The 6 Best Project Management Apps for Your Business

Colorful sticky notes saying 'To Do', 'Doing', and 'Done', symbolic of project management.

Running a business in Orange County can be a challenge. That’s why you need to obtain all the help and support you can get. Relying on documents and spreadsheets alone to manage everyday business tasks is not enough anymore. You need to find a good project management app you can count on.

When it comes to project management apps, there is no one size fits all solution. You need to choose the project management tool that best serves your needs and the nature of your business. However, any project management app you choose should make your workflow more organized and efficient. It should help you maximize your output with minimum effort. A good project management tool should also be fast to load and should have an easy-to-navigate interface.

With so many project management apps in the market today, choosing the best one can be confusing. To help you out, here are our recommendations for the best project management apps.

Asana

If flexibility is what you need, then this project management software is the best for your Orange County company. Asana stands out as the best free project management app out there. It allows you to add up to 15 people and use a good chunk of its features for free. As your business grows, you can also enjoy the amazing, advanced features it offers in its premium plan.

With Asana you will enjoy ultimate flexibility. There is no right or wrong way to create a project or task. List format is the default view; however, you can easily switch to board, timeline, calendar, or dashboard layout. This way, you can stay in control of how you want to view and organize your work.

The well-designed, colorful interface is extremely easy to use, so your team won’t waste time trying to learn and adapt to the app. Asana also integrates with almost every other software your business might use, such as Microsoft Teams, Adobe Creative Cloud, Salesforce, Slack, MS Office 365, Google Calendar, Gmail, Outlook, Google Drive, Vimeo, DropBox, and many more.

Wrike

The great reporting features are what set this project management app from the rest. Wrike will be a great tool if you like to quickly gather detailed information about the workflow in your company. With a personalized dashboard, you can add widgets to see the most essential information for your work. These widgets can include items like to-do today, overdue tasks, tasks created by me, and so on.

Similar to Asana, Wrike also offers flexibility. However, in this project management app flexibility comes in a more structured way as you can customize what information is required for each task. It also offers a solid free plan with unlimited users. This can be extremely appealing if your OC business runs on a tight budget.

Monday.com

Used by huge companies like Uber, Adobe, Hulu, and Unilever, you can’t go wrong with this project management app. Monday.com comes with great features and a colorful, user-friendly interface. That is why it is popular amongst both large and small businesses. To suit companies of all sizes, monday.com offers 5 pricing plans.

Monday.com is considered a very elegant system. The color-coded tags will help you easily scan and filter your tasks. For better visibility and organization, you can use different views to see what is being done, when and by whom. This project management software also offers great time-tracking abilities and collaboration features, like chat.

Hands on a keyboard, symbolic of working hard while using a project management app.
Select the best project management app for your business to help ensure you are working as efficiently as possible.

Trello

Looking for the best Kanban board tools in the project management space? Choose Trello! You can use this project management app as your primary planning and organization tool. Trello can also complement any other software you use for your daily business tasks.

Unlike other complicated project management apps, Trello is extremely easy to use. Thanks to its intuitive, drag-and-drop interface, your team will quickly learn how to use it. Even if you are on the free plan, Trello offers unlimited card creation. No need to worry, even if you have created hundreds of cards, you will not get lost in the app. Trello has enough filters to help you find quickly what you are looking for.

You can also enjoy other amazing features like project templates, mobile device management, and unlimited activity logs. To add some fun to your daily work schedule, Trello also allows you to use customized backgrounds and stickers.

TeamGantt

Just as the name suggests, TeamGantt is the best project management app to use for Gantt charts. If your business relies heavily on Gantt charts, look no further. With this app, you can build a base Gantt chart and save it as a template. Later, you can reuse this customized template as many times as you want.

TeamGantt is also packed with other amazing collaborative tools and useful features, such as project plan templates and project planning filters. This app is also mobile-friendly. It can easily integrate with Slack, Trello, and Dropbox.


Choosing the best project management app for your Orange County business is critical. However, alone it is not enough for your business to thrive. You need to build a strong, reliable team by your side.

At My OC Bookkeeper, we do not regard ourselves as just an outside bookkeeper. We see you as a partner. That is why we do our best to help your business achieve its goals. You can rely on us not just for recommending great project management apps and software. My OC Bookkeeper can help you with anything related to business or accounting.

It doesn’t matter if your Orange County business is just getting started or already well-established, our services will help you grow. We don’t just cover day-to-day bookkeeping -you can count on us for anything that has to do with business finance. Don’t wait any longer, reach out to us today, and let’s do great things together!

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What are Contra Accounts?

An accountants calculator, symbolic of accounts working with contra accounts.

Understanding business accounting can be an overwhelming task. There are common accounting terms like assets, liabilities, and equity that individuals and small business owners quickly become familiar with, and some like debits, receivables, and contra assets that require more research. Contra assets are an important bookkeeping concept that helps balance a business’s books. In this article, we look closely at contra assets and the different types of contra accounts you may see on financial statements.

What is a contra asset?

Contra assets are negative asset accounts that show an opposite balance to a normal account in the same asset category. The purpose of a contra asset account is to offset the asset account and show a reserved amount that reduces the balance of the corresponding asset account. The balance in a contra asset account allows the accountant, tax preparer, or other end-user to know how much to subtract from the paired asset’s value.

One reason contra asset accounts are used is that they facilitate a faster calculation of net book value, which is the amount a business records as an asset on financial reports. The contra accounts make financial statements more user-friendly, help preparers complete annual filings, and are globally accepted accounting policies.

How are contra asset accounts presented?

Assets, or what is owned by the business, are recorded in a company’s general ledger and appear on the balance sheet. Assets appear with a positive balance because they are recorded as a debit to the account. A negative balance, or credit entry, in an asset account, usually indicates a mistake or is accompanied by an explanation. Contra assets are a rare exception as they are recorded as a credit balance and appear as a negative number. A debit entry in a contra asset account is unnatural and most likely indicates an incorrect journal entry.

Contra asset accounts appear as separate line items on the balance sheet. They are also accessible via the general ledger, trial balance, and some cash flow statements. Contra accounts with small balances may not appear separately, but may be combined with the asset account, subtracting the contra balance from the asset balance. Contra accounts that are combined into the asset value and not shown as separate line items are noted in the footnotes of the balance sheet.

Types of contra accounts (they’re not only for assets…)

So far, we’ve discussed contra asset accounts, which offset the value of asset account balances. Contra accounts can be used for all of the financial components on the balance sheet including assets, liabilities, and equity. (That is, you can have contra assets, contra liabilities, and contra equity.) In fact, contra accounts can even be reflected on the income statement in the form of contra revenue accounts.

Contra asset accounts

As discussed in the first sections of this article, contra asset accounts carry a credit balance. The balance sheet of a business shows:

Assets – Liabilities = Owner’s Equity

The equation shows that liabilities offset assets. Contra assets are classified as assets on the balance sheet, but their negative balance and purpose of offsetting the asset value mean they act more like a liability. Examples of contra asset accounts include accumulated depreciation, obsolete inventory reserves, and allowance for doubtful accounts.

Accumulated depreciation

The accumulated depreciation account is the contra account for fixed asset values. Fixed assets are long-term tangible assets purchased by the business and may include:

  • Land
  • Buildings
  • Equipment and Machinery
  • Computer Hardware and Software
  • Vehicles
  • Furniture and Fixtures

While the balance sheet often lists fixed assets separately, there is only one contra account: the accumulated depreciation account, to which all fixed asset accounts are linked. Contra asset accounts can be used to quickly evaluate depreciation and the remaining useful life of assets.

Obsolete inventory reserves

The obsolete inventory reserve account is the contra account to inventory, another asset listed on the balance sheet.  Products that become unusable are recorded in this contra account to show that they are still owned by the company, but they should be excluded from the market value of inventory.

A forklift in a warehouse filled with inventory, symbolic of the accounting concept obsolete inventory reserves.
Have obsolete inventory? Than use an obsolete inventory account!

Allowance for doubtful accounts

The contra account to the accounts receivable account is the allowance for doubtful accounts and is used to represent the amount of invoiced goods or services that the business does not expect to collect. Combining the value of the allowance for doubtful account and the accounts receivable balance gives a company the net amount of cash it can expect to receive from goods it has sold or services it has already provided.

Contra liability accounts

Just like contra asset accounts offset the positive values of assets on the balance sheet, contra liabilities offset the negative value of liabilities on the balance sheet. Since liabilities are recorded with credit entries, contra liabilities show a debit balance. A contra liability acts more like an asset account because it is recorded as a debit and benefits the business’s bottom line by decreasing the liabilities. Examples of contra liability accounts include financing fees and original issue discounts (OID).

Financing Fees

Financing fees are a contra account used in debt accounting and are seen when a business is engaged in mergers and acquisitions. Businesses amortize the fees associated with debt over the life of the loan. The fees reduce the tax burden for the business so it can be beneficial to record them in a separate contra account called financing fees.

Original Issue Discounts

Original issue discounts (OID) are a type of contra liability like financing fees because they are also amortized over a loan’s term and reduce pre-tax income. The purpose of recording OID as a contra account is to quickly show the difference between the redemption price and the discounted offering price of debt.

Contra equity accounts

The owner’s equity is calculated by subtracting liabilities from the business’s assets. Contra equity accounts reduce the total amount of the owner’s, or shareholders’, equity. While equity accounts typically appear on the balance sheet as a credit balance, the contra equity accounts have a debit balance. An example of contra equity accounts is treasury stock.

Treasury stock

Treasury stock is a contra equity account that is entered as a negative value on the balance sheet of public companies. It shows the amount of funds used to repurchase previous issuances of stock, reducing the total number of shares outstanding.

Contra revenues

Revenues do not appear on the balance sheet but are listed as part of the income statement. Some accounting professionals use contra revenue accounts to adjust gross receipts and calculate net revenue. Contra revenue carries a debit balance and may be listed as sales discounts, sales returns, or sales allowances.

The Bottom Line

At first glance, contra accounts may seem complicated, but contra accounts exist to simplify financial statements. Contra asset accounts appear as a credit balance and reduce the value of assets. Contra liabilities appear as a debit balance and reduce the amount a company owes. Contra equity accounts reduce shareholders’ equity and contra revenues account for a reduction of collected income. Using contra accounts can allow financial statement users to prepare annual reports and calculate net values more efficiently and are an important part of the accounting toolkit.


Interested in learning more cool accounting concepts? Check out the best bookkeeping and accounting blog known to man. (Ok, that might be a bit of an exaggeration.)

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