Take a Look at These Apps to Manage Your Company’s Finances While You’re on the Go
The good news is that technology has made managing corporate finances simpler than it has ever been. By downloading a few helpful apps, anyone can make their phone or tablet a mobile accounting machine, saving them money and effort.
There is an app for every company need, from monitoring customers and sending bills to handling credit card transactions and creating intricate financial projections. These tools may save a lot of time for both small and large organizations, and if everything is in order, accounting might even start to become fun.
All of these applications may be found on iOS devices through the iTunes AppStore, and on Android devices through the Google Play Store.
Waves Bookkeeping
The Wave bookkeeping app can be appropriate for small businesses with limited resources or those with low budgets. It might be the greatest free bookkeeping app available. In terms of mobile bookkeeping, this software offers various features that you should consider, and its most basic pricing plan is free.
Wave uses double-entry bookkeeping, which is how most firms track their income and expenses. You can join an infinite number of bank accounts with the app. It can also be used as a shoebox to store receipts. All you have to do is snap a photo of the receipt using your phone. Wave even supports personalized invoices. You are unable to manage your accounts payable and receivable, process payroll, or take online payments with it.
Since Wave is entirely web-based, you can use it from any location. It is compatible with an invoice and receipt scanning app, and it can be used on both PCs and Macs.
QuickBooks
When it comes to reporting apps, QuickBooks Online is among the best bookkeeping and accounting software available. The problem is that not all small businesses require it. There are four price tiers for it, ranging from the basic plan to the advanced plan. Every function a bookkeeper or accountant may possibly require is included in the advanced plan.
For instance, SimpleStart does not allow you to invoice your clients. The Simple Start plan costs $25 per month, while the Advanced plan costs $150 per month.
Take note
Simple Start, the entry-level service, costs $25 a month and lacks some of the features included in the Wave app. In contrast, the Wave app is free.
It would be more accurate to describe QuickBooks Online as a potent accounting tool rather than a simple bookkeeping tool. This tool is very helpful for small business owners and anyone else who manages the accounting and bookkeeping for a firm.
You may create and modify estimates, invoices, sales receipts, and customers with QuickBooks Online. The app then instantly has access to your data. You may quickly produce an estimate or invoice while you are visiting a customer. You don’t have to turn on your laptop or go back to the office.
Additionally, QuickBooks Online is an effective reporting tool. It creates your financial statements using your data. It becomes simple to complete the income statement, balance sheet, and statement of cash flows on a quarterly or annual basis. When it comes to taxes, the app is excellent. It also aids in the creation of informative graphs and charts for the company.
It is entirely web-based and accessible as a mobile Windows and Mac software.
FreshBooks
FreshBooks, a mobile program that runs on the cloud and stores data, is sometimes likened to QuickBooks. Cloud storage is very useful for mobile users. Both small businesses and independent contractors can benefit from FreshBooks, which is frequently rated as excellent. Some believe it to be more user-friendly than QuickBooks.
Probably the best feature of FreshBooks is its ability to automate and customize your invoices. It works with eighty-four additional apps, including G-Suite, Zoom, and Shopify. If necessary, you can use the tool to create a personalized billing system for your company.
If you work as a freelancer, FreshBooks’ time-tracking function lets you keep track of your billable hours. Compared to QuickBooks Online, it has a number of features. Depending on the plan you select, QuickBooks Online allows you to have 1–5 simultaneous users; on FreshBooks, however, you are able to have an infinite number of simultaneous users. Additionally, you can group your expenses as you input them so that you have that data handy during tax season.
Team roles are another feature of FreshBooks that is limited to the most expensive QuickBooks versions. It is possible to grant varying degrees of authorization to individuals. It also lets you work on projects with other people. On QuickBooks, that feature is not accessible.
Because FreshBooks Accounting is web-based, both Windows and Mac computers can use it.
Bill.com
A small firm can handle its accounts payable and receivable tasks with the help of the mobile app Bill.com. The app’s robust accounts payable features might be the only ones the company uses. The accounting tools QuickBooks Online or FreshBooks Accounting, as well as the Wave Bookkeeping program that you have already seen, make it simple to handle accounts receivable, which includes billing your clients. The cost is significantly less if you use Bill.com just for accounts payable management as opposed to using it for both accounts receivable and accounts payable.
Take note
The cost is significantly less if you use Bill.com just for accounts payable management as opposed to using it for both accounts receivable and accounts payable.
Bill.com is used by many of the leading accounting companies. It is helpful for covering accounts payable or supplier invoices for your company. Both domestic and foreign suppliers can be paid electronically. ACH payments are supported as well. You can bill your credit customers if you utilize this software for accounts receivable. It is possible to create electronic payments, automated reminders, and digital invoices. It is also possible to store documents on Bill.com. It easily connects to both FreshBooks Accounting and QuickBooks Online.
For $39–$49 a month, small businesses can utilize Bill.com for their payables or receivables. However, the cost increases to $69 per month or more if you wish to utilize Bill.com for both.2
Since Bill.com is an online application, you always have access to all of your data. It works with both Windows and the Mac operating system.
Square
For small businesses that take credit cards and have an online store or website, Square is a great point-of-sale (POS) program. You install the Square software on your computer, on your phone or another mobile device, such as a tablet. Here are a few examples of how Square functions:
It assists you in keeping track of every item in your inventory and managing it.
Not only does it support credit card payments from mobile devices, but it also lets you open an online store and do business.
Additionally, Square can create reports on your point-of-sale transactions and inventory.
If you have a shop where you take payments, you can use the program. Your phone or tablet can be utilized if you are taking payments outside of your store. Additionally, for contact-free payments, all you have to do is swipe the customer’s credit card on the card reader. The transaction is then recorded by the app using the card reader and exclusive Square software.
Online stores can be created when you use Square for your point-of-sale transactions. Many other apps, including delivery apps, that you can access via the Square dashboard, are compatible with Square. Inventory management is another feature that Square offers, especially to businesses.
You may get a free credit card reader from Square in addition to the free Square app. The fee is 2.75% per card swipe, and transactions are reimbursed to your account in one or two days.4 There are also big savings over traditional processing because you don’t need a merchant account.
Because Square allows you to instantly send or text a receipt, it can also assist you in gathering consumer email addresses.
Take note
Square doesn’t charge you for cash or check transactions, and it provides you with a daily sales report that details everything. It functions almost like a mobile register.
Square is becoming more and more popular among small businesses as an affordable and user-friendly solution for their physical storefronts. When it comes to mobile credit card transactions, this app is among the best. It does have a few drawbacks.
Business managers need to be aware that many transactions appear to be abandoned when utilizing Square.
For transactions in bulk, it is not suitable.
With transaction fees of 2.75% and higher, it can also get pricey if you have a high volume of transactions.
It works with both Mac and Windows operating systems. In terms of equipment, all you need is the Square card reader.
inDinero
A budgeting tool called InDinero integrates with a number of bookkeeping programs, including FreshBooks.3
All of your banks’ credit card and bank statements are retrieved by the inDinero app. This function eliminates the need for you to collect receipts because inDinero automatically assigns your expenses to the appropriate categories. Every month, the software monitors the company’s spending patterns. You can create your budget in this manner, and inDinero will produce reports that will let you know how you are performing.
Numerous services are available for small businesses through the inDinero app. Apart from aiding small businesses with budgeting, inDinero also creates financial reports such as cash flow statements and profit and loss statements and helps with financial forecasts. The majority of accounting and bookkeeping programs, including Bill.com and QuickBooks Online, are compatible with it.
You can even receive expert chief financial officer (CFO) guidance on small business finance with the inDinero app, which is a rather complete tool for small enterprises. The app does have one drawback, though. In addition to being extensive, inDinero is pricey. While special pricing plans are available, the base fee is $300 per month.
Because the app is cloud-based, you always have access to your data. Additionally, it is compatible with Windows and Mac OS X.
TurboTax Small Business
An accountant or bookkeeper should have access to a tax program for each small firm. TurboTax Small Business is the greatest app available. It enables the accountant to perform initial tax analysis of the company to ascertain its current tax situation. At year’s end, the company can then provide a wealth of financial data to its Certified Public Accountant (CPA) to help with tax preparation.
One of the most complete tax preparation packages is TurboTax Small Business. It addresses the tax concerns that small businesses encounter and provides the majority of the capabilities that they require. Here are a few instances:
Over 350 deductions are searched by TurboTax Small Business, some of which are sector-specific.
It contains a tax analysis of any noteworthy financial events that occurred throughout the year. For instance, TurboTax introduced a dedicated section in 2020 for companies that have benefited from federal government assistance programs.
Among many other things, it includes a tax calculator and an estimater for self-employed expenses.
For Windows users, TurboTax Small Business is available for download. You must utilize one of the online editions of the program in order to use it on a Mac. Regarding cost, it falls within the means of the majority of small companies.
Expensify
One of the best smartphone apps for creating and managing expense accounts is called Expensify.3 Workers can use this software to scan receipts from various business trips and long-distance travel, including those related to daily sales. Employees can use Expensify to track and forward copies of their receipts and expenses to managers, or sole proprietorships can use it to track and manage their receipts and expenses.
A small business can also use Expensify at the corporate level. Expensify is used by businesses for manager and employee reimbursements, card management, approvals, and cost reporting. It is possible to automate the software so that accountants and managers receive reports automatically.
Take note
Expensify is used by businesses for manager and employee reimbursements, card management, approvals, and cost reporting. It is possible to automate the software so that accountants and managers receive reports automatically.
For a single proprietor, Expensify starts at $4.99 a month, and the cost increases based on the number of users and transactions in a given month. Four pricing points are feasible.7
Both Windows and Mac OS X have mobile applications available.
Evernote
The mobile Evernote app, which serves a variety of functions, is the last app that is especially helpful for small business finance. There is always some unrelated detail in business and finance that you need to take note of but it doesn’t seem to fit anywhere else. For this, you can use the robust Evernote app.
Do you need to email someone regarding anything they may have spent money on? Emails can be sent directly from Evernote. It works nicely with many other productivity apps and email and communication services. In addition to taking any additional notes during the day to complement the work you have done with the other mobile apps, Evernote allows you to screenshot and clip webpages.
Evernote offers mobile applications for Mac and Windows users. Three price points are available, one of which is free. An upgraded version costs $7.99 a month. All of your notes are stored on the cloud by Evernote.