmp), political science, portuguese language, probability, project management, preliminary sat (psat), public policy, public relations, russian language, scholastic assessment test (sat), social sciences, secondary school admission test (ssat), sustainability, swahili language, test of english as a foreign language (toefl), trigonometry, turkish language, united states medical licensing examination (usmle), web development, step-by-step guidance 24/7.

Receive step-by-step guidance & homework help for any homework problem & any subject 24/7

Ask any Accounting question

StudyMonkey supports every subject and every level of education from 1st grade to masters level.

Get an answer

StudyMonkey will give you an answer in seconds—multiple choice questions, short answers, and even an essays are supported!

Review your history

See your past questions and answers so you can review for tests and improve your grades.

It's not cheating...

You're just learning smarter than everyone else

How Can StudyMonkey Help You?

Hear from our happy students.

"The AI tutor is available 24/7, making it a convenient and accessible resource for students who need help with their homework at any time."

"Overall, StudyMonkey is an excellent tool for students looking to improve their understanding of homework topics and boost their academic success."

Upgrade to StudyMonkey Premium!

Why not upgrade to StudyMonkey Premium and get access to all features?

cost accounting problem solving app


  • Certifications


15 AI tools to solve your accounting problems

  • July 4, 2023

Introduction to AI in Accounting

In today’s fast-paced business world, accounting professionals are constantly seeking ways to streamline their processes and improve efficiency. One of the most promising technologies that has emerged in recent years is artificial intelligence (AI). AI has the potential to revolutionize the accounting industry by automating repetitive tasks, analyzing vast amounts of data, and providing valuable insights. In this article, we will explore the benefits of using AI tools in accounting and discuss the top 15 AI tools that can help solve accounting queries more effectively.

ai tools

Benefits of Using AI Tools in Accounting

AI tools offer numerous benefits to accounting professionals .

  • Firstly, they can automate mundane and time-consuming tasks such as data entry and reconciliation, freeing up accountants to focus on more strategic and value-added activities. This not only increases productivity but also reduces the risk of human error.
  • Secondly, AI tools are capable of analyzing vast amounts of financial data in real-time, enabling accountants to identify patterns, trends, and anomalies that may have otherwise gone unnoticed. This can help businesses make more informed financial decisions and mitigate risks.
  • Lastly, AI tools can improve the accuracy and speed of financial reporting, ensuring compliance with regulatory requirements and providing stakeholders with timely and reliable information.

Top 15 AI tools for solving accounting queries

  • Clausehound

Clausehound is an AI-powered tool specifically designed for accountants to simplify contract analysis. It uses natural language processing algorithms to identify critical terms and clauses in contracts, ensuring compliance and reducing legal risks. By automating the contract analysis process, Clausehound saves accountants valuable time and resources, allowing them to focus on more strategic tasks.

The tool’s advanced algorithms can swiftly review contracts and extract relevant information, making it easier for accountants to make informed decisions. Whether it’s identifying payment terms, termination clauses, or indemnification provisions, Clausehound provides a comprehensive analysis of contracts, highlighting potential risks and opportunities.

Furthermore, Clausehound’s user-friendly interface and intuitive search capabilities make it accessible for accountants of all levels of expertise. By leveraging Clausehound, accountants can streamline their contract analysis process, minimize errors, and ensure compliance with legal requirements.

Concentrix is an AI-driven solution that aids accountants in managing tax compliance efficiently. With ever-changing tax regulations, staying up-to-date and ensuring accurate tax calculations can be a daunting task. Concentrix automates tax calculations, identifies potential deductions, and generates accurate tax reports, saving accountants valuable time and resources.

By leveraging Concentrix, accountants can streamline their tax compliance process and minimize the risk of errors. The tool’s advanced algorithms analyze financial data, identify tax-saving opportunities, and ensure compliance with tax regulations. Concentrix also provides real-time updates on changing tax laws, enabling accountants to stay informed and make accurate tax calculations.

Moreover, Concentrix’s user-friendly interface and seamless integration with existing accounting software make it a valuable tool for accountants. By automating tax compliance processes, Concentrix allows accountants to focus on more strategic tasks, such as financial analysis and planning.

Finicity is an AI tool that enables accountants to streamline financial data analysis. Traditional manual data collection and analysis can be time-consuming and prone to errors. Finicity automates data collection from various sources, such as bank statements and invoices, and provides real-time insights into financial performance.

By leveraging Finicity, accountants can make data-driven decisions and identify potential areas for improvement. The tool’s advanced algorithms analyze financial data, identify trends, and generate comprehensive reports. Accountants can gain valuable insights into cash flow, profitability, and financial health, facilitating more informed decision-making.

Finicity’s seamless integration with existing accounting software makes it easy for accountants to access and analyze financial data. By automating data collection and analysis processes, Finicity saves accountants valuable time and resources, allowing them to focus on more strategic tasks, such as financial planning and budgeting.

GreenPath is an AI-powered tool designed to enhance financial planning and budgeting. It leverages advanced algorithms to analyze income, expenses, and financial goals, providing personalized recommendations for saving and investing. Accountants can leverage GreenPath to assist their clients in creating effective financial strategies and achieving their financial objectives.

By utilizing GreenPath, accountants can provide their clients with valuable insights into their financial health. The tool’s intuitive interface allows accountants to input relevant financial information and generate personalized recommendations. Whether it’s creating a budget, planning for retirement, or saving for a specific goal, GreenPath provides actionable recommendations tailored to individual needs.

GreenPath’s comprehensive financial planning capabilities make it an invaluable tool for accountants. By leveraging GreenPath, accountants can enhance their advisory services, assist clients in making informed financial decisions, and foster long-term financial success.

MindBridge is an AI tool that detects anomalies and potential fraud in financial data. It uses machine learning algorithms to analyze large datasets and flag suspicious transactions or patterns. By leveraging MindBridge, accountants can ensure the integrity of financial records and proactively identify fraudulent activities.

Traditional manual methods of detecting fraud can be time-consuming and may not capture all anomalies. MindBridge automates the fraud detection process, analyzing vast amounts of financial data to identify potential red flags. The tool’s advanced algorithms learn from patterns and anomalies, improving their detection capabilities over time.

By utilizing MindBridge, accountants can enhance their audit processes and minimize the risk of fraud. The tool provides accountants with real-time alerts and detailed reports, facilitating efficient investigation and resolution of potential issues. With MindBridge, accountants can ensure the accuracy and integrity of financial records, strengthening trust and compliance.

AuditFile is a comprehensive AI tool designed specifically for auditors. It automates the auditing process by analyzing financial statements, identifying potential risks, and providing recommendations for improvements. With its intuitive interface and robust features, AuditFile simplifies the audit workflow and ensures compliance with regulations.

One of the key features of AuditFile is its ability to perform risk assessments. By analyzing financial data, this tool can identify areas of potential risk and provide recommendations for mitigating those risks. This allows auditors to focus their efforts on high-risk areas and allocate their resources more effectively.

AuditFile also offers advanced analytics capabilities, allowing auditors to gain deeper insights into financial data. The tool can analyze large volumes of data and identify patterns and trends that may have otherwise gone unnoticed. This helps auditors identify potential anomalies or irregularities and take appropriate actions.

Furthermore, AuditFile provides a collaborative platform for auditors to work together and share information. The tool allows multiple users to access and update financial data in real-time, ensuring that everyone is working with the most up-to-date information. This improves communication and coordination among team members, leading to more efficient and effective audits.

DataRails is an AI-powered tool that integrates with existing accounting software to provide real-time data analysis. By consolidating data from multiple sources and automating complex calculations, DataRails enables accountants to gain a holistic view of their financial data.

One of the key features of DataRails is its ability to automate data consolidation. The tool can automatically pull data from various sources, such as spreadsheets and databases, and consolidate them into a single, unified view. This eliminates the need for manual data entry and reduces the risk of errors.

DataRails also offers advanced reporting capabilities, allowing accountants to generate customized reports and dashboards. The tool can analyze financial data and generate visualizations that provide insights into key performance indicators and financial trends. This helps accountants make informed decisions and communicate financial information effectively to stakeholders.

Furthermore, DataRails provides powerful forecasting capabilities. The tool can analyze historical data and generate accurate predictions for future financial performance. This helps accountants identify potential risks and opportunities and make proactive decisions to optimize financial outcomes.

In conclusion, DataRails is a versatile AI tool that empowers accountants with real-time data analysis capabilities. By automating data consolidation, providing advanced reporting, and offering forecasting capabilities, DataRails helps accountants streamline their processes and make informed decisions.

FARO is an AI-based platform that helps accountants automate repetitive tasks and streamline their workflows. By leveraging natural language processing and machine learning, FARO can understand and process unstructured data, reducing the risk of errors and increasing efficiency.

One of the key features of FARO is its ability to automate data entry. The tool can extract information from documents such as invoices and receipts and enter them into the accounting system automatically. This eliminates the need for manual data entry and reduces the risk of errors associated with manual processes.

FARO also offers advanced reconciliation capabilities. The tool can match transactions from different sources, such as bank statements and invoices, and reconcile them automatically. This helps accountants identify discrepancies and ensure the accuracy of financial records.

Furthermore, FARO provides personalized dashboards and reports that provide insights into key financial metrics. The tool can generate visualizations and KPIs that help accountants monitor financial performance and identify areas for improvement. This enables accountants to make data-driven decisions and optimize business outcomes.

In conclusion, FARO is a powerful AI tool that helps accountants automate repetitive tasks and improve efficiency. By automating data entry, offering advanced reconciliation capabilities, and providing personalized dashboards, FARO enables accountants to focus on higher-value tasks and drive business growth.

  • IBM Watson Assistant

IBM Watson Assistant is an AI-powered virtual assistant that can answer accounting-related queries in a conversational manner. This tool uses natural language understanding and machine learning to provide accurate responses and assist accountants in their day-to-day tasks.

One of the key features of IBM Watson Assistant is its ability to understand natural language queries. The tool can analyze the context and intent of a question and provide relevant and accurate responses. This enables accountants to get the information they need quickly and efficiently.

IBM Watson Assistant also offers advanced calculation capabilities. The tool can perform complex calculations, such as tax calculations and financial ratios, in real-time. This helps accountants save time and effort and ensures accuracy in their calculations.

Furthermore, IBM Watson Assistant can provide real-time updates on financial data. The tool can connect to accounting systems and provide up-to-date information on accounts, transactions, and balances. This enables accountants to stay informed and make informed decisions based on the most current data.

In conclusion, IBM Watson Assistant is a valuable AI tool that helps accountants find answers to accounting queries quickly and accurately. By understanding natural language queries, offering advanced calculation capabilities, and providing real-time updates, IBM Watson Assistant improves productivity and efficiency in the accounting profession.

Intellias is an AI-based tool that focuses on financial planning and analysis. By leveraging machine learning algorithms, Intellias can analyze financial data, identify trends, and generate accurate forecasts.

One of the key features of Intellias is its ability to analyze historical financial data. The tool can identify patterns and trends in financial data and use this information to generate accurate forecasts. This helps accountants make informed decisions and plan for future financial outcomes.

Intellias also offers advanced budgeting capabilities. The tool can generate budgeting scenarios based on different assumptions and variables, allowing accountants to evaluate the impact of different decisions on financial performance. This helps accountants optimize resource allocation and make strategic decisions.

Furthermore, Intellias provides personalized dashboards and reports that provide insights into key financial metrics. The tool can generate visualizations and KPIs that help accountants monitor financial performance and identify areas for improvement. This enables accountants to make data-driven decisions and optimize business outcomes.

In conclusion, Intellias is a powerful AI tool that helps accountants with financial planning and analysis. By analyzing historical data, offering advanced budgeting capabilities, and providing personalized dashboards, Intellias empowers accountants to make informed decisions and drive business growth.

Jira is a powerful project management tool that can also be utilized for accounting purposes. With its AI capabilities, Jira can automate various accounting workflows, including budget planning, tracking expenses, and generating financial reports. It can also integrate with other accounting software to streamline data transfer and ensure data accuracy.

One of the key features of Jira is its ability to track and manage invoices. It can automatically generate and send invoices to clients, track payment statuses, and send reminders for overdue invoices. This helps businesses maintain a healthy cash flow and improves overall financial management.

QuickBooks is a popular accounting software that has integrated AI capabilities to simplify accounting processes. It can automate tasks such as bank reconciliation, expense tracking, and invoice generation. QuickBooks also provides real- time financial insights, allowing accountants to make informed decisions based on accurate and up-to-date data.

With QuickBooks, accountants can easily collaborate with other team members and clients. The software enables multiple users to access and update financial records simultaneously, reducing the need for manual data entry and minimizing the risk of errors.


SAP S/4HANA is an intelligent ERP (Enterprise Resource Planning) system that combines AI, machine learning, and advanced analytics to optimize accounting processes. It can automate tasks such as financial planning, cash management, and financial reporting, enabling accountants to work more efficiently.

One of the standout features of SAP S/4HANA is its ability to provide real-time insights into financial performance. It can generate interactive dashboards and reports that allow accountants to analyze key financial metrics and identify areas for improvement. This helps businesses make data-driven decisions and stay ahead of the competition.

Thrive is an AI-powered accounting platform that aims to simplify complex accounting tasks. It can automate processes such as bank reconciliation, expense categorization, and financial statement generation. Thrive also provides real-time financial insights and customizable dashboards, allowing accountants to monitor key financial metrics at a glance.

One of the unique features of Thrive is its virtual assistant, which can answer accounting queries and provide relevant information in real-time. This eliminates the need for manual research and speeds up the query resolution process.

Accountants can simply ask the virtual assistant a question, and it will provide the most accurate and up-to-date answer based on the available data.

Xero is a cloud-based accounting software that leverages AI technology to automate various accounting processes. It can handle tasks such as bank reconciliation, expense tracking, and invoice generation. Xero also integrates with other business applications, allowing seamless data transfer and reducing the need for manual data entry.

One of the standout features of Xero is its ability to provide real-time financial insights. It can generate interactive reports and dashboards that allow accountants to monitor key financial metrics and identify trends. Xero also enables collaboration with clients and other team members, making it easier to share financial information and work together on projects.

How AI tools are revolutionizing the accounting industry

AI tools are revolutionizing the accounting industry by automating repetitive tasks, minimizing errors, and generating valuable insights. These tools have transformed traditional accounting processes, allowing accountants to focus on more strategic tasks and providing them with the ability to deliver more value to their clients.

  • One of the key benefits of AI tools in accounting is the automation of time-consuming tasks. With AI-powered tools, accountants can automate tasks such as data entry, reconciliation, and report generation, saving valuable time and resources. This automation not only increases efficiency but also reduces the risk of errors, improving the accuracy of financial records.
  • AI tools also have the ability to analyze vast amounts of financial data and generate valuable insights. By leveraging advanced algorithms and machine learning capabilities, these tools can identify trends, patterns, and anomalies in financial data that may go unnoticed by human accountants. This enables accountants to make data-driven decisions, identify potential risks, and uncover opportunities for growth.
  • Furthermore, AI tools in accounting enable accountants to provide more proactive and advisory services to their clients. By automating repetitive tasks, accountants have more time to focus on analyzing financial data, identifying areas for improvement, and providing strategic recommendations. This shift from a transactional role to a more advisory role enhances client relationships and adds value to the services provided.

Considerations when choosing an AI tool for accounting

When choosing an AI tool for accounting, there are several considerations to keep in mind.

  • Firstly, it is important to assess the specific needs and requirements of your accounting practice. Consider the tasks that are most time-consuming or prone to errors and prioritize tools that address those areas.
  • Secondly, evaluate the user-friendliness and compatibility of the AI tool with your existing accounting software. Seamless integration and ease of use are crucial factors that can impact the adoption and effectiveness of the tool.
  • Additionally, consider the reputation and track record of the AI tool provider. Look for reviews, testimonials, and case studies to gauge the effectiveness and reliability of the tool. It is also advisable to reach out to other accounting professionals or industry experts for their recommendations and insights.
  • Lastly, consider the cost and return on investment of the AI tool. Assess the pricing structure, ongoing support, and potential savings or revenue generation that the tool can provide. It is essential to balance the benefits of AI tools with its cost to ensure a positive impact on your accounting practice.

Some of the frequently asked questions include

  • Are you tired of spending hours on manual accounting tasks? Discover how AI tools can revolutionize your accounting processes.
  • Want to take your accounting to the next level? Find out how these 15 AI tools can help you solve your biggest accounting challenges.
  • Are you struggling to keep up with the demands of your growing business? Explore how AI tools can streamline your accounting operations and save you valuable time.
  • Curious about how AI can transform your financial management? Learn how these innovative tools can automate tedious accounting tasks and increase accuracy.
  • Are you ready to say goodbye to human error in your accounting? Discover how AI tools can improve accuracy and eliminate costly mistakes in your financial statements.
  • Want to improve accuracy and reduce human error in your accounting operations? Learn how these 15 AI tools can enhance your financial management.

AI tools have revolutionized the accounting industry by automating tasks, generating insights, and enabling accountants to provide more strategic and value-added services. The top 15 AI tools discussed in this article, including Clausehound, Concentrix, Finicity, GreenPath, and MindBridge, offer a wide range of capabilities to assist accountants in solving accounting queries.

Share This Post:

32 thoughts on “15 ai tools to solve your accounting problems”.

[…] the way financial institutions manage compliance requirements. AI-powered systems can automate financial accounting and auditing processes, reducing manual efforts, and ensuring accuracy and consistency in […]

[…]       Automation of routine tasks: With the help of accounting software and advanced AI tools, accountants can automate repetitive tasks such as data entry, bank reconciliations, and invoice […]

[…] When selecting an AI tool for accounting and finance, it is crucial to assess your organization's specific needs and goals. By doing so, you can ensure that the AI tool you choose aligns with your company's unique requirements and supports your overall objectives. Here are some guidelines for evaluating the compatibility of AI tools with your accounting and finance processes: […]

cost accounting problem solving app

Adam, Boon, and Chelsey were in partnership sharing profits and losses in the proportion of 2/8,3/8 and 3/8 respectively. Their position on 30th December 2021 was as follows.

Liabilities ($) • Sundry Creditors (suppliers’ balances) 70500 • Bills Payable 20000 • General Reserve 24000 • Capital Accounts: Adam 30000, Boon 40000, Chelsey 45000  Total Liabilities: 229500

Assets • Cash at Bank 23150 • Bills Receivable 7350 • General Reserve 24000 • Sundry Debtors (customers’ balances) 80000 • Stock 52500 • Buildings 43500 • Furniture 23000  Total Assets: 229500

On 1st January 2022, they admitted Smith into partnership for 1/4th share on the following terms: – Smith to bring $ 35000 as capital – A goodwill account of the firm to be opened in the books at $ 60000 – The value of stock to be reduced by 10 % – Building to be appreciated by 10 % – Bad debts of $ 6000 to be written off. – There being a claim for damages against the firm, a liability to the extent of $ 1500 should be created. – An item of $ 400 included in sundry creditors is not likely to be claimed and hence, should be written off. – After Smith’s admission, goodwill should be written off.

Required: a. Prepare the journal entries for the above adjustments. b. Record the above journal entries in the necessary ledger accounts and c. Prepare the balance sheet of the firm after the admission of Smith.

cost accounting problem solving app

Adam, Boon, and Chelsey were in partnership sharing profits and losses in the proportion of 2/8,3/8 and 3/8 respectively. Their position on 30th December 2021 was as follows. Liabilities ($) • Sundry Creditors (suppliers’ balances) 70500 • Bills Payable 20000 • General Reserve 24000 • Capital Accounts: Adam 30000, Boon 40000, Chelsey 45000  Total Liabilities: 229500 Assets • Cash at Bank 23150 • Bills Receivable 7350 • General Reserve 24000 • Sundry Debtors (customers’ balances) 80000 • Stock 52500 • Buildings 43500 • Furniture 23000  Total Assets: 229500 On 1st January 2022, they admitted Smith into partnership for 1/4th share on the following terms: – Smith to bring $ 35000 as capital – A goodwill account of the firm to be opened in the books at $ 60000 – The value of stock to be reduced by 10 % – Building to be appreciated by 10 % – Bad debts of $ 6000 to be written off. – There being a claim for damages against the firm, a liability to the extent of $ 1500 should be created. – An item of $ 400 included in sundry creditors is not likely to be claimed and hence, should be written off. – After Smith’s admission, goodwill should be written off. Required: a. Prepare the journal entries for the above adjustments. b. Record the above journal entries in the necessary ledger accounts and c. Prepare the balance sheet of the firm after the admission of Smith.

cost accounting problem solving app

This design is wicked! You definitely know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really loved what you had to say, and more than that, how you presented it. Too cool!

cost accounting problem solving app

Great post. I was checking continuously this weblog and I am inspired! Extremely useful information specifically the remaining section 🙂 I take care of such information much. I used to be seeking this certain info for a very lengthy time. Thank you and best of luck.

cost accounting problem solving app

Thank you for writing this post!

cost accounting problem solving app




-1; waitfor delay ‘0:0:15’ —

-1); waitfor delay ‘0:0:15’ —

1 waitfor delay ‘0:0:15’ —

TbNaw7e0′; waitfor delay ‘0:0:15’ —

-1)) OR 125=(SELECT 125 FROM PG_SLEEP(15))–

AGCQntfk’ OR 874=(SELECT 874 FROM PG_SLEEP(15))–

j5KMqLlS’) OR 296=(SELECT 296 FROM PG_SLEEP(15))–

5g0ICUJm’)) OR 241=(SELECT 241 FROM PG_SLEEP(15))–


-1 OR 2+446-446-1=0+0+0+1 —


cost accounting problem solving app

Please tell me more about your excellent articles

cost accounting problem solving app

Please provide me with more details on the topic

Add a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Get A 5X Raise In Salary

cost accounting problem solving app

Reset Password

Insert/edit link.

Enter the destination URL

Or link to existing content

6 Top-Rated AI-Enabled Tools for Accounting

Saumya Srivastava profile picture

Saumya Srivastava

Header image for the blog article "6 Top-Rated AI-Enabled Tools for Accounting"

2. Dynamic 365 Business Central

6. sap business one.

  • Benefits of using accounting tools with AI capabilities

How much does AI accounting software cost?

The tools train the AI algorithms based on past user actions and replicate them to assist with data extraction and entry, transaction categorization, and invoice processing. This helps improve accuracy and efficiency in accounting, giving you access to valuable insights into financial trends, budgeting, and forecasting.

Our research team explored the AI capabilities of top-rated accounting tools. We narrowed our list to the top six based on verified user reviews, sorted alphabetically.

In our research, we identified that the listed AI software solve accounting-related concerns, including budgeting and forecasting, billing and invoicing, expense management, vendor management, and reporting and analytics.

BILL AI automates invoice creation by filling in essential details, such as vendor name and email address, due date, amount, payment terms, PO number, IBAN, and SWIFT code (for international payments). The tool also detects duplicates in multi-page invoices and sends warning messages to avoid levying extra charges on clients or customers or making double payments.

What are the AI capabilities of BILL? *

Data entry automation: Upload invoices in PDF or image format using a computer or mobile device. The feature uses AI to extract information and create digital invoices automatically.

Invoice processing: Check the extracted details for incomplete or duplicate information before converting data into digital invoices. 

Expense categorization: Automatically categorize and allocate expenses using AI. After you create an entry, AI recognizes patterns and utilizes learnings from past uploads to assign them to appropriate expense categories. 

Why consider BILL’s AI capabilities?

Accounting and finance managers can consider BILL AI to reduce manual data entry errors and costly bill duplication, saving you time and effort. You can utilize the tool’s data extraction capabilities to convert paper-based documents into digital invoices. The tool only extracts complete and readable information, so you can focus on other value-adding accounting activities, such as budgeting and forecasting, instead of manually entering data into the system and calculating accounts payables and receivables.

Customer support: BILL offers a learning center, guides, webinars, blogs, customer stories, FAQs, emails, chats, and phone calls for assistance on tool capabilities and implementation.

We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.

BILL Accounts Payable & Receivable

BILL Accounts ...

Trial/free version.

  • Free Version

Starting price

Billing cycle, device compatibility.

Dynamic 365 Finance module, a part of the business central suite, offers AI-enabled features to smoothen your budgeting and forecasting. The tool analyzes historical financial data to predict future cash flows, helping you make informed budgeting and finance plans. The AI algorithms leveraged by the tool automate the processing of expenses and invoices, including data extraction, categorization, and approval workflows. Its AI credit risk management feature simplifies the analysis of various business details, including payment history and financial stability, to prepare credit terms for lenders and borrowers.

What are the AI capabilities of Dynamic 365 Business Central? *

AI insights: Perform predictive analytics, including forecasting financial trends, cash flow projection, and other key performance indicators for the business’s financial health. 

Fraud detection: Use AI to analyze transactions in real time and detect patterns that may indicate fraud in sales, purchases, and other transactional activities. The feature helps to identify a pattern of probable mistakes by studying historical transactions and assesses future transactions accordingly. 

Automated reconciliation: Match transactions automatically based on predefined criteria. This can include matching bank statements with corresponding entries in the ledger or sub-ledgers. Reconciliation items include cheques, deposits, and other incoming transactions.

Why consider Dynamic 365 Business Central’s AI capabilities?

Accounting and finance managers looking to implement AI and automation functionality to enable data and outcome-driven financial reporting can consider Dynamic 365 Finance. You can prepare plans for payment insights, cash flow forecasting, and budget proposals. This process drives better business decisions by accessing accurate trends and insights and speeding up operational efficiency.

Customer support: Dynamic 365 Business Central offers blogs and an online learning center for users to understand the tool’s functionality and implementation.

Dynamics 365 Business Central

Dynamics 365 B...

*Pricing converted from INR to USD

Evaluate the accounting software's AI features and automation capabilities for their alignment with your team’s unique requirements. For complete business account management, you can look for features, including automated data extraction and validation, expense categorization, and predictive analysis.

FloQast uses generative AI to match the business’s financial transactions with the bank statements and highlight gaps between the budgeted and actual amounts. Its AI algorithms apply rule-based logic (automated reasoning) to identify the most similar references for automated matching and reconciling transactions efficiently. Each transaction is assigned a confidence score, allowing you to prioritize the review of matches that may require additional human oversight.

What are the AI capabilities of FloQast? *

Automated responses: Instruct the AI tool to draft responses to team members’ comments, emails, and updates using text-based prompts.

Variance analysis: Calculate the difference between the budgeted and actual amounts and explain the reason behind gaps in the analyzed data. The feature lets you select specific factors to highlight gaps that closely affect the business objectives.

AI reference field mapping: Use AI to automatically parse through the uploaded accounting spreadsheets or manual entries and map them to the fields in the existing accounting books on the system. 

Why consider FloQast‘s AI capabilities?

Accounting and finance managers looking to leverage automation to address team queries, identify budget gaps, and map new entries to the fields in the existing bookkeeping system can consider FloQast. The tool’s reconciliation management allows teams the flexibility to select the most appropriate reconciliation method for each account. This automation can save you time and reduce errors in manual bank reconciliation. It’ll also enhance work efficiency and accuracy, especially when working with large volumes of financial data.

Customer support: FloQast offers blogs, webinars, video testimonials, paper-based and digital e-books, chats, and email support for users seeking assistance on the tool’s functionality and implementation.


AI-enabled features in Odoo let you automate expense management for accounting. The tool utilizes ML, NLP, and computer vision to analyze datasets, identify patterns, and make predictions based on historical data. Its one-click validation feature lets you verify all the extracted financial data for incorrect or missing entries. The tool learns from your selected corrections and provides similar suggestions for future anomalies in uploaded images or PDFs.

What are the AI capabilities of Odoo? *

Image and metadata recognition: Use the optical character recognition (OCR) reader to scan and extract data from PDF documents and convert them into digital invoices. 

Image scanner: Capture and upload paper-based invoices using your Odoo mobile application and convert them into digital invoices. 

Email alias: Choose invoices as the alias model and select the default partner (supplier) for invoices received through this alias. When an email containing an invoice arrives at the alias address, the feature automatically parses the information and creates a new invoice draft in the system. 

Why consider Odoo’s AI capabilities? 

Consider Odoo for your invoice management processes to automate and simplify capturing and adding data into the system. As the email alias feature can automatically digitize received invoices, you won’t have to spend time downloading and importing invoices from multiple sources. This process makes it easier to manage audits with digital invoices. 

Customer support: Odoo offers blogs, online guides, tutorials, and a community forum for users seeking assistance with software implementation and features.


Opt for user permission settings to assign and revoke access to data and dashboards in the accounting system. Users can access the enabled resources and perform related activities, including sharing, editing, and viewing financial data. This restricted access feature can help secure users’ financial information.

Ramp is for employee expenses, vendor management, and business accounting. The tool automatically collects the expense data using the employee's virtual card and matches it to the predetermined entries. The captured details are verified for incorrect or incomplete entries, and non-compliant expenses are flagged, notifying the employees of out-of-policy spending via push notifications or emails. The tool analyzes past vendor transactions to assess the price of a product and provides a list of options (new and existing) to ensure you pay a fair price. This feature allows you to spot the best vendor according to your planned budget and needs.

What are the AI capabilities of Ramp? *

Vendor comparison: Upload a purchase contract, and the tool will benchmark the vendor’s product price by analyzing crowd-sourced data of competitors. The feature also helps you understand the cost per user for a product.

Categorizing and coding: Use AI to categorize expenses based on patterns in historical data. Use the categorization to automate the coding of expenses to the correct accounts.

AI assistant: Ask questions, build approval workflows, and get suggestions to reduce business costs from the AI Copilot, your virtual assistant.

Why consider Ramp’s AI capabilities? 

Consider Ramp when looking to enhance employee expense and vendor management. The tool automates all repetitive tasks, including capturing and categorizing expenses and setting pricing benchmarks to avoid overspending on product purchases. All these capabilities save you time and let you focus on enhanced budget planning and forecasting. 

Customer support: Ramp offers blogs, online guides, webinars, and a help center for users seeking assistance with software implementation and features.


AI-enabled features in SAP Business One are utilized for various accounting tasks, from financial closing and consolidation to management and legal reporting. The tool automates expense reporting, allowing you to generate forecasts, analyze trends, and identify risks. This leads to better budgeting, resource allocations, and investments. Additionally, the tool detects anomalies in financial data that could indicate fraud or regulatory compliance, such as in reporting and tax filing.

What are the AI capabilities of SAP Business One? *

Automatic journal entries: Analyze transactions and generate journal entries automatically. The feature uses predefined rules and ML to understand the context of transactions.

Intelligent workflows: Trigger actions automatically based on specific criteria. You can also adjust the next steps in the workflow based on real-time task completion status. 

Closing automation: Automate revaluation of foreign currency, inventory valuation, prepayment adjustments, and other tasks related to the end of the financial year. The feature defines customer closing steps for different postings (operational, closing adjustments, etc). You can activate an option in system initialization to automatically change the status to ‘Closing period’ for the set date.

Why consider SAP Business One’s AI capabilities? 

Accounting and finance teams and managers looking for an all-in-one automated accounting solution can benefit from SAP Business One’s AI capabilities, from data extraction to reporting and tax filing. The tool takes away all the manual effort from the team with automated workflows and custom closing period settings. This ensures no due dates are missed and the accounts are accurate as of year-end. You can allow the grace closing period, after which the new period becomes active, and the team can add necessary final entries.

Customer support: SAP Business One provides a resource center, learning hub, chat, call, and email support for users seeking assistance with the software features and implementation.

SAP Business One

SAP Business One

Consider an AI accounting software with audit trails to document changes in the accounting books, including reports, expenses, and invoices. This will help you conduct investigations or audits.

What are the benefits of using accounting tools with AI capabilities?

AI-enabled accounting tools solve multiple purposes in terms of expense tracking, data extraction, invoice digitization, budgeting, and forecasting. Below, we have discussed some common benefits of AI-enabled accounting software based on their features.

Accounting software offering AI capabilities can cost as low as $12 per month or up to $79+ per month depending on various factors, including the AI capabilities, number of users, reporting and analysis, support, and integration. Most AI tools for accounting solutions typically include the following pricing plans:

Free trial: No-cost trial plans range from a week to a month, giving users access to limited AI-enabled features. This is ideal for users wanting to try specific features before investing.

Free version: Most free software plans offer basic AI-enabled accounting features, including accounts receivable, accounts payable, and bank reconciliation. Ideal for small business teams on a budget.

Entry-level: Plans start from $12 per month and offer limited features, including custom workflows, user role management, expense management, and vendor management, in addition to bookkeeping, analytics, and reporting.

Mid-tier: Ranges from $37.40 per month to $55 per month and offers all AI-enabled accounting features with advanced data analysis and insights, OCR, automated payment reminders, and multi-currency support. Suitable for team members who’ve outgrown the basic accounting tools. 

High-end: Plans that go up or over $79 per month with custom features and priority support. They offer unlimited access to all entry and mid-level AI features.

Hidden costs associated with AI accounting software

Besides the software license, there may be additional costs, including:

Data migration: Transitioning from an existing accounting tool to an AI-enabled one or exporting data might require help from the software support team, implying extra cost. The vendors may charge extra to integrate systems for data sharing.

Training: Training employees to prompt an AI tool for accurate results may require some additional fee.

Data storage: AI accounting software often involves storing large volumes of financial data. You need to be careful of any additional charges associated with exceeding predefined storage limits, especially as the business scales.

Frequently asked questions when selecting AI accounting software

Here are some common questions to ask software vendors when finding the best AI tools to enhance your team's accounting needs.

What level of accuracy and error checking does the bank provide?

AI algorithms in accounting systems verify captured data in real time for duplicate and missing entries. Plus, the tool learns from historical data and user interactions, improving its accuracy over time and adapting to changes in transaction patterns. If the software detects any discrepancies, it should alert you via email or push notifications while investigating and rectifying them.

How does the software handle bank reconciliations and financial audits?

AI-enabled accounting systems automate bank reconciliation by matching transactions between your accounting records and bank statements. You can securely integrate your bank accounts with the systems to import the statements instead of manual uploads. In terms of financial audits, the software provides relevant financial data in a structured format, which is visualized using charts and graphs to highlight the key points.

Can the software provide insights into cash flow and forecasting?

Accounting systems with AI capabilities can automate the analysis of historical financial data, categorizing transactions, identifying patterns, and assessing cash flow trends over time. You can use this data to forecast cash flow and estimate future cash inflows and outflows. Some AI accounting software allow you to perform scenario planning by adjusting the variables and assumptions. This process helps you model different financial scenarios and learn to manage risks in various situations that could affect your business’s financial health.

Our research team identified these capabilities from vendor websites (as of Dec. 21, 2023) based on their analysis of what users find valuable in or expect from AI-enabled accounting software. This list is not exhaustive. For additional capabilities, refer to the vendor's website.

Was this article helpful?

About the author.

Saumya Srivastava profile picture

Saumya Srivastava is a writer at Capterra. She provides expert insights and helps small businesses identify the right software for their needs by conducting primary and secondary research and analyzing user sentiment. A postgraduate in mass communication, she has worked as a content creator for an educational website and an advertising agency. Her expertise lies in social media marketing and content strategy. When not working, she can be found meditating or spending time outdoors.

Related Reading

Signs that it's time to outsource bookkeeping services, 5 key financial reporting software features with top products that offer them, important financial ratios for businesses, how to keep books for a small business, capterra value report: a price comparison guide for accounting software, 6 accounting tasks that can be fully automated, how to establish your accounting department structure, how data analytics is changing the way accountants work, maximize your tax refunds: 6 smart tax planning tips for small businesses.


We selected the six products with the highest ratings to feature in this article. To be considered for this list, products must:

Have at least 20 unique product reviews published on Capterra within the past two years, with an average rating of 3.0 or higher (as of Dec. 21, 2023).

Show evidence of offering the required AI capabilities, as demonstrated by publicly available sources, such as the vendor’s public pricing plan documentation.

Meet our accounting software definition: ‘Accounting software automates an organization's financial functions and transactions with modules including accounts payable, accounts receivable, payroll, billing and general ledger.’

The “best functionality” tool is identified based on the highest user ratings for functionality that a vendor receives based on user reviews as of Dec. 21, 2023.

Research for this article was provided by Akriti Sharma .

The “top-rated” is identified based on the highest user ratings for overall quality that a vendor receives based on user reviews as of Dec. 21, 2023. 

For the section titled 'How much does AI-enabled accounting software cost?’ only products with publicly available pricing information and AI features included in the pricing plan as of Dec. 21, 2023, were considered for pricing calculations.

Editorial Independence:

We select and rank products based on an objective methodology developed by our research team. While some vendors may pay us when they receive web traffic or leads, this has no influence on our methodology.

visitor tracking pixel

Ican Pathfinder

9 best free accounting apps 2024.

Best Free Accounting Apps: Accounting students have their work cut out for them. Though accountants are some of the highest-paid workers in the world, the path to a career in accounting is hard. Hence the need to use accounting apps.


There are numerous accounting apps created to make the work of students easier. Many of them are study aids that are useful at any point while studying.

If you have a smartphone or a tablet, there is every reason to download and use any of these accounting apps. They are some of the best educational aids you can have access to in your field.

And if you are already a practicing professional accountant, some of these apps can be very handy. They are good substitutes for the expensive applications used by big firms.

They give you what you need without costing an arm and a leg.

9 Best Free Accounting Apps

1. student accountant.

cost accounting problem solving app

Student Accountant is an accounting app developed by one of the top accounting bodies in the world, the Association of Certified Chartered Accountants, ACCA.

The app is free and is mostly updated. To really get the best app though, you need to be registered as a student of ACCA. However, any accounting student can also use it.

As an ACCA student, the app would keep you up to date with exams, news from the world of accounting, career advice, quizzes, technical articles and much more.

So if you are a student of ACCA, it would be a shame if you don’t have this app. You can download it here for Android devices or here for iOS devices.

2. Exam Expert

cost accounting problem solving app

This is also another free accounting app from ACCA.

As the name implies, it is an exam-focused app that uses videos as a study aid. All ACCA students should have this app as it is always updated throughout your journey to being an ACCA-certified accountant.

Basically, all types of ACCA qualification exams are covered using video tutorials. You don’t want to miss out on a wonderful app.

It is a free app. You can download the Android version here . While those with iOS devices can go here to download it.

3. Accounting Calculator

cost accounting problem solving app

Accounting students are aware that standard calculators do not have some of the features needed to handle some of the complex calculations they come across.

Accounting Calculator by Yuki   is an accounting app that takes care of this problem. This calculator has provisions for percentage calculations.  There are also functions for including or excluding tax to get accurate results.

The app can display up to 12 digits on the screen. This makes it awesome when handling complex calculations where you don’t have to round up answers to ensure accuracy in your final results.

The downside of this app is that it is only available to Android devices at the moment. However, it is a free app, and you can download it from here .

ad:  ICAN Pathfinder: All Ican Past Questions

cost accounting problem solving app

This is a powerful free app that does a lot of things that accounting students and professionals would find useful.

As professional accountants, Mint gives you all the relevant financial and tax information, tools and news anytime you need them.

For students, though, using the Mint app is an opportunity to put their accounting skills to the test and see how it measures up to international standards.

The app has many features, and students can customize it to help them track their credit card spending and other financial records.

Android users can download it here , while iOS devices can get it here.

5. Learn Accounting

cost accounting problem solving app

Learn Accounting from WAG Mobile Software Services is a complete accounting app for accounting courses.

The Learn Accounting app comes in a bundle that contains about 300 learning apps covering several disciplines.

The free version gives you access to the first chapter of the courses in the app. If you want to get access to the full material, it would cost you only $10.

Courses covered by Learn Accounting include Accounting introduction, Accounting Vocabulary, Double Entry Accounting, Accounting Cycle and Equations, Managerial and Cost Accounting, Profit and loss, and many others.

Over 4 million people in about 175 countries are using the app. So it must be doing so many things very well.

You can download the app for Android and iOS devices here and here respectively.

cost accounting problem solving app

GnuCash is one of the oldest accounting apps in the world. Since the 1990s, it has been helping individuals and small businesses handle all their accounting needs.

Some of the features include the ability to handle invoicing, employee expenses, for example, exchange calculations, and payroll features too.

Students can use this app to have practical experience on how small businesses handle their accounting problems.

It is surprising that the developers have kept this awesome and flexible accounting app completely free.

GnuCash is only available for Android devices and can be downloaded here.

7. Money Manager Ex

cost accounting problem solving app

This is another free and great accounting tool that can be used by traders, in the home or as a practical learning tool for students.

The app is one of the easiest accounting apps to understand. Another amazing feature of this app is that you can also carry the portable version on your portable flash drive.

Unfortunately, users of iOS devices would have to wait for a compatible version to be developed for them. The Android app can be downloaded here .

8. Turbo Cash

cost accounting problem solving app

Turbo Cash is a free accounting software that is designed for owners of small and medium scale enterprises.

As a student, if you need a bit more complex accounting software that is also free, Turbo Cash would do just fine. It can handle everything from VAT calculations, purchase orders, debtors, and creditors.

Unfortunately, this app is not available for mobile devices. You would need your laptop to access it.

But it is highly recommended for students to use as they make the gradual shift from simple to complex accounting apps used by the very big businesses.

You can access free Turbo Cash from here.

ATS: Become ICAN-Certified Accountant After High School

9. Adminsoft Accounts

cost accounting problem solving app

This is another free computer-only accounting app specially designed for businesses.

The app can handle invoicing, statements of account stock control, purchase orders, and budgeting. As an additional bonus, it can also handle human resources issues too.

With a bit of creativity, students would be able to utilize the app as a study aid to get hands-on experience on how businesses handle their accounting issues

Follow this link to install the program on your computer.

Benefits of using free accounting apps for Studies

Accounting apps today have the capability to enrich the student’s learning experience. Here are some of their benefits:

Increased Accuracy

A big advantage of using an accounting app is the accuracy it offers. When you keep track of financial data, you can make mistakes. This can be bad for any business. But with accounting apps you get instant calculations and automated data entry, which lowers the possibility of errors. This makes sure finances are efficiently monitored and utilized for their correct purposes.

Time Efficiency

Accounting software largely saves time. This means you can undertake activities such as data entry, calculation, report generation, and fund tracking in no time. Through automation, you can create time for other essential projects.

Real-Time Tracking and Reporting

Accounting apps offer monitoring of funds and financial data in real-time. This enables the presentation of accurate and latest financial data, streamlining administrative tasks and enriching decisions. The instant report generation feature engenders transparency and full disclosure as anyone can trace how funds are being utilised.

good job, i am interested in the accounting app

Am interested

I own an android and several of these links are broken. Is there any way to correct them so I can make sure I download the correct apps please?

Thanx for the advice

Accountancy doude complete doubts apps

Your email address will not be published. Required fields are marked *

Email Address: *

Save my name, email, and website in this browser for the next time I comment.

Notify me of new posts by email.

Filter by Keywords

10 Best AI Tools for Accounting & Finance in 2024

Senior Content Marketing Manager

February 13, 2024

Artificial intelligence is a game-changer for finance teams. If you’re not using AI tools for accounting tasks, you’re making things more complicated than they need to be. 

AI accounting tools can save you time and money while improving business performance. It automates repetitive tasks so you can put your brainpower into more important things like decision-making. 🤠

Ready to let accounting automation transform your workflow? Here are the 10 best AI tools for accounting and finance to get you started.

What to look for in an AI tool for accounting

9. blue dot, 10. truewind.

Avatar of person using AI

How Is AI Used in Accounting?

Accounting firms have long used data entry software to reduce human error and improve profitability. When you add AI technology to the mix, magic happens.

Accounting is all about calculations, mathematics, regulated processes, and tax compliance. Those are some of the things automation software does best.

AI accounting software allows accountants to put tedious tasks on autopilot and improve their financial operations. Here are some of the many benefits AI brings to accounting processes:

  • AI-powered data prediction
  • Faster financial data analysis thanks to advanced algorithms
  • Improved financial report accuracy
  • Lightning-fast automated invoice processing
  • Real-time insights and alerts
  • Reduced manual data entry
  • Scalability without an increase in manual work

AI tools for accounting provide indisputable benefits, from improving financial insights to automating time-consuming tasks. It’s all about identifying what you’re looking for and finding the right tool.

Everyone from freelance CPAs and startups to Fortune 500 CFOs and large accounting firms can use features like these:

  • Automated bookkeeping : AI tools should automate bookkeeping tasks to help you save time, make better decisions, improve expense management, and reduce financial statement errors
  • Automated invoice processing : Good AI-powered accounting software can automate payments and invoices to improve expense reports
  • Integrations: AI accounting tools that integrate with your other software—from Slack to QuickBooks—make life easier
  • Machine learning : Leading AI tools use machine learning algorithms to assess mathematical models and improve processes without instruction; it’s an accounting industry must-have
  • Templates: When manual work is required, a good tool can speed it up with bookkeeping templates , payroll templates , and general ledger templates

10 Best AI Tools for Accounting 2024 

The hardest part of finding an AI tool for accounting is sifting through all the options. We’ve narrowed it down to the top 10 tools in 2024.

With this list, you can assess each tool based on the best features, limitations, pricing, and reviews to make the right choice.

ClickUp Accounting is a cloud-based business management software designed to simplify financial processes. Manage accounts, create shareable reports, and let ClickUp Brain act as your digital personal assistant so you can focus on the larger strategy.

ClickUp Brain is an AI-powered virtual assistant that uses natural language processing to help with everything from financial management and project detailing to client check-ins and meeting updates. We’ve built hundreds of AI tools for every aspect of your accounting system.

You can also use ClickUp Docs to create spreadsheets and explore templates for all things finance. 

For example, the ClickUp Accounting Template is designed to help manage your invoices, sales records, income, and predicted revenue. Keep up with accounts receivable and accounts payable (AR/AP) and use resource tracking to improve overall financial performance.

ClickUp has over 1,000 ready-made integrations with other tools to keep everything in one convenient, customizable Dashboard. 

ClickUp best features 

  • Choose from hundreds of templates to help with everything from budget and cash flow management to project management
  • Use ClickUp Brain’s AI power to summarize financial planning meetings, connect with clients, outline audit policies, update sales forecasting reports, and more
  • Choose from over 100 ClickUp Automations to put back-office tasks on autopilot
  • Make informed decisions and improve your business’s financial health with help from ClickUp’s ChatGPT Prompts for Finance
  • Switch between multiple views, create custom Dashboards for every team member, and use project time tracking to streamline your workflow

ClickUp limitations 

  • Some users may face a learning curve with ClickUp’s many features and functionalities (we’ve solved this with free video tutorials for almost everything)
  • ClickUp Brain isn’t available on the Free Forever plan

ClickUp pricing 

  • Free Forever
  • Unlimited: $7/month per user
  • Business: $12/month per user
  • Enterprise: Contact for pricing
  • ClickUp Brain is available on all paid Workspace plans for $5 per member per month

ClickUp ratings and reviews 

  • G2: 4.7/5 (8,800+ reviews)
  • Capterra: 4.7/5 (3,800+ reviews)

AI tools for accounting: screenshot of's Invoices is an AI-powered invoice processing tool with high accuracy rates and advanced machine learning algorithms. It uses powerful algorithms trained on millions of invoices to automate almost every aspect of billing without the need for templates or custom rules.

Once an invoice is uploaded, can extract essential details from invoices, detect duplicates, and put the approval process on autopilot. It also keeps your team on track by identifying which employee needs to review each step of the invoice approval process. best features 

  • Use integrations with leading enterprise resource planning (ERP) tools to automatically sync financial data
  • Reduce human error by allowing to identify and flag duplicate invoices and other accounting mistakes
  • Automatically recognize, code, and calculate value-added tax (VAT) and other taxes to improve accuracy and tax compliance
  • Improve financial decision-making using insights and analytics based on your accounting firm’s latest data limitations 

  • No visible pricing information; some customers report that the tool is expensive for freelance accounting professionals and small businesses
  • Reviews mention a need for additional sorting and report options to improve efficiency pricing 

  • Customers must contact and provide business information to request a price quote ratings and reviews

  • G2: 4.8/5 (20+ reviews)
  • Capterra: N/A

Bill product example

Bill is a cloud-based tool that automates AR/AP processes. It’s designed for accounting firms and businesses that want to streamline the billing and invoicing process.

Users also gain access to Divvy From Bill, an automated credit and expense management software, at no extra charge. Divvy offers lines of credit up to $15 million and tools to help control budgets and manage spending.

Bill best features 

  • Use smart rules and workflows to automate bill payments and approvals
  • Control spending across teams, projects, departments, and vendors with increased visibility
  • Get cash-back rewards for eligible purchases made with Divvy lines of credit
  • Navigate multiple clients with ease to process AP invoices, approval, and payments

Bill limitations 

  • May charge fees from some services and individual transactions
  • Bill does not provide support for all credit cards, payment methods, and currencies

Bill pricing 

  • Essential: $40/month per user
  • Team: $55/month per user
  • Corporate: $79/month per user

Bill ratings and reviews 

  • G2: 4.3/5 (600+ reviews)
  • Capterra: 4.2/5 (200+ reviews)

AI tools for accounting: screenshot of Indy's invoice features

Indy is an AI workflow and admin program designed for independent professionals. It allows freelancers to create proposals, draft contracts, send invoices, and—most importantly—get paid. 🤑

Bonus: How to Professionally Ask for Payments From a Client

With Indy, you can track your time for effortless billing, negotiate the terms of your contract, store files, and run your business from one convenient dashboard.

Indy best features 

  • Take advantage of the free plan and get unlimited access to basic features with limited access to advanced functionality
  • Let the Indy AI writing assistant help you create contracts and proposals using ChatGPT technology
  • Unify your work using the app’s integration with Zapier and Google Calendar (paid plan only)
  • Set up recurring invoices, offer multiple payment options, set tax rates, and keep track of every transaction to ensure tax compliance

Indy limitations 

  • Free plan limits users to three clients
  • Some user reviews report inaccuracies when manually tracking time

Indy pricing 

  • Pro: $12/month per user

Indy ratings and reviews 

  • Capterra: 4.7/5 (100+ reviews)

AI tools for accounting: Zeni's dashboard

Zeni uses AI to automate accounting, spending, and budgeting processes to streamline financial operations. It provides real-time financial data analysis to improve business decisions, integrating AI with human knowledge for the most effective information.

Use Zeni to automate the time-consuming daily expense tracking and bookkeeping procedures.

Zeni best features 

  • Get a top-down perspective on your financial operation using the one-page view
  • Compare monthly, quarterly, and yearly reports to track financial progress and identify trends
  • Extract necessary data from receipts and forward it to a dedicated email address for consolidation and record-keeping 
  • Improve communication and information sharing between multiple teams with automatic updates and notifications

Zeni limitations 

  • Some user reviews mention a need for more guidance regarding how to review and process data to improve decision-making
  • May be expensive for some freelancers, entrepreneurs, and startups

Zeni pricing 

  • Starter: $549/month per month billed annually
  • Growth: $799/month per month billed annually

Zeni ratings and reviews 

  • G2: 4.7/5 (20+ reviews)

Screenshot of Docyt's dashboard

Docyt is an AI-powered bookkeeping platform designed to automate back-office and accounting tasks. Gain insight with real-time reports and ensure financial control over all aspects of your business.

Docyt also allows you to keep all critical financial information and documents in one secure place and create separate vaults for different projects or businesses.

Docyt best features 

  • Multiple plans to suit various needs, from expense management to automated bookkeeping for large operations
  • The mobile app is easy to use and navigate, providing secure, on-the-go financial tools and information
  • Use the expense tracking feature to track and control your business’s budget and cash flow
  • Integration with most major POS and PMS systems to provide industry-specific reporting

Docyt limitations 

  • Some user reviews mention difficulty connecting with customer support and slow response times
  • Some users mention the need for additional features to assist with accounting project management

Docyt pricing 

  • Expense Management : $50/month
  • Revenue Reconciliation: $50/month
  • Corporate Credit Card Management: $50/month
  • Mini: $149/month
  • Insight: $149/month
  • Impact: $299/month
  • Advanced: $499/month
  • Enterprise: $999/month
  • Accounting Firm & CFO: Contact for pricing

Docyt ratings and reviews 

  • Capterra: 4.6/5 (30+ reviews)

Screenshot of Gridlex's AI Advisor feature

Gridlex is a unified suite of business tools that includes Gridlex Sky. Sky is an accounting, expenses, and ERP software created by Gridlex to make financial processes easier. 

Use Gridlex Sky to oversee all accounting, expense management, and ERP functions with customizable automations and AI-driven insights. Sky can handle invoicing, billing, payroll, general ledger management, and more.

Gridlex best features 

  • Gridlex Sky users also receive access to Gridlex Ray, an HR software, and Gridlex Zip, a CRM and customer service help desk tool
  • Eliminate the need for manual work and reduce the risk of human error with automated calculations for profitability, revenue, and expenses
  • Use the expense management feature to organize and store receipts and expense claims through a straightforward interface
  • Automate expense approvals and reimbursements to reduce administrative processing

Gridlex limitations 

  • Lack of customer reviews on popular platforms makes it difficult to gauge the overall user experience
  • Advanced features such as revenue recognition automation are not available on the first pricing tier

Gridlex pricing 

  • Start: $10/month per user
  • Grow: $30/month per user
  • Scale: Contact for pricing

Gridlex ratings and reviews 

Booke mobile and desktop views

Booke is a bookkeeping automation tool that makes daily accounting tasks easier. It uses AI technology to reconcile errors and provide real-time data extraction. The more you use it, the better the AI becomes.

Get faster client responses and avoid tedious back-and-forth communication with Booke’s user-friendly messaging portal.

Booke best features 

  • Leverage AI to resolve coding errors, categorize transactions, communicate with clients, and automate your work
  • Increase efficiency with AI-powered automation for month-end close tasks
  • Find and fix errors in seconds with Booke’s advanced error detection features
  • Integration with popular tools like QuickBooks and Xero lets you sync your financial data

Booke limitations 

  • Lack of user reviews on popular platforms makes it difficult to make a decision based on general customer experiences
  • A minimum of five clients for each pricing tier

Booke pricing 

  • Smart: $10/month per client
  • Premium: $20/month per client
  • Robotic AI Bookkeeper : Contact for pricing

Booke ratings and reviews 

Screenshot of Blue Dot's dashboard

Blue Dot is an AI tax compliance platform that uses patented technology to help businesses ensure tax compliance. Reduce tax vulnerabilities for consumer-style spending and get a 360-degree view of all employee-driven transactions.

Use the tax knowledge base to find any information you need for your business and harness the power of natural language processing to leverage external data.

Blue Dot best features 

  • Use VAT Box to identify and calculate any eligible or qualified VAT spending
  • Let the Taxable Employee Benefits feature leverage AI to detect and analyze wage tax information
  • Improve your expense management workflow and let Blue Dot’s proprietary AI-driven suite apply checks and tax rules to keep your business compliant
  • Create corporate income tax reports that ensure compliance with minimal need for human input

Blue Dot limitations 

  • Can be challenging to get an idea of general customer experiences due to a lack of user reviews on popular platforms
  • No visible pricing data

Blue Dot pricing 

  • Customers must contact Blue Dot and book a demo to get quotes and pricing information.

Blue Dot ratings and reviews 

Screenshot of Truewind's website homepage

Truewind is an AI-driven finance and bookkeeping platform that empowers small businesses and startups. It provides accurate monthly reports and tailored financial solutions for your industry.

Users also receive access to Truewind’s concierge team of experts to ensure precision and transparency.

Truewind best features 

  • Make timely, informed business decisions with faster monthly close times and efficient bookkeeping
  • Contact and work with certified public accountants (CPAs) who can assist you with every step of your business’s financial processes
  • Keep back-office operations accurate with minimal hands-on time so you can put your focus on growing your operation
  • Simplify bookkeeping processes and integrate them with the tools you use to make financial management stress-free

Truewind limitations 

  • Lack of user feedback on popular review platforms
  • No visible pricing and subscription data

Truewind pricing 

  • Customers must schedule a demo with Truewind for pricing information.

Truewind ratings and reviews 

Maximize efficiency and accuracy with ai.

The integration of AI software has changed the accounting and finance industries. AI tools use automation to improve the accuracy and speed of financial reporting, offering valuable insights so you can make better decisions. 🌻

If you’re ready to streamline your financial processes, reduce costs, and improve efficiency for all things financial management, it’s time to embrace digital transformation. Get started today— sign up for ClickUp !

Questions? Comments? Visit our Help Center for support.

Receive the latest WriteClick Newsletter updates.

Thanks for subscribing to our blog!

Please enter a valid email

  • Free training & 24-hour support
  • Serious about security & privacy
  • 99.99% uptime the last 12 months


50% Off for 6 Months Buy Now & Save

Wow clients with professional invoices that take seconds to create

Quick and easy online, recurring, and invoice-free payment options

Automated, to accurately track time and easily log billable hours

Reports and tools to track money in and out, so you know where you stand

Easily log expenses and receipts to ensure your books are always tax-time ready

Tax time and business health reports keep you informed and tax-time ready

Automatically track your mileage and never miss a mileage deduction again

Time-saving all-in-one bookkeeping that your business can count on

Track project status and collaborate with clients and team members

Organized and professional, helping you stand out and win new clients

Set clear expectations with clients and organize your plans for each project

Client management made easy, with client info all in one place

Pay your employees and keep accurate books with Payroll software integrations

  • Team Management

FreshBooks integrates with over 100 partners to help you simplify your workflows

Send invoices, track time, manage payments, and more…from anywhere.

  • Freelancers
  • Self-Employed Professionals
  • Businesses With Employees
  • Businesses With Contractors
  • Marketing & Agencies
  • Construction & Trades
  • IT & Technology
  • Business & Prof. Services
  • Accounting Partner Program
  • Collaborative Accounting™
  • Accountant Hub
  • Reports Library
  • FreshBooks vs QuickBooks
  • FreshBooks vs HoneyBook
  • FreshBooks vs Harvest
  • FreshBooks vs Wave
  • FreshBooks vs Xero
  • Free Invoice Generator
  • Invoice Templates
  • Accounting Templates
  • Business Name Generator
  • Estimate Templates
  • Help Center
  • Business Loan Calculator
  • Mark Up Calculator

Call Toll Free: 1.866.303.6061


  • All Articles
  • Productivity
  • Project Management
  • Bookkeeping

Resources for Your Growing Business

6 best accounting apps for 2024.

Accounting Apps

Accounting apps make all the difference in a small business’ success. Whether you are an individual or run your own business, an accounting app is an important tool for financial management, as it uses accounting data to streamline financial tracking, simplify decision-making, and keep all of your financial information organized for when you need it. Accounting apps can connect to tax software , track inventory, monitor cash flow, and help with financial reporting, simplifying modern business management.

Table of Contents

Top 6 Best Accounting Apps

What is an accounting app, accounting apps comparison table, experience efficiency and growth with freshbooks.

  • Frequently Asked Questions

Business owners have unique needs for parsing accounting data and running their businesses efficiently. The following are some of the top accounting app options in 2024.

Score Points With Your Accoutant

1. FreshBooks (Best Overall)

With FreshBooks cloud-based software, you can log expenses, track mileage, process payroll, generate financial reports, automate processes, and create and send invoices from any device. This versatile mobile accounting app helps with time tracking and project management. FreshBooks also automatically tracks expenditures and scans, logs, and categorizes receipts with a user-friendly interface to make expense tracking easier.

  • Mileage Tracker App – FreshBooks is the best accounting software for incorporating mileage tracking, ensuring that all your time on the road is tracked and tax filing is easy.
  • Receipt & Expense Tracking App – You won’t miss out on important tax deductions again because the Freshbooks app for accounting makes it easy to keep all expenses and receipts organized. If you’re wondering which receipt scanning solution is best for your business, check out our article on the best receipt scanner app .

The following prices are based on the annual subscription price. The Lite tier costs $19 per month, the Plus tier is $33 per month, and the Premium tier is just $60 per month.

2. QuickBooks

The QuickBooks accounts app is often used for small business accounting, creating financial reports, and tracking income. It automates time tracking, expense management, and data collection, and you can customize QuickBooks online for your unique business needs.

Some customers have found that the QuickBooks online app crashes while they’re using it, and many users have had difficulty getting direct professional support when they run into an issue. The QuickBooks app also lacks a dashboard where you can see an overview of finances and tasks.

The starting cost for Intuit QuickBooks is $30 per month for the Simple Start plan, $60 per month for the Essentials plan, $90 for the Plus plan, and $200 for the Advanced plan. QuickBooks offers a free trial for 30 days, and you can get 50% off of your first 3 months.

3. Zoho Books

Zoho Books accounting app for small businesses allows for invoicing, online payments, expense tracking, inventory management, project management, generation of business reports, and more.

The pricing tiers can be confusing and get expensive for larger organizations. There is also a monthly transaction cap that can be limiting, and there are fewer integrations on this app when compared to competitors.

Zoho Books has a special free tier for small business owners with a revenue of less than $50K annually. The Standard tier costs $15 per organization per month, the Professional tier is $40 per organization per month, the premium is $60 per organization per month, the Elite tier is $120 per organization per month, and the Ultimate tier is $240 per organization per month. You must also add $2.50 per user per month. All pricing above is based on annual billing.

Xero is a cloud-based accounting software that can automate administrative tasks, store documents, scan files, capture and save receipts, and sync with bank accounts. It can be customized to your needs.

Sometimes glitches with the app interfere with the user experience, and some users have found that customer service may be lacking. One of the main drawbacks mentioned in reviews is the pricing packages.

Pricing per month is $15 for the Early package, the Growing package costs $21 per month, and the Established package is $78 per month. Xero offers free trials to new users and 50% off your first 3 months’ subscription costs.

5. Sage Accounting

Sage business cloud accounting makes creating invoices, managing expenses, monitoring payments and receivables, and automating bank reconciliation easy. A user-friendly interface allows you to upload your products and track inventory levels remotely, manage expenses, and perform accurate financial reporting.

Some reported drawbacks to the Sage accounting app include unreliable bank feed links, poor telephone user assistance, and difficulties editing entries, whether or not they’ve been reconciled.

The Sage accounting plan starts at $17 per month for the Start plan, the Standard plan costs $39 per month, and the Plus plan costs $55 per month. There is also the option to try the Sage accounting app for free for 30 days or get 50% off for 3 months.

Wave is an easy-to-use online accounting software that tracks income and expenses, helps you stay organized, and manages cash flow, keeping you ready for tax time. You can connect your bank account in seconds for automatic bookkeeping, and the accounting reports keep you up-to-date on your finances.

You cannot integrate third-party apps or software, nor are there additional features like time tracking or inventory management features. There is also only live support if you purchase a paid plan.

Wave accounting and invoicing features are completely free, with no hidden fees. Still, you do have to pay for online payment processing (per use), bookkeeping services (mobile receipts are $11 monthly, and payroll services are $25 per month plus $6 per user), and any coaching by the Wave advisors.

An accounting app is software you can install on your mobile device to simplify accounting tasks. It captures and records financial transactions, and it can make categorizing and filing financial records less time-consuming, so you can focus on running your business instead of doing tedious paperwork.

The FreshBooks small business accounting app is a useful tool you can incorporate into your daily processes to streamline your finances and make day-to-day cash flow tracking easier.

To make searching for the best app for small business accounting easier, we have compiled a list of the top options, their best uses, and their starting prices.

FreshBooks is more than your typical accounting solution. It is the simplest accounting software to implement into your business practices. It allows you to track expenses, view reports, create and send invoices, manage projects and clients, and organize files and financial data in one place. Users appreciate the simple interface of the mobile accounting apps, and the all-in-one software saves you time and streamlines financial tasks for businesses of all sizes.

FreshBooks is one of the easiest accounting software options to use. Find out more about why Freshbooks is the best small business accounting app — try FreshBooks free .

Automated Stress Free Accounting

FAQs about Accounting App

Look at the following frequently asked questions to learn how FreshBooks can help your business stay organized and thrive in today’s modern economy.

Can I access my business info from the FreshBooks mobile app?

Yes, all of your business information can be accessed from the FreshBooks mobile accounting app , as it is automatically synced across all devices. No matter where you are or which device you use, you will have full access to all your important data and information.

Are all the same features available in the mobile app?

Yes, most of the same features are available in the app, making FreshBooks the best accounting app. You can run your business from your tablet or phone, log expenses, track time, and send invoices. Some features, however, are unavailable in the mobile app, including reporting.

Which devices can I access the FreshBooks app from?

The devices you can access the FreshBooks app from include PCs, laptops, tablets, and phones, with apps for iPhones and Android phones available. You can use it from any type of mobile device, as long as it can connect to the internet, which is why FreshBooks is the best accounting app for small businesses.

What app can I use for accounting?

You can use the FreshBooks accounting app . It is one of the top choices of the many business accounting app options for accounting automation, tracking business expenses, processing payroll, and creating accounting reports. FreshBooks has easy-to-use accounting solutions for your small business needs.

What is an easy accounting program?

An easy accounting program is small business accounting software that assists in organizing financial data using a user-friendly, modern interface. FreshBooks is one of the easiest small business accounting apps to use, allowing you to create and send invoices, track expenses, and manage projects with just a few clicks.

How do small businesses keep track of expenses?

Small businesses keep track of expenses by using single-entry or double-entry bookkeeping . The FreshBooks software can be used on your desktop or as a mobile app and has simple accounting features that let you scan, log, and categorize receipts. You can also connect to your financial accounts or credit card to automatically enter expenditures.

Sandra Habinger headshot

Sandra Habiger, CPA

About the author

Sandra Habiger is a Chartered Professional Accountant with a Bachelor’s Degree in Business Administration from the University of Washington. Sandra’s areas of focus include advising real estate agents, brokers, and investors. She supports small businesses in growing to their first six figures and beyond. Alongside her accounting practice, Sandra is a Money and Life Coach for women in business.


cost accounting problem solving app

Save Time Billing and Get Paid 2x Faster With FreshBooks

Want More Helpful Articles About Running a Business?

Get more great content in your Inbox.

By subscribing, you agree to receive communications from FreshBooks and acknowledge and agree to FreshBook’s Privacy Policy . You can unsubscribe at any time by contacting us at [email protected].

Solver Title


Generating PDF...

  • Pre Algebra Order of Operations Factors & Primes Fractions Long Arithmetic Decimals Exponents & Radicals Ratios & Proportions Percent Modulo Number Line Expanded Form Mean, Median & Mode
  • Algebra Equations Inequalities System of Equations System of Inequalities Basic Operations Algebraic Properties Partial Fractions Polynomials Rational Expressions Sequences Power Sums Interval Notation Pi (Product) Notation Induction Logical Sets Word Problems
  • Pre Calculus Equations Inequalities Scientific Calculator Scientific Notation Arithmetics Complex Numbers Polar/Cartesian Simultaneous Equations System of Inequalities Polynomials Rationales Functions Arithmetic & Comp. Coordinate Geometry Plane Geometry Solid Geometry Conic Sections Trigonometry
  • Calculus Derivatives Derivative Applications Limits Integrals Integral Applications Integral Approximation Series ODE Multivariable Calculus Laplace Transform Taylor/Maclaurin Series Fourier Series Fourier Transform
  • Functions Line Equations Functions Arithmetic & Comp. Conic Sections Transformation
  • Linear Algebra Matrices Vectors
  • Trigonometry Identities Proving Identities Trig Equations Trig Inequalities Evaluate Functions Simplify
  • Statistics Mean Geometric Mean Quadratic Mean Average Median Mode Order Minimum Maximum Probability Mid-Range Range Standard Deviation Variance Lower Quartile Upper Quartile Interquartile Range Midhinge Standard Normal Distribution
  • Physics Mechanics
  • Chemistry Chemical Reactions Chemical Properties
  • Finance Simple Interest Compound Interest Present Value Future Value
  • Economics Point of Diminishing Return
  • Conversions Roman Numerals Radical to Exponent Exponent to Radical To Fraction To Decimal To Mixed Number To Improper Fraction Radians to Degrees Degrees to Radians Hexadecimal Scientific Notation Distance Weight Time Volume
  • Pre Algebra
  • One-Step Addition
  • One-Step Subtraction
  • One-Step Multiplication
  • One-Step Division
  • One-Step Decimals
  • Two-Step Integers
  • Two-Step Add/Subtract
  • Two-Step Multiply/Divide
  • Two-Step Fractions
  • Two-Step Decimals
  • Multi-Step Integers
  • Multi-Step with Parentheses
  • Multi-Step Rational
  • Multi-Step Fractions
  • Multi-Step Decimals
  • Solve by Factoring
  • Completing the Square
  • Quadratic Formula
  • Biquadratic
  • Logarithmic
  • Exponential
  • Rational Roots
  • Floor/Ceiling
  • Equation Given Roots
  • Newton Raphson
  • Substitution
  • Elimination
  • Cramer's Rule
  • Gaussian Elimination
  • System of Inequalities
  • Perfect Squares
  • Difference of Squares
  • Difference of Cubes
  • Sum of Cubes
  • Polynomials
  • Distributive Property
  • FOIL method
  • Perfect Cubes
  • Binomial Expansion
  • Negative Rule
  • Product Rule
  • Quotient Rule
  • Expand Power Rule
  • Fraction Exponent
  • Exponent Rules
  • Exponential Form
  • Logarithmic Form
  • Absolute Value
  • Rational Number
  • Powers of i
  • Complex Form
  • Partial Fractions
  • Is Polynomial
  • Leading Coefficient
  • Leading Term
  • Standard Form
  • Complete the Square
  • Synthetic Division
  • Linear Factors
  • Rationalize Denominator
  • Rationalize Numerator
  • Identify Type
  • Convergence
  • Interval Notation
  • Pi (Product) Notation
  • Boolean Algebra
  • Truth Table
  • Mutual Exclusive
  • Cardinality
  • Caretesian Product
  • Age Problems
  • Distance Problems
  • Cost Problems
  • Investment Problems
  • Number Problems
  • Percent Problems
  • Addition/Subtraction
  • Multiplication/Division
  • Dice Problems
  • Coin Problems
  • Card Problems
  • Pre Calculus
  • Linear Algebra
  • Trigonometry
  • Conversions

Click to reveal more operations

Most Used Actions

Number line.

  • Suppose\:that\:16\:inches\:of\:wire\:cost\:64\:cents\:at\:the\:same\:rate\:how\:much\:in\:cents\:will\:44\:inches\:of\:wire\:cost?
  • Jane\:bought\:snacks\:for\:her\:team's\:practice.\:She\:bought\:a\:bag\:of\:oranges\:for\:3.48\:and\:a\:6-pack\:of\:juice\:bottles.\:The\:total\:cost\:before\:tax\:was\:9.78.\:How\:much\:was\:each\:bottle\:of\:juice?
  • The\:book\:fair\:had\:a\:sale\:where\:6\:books\:were\:20.46.\:If\:you\:wanted\:to\:buy\:7\:books,\:how\:much\:money\:would\:you\:need?


  • High School Math Solutions – Systems of Equations Calculator, Elimination A system of equations is a collection of two or more equations with the same set of variables. In this blog post,...

Please add a message.

Message received. Thanks for the feedback.

Home > Finance > Accounting

The 7 Best Small-Business Accounting Apps of 2023

Learn about the best accounting apps' features, functionality, user-friendliness, and reviews.


Data as of post date. Offers and availability may vary by location and are subject to change. *Only available for businesses with an annual revenue beneath $50K USD **Current offer: 50% off for 6 mos. or 30-day free trial †Current offer: 70% off for 3 months ‡Current offer: 30-day trial ‡‡Current offer: 70% off for 6 months

Kylie McQuarrie

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

The bottom line: QuickBooks Online is the best small-business accounting app for most businesses . QuickBooks' user-friendly accounting app has high ratings from both iOS and Android users. The app also does everything Intuit QuickBooks’ online interface can do and more, like tracking mileage and capturing receipts.

If you dislike QuickBooks' high non-sales starting price, you have other small-business accounting app options. FreshBooks is the best bookkeeping app for freelancers who want to send professional invoices on the go, while Xero’s unlimited user number makes it perfect for collaborative teams. Zoho Books takes accounting automation into the next century, and Sage Business Cloud Accounting is a super affordable, user-friendly pick for budget-conscious business owners. 

  • Zoho Books : Best features
  • Xero : Best for freelancers
  • QuickBooks Online : Best overall
  • FreshBooks : Best invoicing
  • Sage Business Cloud Accounting : Best customer service

Compare the top accounting apps for small businesses

Zoho books: most comprehensive.

Data as of post date. Offers and availability may vary by location and are subject to change. *Available only for businesses with less than $50K USD in annual revenue

App Store rating: 4.8 stars (1.4K reviews) 1 Google Play rating: 4.7 stars (11K reviews) 2

Along with automatic data updates, Zoho Books builds automated workflows into each plan so you can take even more accounting tasks off your plate. An automated workflow is a task or process you usually do by hand—usually something boring but time consuming, like categorizing payments or organizing invoices—that your software or app does for you. With Zoho Books, you can choose which tasks you want to automate, whether that’s billing customers automatically, creating recurring payments, or sending payment reminders to clients who haven’t paid you.

Zoho Books’ biggest downside—and it’s a big one—is that it doesn’t have any payroll capabilities in most states. (Employers in seven states can sign up for Zoho Payroll: Texas, California, Washington, Tennessee, New York, Illinois, and Florida.) You can’t integrate Zoho Books with any other payroll apps, Gusto included. 

Still, users worldwide rave about Zoho's accounting app, which is super user-friendly and isn't plagued with bugs or crashes. So if you don't need payroll integration but do need on-the-go bookkeeping, Zoho Books' affordable plans might be worth your while. 

If you need even fewer accounting tools than Zoho Books offers, we'd point you toward Zoho Invoice , a free-for-life Zoho product with outstanding app rankings. Or, if expense tracking is your main focus, Zoho Expense is one of the best expense apps for freelancers, sole proprietors, and other business owners. All of Zoho's products integrate with each other, and Zoho Books, Invoice, and Expense each have free plans—so if you want the best accounting apps at the best price, you really can't go wrong with Zoho. 

Xero: Best for freelancers

Data as of post date. Offers and availability may vary by location and are subject to change. *Current offer: 30-day trial

App Store rating: 4.6 stars (788 reviews) 7 Google Play rating: 4.0 stars (9.7K reviews) 8

With Xero , accounting is easy and affordable. In fact, Xero’s accounting plans come pretty darn close to competing with QuickBooks’—but at the much more reasonable starting price of $13 a month. Xero’s app offers these key on-the-go features:

  • Bank reconciliation
  • Employee time management

Most impressively, Xero lets you add unlimited users, which is next to unheard of in the world of accounting applications. That feature alone makes Xero perfect for midsize to larger businesses for whom paying an extra $5 to $10 per user per month adds up fast. (It's also one reason why Xero is, in our opinion, the best accounting software for many small businesses.)

However, Xero's apps aren't quite as solid as QuickBooks' or FreshBooks’. Xero has fewer app users, but on the whole, they report more bugs. (In fairness, though, no one's accounting apps are as solid as Intuit QuickBooks.)

Xero is also a better pick for Android users than iOS users. Android users have an overall better experience, and there are thousands of Android reviews of Xero’s app (compared to a few hundred of the iOS app).

QuickBooks Online: Best overall

Data as of post date. Offers and availability may vary by location and are subject to change. *Current offer: 70% off for 3 months

App Store rating: 4.7 stars (146.3K reviews) 5 Google Play rating: 3.9 stars (49.2K reviews) 6

Intuit QuickBooks Online is already one of the best accounting software tools for small business owners—and its accounting app is just as solid as its well-known online interface.

The QuickBooks app basically does everything your Intuit QuickBooks Online account does. That's a big deal, since many companies’ accounting apps don’t have the heft of their desktop versions.

With the mobile app, you can do any of the following things:

  • Pull up 50+ common, easy-to-read financial reports and send them to other stakeholders.
  • Send invoices with attached receipts via text, email, or messaging app—with the additional security of an encrypted link.
  • Automatically track expenses.
  • Use GPS to automatically track mileage.
  • Set up, accept, and sign estimates for customers even when you’re out of the office.
  • Accept payments with your preferred payment gateway.
  • Automatically transfer payments to your bank.

QuickBooks’ comprehensive features make it a great choice for most types of businesses. For instance, the estimate and quote feature makes it perfect for busy plumbing and HVAC contractors. The GPS mileage tracker is great for companies where employees spend a lot of time in transit, like real estate agents who spend the day traveling from house to house. And the secure invoicing via text feature works well for freelancers who need a quick, easy way to get paid on time.

QuickBooks Online has a few main downsides, though. First of all, it has a higher starting price than nearly any other online accounting software solution. $30 a month for a basic plan (the non-sales price) is much higher than the average for accounting software. And for another thing, you won't get inventory features until you scale up to QuickBooks Online Plus ($85/month). To get the max amount of accounting tools and business reports (like accounts receivable), you need QuickBooks Online Advanced ($200/month). 

FreshBooks: Best for invoicing

Data as of post date. Offers and availability may vary by location and are subject to change. *Current offer: 50% off for 6 mos. or 30-day free trial

App Store rating: 4.7 stars (10.5K reviews) 3 Google Play rating: 4.3 stars (4.8K reviews) 4

Are you a hard-working freelancer who needs to track project time, juggle expenses, and send accurate invoices to customers on the go? Then we can't recommend FreshBooks’ cloud-based accounting software highly enough.

For $15 a month (just a step above the basic plan), FreshBooks includes customizable recurring invoices that sync easily with its time tracking features so you can bill your clients the right amount per project. FreshBooks also integrates estimates, which you can throw together on the app, pass along for client approval, and transform into an invoice as soon as the project is over.

The app seems to work just as well for Apple users as for Google users. And though it has fewer users overall than QuickBooks, it scores super high for both platforms. Users' main complaints center on the app's lack of features when compared to the desktop version—but FreshBooks is so fully featured that fewer mobile accounting tools still means a lot of mobile accounting tools.

Plus, FreshBooks' customer service team is very active on both review sites: if you have a problem, a customer service rep will usually pass along your complaint to a developer within a few hours.

cost accounting problem solving app

By signing up I agree to the Terms of Use and Privacy Policy .

Sage Business Cloud Accounting: Best customer service

Data as of post date. Offers and availability may vary by location and are subject to change. *Current offer: 70% off for 6 months

App Store rating: 4.3 stars (31 reviews) 9 Google Play rating: 3.1 stars (302 reviews) 10

Sage Accounting —formerly Sage One—is a thorough accounting application with a wide array of mobile capabilities. Whether you’re using the cloud-based software or the app, Sage’s interface is extremely user friendly with colorful, easy-to-read dashboard reports.

Sage Accounting also has a fairly solid customer service team: you can call, chat, or email customer support. Its stand-out customer service option is Sage University, an online series of financial courses for business owners. Most small-business owners who use accounting apps don’t have an extensive bookkeeping background, so we like that Sage doesn’t just provide a user-friendly app—it also gives users the tools to effectively use that app to manage their businesses.

Sage Business Cloud Accounting has two price points: $10 per month and $7.50 per month ($25 non-sales price). The basic $10 plan only allows for one user, and it's more of a bookkeeping app than a full-fledged accounting system. (For instance, inventory management is included with the pricier plan only.) And while the low starting price is good for freelancers, the app doesn’t have built-in mileage tracking, so contractors who travel for work should probably look for a different accounting platform.

Still, the Sage Accounting app is fully featured regardless of the plan you choose—especially for invoicing. You can use it to create and send invoices, generate estimates and quotes, and follow up with customers who have overdue invoices. The app also has a solid expense-tracking service that includes thorough transaction records.

More small-business accounting app options

The small-business apps we listed above might be our favorites, but they’re definitely not the only fish in the great app sea—and the best app for one business owner might not be the best one for you . If our first five choices didn’t catch your eye, no worries. Scan this list for more accounting solutions that could better handle your needs.

  • FreeAgent : Best customer engagement
  • OneUp : Best inventory management

Compare top accounting apps: Honorable mentions

Data as of post date. Offers and availability may vary by location and are subject to change. *For the first six months only. After six months, price increases to $24.00/mo.

FreeAgent: Best customer engagement

Data as of post date. Offers and availability may vary by location and are subject to change. *For first six months only. After six months, price increases to $24.00/mo.

App Store rating: 4.8 stars (8.3K reviews) 11 Google Play rating: 4.5 stars (907 reviews) 12

FreeAgent has all the basics of good accounting apps and software, including on-the-go receipt capturing, invoicing, and billing. But it also has a few perks that set it apart. For one thing, it lists your upcoming tax dates so you can stay on top of deadlines. It also has a time feature so you can track meeting minutes and manage mileage.

Since FreeAgent is a UK-based company, its entire support team is located in the UK. That doesn’t stop agents from getting in touch, though—the FreeAgent app support team responds to almost every comment (positive and negative alike) on both the App Store and Google Play store, thanking users and actively requesting user input.

OneUp: Best inventory management

One Up

Data as of post date. Offers and availability may vary by location and are subject to change.

Google Play rating: 3.9 stars (200 reviews) 13

Once you sync OneUp with your bank account, the app automates your books with your latest bank transactions and keeps you up to date with daily profit and cash flow updates. But where the OneUp's accounting tool really excels is in its mobile sales features: you can input potential leads on the go, automatically generate product reorders from sales orders, and track inventory from the app.

A few downsides: the OneUp app doesn’t offer loads of integrations—just your basic Google Apps and Square . OneUp’s basic plan doesn’t include customer service, so if you run into trouble with the app, you’re on your own.

Most importantly, OneUp no longer has an iOS app. But as much as we hate to recommend an accounting solution with such a poor iOS app, OneUp’s unique sales and inventory features should keep it on your radar—at least if you own an Android.

Want accounting software that perfectly meets your business's needs? Answer some basic questions about your company's bookkeeping and we'll send you up to five personalized software recommendations.

The takeaway

Our favorite small-business accounting app for both iOS and Android users is QuickBooks Online . It's exactly as user-friendly as the cloud-based QuickBooks software and offers the same bookkeeping and accounting as the browser interface.

If you're not interested in QuickBooks, our other picks also offer free trials and stellar apps: 

  • FreshBooks' client collaboration is hard to beat.
  • Xero's unlimited users and inventory management help it stand out from the crowd, and its free accounting software plan is ideal for the smallest of small businesses.
  • Zoho Books' thorough automation complements its comprehensive plans and features.
  • Sage Business Cloud Accounting's customer service and online trainings help first-time business owners start establishing their companies.

Accounting software already makes your life easier, your business operations smoother, and your bottom line happier. Honestly, the only way to improve your business’s accounting life is to choose software with an accounting app that lets you do it all—anywhere you like.

Would you prefer to work with an accounting professional instead of using apps and in-house software? Check out our review of the best virtual and outsourced bookkeeping services to find an accounting solution that works for you.

Related reading

  • QuickBooks Online Accounting Software Review 2023
  • Accounting 101: A Guide for Small-Business Owners
  • Small-Business Bookkeeping Basics
  • FreshBooks vs. Xero

cost accounting problem solving app

With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike.

  • Track time and expenses
  • Create custom invoices
  • Accept online payments

Best mobile accounting app FAQ

QuickBooks Online easily rates as the best accounting app for small businesses. 

But you don’t have to take our word for it: both iOS and Android users score QuickBooks’ mobile accounting app incredibly high. On the App Store, QuickBooks gets 4.7 out of 5 stars from 146,000 reviewers. 3 And though it’s rated lower on Google Play, Android users still rate QuickBooks’ small-business app 3.9 stars 4 —not bad for an app used daily by millions of people around the world.

Intuit QuickBooks Online starts at $15 a month. If you're a new user, you can opt for either a 30-day free trial or sign up to get your first three months for 50% off. Note that you can't take advantage of both options—if you choose one, you waive the other (as per industry standard).

QuickBooks is on the pricier end of accounting software. At $15 a month, it's easily the priciest accounting app on our list. Cheaper options include Xero ($3.25 a month) and Zoho Books ($0 for some businesses). You can also find free accounting software. We're particularly fond of Wave Accounting , a free-for-life app that has nearly as many accounting tools and features as paid brands. 

Wave is just one of several solid options, though. Check out our review of the year's best free accounting software to find budget-friendly bookkeeping. 

What are the pros and cons of accounting apps?

The main pro is all in the name: unlike your work computer, mobile applications are . . . well, mobile. They go wherever you go as long as you travel with your phone. Since most of us are attached to our smartphones by the hip (or hand), that shouldn’t be a problem.

In other words, with an app, your business’s data is always with you and easily accessible. You don’t have to wait until you’re back at your computer to email a client, fill out an invoice, or submit an estimate.

The drawback to using apps over software is that most apps only do so much. The desktop versions of most accounting plans have more features and reports than the apps do. Plus, desktop versions are just easier to read—with a bigger screen, it’s easier to see your program’s navigation and options and to read reports.

Which is the easiest accounting software to use?

In terms of ease of use, the best accounting software is definitely QuickBooks Online. Intuit developed this cloud-based software specifically for non-accountant small-business owners, and everything from the interface to the initial setup is as simple as possible. QuickBooks' ease of use obviously extends to its mobile app—one of the most widely used mobile accounting apps for US-based small businesses—which is at least as user-friendly as the online software.

For the record, though, all of our top accounting software recommendations are notably easy to use. FreshBooks, Xero, and Zoho Books in particular all have streamlined interfaces that are comparable to QuickBooks'. These three brands also have better customer service reputations than QuickBooks. If you run into trouble with setup, you might have an easier time contacting someone for help if you go through Xero or FreshBooks.


To choose the best accounting software apps for small and midsize businesses, we looked at several key ranking factors:

  • Overall app functionality, including whether the app and software offer the same features
  • Mobile-specific features, such as receipt scanning and mileage tracking
  • Customer reviews for both the iOS and Android apps
  • User numbers
  • Plan and pricing information
  • General accounting features for the software as a whole
  • Overall accessibility, user-friendliness, and functionality

At, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. App Store, “ Accounting app – Zoho Books .” Accessed May 2, 2023. 2. Google Play, “ Accounting App – Zoho Books .” Accessed May 2, 2023. 3. App Store, " FreshBooks Cloud Accounting ." Accessed May 2, 2023. 4. Google Play, “ FreshBooks - Invoice + Accounting .” Accessed May 2, 2023. 5. App Store, “ QuickBooks Accounting .” Accessed May 2, 2023. 6. Google Play, “ QuickBooks Accounting: Invoicing & Expenses .” Accessed May 2, 2023. 7. App Store, “ Xero Accounting & Invoices .” Accessed May 2, 2023. 8. Google Play, “ Xero Accounting Software .” Accessed May 2, 2023. 9. App Store, “ Sage – Accounting .” Accessed May 2, 2023. 10. Google Play, “ Sage - Accounting: invoicing & expenses .” Accessed May 2 2023. 11. App Store, “ FreeAgent Mobile Accounting .” Accessed May 2, 2023. 12. Google Play, “ FreeAgent Mobile .” Accessed May 2, 2023. 13. Google Play, “ Accounting Invoicing - OneUp .” Accessed May 2, 2023.


5202 W Douglas Corrigan Way Salt Lake City, UT 84116

Accounting & Payroll

Point of Sale

Payment Processing

Inventory Management

Human Resources

Other Services

Best Small Business Loans

Best Inventory Management Software

Best Small Business Accounting Software

Best Payroll Software

Best Mobile Credit Card Readers

Best POS Systems

Best Tax Software

Stay updated on the latest products and services anytime anywhere.

By signing up, you agree to our Terms of Use  and  Privacy Policy .

Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our  Privacy Policy Page . |

© 2024 All Rights Reserved.

18 AI Tools for Accounting and Finance

Emily Perkins

Emily Perkins

Head of Content Strategy

Notable and interesting AI-powered tech solutions making waves for accounting and finance teams.

February 15, 2024

18 AI Tools for Accounting and Finance

Artificial intelligence (AI) is changing the business landscape at a remarkable pace, and strategically selecting and implementing AI tools for accounting and finance is critical to stay competitive and support future growth. Leading companies are leveraging AI to augment their teams and boost productivity so they can devote more attention to strategic work and reshape their organizations for the better.

In a 2023 Financial Services GenAI Survey , Ernst & Young found that nearly all (99%) of the financial services leaders surveyed reported their organizations were deploying artificial intelligence (AI) in some manner, and all respondents said they are either already using, or planning to use, generative AI (GenAI) specifically within their organization.

However, navigating the AI landscape can be daunting for accounting and finance professionals. With many AI-branded tools and solutions entering the market, it can be difficult to sort through and find the technology providers that are reputable and viable for your business. 

Here, we summarize 18 notable, interesting or emerging AI-powered technology solutions for accounting and finance teams. While some are more suited for global enterprises and others for start-ups, they are all interesting to explore and be aware of. Each of the tools highlighted below leverage AI functionality to solve a unique or complex business need.

For research and data:

AlphaSense is a market intelligence and search platform that has grown substantially over the last few years, most notably fueled by Google parent Alphabet’s $100 million investment. For accounting and finance teams, AlphaSense has an AI solution tailored for the financial industry to assist leaders with researching and navigating market trends, asset management, investments, corporate banking, private markets, financial reports, and more.

For regulatory and compliance:

Ascent is a regulatory compliance data platform for the financial services industry. Staying on top of regulatory obligations can be extremely time consuming and difficult to navigate. Ascent uses AI to analyze regulatory data and text to pinpoint relevant rules and regulations for an organization’s particular business needs.

For auditing:

Trullion is an accounting oversight platform that “uses AI to simplify revenue recognition, lease accounting, and audit workflows.” Trullion assists financial teams in reporting revenue accurately, performing AI-powered audits, and extracting and managing lease data. Trullion also supports compliance and accurate reporting for customer revenue, specifically with ASC 606 and IFRS 15.

‍ For autonomous invoice processing: offers an AI-powered autonomous finance platform to manage end-to-end accounts payable management from invoice ingestion to payment processing. specializes in autonomous invoice processing and approvals with touchless autopilot to reduce manual and time-consuming work, saving 80% more time. also handles payment processing via card, check and ACH, and integrates with all major ERPs.

Unlocking AI for Accounting Guide

‍ For the month-end close:

HighRadius is a leader in the invoice-to-cash application space, and positions their solution suite for the “office of the CFO” with predictive AI to manage accounts receivables, treasury management, and account reconciliation and the financial close process. HighRadius is an enterprise-level platform with a little bit of everything to support “autonomous finance”.

For ERP integrations:

Alpha.AI provides AI-powered, no code ERP integrations to connect advanced software solutions to existing systems. They specialize in automating procure-to-pay and cloud solutions, enabling them to save time, gain control, and optimize costs. Alpha.AI leverages generative AI to automate API development for any ERP system. supports Nordic and European enterprise markets to automate document management and bookkeeping, as well as integrating AI-powered solutions, such as , with any ERP system.

For financial advisors:

Gridlex Sky offers cloud-based solutions with AI-driven financial advisors for tasks like invoicing, credit control, and forecasting for B2B accounts​​. Gridlex Sky specializes in multi-currency transactions and conversions, expense management, and calculation management. 

For work collaboration:

Karbon is a collaborative cloud platform for accounting practice management. Karbon provides work efficiency tools like project management, workflow automation, calendar integrations, and client management capabilities. KarbonAI helps summarize client communications like emails and comments.

For receipt management:

Receipt-AI is a receipt management app for managing various types of receipt photos via text and email. Receipt-AI ingests receipt data into accounting tools such as Xero and QuickBooks, and is a simple, user-friendly receipt management tool.

For spreadsheet work:

Rows is a modern spreadsheet editor that incorporates AI and ChatGPT to build spreadsheets quicker, and analyze and summarize data. Rows enables form and dashboard building, and integrates with a variety of standard business software.  

For financial fraud:

Signifyd offers a payment optimization platform to automate risk decisioning, handle exemption management, protect from payment chargebacks, and manage payment recovery. Signifyd is mostly a commerce platform for merchants, but can identify and block fraudulent payments, among other fraud detection services. 

New call-to-action

For tax compliance:

Blue dot is an all-in-one tax compliance platform that uses deep learning and machine language learning to provide a 360-degree view of all employee-driven transactions. Blue dot also tracks global expenses to identify VAT recovery opportunities, and manage regulations related to taxable employee benefits (TEB).

For entrepreneurs and founders:

Truewind is an AI-powered bookkeeping and financial platform, and is positioned as end-to-end CFO support for start-up founders and entrepreneurs. Truewind offers a “CFO copilot” to review monthly financial health, assist with operating budgets, and review vendor contracts. Truewind also takes care of tax credits and filing. is another AI-powered bookkeeping tool targeted for fractional CFOs and start-up founders, with solutions for managing start-up tax, bill pay, expense reimbursements and traditional bookkeeping.

For independent business owners and freelancers:

Indy is an AI bookkeeping and workflow tool designed for independent business owners, such as freelancers, designers, and contractors. It offers all-in-one capabilities for managing project proposals, tracking billable hours, generating invoices, housing contracts, and receiving payments.

For offshore outsourced accounting:

Klarity offers an alternative solution for traditional business process outsourcing for accounting teams. Karity can handle accounting processes and compliance workflows on a 24/7 model to replace offshore business models.

For autonomous procurement sourcing:

Fairmarkit is an autonomous sourcing platform to support procurement teams with strategic sourcing. Fairmarkit leverages AI and automation to source more vendors faster, and more accurately. Fairmarkit also provides access to a global marketplace of vendors and suppliers.

Related articles

cost accounting problem solving app

Solve Efficiency Challenges: Maximize Human Potential in Finance

cost accounting problem solving app

Checklist: 5 Steps to Spearhead a Technology Adoption

cost accounting problem solving app

Live Demo | See AI Accounting in action

cost accounting problem solving app


This site uses cookies, including third-party cookies, to improve your experience and deliver personalized content.

By continuing to use this website, you agree to our use of all cookies. For more information visit IMA's Cookie Policy .

SF Magazine

Change username?

Create a new account, forgot password, sign in to myima.

Multiple Categories

Accountants as Problem Solvers

August 01, 2020

By: Linda McCann , DBA, CMA, CPA ; David Horn , CPA ; Jennifer Dosch , CMA

cost accounting problem solving app

Managers often complain that accounting graduates aren’t prepared for today’s business environment. The complexity of our global economy and the increasing influence of, and reliance on, technology leads to practitioners and instructors questioning if undergraduate accounting programs focus on the right curriculum to prepare students for careers.

One soft skill that can help prepare accounting students for their careers is problem solving. Management accountants need to be able to work cross-functionally to solve problems and provide meaningful analyses. Many colleges, universities, and accrediting bodies in academia incorporate strategic goals requiring curriculum that facilitates problem-solving skills.

As instructors, we teach technical accounting skills by demonstrating and providing practice with accounting concepts and structured problems, which we assess via homework and exams. Teaching soft skills, such as unstructured problem solving, poses greater challenges that are more difficult to incorporate into the curriculum. How can students learn and approach unstructured problem solving?


Recent scientific discoveries into the brain reveal that humans employ fast and slow thinking to solve problems. The brain especially prefers making decisions and solving problems quickly based on recognized patterns, visual and verbal cues, prior knowledge, routines, familiar preferences, prejudices, and emotions.

In contrast, decision making and problem solving often require slow thinking to digest new information, hypothesize alternatives, employ quantitative mathematical and statistical analysis, overtly recognize and break free from cognitive biases, challenge preconceived notions, synthesize ideas, and create new knowledge. To support this kind of slow, rational thinking, accountants can learn a methodical process for problem solving (see Table 1).

cost accounting problem solving app

Many common business models—such as Six Sigma, A3 Lean, and Appreciative Inquiry—and the Association of American Colleges and Universities value problem solving, and critical-thinking grading rubrics describe specific steps for rational (i.e., slow thinking) problem solving. Business students, however, learn and apply these models in various courses, typically with no thread that ties them specifically to the accounting profession. Students learn bits and pieces of rational thinking throughout their undergraduate coursework, but instructors often don’t teach a common framework to apply these skills in a relevant and value-added way (see “Survey of Practitioners”).

cost accounting problem solving app

To help address this issue, we developed a problem-solving rubric for accounting students (see Table 2). The three of us are faculty members from Metropolitan State University in Minneapolis/St. Paul, Minn., and represent three different parts of the curriculum (auditing, business taxation, and management accounting), so it was important that it could be used across the entire accounting program.

cost accounting problem solving app

The rubric assesses learning in an organized way, providing a common framework (criteria) for students to consistently approach problem solving. The criteria include problem identification, analysis, and communication of results. It guides students through a series of problem-solving steps using terms and vocabulary specific to the accounting profession. The rubric also reminds us, as instructors, to create a learning environment where problem solving can occur (see “Setting the Tone”).

cost accounting problem solving app


The iterative and looping nature of problem solving confounds inexperienced accountants. Where does one begin? Students tell us using a rubric provides a starting point.

To implement the rubric, we assign students projects with unclear goals, incomplete information, and more than one possible solution. Assignment topics vary. It could have students develop a cost-benefit analysis between adding employees or adopting Lean manufacturing techniques, analyze tax outcomes of business decisions, create a risk assessment and audit response for a fictitious client, or some other accounting-related issue.

Students begin by developing one or several hypotheses as to the nature of the problem. To generate ideas, we assist students in their brainstorming discussions. The rubric leads students to consider the environment, strategy, unexpected observations, overall importance, and risk assessment. At this stage, the identified problem may change, but the original hypothesized problem gives direction for next steps. Upon completing the assignment, we assess students on how they identified the problem.

Metropolitan State University’s business taxation course used the rubric in a case study that involves assessing the implication of the Wayfair v. South Dakota U.S. Supreme Court decision on a company’s sales tax collection. Prior to Wayfair , companies operated under a physical presence nexus established in Quill v. North Dakota . The Quill decision required companies to have a physical presence in a taxing jurisdiction in order to require collection and remittance of sales taxes on transactions.

In Wayfair , the U.S. Supreme Court overturned Quill in favor of an economic nexus standard, where companies only needed to have a certain level of economic activity. For example, in South Dakota, the threshold economic activity is 200 transactions or $100,000 in sales. The change from Quill to Wayfair was a major development in how companies operate and collect sales tax. It required companies to assess all jurisdictions in which they operate and evaluate how the change in the nexus standards impact its operations.

To apply this rubric to the change, students learn about a fictitious company that sells inventory to multiple states and collects and remits sales tax under the Quill physical presence nexus standard. We give students a subledger with all sales data for the given year. The rubric leads students to ask about implications of the Wayfair decision on the company, how the ruling impacts the company’s strategic objectives, and risks to the company because of the change in the law. Using the rubric, students are guided to discover the issue at hand, which is whether the company will have a significant number of new sales tax jurisdictions requiring collections and remittance from its customers.

Students tell us that without the rubric, they often feel like they have no road map at the beginning of a project or case study; identifying the problem seems too big and undefined to tackle. Many students initially resist engaging with unstructured problem-solving assignments because they differ from past assignments. Similar to what one might find in cross-functional teams opposed to change, students show their displeasure with crossed arms and distant body language.

Many college courses still rely on testing facts and use formulas and calculations, an approach that doesn’t put the student in the decision-making role but is familiar to them. With a rubric, students see smaller doable steps, where the assignment is heading, and how they can move forward and loop backward, when necessary. The rubric breaks down the initial intimidation students feel with unstructured problems.


Next, the rubric guides students through analyzing the problem using accounting-specific skills they’ve acquired in each course. For example, students consider tax laws, financial reporting and audit principles, or cost accounting techniques.

Continuing the sales and use tax example, at this stage, students apply the rubric to perform a complete analysis, enabling them to form a conclusion to communicate. What are the relevant facts to determine Wayfair ’s impact? What facts are irrelevant? What primary and secondary tax authority is needed to conduct research? Are there alternatives and exceptions to applying Wayfair ? Have all states adopted an economic nexus standard? Have all states adopted South Dakota’s transactional thresholds? What’s the quantitative impact to the company? Are there financial accounting implications to the Wayfair decision? What’s the scope of the necessary research, and are there limitations, constraints, and so on? Through the rubric, students formulate and answer questions and perform analysis to solve the problem at hand.

We assess students on their ability to gather and identify relevant facts, research any applicable rules and laws, assess alternatives, and perform any needed qualitative and quantitative analyses. At this stage, students apply theories and best practices learned in specific course fields, such as management accounting, taxation, and auditing.

To encourage elaboration, the rubric uses words such as curious, skeptical, model, assumption, authoritative, best practices, relevant, and sufficient sources. Like many accountants, students want to get their work done quickly, but problem solving takes time and slow thinking. Thanks to the rubric, more students turned in papers with greater depth, less “cut and paste,” and more relevant supporting details.

As in the real world, students often discover their original hypothesis or identified problem is incorrect, incomplete, or irrelevant. They confront the iterative nature of problem solving as they work through the analysis stage and build evidence to support their hypothesis. When evidence doesn’t support an identified problem, students go back and redefine their problem, gather new evidence, explore new alternative solutions, and build a case for their conclusion.


Finally, students present their results in a memorandum to a hypothetical manager or audit partner. The memorandum mirrors common styles, such as IFRAC (issues, facts, rules, analysis, and conclusion) and BLUF (bottom line up front). Students state the problem and include the conclusion (i.e., solution) up front along with a summary of relevant facts and assumptions. Supporting documentation presents additional in-depth analysis.

This format familiarizes students with a presentation style that allows management to quickly understand conclusions while also providing more depth to support the up-front conclusion. We expect students to write and present findings in a clear and concise manner as if in a professional accounting setting. The rubric grading criteria helps students solve problems using rational thinking and delivering a memorandum that directly supports management decision making.

In the Wayfair case study, students draft a memorandum to management addressing the implications of the sales tax nexus precedence change. The facts section should discuss the company’s current sales and use tax policies. Students identify the issue as the change from physical presence nexus to economic nexus. The up-front conclusion should identify new jurisdictions from which the company needs to register and collect sales tax and quantify the volume of sales tax it expects to collect. Finally, the analysis provides an in-depth discussion of the change from Quill to Wayfair . Students should discuss how they determined new jurisdictions, limitations, and further required resources for the company.


We use the rubric format for projects or cases at different stages throughout the accounting curriculum. The problem-solving rubric measures student learning and reinforces rational thinking with each assignment. The projects that use the rubric vary in length, depth, and complexity as students move from management accounting to tax and then finally to audit. We find the rubric flexible enough to adapt to an instructor’s needs, yet it provides consistent core steps—identify the problem, analyze, and communicate—to solve problems.

The rubric helps students organize their communication through the memorandum. Setting up a memorandum so the problem and solution appear “up front” highlights mismatches between the problem, evidence, and conclusion. Further, it encourages students to decide—rather than ramble and include information that isn’t relevant. We find students often get to the communication stage and realize that their analysis doesn’t support their conclusion or identified problem. Fortunately, the rubric allows them to loop back and redefine and reanalyze.

By using the same grading criteria in multiple courses, we provide students with a familiar approach to problem solving that turns fast thinking to slow, rational thinking. The process and steps become routine and less daunting for the student. While each step still requires arduous thinking, the approach itself is a recognized pattern for students.

From our point of view as accounting instructors, the rubric helps provide consistent and fair grading. We provide separate points for milestones in problem identification, analysis, and communication, which further encourages students to go through each step of the process. Metropolitan State University plans to expand the use of this rubric in the accounting curriculum. This common framework provides students with a process to identify problems, research and investigate facts, conduct analyses, and communicate results across all accounting disciplines.

This process reinforces the problem-solving skills that students will need in their professional careers. These capabilities will help them perform their roles in today’s strategic, fast-paced business environment. Solving problems is critical for today’s management accountant. Through implementing the rubric, instructors can help students systematically apply a problem-solving process that they can take with them as they move from student to management accountant.

About the Authors

cost accounting problem solving app

August 2020

  • Strategy, Planning & Performance
  • Decision Analysis
  • Negotiation
  • Metropolitan State University

Publication Highlights


Call for Ethics Papers: Sept. 1 Deadline

Explore more.

Copyright Footer Message

Lorem ipsum dolor sit amet

16 Biggest Accounting Challenges and Solutions in 2024

Scott Beaver

Amid concerns about inflation, rising interest rates and potential looming recession, finance leaders are winding down 2023 with cautious and measured optimism for business growth. This mixed outlook presents ongoing challenges and opportunities. Preparation, as always, is key if businesses are to excel. Here’s what finance and accounting teams need to be on top of as we head toward 2024.

16 Accounting Challenges and Their Solutions

Accounting teams that leverage technology are better able to adapt to changes and challenges, like some of the unexpected supply chain interruptions and fluctuating revenue trends seen in the past few years and so far during 2023. So what are the biggest challenges facing accountants today? Cash flow, hiring new talent, adapting to new tax and regulatory changes and continuing to adjust to remote work remain some of the most common hurdles for accounting teams.

Often when there is economic hardship or signs that one is pending, companies move quickly to ramp up liquidity by implementing cost containment, and deferring planned investments. After a period of significant investments in technology and equipment in early 2023, some businesses are beginning to pull back and refocus on improving cash flow in 2024 due to softening consumer spending.

Improving the efficiency of accounts receivable and accounts payable processes will be vital to ensuring steady cash flow. Keep an eye on metrics like expenses, past-due invoices and operating cash flow. Generating and tracking cash reports daily can help you plan for the future because you’ll see changes or fluctuations you can use to inform other decisions. In addition, get everyone in the company thinking in terms of cash flow. Management and consulting firm McKinsey & Company says that boardrooms have shifted their focus from earnings before interest and taxes (EBIT) to cash – and that has translated into responsibility for cash management at all levels of the business.

Financial Reporting for Regulatory Changes & New Accounting Standards

Managing financial disclosures continues to be a concern for companies of all sizes, especially in combination with staff shortages (see #3). For example, even though the public health emergency has ended, finance leaders are concerned about complying with reporting requirements from COVID-19-related government stimulus programs and ensuring proper documentation, recording and reporting for audits. Several new standards, amendments and changes in U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) came on board for 2023 reporting (to be completed in 2024), such as for leases, insurance contracts, tax assets and even basic disclosures about materiality and estimates. Additionally, changes that increase reporting and disclosure requirements for environmental, social and governance (ESG) and cybersecurity are challenging accounting teams , so they need to be even more mindful of the shifting regulatory landscape.

Hiring and Retaining Talent

Hiring is a continuing challenge for accounting and finance roles and is expected to become an even greater challenge. In fact, it is the No. 1 concern among CEOs, CFOs and controllers surveyed by the American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA). Increased educational requirements, prioritizing work/life balance and a wave of retirements have caused a shortage of accountants, especially CPAs. Technology, healthcare, property management and financial services industries have an especially high demand for positions that keep cash accounts strong, such as billing, accounts receivable and collections.

Retaining top employees as competition intensifies is a key challenge. Some 8 in 10 finance and accounting managers are concerned about keeping valued employees. Two key areas of concern are low morale (see #11) and high rates of burnout because of heavy workloads – the latter being a somewhat perennial issue for accountants. Taking steps to ensure that key employee retention strategies apply to the accounting and finance department – such as continued education and training – is one place to start boosting morale. Helping accountants develop the technical and soft skills to better apply their domain knowledge to business strategy as more transactional tasks are automated will be crucial to retention in 2024 and beyond. In addition, some expect that compensation may need to be reevaluated as a motivating factor.

Automation and Artificial Intelligence

Artificial intelligence (AI) is a work in progress that accountants are watching very carefully as a potential tool for shifting their workloads and gaining efficiency. It’s a developing situation that has come a long way since 2020, when only 2% of large firms had implemented machine learning or AI. AI implementations are being tested to address labor shortages, automate labor-intensive tasks and deliver more insightful data.

As more transactional work becomes automated, accountants will need to develop different skills to apply their expertise to information and data generated from new technology and play a role in more of the business strategy. Cloud-based accounting software, budgeting, forecasting, data analytics and visualization tools are building some of the foundations for automation in accounting.

As automation increases, boosting existing skills and expertise to leverage the outputs of technology will benefit employees and your business. Focus on upskilling and learning more about cloud-based payroll and human resource information systems, enterprise resource planning (ERP) systems, data analytics and financial modeling and forecasting. In addition to technical skills, other beneficial so-called soft skills in demand will be the ability to work independently and in virtual teams, attention to detail, being comfortable with change, creativity, a desire for continual learning and written and verbal communication skills. Offering continuing education and training also has the added benefit of boosting employee morale and retention. Companies ranked highly on employee training see 53% lower attrition rates than those ranked lower.

Tax Law Changes

Applying changes in tax laws is a perennial concern for accounting teams, especially because effectively navigating the tax law changes can help you have more funds available to weather other business challenges ahead. Digitized, accurate and easy-to-access records with accounting software will make a complex tax year more manageable.

Key tax changes come from the Inflation Reduction Act, which includes a new alternative minimum tax for corporations and renewable energy credits. Additionally, accounting teams will need to watch several bills pending in Congress that aim to extend provisions of the Tax Cut and Jobs Act – specifically tax breaks for small businesses.

Expense Management

As a result of the mixed economic outlook, CFOs and their accounting teams are under pressure to deliver increased efficiency and tightly manage expenses. This means increased expense analysis for large costs, such as reducing the costs of goods sold to eke out a few more points of gross profit margin. Tighter control over smaller expenses can also add up, such as trimming travel expenses, as well as the challenges that come with remote workforces.

Updating expense policies together with stricter enforcement and lowering allowable limits are on the forefront of CFOs’ minds. Taking control of expenses likely includes checking internal controls and consider further automating the expense management process with software to increase visibility, discourage fraudulent expenses and automatically flag questionable ones.

Payroll Management

New payroll challenges from changing laws and regulations at federal and state levels are on the horizon. And managing withholdings for employees in different locations has become a significant hurdle for payroll managers. Remote work has made the management of state income taxes challenging because of the complexity of determining primary work location. Violations can trigger audits and result in costly tax penalties.

If you haven’t already, consider automating your payroll processes. Cloud-based payroll platforms help with the calculation of earnings, deductions, company contributions, taxes and paid time off, while providing support for multiple jurisdictions when it comes to taxes, forms, direct deposit and more.


It takes 204 days, on average, to identify and contain a data breach, and the average cost is $4.45 million – a 15.3% increase over $3.86 million in 2020. Because the effect on business is so significant, the Securities and Exchange Commission (SEC) issued new rules for reporting cyber incidents, beginning in December 2023 for most public companies. The new rules require disclosure of material cyber incidents within four days of identification, using an SEC Form 8-K – a significant challenge for accountants and their IT partners. The new rule also adds several additional requirements to a company’s annual SEC Form 10-K, including cybersecurity risk management, strategy and governance.

Accounting teams are well-suited to be evangelists of cybersecurity companywide — they’re already schooled in robust internal controls, access and permissions required of their roles. With these new regulations, they will also need to be knowledgeable partners with IT staff. Outdated software can increase the success rate for malware and ransomware, so make sure all systems are up to date.

Remote Work

Like many other industries, one of the top accounting trends is a desire for more flexible and remote work. More than 63% of accounting professionals looking to change jobs desire at least a hybrid position, if not fully remote. But remote work brings challenges to accounting and finance teams – who for decades have done tasks such as month-end close by means of long nights in the office. Remote work also exacerbates the risk of cyberattacks – with IBM finding that 70% of companies that have adopted telework during the pandemic saying they expect it will increase data breach costs.

Focus on making established financial controls work with a dispersed workforce. Use a classic risk assessment framework to determine which controls may open the company to risk.

Remote workforces aren’t expected to go away anytime soon, and it is even seen as a way to attract talent from afar. For most businesses, cloud-based accounting software lends obvious advantages in supporting remote accounting teams. And the technology frequently outperforms VPNs with access to premises-based software.

It’s no wonder that burnout is a common problem for those working in finance and accounting. Between juggling responsibilities, heavy workloads and a constantly shifting regulatory landscape, accounting and finance departments can easily be plagued with low morale. Another common concern is being understaffed — on average, businesses with less than $25 million in revenue employed just three people in finance roles. And even for businesses with annual revenue between $100 million and $499 million, that number is only 13 people employed in finance roles.

How can you raise morale among your accounting team? Find ways to formally recognize individual contributions on a regular basis, especially at the manager level. Managers have an enormous impact on their employees’ morale. Keep lines of communication open between your accounting and leadership teams. Listen to their input not just on financial matters, but strategic decisions as well. Give them the tools they need to collaborate, especially for hybrid teams. And automate tedious parts of their work to free up time.

Accurate Financial Forecasts

A mixed economic outlook and market volatility make accurate financial forecasting more difficult, yet more critical. Business leaders should engage in scenario planning and reexamine forecasts for sales, expenses and cash. Test and retest assumptions, model cash flow, burn rate and liquidity under multiple scenarios.

One of the top accounting tips for small businesses and startups is to use financial statements to evaluate and predict business performance. Because so much is changing so quickly, access to real-time analytics is key. That’s what will make the difference in building financial models that factor in historical trends, current conditions and best, worst and most likely scenarios.

Keeping Up With New Technology and Tools

Aside from a shifting regulatory environment and tax laws, keeping up with evolving technology can be a burden. There’s a reason skills around cloud-based accounting software are some of the most in-demand for accountants and finance professionals. Research firm Gartner recently said that by 2024, more than 45% of IT spending will shift to cloud-based technologies; in many instances that will include financial and accounting software.

The latest innovations around real-time analytics, robotic process automation (RPA) and AI will depend on having a sound, reliable, clean data infrastructure. But many companies are working with legacy, on-premises accounting systems that are outdated. Financial reporting, cash management, accounts payable and month-end closing processes are all being impacted by technology and will continue to be key components of automation and cloud-based accounting software in the near future.

Is accounting a challenging career? Absolutely. But there are also exciting new opportunities opening as more transactional tasks become automated, freeing up time for accounting professionals to turn their attention to more analytical duties — and innovation in the accounting software is abundant.

For example, consider the opportunities AI innovation can bring to the accounting industry. Some question whether AI can take the place of accountants, as evidenced by its recent passing of the CPA exam , creating a host of both practical and ethical issues. Should accountants be scared by this innovation or embrace it? Current thinking is that AI can’t pass for an accounting expert, but it can be a useful tool that can level up the experience of human accountants. For example, AI might be helpful for remembering facts (such as tax code), understanding instructional material (such as GAAP guidance) and even applying information to a situation (such as lease rules). But where it currently is inconsistently effective, according to a recent AICPA panel that tested AI in various areas of accounting, is analyzing relationships, making judgments and creativity. Most human accountants might welcome the opportunity to spend more time focused on higher-level tasks.


As businesses continue to increase in size and complexity across the world, accounting departments will need to accommodate more and more international standards and regulations. As technology has made this easier, accountants find themselves needing to contend with rules and norms prevalent in both their country of origin and the markets they work in. Local economic instability, cybersecurity standards, and tax law changes across these countries will require adaptable accounting teams and technology that eases the challenges.

Economic instability

Implementing and continuing to enhance cloud-based accounting systems is the first step toward tackling many of the challenges 2024 will present. Top-of-the-line enterprise resource planning software integrates finance and accounting with other business software modules, such as supply chain, warehouse and order management. With a reliable source of data and increased automation of time-consuming and error-prone tasks, the accounting team has more time and better data to weigh in on the strategic decisions and even become a key partner in guiding the business strategy.

#1 Cloud Accounting Software

Head Off Accounting Challenges With NetSuite

Businesses may not have control over the economy, but with the right software, they can assume a leading role in managing their finances. NetSuite Cloud Accounting Software streamlines businesses’ often siloed financial data into a centralized platform, eliminating the need for employees to manually input and cross-post information. Repetitive, time-consuming (yet essential) accounting tasks — including recording transactions, account reconciliation, managing accounts payable and receivable, tracking income and expenses, and reporting — can all be automated, in real time and in compliance with accounting regulations. This ultimately saves businesses time, cuts operational expenses while boosting productivity, accelerates the financial close and enhances the precision of financial reporting.

general ledger

General Ledger Defined: What It Is & Why You Need One

If individual assets and accounts are trees, the general ledger is the forest. It’s a finance team’s master document that shows all of the business’ transactions—accounts payable and receivable, cash on hand, capital assets…

More On This


Trending Articles

general ledger

Learn How NetSuite Can Streamline Your Business

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.

Before you go...

Discover the products that 37,000+ customers depend on to fuel their growth.

Before you go. Talk with our team or check out these resources.

Want to set up a chat later? Let us do the lifting.

NetSuite ERP

Explore what NetSuite ERP can do for you.

Business Guide

Complete Guide to Cloud ERP Implementation

cost accounting problem solving app

This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

This Way To CPA Logo

  • Educator Resources
  • Meet the Requirements
  • Maximize Your Education
  • Pay for College
  • AICPA Legacy Scholarships
  • AICPA CPA Exam Scholarship
  • AICPA Accounting Doctoral Fellowship
  • AICPA Accounting Scholars Leadership Workshop (ASLW)
  • Search Other Scholarships
  • Exam Overview
  • What is CPA Evolution?
  • How to Apply
  • Prepare for the Exam
  • Prep Course Reviews
  • Exam Diaries
  • Find Your First Job
  • Resumes & Interviewing
  • Skill Development
  • Plan Your Career
  • CPA Profiles
  • State Requirements
  • International Applicants
  • Exam & Licensure Center
  • Career Options
  • Salary Information
  • Accounting is Tech
  • CPA Pipeline Toolkit
  • Bank On It Game
  • Career Launchpad

AICPA logo

Study apps for accounting students

These apps make it easy to quiz yourself or learn accounting terms..

We’ve come a long way from paper notes and flash cards. Now a multitude of apps exist to help you study right on your phone.

“Books are bulky and apps can get you more info quickly, and are so much easier and more accessible to students,” said Luciana Moreno, a senior accounting major at California State University, Northridge.

What’s more, many of these apps are free, and downloadable via the Apple or Google app stores.

Here are some apps recommended by accounting students and faculty, some of which you can use to study for any of your classes. (Editor’s note: As always, be mindful of privacy and data security issues before you download or use any app.)

Quizlet . This popular and free flashcard-based app is used by more than 30 million students and teachers each month, according to Quizlet Inc.'s website. “My all-time favorite app is Quizlet,” Moreno said. “I love it and use it all the time.”

Quizlet lets you create your own quizzes to help you memorize key material, and even share these quizzes with others. “I use Quizlet for my accounting class and science class, and it allows me to put in my own definitions,” said Andrew Everson, a junior accounting major at Gonzaga University in Spokane, Washington.

Quizlet also offers Quizlet Plus , an upgraded version that lets you make voice recordings, create advanced diagrams, or add images to your study sets, for $1.67 a month, or $19.99 annually.

For iOs and Android; available on the Apple App Store and Google Play.

ACE . Also known as Accounting Challenge, ACE is a free mobile learning app that gives students “multiple-choice questions in a beautiful format, where they can brush up on terminology,” noted Ludmila Krylova, CPA, a lecturer in the department of accounting at Texas State University–San Marcos. It can help you memorize accounting terms by giving you 100 seconds to answer a series of questions, Krylova said. You receive points for answering the most questions correctly, and you can compete with other app users or try to best your own times by posting your scores to a leaderboard.

ACE, which is in English, was created by academics at the School of Accountancy at Singapore Management University, and is especially helpful for first-year students. According to ACE’s website, the app has registered more than 30,000 downloads worldwide.

Accounting Boot Camp . This free app can help you prepare for first-year accounting exams. It focuses on accounting fundamentals like debits, credits, assets, and liabilities.

Once you’re able to answer most of the questions, you advance to the next level, where topics become more challenging. “This app is great for repetitive learning and understanding the basic terminology used in accounting,” said Everson, who used it early in his college career.

For iOs; available at the Apple App Store.

Chegg Study App . Offered by textbook provider Chegg Inc., this app helps students get unstuck when they are at a standstill with a particular problem. The app allows users access to a multitude of step-by-step solutions on a variety of subjects, including accounting and calculus. Students can also contact Chegg experts around the clock. Though it’s free to download the Chegg Study app, it costs $14.99 a month to use its features.

Finance and accounting major Anthony Schulz, a senior at Loyola University Maryland, said, “I use Chegg as a last resort if I can’t figure out something. It is absolutely worth it, and not just for my accounting class. I use it for all of my business classes.”

By Cheryl Meyer

Cheryl Meyer is a California-based freelance writer. To comment on this article or to suggest an idea for another article, contact Courtney Vien , senior editor of newsletters at the Association of International Certified Professional Accountants.

  • • Glossary
  • • Terms & Conditions
  • • Privacy Policy
  • • Contact & Feedback


Existing Login

By selecting 'Keep me logged in.' you consent to saving your session in accordance with our privacy policy. For shared devices (such as a public computer) we recommend that you do not select this option.

Linkedin Logo

I Forgot My Password

Join the AICPA as a FREE Student Affiliate Member

Gain access to exclusive content, AICPA benefits and scholarship opportunities. Available to full or part time high school or university students.

Register as an accounting faculty member or professional

Gain access to the Academic Resource Database, educator webinars and more to support you in building the CPA pipeline.

Already have an account? Sign In

cost accounting problem solving app

Accounting | Buyer's Guide

5 Best Mobile Accounting Apps for 2024

Updated December 27, 2023

Updated Dec 27, 2023

Published December 27, 2023

Published Dec 27, 2023

Tim Yoder, Ph.D., CPA

REVIEWED BY: Tim Yoder, Ph.D., CPA

Eric Gerard Ruiz, CPA

WRITTEN BY: Eric Gerard Ruiz, CPA

This article is part of a larger series on Accounting Software .

  • Quick Comparison
  • 1. Best Overall
  • 2. Best for Service-based Freelancers & Solopreneurs
  • 3. Best for Local Bookkeeping Support
  • 4. Best Free Mobile Invoicing App
  • 5. Best Banking App With Accounting Features
  • Our Methodology
  • How To Choose an App

Bottom Line

Mobile accounting apps should let users access, encode, and process accounting data wherever and whenever, regardless of the device used—so you’ll want one that’s easy to use and accessible through different platforms. With this premise, Zoho Books is our best overall mobile accounting app because of its topnotch mobile functionality and seamless integration with the iOS environment.

Here is our complete list of the best mobile accounting app choices:

  • Zoho Books : Best overall mobile accounting app with outstanding iOS integration
  • FreshBooks : Best for service-based freelancers and solopreneurs
  • QuickBooks Online : Best for local bookkeeping support
  • Zoho Invoice : Best free mobile invoicing app
  • Found Found is a financial technology (fintech) platform backed and insured by the Federal Deposit Insurance Corp. (FDIC) through a supporting bank partnership with Piermont Bank. : Best online banking app for freelancers to estimate tax payments

Why You Can Trust Fit Small Business

The Fit Small Business editorial policy is rooted in the company’s mission, which is to deliver the best answers to people’s questions. This serves as the foundation for all content, demonstrating a clear dedication to providing valuable and reliable information. Our team leverages its expertise and extensive research capabilities to identify and address the specific questions our audience has—and this ensures that our content is rooted in knowledge and accuracy.

We also employ a comprehensive editorial process that involves expert writers, which ensures that articles are well-researched and organized, offering in-depth insights and recommendations. Fit Small Business maintains stringent parameters for determining the “best” answers—including accuracy, clarity, authority, objectivity, and accessibility—and these see to it that our content is trustworthy, easy to understand, and unbiased.

Comparison of Best Mobile Bookkeeping Apps

Zoho books: best overall mobile accounting app.

Zoho Books logo

  • Has excellent mobile app functionality for both iOS and Android devices
  • Integrates with the Apple Watch
  • Has an excellent customer support
  • Imposes a $50,000 revenue limit for the free version
  • Limits invoicing (up to 1,000 per year) for the Free and Standard plans

Zoho Books Pricing

Zoho Books has multiple plans to choose from, but Premium is our top recommendation.

  • Free for businesses with less than $50,000 in annual revenues
  • Standard : $20 per organization monthly—good for three users
  • Professional : $50 per organization monthly—good for five users
  • Premium : $70 per organization monthly—good for 10 users
  • Elite : $150 per organization monthly—good for 10 users
  • Ultimate : $275 per organization monthly—good for 15 users
  • Additional users : $3 per month
  • Advanced autoscans (receipt scanning): $10 for 50 scans per month
  • Snail mail credits for sending invoices : $2 per credit

Why We Chose Zoho Books

Zoho Books is a good pick for businesses and freelancers who need a capable app to assist in daily accounting. Its app can do more than just send invoices or enter bills—it can track time worked and assign recorded time to specific customers and projects. This feature is perfect for freelancers and individuals billing by the hour.

Aside from that, Zoho Books has excellent inventory features in the web app, making it a good pick for users dealing with inventory. Though the mobile app has no features specific for inventory management, features like viewing reports and receiving payments can aid in processing inventory transactions. Besides that, its app has great integration with iOS devices. iPhone users can add widgets or receive reminders directly from their Apple Watch notifications.

  • Deciding Factors
  • Freelancers who perform accounting tasks on tablets and smartphones : Zoho Books’ powerful mobile app lets you perform the essential accounting functions through the app. This accessibility enables you to stay on top of income and expenses without always opening the web browser to do accounting tasks.
  • Inventory management : Zoho Books’ web app has inventory features that lets you manage inventory transactions, stock levels, and costs. With the help of the mobile app, you can generate inventory reports, assign inventory as billable expenses for customers or projects, or enter bills for inventory purchases.
  • Businesses looking for a more capable mobile app than QuickBooks Online : Zoho Books’ mobile app can record time worked, assign billable time to customers or projects, or enter bills from within the app. QuickBooks Online’s app can’t do any of those tasks.

FreshBooks: Best for Service-based Freelancers and Solopreneurs

FreshBooks logo.

  • Is easy to use
  • Has excellent project accounting features
  • Has excellent customer service
  • Has no inventory and COGS features
  • Can’t assign expenses to projects
  • Requires bank integration to assign transactions to multiple payment accounts

FreshBooks Pricing

All plans are good for one user only.

  • Lite : $19 per month
  • Plus : $33 per month
  • Premium : $60 per month

You can add more seats at $11 each per month.

Get FreshBooks at 60% off for three months or a 30 day free trial.

Why We Chose FreshBooks

Since FreshBooks has no inventory features, we don’t recommend it for retailers. However, it does have outstanding project accounting features that make it great for service providers. Its mobile app can also help freelancers and solopreneurs perform basic to intermediate accounting transactions through the app.

For instance, users can assign time worked and expenses to customers and projects directly within the app. Moreover, this feature works in conjunction with time tracking, making it easy for service-based or project-based freelancers to assign billable hours to clients or projects.

It only misses on the following features: entering bill payments, categorizing expenses in bank feed, and viewing reports. Overall, it’s still a good pick for freelancers because it has a built-in time tracker and can assign time to customers or projects.

  • Service-based and project-based freelancers : FreshBooks has an outstanding project accounting module that lets freelancers track project income and expenses. This module works well with the mobile app because users can track and assign time from within the app and subsequently bill to clients through the app’s invoicing features.
  • Individuals looking for an easy-to-use accounting software : The overall design of FreshBooks is meant for freelancers and solopreneurs with little experience in accounting. Its interface is non-intimidating and easy to understand for beginners.

QuickBooks Online: Best for Local Bookkeeping Support

QuickBooks logo.

  • Can perform most accounting functions
  • Can scan receipts and create transactions with extracted data
  • Tracks mileage directly within the app
  • Has limited users
  • Cannot view or pay outstanding bills using the mobile app
  • Cannot record hours worked

QuickBooks Online Pricing

The mobile app is free with a subscription to QuickBooks Online. New subscribers can choose between 50% off for three months, plus free guided setup, or a free 30-day trial:

  • Simple Start: $30 per month for one user
  • Essentials: $60 per month for three users
  • Plus: $90 per month for five users
  • Advanced: $200 per month for 25 users

Under the free guided setup, a QuickBooks expert will help you set up your QuickBooks Online account, teach you how to navigate and use all of QuickBooks’ features, and help you personalize your experience.

Why We Chose QuickBooks Online

As our best small business accounting software , QuickBooks Online doesn’t disappoint in accounting features. We recommend it for users who want to outsource bookkeeping to a local ProAdvisor. Finding a ProAdvisor in the United States is easy because of the vast network of certified public accountants (CPAs) and bookkeepers with this certification. If you want to outsource bookkeeping to a ProAdvisor, read our article on how to find a QuickBooks ProAdvisor .

The mobile contains basic features like invoicing and receipt capture. It would’ve been better if QuickBooks Online could add time tracking within the app for convenience. In our expert opinion, its mobile app is a good companion for the full web app, but it’s inadequate if used as a standalone mobile app.

  • Businesses that prefer to outsource bookkeeping to QuickBooks ProAdvisors : In general, QuickBooks Online is a good pick for businesses wanting to outsource bookkeeping. With the abundance of ProAdvisors across the US, it’s easy to find a bookkeeper with ProAdvisor certification. Learn how to find QuickBooks ProAdvisors .
  • Existing QuickBooks users looking for a companion mobile app : Through QuickBooks Online’s mobile app, you can send invoices and receive payments, which enables you to process basic invoicing and payments processing without going to the web app. Besides that, you can also view reports straight from the app just in case you want to see the latest figures.

Zoho Invoice: Best Free Mobile Invoicing App

Zoho Invoice logo.

  • Tracks time and assign to customers
  • Tracks expenses and add to invoices
  • Customizes and sends invoices
  • Is not a full bookkeeping system
  • Cannot process incoming invoices (or bills from suppliers)

Zoho Invoice Pricing

Zoho Invoice is totally free with no hidden charges or fees for any size company

Why We Chose Zoho Invoice

Zoho Invoice is a full-featured invoicing software that includes premium features, such as time tracking, customer portal, and receipt scanning. We included it in our roundup because it’s the perfect mobile accounting app for users who need to send invoices, bill time worked to clients, and track expenses for free. Although it’s not full accounting software, we believe it’s a good pick for those who are only looking for a way to send invoices on the go.

Zoho Invoice is solely for invoicing, so we recommend Zoho Books for its complete accounting features (via the web app) and robust mobile app functionality. Since both are Zoho products, you can easily integrate the two apps in the Settings menu.

  • Those looking for a standalone invoicing app : Zoho Invoice is a standalone invoicing app that lets users send invoices, process invoices payments, send quotes, and track time without having to deal with the unnecessary complications of bookkeeping software.
  • Businesses looking for totally free software : You get all of Zoho Invoice’s features for free without hidden fees or the need for upgrades. It even features a customer portal and built-in time tracker, which are features not commonly present in free apps.
  • Existing Zoho users : If you’re already integrated within the Zoho environment, choosing Zoho Invoice is a great addition to your system because it works well with other Zoho services, including Zoho Books.

Found: Best Online Banking App With Accounting Features

Found logo.

  • Has banking and card services
  • Has bookkeeping and expense tracking features
  • Can manage 1099 contractor payments
  • Can compute tax estimates
  • Is not full accounting software
  • Requires paid plan for advanced features, such as PayPal or Venmo transactions imports and quarterly tax payments for Schedule C filers

Found Pricing

Found is free for banking, bookkeeping, and tax estimations. However, you can get Found Plus for $19.99 per month for the following exclusive perks:

  • 1.5% APY on balances up to $20,000
  • Unlimited custom rules, categories, and tags
  • Auto-importing of expenses from receipts
  • Importing of transactions from bank, credit card, Venmo, and PayPal Accounts
  • In-app quarterly tax payments for Schedule C filers
  • Priority support

Why We Chose Found

Found is a financial technology (fintech) platform that offers banking, accounting, and tax estimation features. It has essential bookkeeping features that can help freelancers or microbusinesses maintain a digital bank while managing basic accounting tasks, such as expense tracking, receipt capture, transaction categorization, and invoicing.

We picked Found because it has a good mobile app that lets you see your accounting and financial health in one platform. Since it is primarily a banking app, its accounting features can’t substitute full-fledged accounting software. We recommend either Zoho Books or QuickBooks Online for accounting software with capable mobile app functionality.

  • Freelancers looking for a digital bank : If you want to separate personal from business transactions , you can use Found as your main banking solution for your freelance business. It features invoicing, bookkeeping, and tax estimation features that can help you manage your freelance career while keeping tabs of your finances. Found is also one of our best online business banks .
  • Free banking app : Found’s free plan contains most of its features, such as a business debit Mastercard, unlimited banking transactions, automated expense tracking, and tax estimation. If you want to maintain your business’ banking needs without the hassles of a true bank account, you can choose Found as a more convenient solution.

How We Evaluated Mobile Accounting Apps

In our case study , we created 13 key areas for features that we want to see in small business accounting software. Mobile app functionality is one of those areas, and we used the scores of the mobile app section for this article.

Here are the criteria we used in evaluating mobile app functionality:

  • Sending invoices to customers (15%)
  • Receiving payments from customers (10%)
  • Entering bills from vendors and suppliers (15%)
  • Capturing or scanning receipts (10%)
  • Assigning expenses to customers and projects (5%)
  • Entering bill payments (10%)
  • Categorizing expenses in bank feed (10%)
  • Recording time worked (10%)
  • Assigning time worked to customer or project (5%)
  • Viewing reports (10%)

How To Choose Your Accounting or Bookkeeping App

Most accounting programs don’t allow you to do all of the bookkeeping functions from a mobile app. Things like bank reconciliations and general journal entries are done infrequently and are much easier on a bigger screen. However, when choosing your app, think about the things you do daily that the app should allow.

A good mobile accounting app should let you:

  • Issue invoices: You should be able to generate and email invoices to customers quickly.
  • Receive payments: You can record payments received from customers and apply them against outstanding invoices.
  • Pay bills: Inputting bills received may be easier on your PC, but you should be able to pay the bills through the mobile app.
  • Scan receipts: Many apps will allow you to scan receipts and then extract the data to create new accounting transactions. For more information, check out our guide to the best receipt scanner apps .
  • Categorize transactions: Good bookkeeping programs will transfer transactions automatically from your checking account. The mobile app should allow you to categorize these transactions.
  • View reports: A good app will allow you to view financial reports without the need to print them.

Frequently Asked Questions (FAQs)

What is the major advantage of using mobile accounting apps.

With mobile accounting apps, you can access accounting information in real time without having to open your laptop or log in via web browser.

What is mobile accounting?

Mobile accounting is the process of performing accounting tasks through a smartphone or tablet. Through mobile bookkeeping apps, you can input accounting data into the system and generate reports when needed without having to use the web-based or desktop application.

We’ve provided a list of the best mobile accounting apps to help your small business succeed. Before choosing your bookkeeping software, consider which functions you’ll want to perform directly from the app, like invoicing. If you want to do most accounting functions on the go, Zoho Books may be your best choice.

About the Author

Eric Gerard Ruiz, CPA

Find Eric Gerard On LinkedIn

Eric Gerard Ruiz, CPA

Eric is an accounting and bookkeeping expert for Fit Small Business. He has a CPA license in the Philippines and a BS in Accountancy graduate at Silliman University. Since joining FSB, Eric has used his expertise and authority in curating and writing content about small business accounting and bookkeeping, accounting software, financial accounting and reporting, managerial accounting, and financial management.

Join Fit Small Business

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Select the newsletters you’re interested in below.

Your Article Library

Top 14 cost accounting problems with solutions.

cost accounting problem solving app


In this article we have compiled various cost accounting problems along with its relevant Solutions. After reading this article you will learn about cost accounting problems on: 1. Cost Sheet 2. Economic Ordering Quantity 3. Store Ledger 4. Wage Payment  5. Labour Hour Rate 6. Secondary Distribution 7. Incentive Schemes 8. Idle Capacity Cost  9. Batch Costing 10. Contract Costing 11. Process Costing 12. Normal Loss, Abnormal Loss and Abnormal Gain 13. Equivalent Production 14. Apportioning Total Process Costs.

  • Cost Accounting Problems on Apportioning Total Process Costs

Cost Accounting Problems

1. cost accounting problem on cost sheet (4 problems):.

Problem 1 :

The accounts of Basudev Manufactures Ltd. for the year ended 31st December 1988 show the following:


(a) Material Consumed

(b) Prime Cost

(c) Works Cost

(d) Cost of Production

(e) Total Cost and


Prepare a Cost Sheet for the year ended 31.3.86 from the following figures extracted from the books of Best Engineering Co.

Opening Stock:

(i) Raw Material 40,350,

(ii) Work-in-Progress 15,000 and

(iii) Finished Stock 35,590.

Cost incurred during the period:

Materials purchased 2,50,000, Wages paid 2,00,000, Carriage inward 2,000, Consumable Stores 10,000, Wages of Storekeeper 7,000, Depreciation of Plant & Machinery 10,000, Materials destroyed by Fire 5,000, Repairs & Renewals 5,010, Office Manager’s Salary 10,000, Salary to Office Staff 20,500, Printing & Stationary 10,000, Power 10,500, Lighting for Office Building 2,000, Carriage outward 3,000, Freight 5,000, Entertainment 2,500, Warehousing charges 1,500, Legal charges 2,000, Expenses for participating in Industrial exhibition-6,000.

Closing Stock:

(i) Raw material 35,000,

(ii) Work-in-Progress 14,500, and

(iii) Finished Stock 40,030. Profit 25% on cost.

Best Engineering Co.

Cost Sheet:

for the year ended 31.3.86


From the following figures relating to the manufacture of a Electronic Product during the month of July 1990, prepare a statement showing Cost and Profit per unit:


Working Notes:

Calculation of Closing Finished Stock:

Closing Finished Stock= Opening Finished Stock + Production – Sales

= Nil + 20,000 – 18,000 = 2,000.

The following data are available for 2006:


It is expected that in 2007:

(a) Production will be 1,00,000 units.

(b) Prices of materials will go up by 33⅓%.

(c) Variable selling overhead and fixed expenses will rise by 25% and Rs. 25,000, respectively. What would be the cost per unit and selling price in 2007, if it is desired to maintain the same rate of profit on sales as in 2006?


(i) Calculation for Material Cost per unit in 2007


(ii) Calculation for cost per variable selling overhead in 2007

Selling overhead increased by 25% i.e. selling overhead per unit in 2007

= Rs. 4.00 + 25% of Rs. 4 = 4.00 + 1.00 = Rs. 5.00

(iii) Fixed expenses in 2007 = 75,000 + 25,000 = 1,00,000

(iv) Rate of profit on sales = 2/12 × 100 = 16⅔%


(i) Variable overhead changed with production unit.

(ii) Fixed expenses assumed related with office and administration.

2. Cost Accounting Problem on Economic Ordering Quantity (2 Problems):

From the following information calculate the Economic Order Quantity:

Annual usage – 20,000 units

Cost of Materials (per unit) – Rs. 250

Cost of placing and receiving order – Rs. 2,000

Annual cost of carrying inventory (including interest) – 10% of cost


Problem 1(a) :

A manufacturer uses 75,000 units of a particualr material per year. The material cost is Rs. 1-50 per unit and the carrying cost is estimated to be 25% p.a. of average inventory cost. The cost of placing an order is Rs. 18.

You are required to determine the Economic Order Quantity and frequency of orders p.a.

We know EOQ = √2AO/C

A = Annual consumption = 75,000 units

O = Ordering cost per unit = Rs. 18.

C = Carrying cost per unit = 25% of Rs. 1.5 = 0.375

. . . EOC = √2 × 75,000 × 18/0.375 = 2,691 units (approx).

Frequency of order p.a. = 28 (approx.)

Problem 2 :

From the following particulars determine the Economic Order Quantity:


Additional information:

(i) Annual consumption of materials = 2,000 tonnes;

(ii) Carrying cost 10%,

(iii) Ordering cost Rs. 5 per order.


The total cost of the inventory is minimum, when the ordering quantity is 500 units, i.e. Rs. 19,662-50.

Therefore Economic Order Quantity = 500 units.

3. Cost Accounting Problems on Store Ledger (4 Problems):

From the following particulars find out the value of closing stock when materials are issued under Simple Average Method:


From the following details write Store Ledger under simple average method:


The stock verifier found a shortage of 10 kg. on 16.12.06 and another shortage of 10 kg on 26.12.06.


Problem 3 :

The particulars of receipts and issues of materials in a factory in January 2007 are:


Pricing of issues is to be done on FIFO basis. A shortage of 10 kg was noticed on 16th January. Prepare the Store Ledger for the month of January 2007.


Problem 4 :

The following are the details supplied by J.K. Corporation in respect of its raw materials for the month of December 1988:


On 31.12.88 a shortage of 100 units was found. Find the values of issues and resulting stocks on different dates using (i) LIFO. (ii) FIFO; and (iii) Simple Average methods.


1. Rate of stock issued on 10.12.88 = Rs. 5.00 + Rs. 6.00/2 = Rs. 5.50

2. Value of stock issued on 31.12.88 = Rs. 6.00 + Rs. (Here opening Stock rate i.e. Rs. 5 will not be considered as it has already been exhausted).

4. Cost Accounting Problem on Wage Payment (2 Problems):

Calculate total monthly remuneration of workers A, B, C and D on the basis of the following information for the month of January 2007:

(i) Standard Production for each worker = 1,000 units

(ii) Rate of wages = 10 paise per unit

(iii) Bonus = Rs. 5 for each 1% increase over 90% of the standard.

(iv) Dearness Allowance per month = 100% of piece wage.

The units completed by the four workers were as under:

A = 950 units, B = 900 units, C = 960 units, D = 850 units.

% of work done by the workers:

A = 950/1,000 × 100 = 95%

B = 900/1,000 × 100 = 90%

C = 960/1,000 × 100 = 96%

D = 850/1,000 × 100 = 85%


In a factory bonus system, bonus hours are credited to the employee in the production of time taken which time saved bears to time allowed. Jobs carried forward from one week to another. No overtime is worked and payment is made in full for all units worked on, including those subsequently rejected.

From the following, you are required to calculate for each employee:

(a) The bonus hours and amount of bonus earned;

(b) Total wage cost;

(c) The wage cost of each good unit produced.


5. Cost Accounting Problems on Labour Hour Rate (3 Problems):

Calcutta Engineering Co. has three production departments X, Y and Z and one service department S.

From the following particulars calculate Labour Hour Rate of each of the departments X, Y and Z:


There were 125 working days of 8 hours each. Services rendered by the Service Department are to be apportioned to the production departments X 50%, Y 25%, and Z 25%.


1. Labour hours worked = No. of working days × hours of daily work × No. of workers

X: 125 × 8 × 7 = 7,000

Y: 125 × 8 × 5 = 5,000

Z: 125 × 8 × 5 = 5,000

2. Labour hour rates = Expenses/Labour hours worked

Moonlight Engineering Company has three production departments, A, B and C and one service department S. Following are the particulars of a month of 25 working days of 8 hours each.

Calculate the labour hour rate for each of the production departments:


Service rendered by the service department to production departments A, B and C is in the ratio of 2: 2: 1, respectively.


1. Total Assets value = Rs. 5,000 + Rs. 6,000 + Rs. 6,000 + Rs. 3,000

= Rs. 20,000

. . . Depreciation = 12% of Rs. 20,000 = Rs. 2,400

2. Labour hours worked = No. of working days × Hours of daily work × No. of workers:

X: 25 × 8 × 20 = 4,000

Y: 25 × 8 × 25 = 5,000

Z: 25 × 8 × 30 = 6,000

A machine was purchased for Rs. 55,000. It was installed in a shop over ⅕th of its floor area at an additional cost of Rs. 5,000. The working life of the machine as also the scrap value was estimated at 10 yrs and Rs. 5,000, respectively.

From the following details compute the Machine Hour Rate:


It is estimated that the supervisor devotes one-fourth of his time for the machine, the cost of power is Rs. 20 per 100 units and the machine consumed 10 units per hour.

Normal working hours of the machine is estimated at 1,200 but during the year it actually worked for 1,000 hrs.


6. Cost Accounting Problems on Secondary Distribution (1 Problem):

XYZ Ltd. has two production and two Service departments namely P 1 and P 2 , and S 1 and S 2 , respectively.

From the following information prepare a statement showing primary distribution of overhead:


7. Cost Accounting Problems on Incentive Schemes (2 Problems):

A worker takes 12 hours to complete a work on daily wages and 8 hours on a scheme of payment by results. The worker’s day rate is Rs. 6.00 per hour. The cost of material of the product is Rs. 20 and the overheads are recovered at 200% of the total wages.

Calculate the factory works cost of the product under:

(i) Rowan Plan and

(ii) Halsey Scheme.


Production department of a company pays its workers standard wages @ Rs. 2.00 per hour plus a bonus under the Rowan Premium Bonus Scheme and Dearness Allowance of Rs. 50 per week of 55 hours.

At the end of a particular week the time sheet of a worker is summarised below:


Calculate the gross wages (including bonus and D.A.) of the worker of the week.


(i) Time Saved

Job No. 205 = (30 – 25) hours = 5 hours

Job No. 108 = (25 – 20) hours = 5 hours

Job No. 12 = (5 – 3) hours = 2 hours


8. Cost Accounting Problems on Idle Capacity Cost (1 Problem):

Illustration 4 :

A manufacturing company has two production departments X and Y and three service departments: Store, Maintenance and Time Keeping.

The departmental distribution summary showed the following expenses for June 2007:

Production Departments:


9. Cost Accounting Problems on Batch Costing (2 Problems):

Rina, a contractor got a contract to supply 100 wooden dolls per day to M/s R. K. Mitra & Co. The cost of holding a doll is Rs. 2 p.a. and the set-up cost of production is Rs. 3. Assume there are 300 working days in a year.

What would be the optimum run size for unit manufacture?

We know optimum run size

or EBQ = √2AS/C

where A = Annual production units

= 100 × 300 = 30,000

S = Setting cost per unit = Rs. 3

C = Carrying cost per unit = Rs. 2

. . . EBQ = √2 × 30,000 × 3/2 = 300 units

Saha & Bose Ltd. has made a contract with Mitra & Das Ltd. to supply 4,800 T.V. sets per annum.

It is estimated that the carrying cost per T.V. per annum will be Rs. 10 and that the set-up cost per batch is Rs. 648. Find out:

(a) Economic Batch Quantity.

(b) The time interval between two consecutive optimum runs,

(c) The minimum inventory holding cost.

(a) EBQ = √2AS/C = √2 × 4,800 × 648/12

= √2 × 4,800 × 54 = 720

(b) Time interval between two consecutive optimum runs

= 365/No. of set-up per annum

Again, No. of set-up per annum = Annual Production/EBQ

= 4,800/720 = 20/3

. . . Time interval between two consecutive optimum runs

= 365/20/3 = 365 × 3/20

= 1,095/20 = 54.75 days = 55 days

(c) Minimum inventory holding cost per annum

720/2 × 12 = Rs. 4,320

10. Cost Accounting Problems on Contract Costing (3 Problems):

A construction company undertook two contracts namely Contract No. 005 and Contract No. 052, on 1.1.06 and 1.7.06, respectively. On 31st December 2006, when the accounts were closed, the portion of the contracts was as follows:


The total establishment expenses incurred during the year amounted to Rs. 25,000. These are to be charged to the two contracts in proportion to wages.

Prepare the Contract A/cs.


Calculation for Profit to be charged to P/L A/c.

(a) Contract No. 005 = 2/3 × 2,25,000/2,50,000 × 62,000 = 37,200

(b) Contract No. 052 = 2/3 × 72,000 × 1,60,000/20,000 = 38,400

M/s Pine Corporation undertook a contract for Rs. 2,40,000. You are requested to prepare the Contract A/c and Contractee’s and Work-in-Progress A/c for the year ended 31st December 2006 from the following information:


10% of value of material and 15% of wages may be considered as being incurred for the proportion of works completed but not certified. Other charges are charged as a proportion of direct wages.


XYZ Ltd. obtained a contract for Rs. 7,50,000 on 1.1.06. At the end of the year the following information were collected:


The above contract contained an escalator clause:

“In the event of price of raw material and rates of wages increased more than 10%, the contract price would be increased accordingly by 25% of the rise in the cost of materials and wages beyond 10% in each case.”

It was found that since the date of signing of the contract the price of material and rate of wages increased by 25%. The value of the work certified should not be considered in the effect of escalator clause.


(i) Calculation for the amount of Contract Price increased due to Escalation Clause.


As the wages and material cost increased by Rs. 34,800 beyond escalation clause the contract price will be increased by 25% of Rs. 34,800 = 8,700.

(ii) Calculation for Profit to be charged to Profit & Loss A/c

= 2/3 × 1,24,200 × 2,25,000/3,00,000 = 2/3 × 1,24,200 × 3/4 = 62,100.

11. Cost Accounting Problem on Process Costing (3 Problems):

Product A passes through two processes I and II and then to Finished Stock. From the following data prepare the Process A/c’s:


Mukherjee & Co. produces an article through two processes X and Y which is then sent to the finished stock.

The details of the processes are:


12. Cost Accounting Problems on Normal Loss, Abnormal Loss and Abnormal Gain (1 Problem):

Illustration 1:

The following are the details of Process X, Process Y and Process Z:


Stock in process is valued at Prime Cost and Finished stock at the price at which it is received from process III.

Find out the amount of provision to be made to offset the inter-process profits added.


13. Cost Accounting Problems on Inter-Process Profit (1 Problem):

The following illustration will be helpful to understand how to calculate the inter-process profit. A product passes through three processes before it is transferred to Finished Stock.

The following details for January 1992 are available:


Stock in processes is valued at Prime Cost and Finished Stock at the price at which it is received from process III.


Profit on Closing Stock: 40,000/2,40,000 × 12,000 = 2,000


Profit on Closing Stock = 2,42,000/6,60,000 × 30,000 = Rs. 11,000

Statement showing the amount of provision to be made to offset the inter-process profits added:


13. Cost Accounting Problems on Equivalent Production (1 Problem):

Illustration 1 :

The following information is available regarding process X during the year ended 31.3.95.

Production Records:


Cost Record:

Work-in-process as on 1.4.94:

Material Rs. 25,500 Labour Rs. 15,000

Overhead Rs. 12,000

Cost for the year 94-95

Material Rs. 60,000, Labour Rs. 35,000, Overhead Rs. 17,500 Prepare the

(a) Statement of Equivalent Production

(b) Statement of Cost for each element

(c) Statement of Evaluation.


14. Cost Accounting Problems on Apportioning Total Process Costs (2 Problems):

In the process line of XY Company three joint products are produced for the month of May 1990.

The following data were available:


Pre-separation point costs amounted to Rs. 20,000. The joint products are manufactured in one common process; after which they are separated and may undergo further individual processing. The pre-separation point costs are apportioned to joint products according to weight.

You are required to prepare a statement showing the estimated profit or loss for each product and in total.


From the following information, find the profit made by each product apportioning joint cost on sales value basis:


. . . Joint Cost should be borned by:

Product A = 1,32,000/2,20,000 × 1,67,600 = 1,00,560

Product B = 88,000/2,20,000 × 1,67,600 = 67,040


Related Articles:

  • Top 4 Problems on Labour Turnover with Solutions | Cost Accounting
  • Top 5 Problems on Overhead with Solutions | Cost Accounting

Comments are closed.

web statistics

5 Great Apps for Accounting Students

Find your perfect school.

Key Takeaways :

  • Essential apps for accounting students include Becker’s Mobile App, Accounting Calculator, Mint Personal Finance, CurrencyGo, and My Accounting Teacher.
  • Becker’s Mobile App aids in CPA exam preparation, while the Accounting Calculator provides necessary functions for accurate calculations.
  • Apps like Mint help track personal finances, CurrencyGo offers currency conversion, and My Accounting Teacher covers basic concepts effectively.

The U.S. Bureau of Labor Statistics reports that accounting jobs are growing steadily, and average income for accountants is well above the national average for all positions. Accounting coursework can be challenging, but earning a degree in the subject can open up lucrative opportunities for college graduates. These five accounting apps help students do their best and provide the supplemental support that students need to succeed.

Super Accounting Learning App Options

Becker’s mobile app.

Students can improve their chances of landing a dream job by earning a CPA designation, and one of the major steps of receiving the CPA title is taking an intense, four-part exam that covers everything related to accounting and finance. Becker’s CPA Exam Review has been the gold standard in CPA review courses for years, and the company’s mobile app makes it easier to fit in studying at any time. The app even keeps track of the number of days until a scheduled exam to keep students on track.

Featured Programs

Accounting calculator by yuki muramatsu.

Standard calculators do not have the functions needed for accounting students to complete their homework and study for important exams. This accounting calculator includes percentage calculations and functions for including and excluding tax to ensure accurate results. Up to 12 digits can be displayed on the screen, so accounting students who are working on complex calculations can make sure that rounding does not cause inaccuracies when they get a final answer. One of the best features of this accounting calculator is that it is completely free.

Mint Personal Finance and Money

While the Mint app is intended to keep track of personal finances, tracking personal income and expenses gives accounting students a hands-on opportunity to put their accounting skills to the test. Using the Mint app is free, and students can link the app to their loan and bank accounts to track net worth and see their income grow as they transition into a long-term career. Email alerts can be set to ensure that students are aware of their bill due dates and know when their bank account balances are getting low.

Finance and accounting students alike will appreciate the up-to-date currency conversion references that can be found on CurrencyGo. Exchange rates are sourced from banks and financial institutions around the world to ensure that the latest conversion rates are used. Students who are interested in international accounting can impress their professors by using the most accurate exchange rates, and data sources are provided to ensure that students are able to show where they got their information.

My Accounting Teacher by Jaxon Media

It is not always easy to get a handle on complex accounting functions without the help of supplemental materials that go beyond the classroom and textbook. My Accounting Teacher is an app that covers basic accounting concepts thoroughly by using definitions, examples and videos to help students understand their coursework. The first two modules contain approximately 45 minutes worth of materials to get students started, and additional modules can be purchased for 99 cents each.

Choosing accounting as a major opens up many possibilities for students, but success in accounting courses requires student to take a proactive role in their education. The apps outlined above are ideal to use as supplemental materials that help students succeed in their pursuit of an accounting degree. If your interested in the types of accounting degrees out there, we have articles like this one that spotlights high value forensic accounting degrees .

  • 100 Most Affordable Online Accounting Degree Programs
  • Accelerated MBA Programs Online
  • Accounting Degree Online
  • Master’s in Accounting Online
  • 30 Colleges Helping Students Manage Finances

AI Accountant

AI Accountant

An AI accountant that helps you navigate the complexities of financial planning, tax regulations, and budget management. Disclaimer: The information provided by the AI does not constitute legal or financial advice and doesn't replace a real accountant.

AI Accountant

Hello, how can I assist you with your financial matters today? Don't forget to specify where the location too to be able to help you accurately.

The global body for professional accountants

  • Search jobs
  • Find an accountant
  • Technical activities
  • Help & support

Can't find your location/region listed? Please visit our global website instead

  • Middle East
  • Cayman Islands
  • Trinidad & Tobago
  • Virgin Islands (British)
  • United Kingdom
  • Czech Republic
  • United Arab Emirates
  • Saudi Arabia
  • State of Palestine
  • Syrian Arab Republic
  • South Africa
  • Africa (other)
  • Hong Kong SAR of China
  • New Zealand
  • Our qualifications
  • Getting started
  • Your career
  • Apply to become an ACCA student
  • Why choose to study ACCA?
  • ACCA accountancy qualifications
  • Getting started with ACCA
  • ACCA Learning
  • Register your interest in ACCA
  • Learn why you should hire ACCA members
  • Why train your staff with ACCA?
  • Recruit finance staff
  • Train and develop finance talent
  • Approved Employer programme
  • Employer support
  • Resources to help your organisation stay one step ahead
  • Support for Approved Learning Partners
  • Becoming an ACCA Approved Learning Partner
  • Tutor support
  • Computer-Based Exam (CBE) centres
  • Content providers
  • Registered Learning Partner
  • Exemption accreditation
  • University partnerships
  • Find tuition
  • Virtual classroom support for learning partners
  • Find CPD resources
  • Your membership
  • Member networks
  • AB magazine
  • Sectors and industries
  • Regulation and standards
  • Advocacy and mentoring
  • Council, elections and AGM
  • Tuition and study options
  • Study support resources
  • Practical experience
  • Our ethics modules
  • Student Accountant
  • Regulation and standards for students
  • Your 2024 subscription
  • Completing your EPSM
  • Completing your PER
  • Apply for membership
  • Skills webinars
  • Finding a great supervisor
  • Choosing the right objectives for you
  • Regularly recording your PER
  • The next phase of your journey
  • Your future once qualified
  • Mentoring and networks
  • Advance e-magazine
  • Affiliate video support
  • An introduction to professional insights
  • Meet the team
  • Global economics
  • Professional accountants - the future
  • Supporting the global profession
  • Download the insights app

Can't find your location listed? Please visit our global website instead

  • Accounting app for students and professionals
  • Back to Getting started
  • Welcome to ACCA
  • On Your Marks
  • Student re-registration

Connect with us

  • Qualification structure
  • Important dates
  • Exam exemptions
  • Rules and standards for students
  • Moving to the ACCA Qualification
  • Administration forms - students

Student Accountant app


Student Accountant  is your app to help guide you through your ACCA journey. It includes important updates about your exams, careers advice, interviews with employers, students and members, advice from tutors, news from the accountancy world, ACCA news and lots more...

  • Choose your topics to get the content relevant to you
  • Keep up to date with the latest stories, videos, podcasts, webinars and posts as they happen
  • Save articles and multimedia for later in your scrapbook
  • Opt in to receive push notifications so you don't miss out on important updates


Student Accountant app: some student feedback...

'Great initiative for the students of ACCA which will help to keep us updated with valuable news and information.' 'Extremely user friendly and is very informative.' 'Amazing and the most helpful app for all ACCA students. This is the most valuable app in my phone.' 'Great app, love the articles and the tips provided.' 'Amazing and excellent initiative.' 'Lots of beneficial resources in one place.. I like it!' 'Insight, information, and relatable professional advice all in one place! A must get.' 'Super duper app for the accountant.' 'This app is very helpful to ACCA students.' 'Excellent app. Love it!'


  • ACCA Careers
  • ACCA Career Navigator
  • ACCA Learning Community

Useful links

  • Make a payment
  • ACCA-X online courses
  • ACCA Rulebook
  • Work for us

Most popular

  • Professional insights
  • ACCA Qualification
  • Member events and CPD
  • Supporting Ukraine
  • Past exam papers

Planned system updates

  • Accessibility
  • Legal policies
  • Data protection & cookies
  • Advertising


  1. 10 Best Mobile Accounting Apps for 2022

    cost accounting problem solving app

  2. accounting problem solver app

    cost accounting problem solving app

  3. How to Solve Accounting Problems Quickly

    cost accounting problem solving app

  4. Consignment Accounting: How to solve problems on Consignment accounting

    cost accounting problem solving app

  5. Accounting App (Part_01)

    cost accounting problem solving app

  6. What’s the Buzz Around the App Cost Calculator Tool?

    cost accounting problem solving app


  1. Cost Accounting and Cost Analysis

  2. Get Pitched on 6 Apps For Accounting Firms

  3. Cloud based accounting software options for your healthcare practice

  4. Top 10 Accounting App Free Small Business Android Apps

  5. Build a IOS Calculator App with Swift and Xcode

  6. Corporation Accounting (Problem Solving) Problem 1


  1. Free AI Accounting Homework Helper

    AI Accounting tutoring is available 24/7, on-demand when you need it most. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing, and reporting these transactions to oversight agencies and tax collection entities.

  2. 15 AI tools to solve your accounting problems

    Top 15 AI tools for solving accounting queries. Clausehound. Clausehound is an AI-powered tool specifically designed for accountants to simplify contract analysis. It uses natural language processing algorithms to identify critical terms and clauses in contracts, ensuring compliance and reducing legal risks.

  3. 6 Top-Rated AI Accounting Tools

    6. SAP Business One. AI-enabled features in SAP Business One are utilized for various accounting tasks, from financial closing and consolidation to management and legal reporting. The tool automates expense reporting, allowing you to generate forecasts, analyze trends, and identify risks.

  4. 9 Best Free Accounting Apps 2024

    ad: ICAN Pathfinder: All Ican Past Questions. 4. Mint. This is a powerful free app that does a lot of things that accounting students and professionals would find useful. As professional accountants, Mint gives you all the relevant financial and tax information, tools and news anytime you need them.

  5. 10 Best AI Tools for Accounting & Finance in 2024

    Capterra: 4.2/5 (200+ reviews) 4. Indy. via Indy. Indy is an AI workflow and admin program designed for independent professionals. It allows freelancers to create proposals, draft contracts, send invoices, and—most importantly—get paid. 🤑. Bonus: How to Professionally Ask for Payments From a Client.

  6. 6 Best Accounting Apps for 2024

    The starting cost for Intuit QuickBooks is $30 per month for the Simple Start plan, $60 per month for the Essentials plan, $90 for the Plus plan, and $200 for the Advanced plan. QuickBooks offers a free trial for 30 days, and you can get 50% off of your first 3 months. 3. Zoho Books.

  7. Cost Problems Calculator

    For a Free Trial, Download The App. Good job! Practice More. Type your Answer. Verify. x^2: x^{\msquare} \log_{\msquare} \sqrt{\square} \nthroot[\msquare]{\square} \le \ge ... Solve cost word problems step by step. cost-problems-calculator. en. Related Symbolab blog posts. High School Math Solutions - Inequalities Calculator, Exponential ...

  8. Best Small Business Accounting Apps 2023

    The 7 Best Small-Business Accounting Apps of 2023. Learn about the best accounting apps' features, functionality, user-friendliness, and reviews. Best workflow automations. Zoho Books. 4.8. Starting from. $0.00/mo.*. Zoho Invoice integration. Income and expense tracking.

  9. Cost Accounting: What It Is And When To Use It

    Cost accounting is a type of managerial accounting that focuses on the cost structure of a business. It assigns costs to products, services, processes, projects and related activities. Through ...

  10. The Best Accounting Software of 2024

    Top 10 Accounting Software Apps to Try. Intuit QuickBooks Online — Top Pick. Zoho Books — Best Business Insights. Wave Accounting — Best Free Version. FreshBooks Accounting Software — Lowest Monthly Subscription Fee. Sage 50cloud Accounting — Best for Small Businesses. Xero — Best for Project Tracking.

  11. 18 AI Tools for Accounting and Finance

    Trullion is an accounting oversight platform that "uses AI to simplify revenue recognition, lease accounting, and audit workflows.". Trullion assists financial teams in reporting revenue accurately, performing AI-powered audits, and extracting and managing lease data. Trullion also supports compliance and accurate reporting for customer ...

  12. Online Accounting Calculators

    Accounting Calculators. Accounting/Finance calculations becomes easier with the help of our free online accounting calculators below. Select from our list of calculators and solvers and start solving your problems easily. Book Value Per Share Calculator. Contribution Margin Calculator.

  13. Accountants as Problem Solvers

    Linda McCann, DBA, CMA, CPA, is an associate professor and the accounting department chair at Metropolitan State University in Minneapolis/St. Paul, Minn. She is a member of IMA's Minneapolis Chapter. You can contact Linda at (612) 584-8524 or [email protected] . David Horn , CPA.

  14. 16 Biggest Accounting Challenges and Solutions in 2024

    Implementing and continuing to enhance cloud-based accounting systems is the first step toward tackling many of the challenges 2024 will present. Top-of-the-line enterprise resource planning software integrates finance and accounting with other business software modules, such as supply chain, warehouse and order management. With a reliable ...

  15. Study apps for accounting students : ThisWayToCPA : AICPA

    The app allows users access to a multitude of step-by-step solutions on a variety of subjects, including accounting and calculus. Students can also contact Chegg experts around the clock. Though it's free to download the Chegg Study app, it costs $14.99 a month to use its features. Finance and accounting major Anthony Schulz, a senior at ...

  16. 5 Best Mobile Accounting Apps for 2024

    Here is our complete list of the best mobile accounting app choices: Zoho Books: Best overall mobile accounting app with outstanding iOS integration. FreshBooks: Best for service-based freelancers and solopreneurs. QuickBooks Online: Best for local bookkeeping support. Zoho Invoice: Best free mobile invoicing app. Found.

  17. Top 14 Cost Accounting Problems With Solutions

    After reading this article you will learn about cost accounting problems on: 1. Cost Sheet 2. Economic Ordering Quantity 3. Store Ledger 4. Wage Payment 5. Labour Hour Rate 6. Secondary Distribution 7. Incentive Schemes 8. Idle Capacity Cost 9.

  18. Cost Accounting

    Exercise 15. At Quizlet, we're giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Cost Accounting 14th Edition, you'll learn how to solve your toughest homework problems. Our resource for Cost Accounting includes answers to ...

  19. Accounting Learning App Options

    5 Great Apps for Accounting Students. Key Takeaways: Essential apps for accounting students include Becker's Mobile App, Accounting Calculator, Mint Personal Finance, CurrencyGo, and My Accounting Teacher. Becker's Mobile App aids in CPA exam preparation, while the Accounting Calculator provides necessary functions for accurate calculations.

  20. Chat with AI Accountant

    An AI accountant that helps you navigate the complexities of financial planning, tax regulations, and budget management. Disclaimer: The information provided by the AI does not constitute legal or financial advice and doesn't replace a real accountant.. Try this and more free AI and ChatGPT tools and chatbots on!

  21. Learn Accounting

    Simple and easy quizzes for self-assessment. Accounting Ratios. Professional Software and Tools. This app will access your personal information like first name, last name, and Email id. 1) Beautifully simple, Amazingly easy, Massive selection of apps. 2) Enjoyable, Entertaining and Exciting apps.

  22. Accounting app for students and professionals

    Student Accountant app. Student Accountant is your app to help guide you through your ACCA journey. It includes important updates about your exams, careers advice, interviews with employers, students and members, advice from tutors, news from the accountancy world, ACCA news and lots more... Choose your topics to get the content relevant to you.

  23. Problems & Solutions in Cost Accounting

    Welcome to this course "Problems & Solutions in Cost Accounting". As the name says, this course will cover only problems / case studies in Cost Accounting. It means, there will be no separate lectures for Theoretical Concepts. You are expected to know theoretical concepts before taking up this course. Initially only following topics are published.

  24. Simple Construction Apps to Solve Common Problems

    Here are some standalone and simple apps and web-based tools aimed at solving a single defined problem without the expenditure or the risk of a broad construction enterprise resource planning (ERP ...