Simple Accounting Bookkeeping is an app designed for small businesses to manage their accounting needs with limited or no knowledge of underlying accounting principles. The app allows users to record transactions such as sales, purchases, payments, expenses, and taxes in a simple manner. It also supports tracking input credits for VAT/GST on purchases and offsetting the same on taxes payable against sales. The app is useful for businesses dealing in services as well as physical products. <br/><br/>The app also features inventory management, which allows users to enable inventory tracking for physical products. Inventory levels for each product will be automatically reduced on sale and increased on purchases. The profit and loss module keeps track of "Cost of Goods Sold" whenever a sale is made and calculates profits accordingly. The app contains an easy-to-use dashboard that features sales/purchases, payments received/paid, expenses incurred, profits earned, net payables/receivables outstanding, and current balances in bank account and cash account.<br/><br/>Users can create multiple sales/purchase accounts to classify their sales/purchase by region, product vertical, etc. They can record a sale/purchase with or without creating an invoice, and multiple template options are available for sending invoices. Users can also record payment transactions when making/receiving payments, keep track of their payables and receivables, and accept partial payments against an invoice. The app is designed for multiple tax systems such as VAT, GST, sales tax, etc. <br/><br/>Users can record expenses incurred in cash or as credit, and petty cash expenses can be quickly recorded without referring to a supplier. Payments for expenses incurred on credit can also be recorded, and the dashboard helps users keep track of their major expenses. The app also allows users to link their Dropbox account to the app and backup their data on Dropbox/Google Drive. Users can view the complete ledger of any account, such as client, supplier, expenses, cash, bank, taxes, etc. Complex transactions can be recorded as simple journal entries using double entry accounting principles (credit and debit). <br/><br/>Overall, Simple Accounting Bookkeeping is a comprehensive app that simplifies accounting for small businesses. It allows users to manage their accounting needs with ease and provides a range of features to help them keep track of their finances.
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