In the age of digitization, managing business finances has become significantly more accessible and efficient. Several mobile applications now pave the way towards financial efficiency, allowing you to easily track expenses, manage invoices, and perform complex financial analyses right from your phone.
This article aims to introduce a selection of superior mobile apps that are designed to simplify and streamline your business finances. Whether you’re a small business owner seeking to gain better financial control or a finance professional looking to enhance productivity, these apps cater to a wide range of needs.
Wave Bookkeeping
Wave Bookkeeping is a particularly beneficial app, especially for small businesses and those working on a tight budget. As one of the best free bookkeeping apps available, Wave offers several key features that aid in mobile bookkeeping. Its ability to track both income and expenses using the generally accepted method of double-entry accounting makes it a popular choice among businesses. A standout feature is the facility to link unlimited bank accounts, providing a comprehensive overview of your business’s financial state.
The app also revolutionizes the way receipts are handled with its ‘shoebox function. Simply take a picture of the receipt with your phone, and it will be safely stored and easily accessible for future reference. Custom invoicing is another valuable feature that Wave brings to the table, although it’s important to note that the app doesn’t track accounts receivable and payable, perform payroll functions, or accept online payments.
QuickBooks Online
QuickBooks Online is a comprehensive solution for businesses that require advanced bookkeeping and accounting tools. With a flexible, tiered pricing structure, businesses can select the level of functionality that best suits their needs, ranging from the basic Simple Start plan at $25 per month up to the Advanced plan at $150 per month.
This robust accounting app enables the creation and editing of customers, invoices, sales receipts, and estimates on the go. Data is available instantly within the app, facilitating real-time financial management even when out of the office. A standout feature of QuickBooks Online is its powerful reporting capabilities. It processes your data to create detailed financial statements, including the income statement, balance sheet, and cash flow statement, making these integral tasks easier to handle.
Square
Square is an exceptional point-of-sale (POS) app, particularly advantageous for small businesses that accept credit card payments and those operating online stores or websites. Free to download, Square is equipped with its own credit card reader, bringing the power of a mobile cash register to your fingertips. It facilitates the management of inventory, tracks all items, and allows for mobile credit card payments. This means that you can accept payments either at your storefront or remotely, simply by swiping the customer’s credit card on the card reader for contactless transactions.
Square isn’t limited to physical transactions; it also enables online business operations by allowing you to set up your own online store. It integrates with a multitude of apps, including delivery apps accessible via the Square dashboard. The software is also capable of generating reports regarding your inventory and point-of-sale transactions.
Financial transactions are credited to your account within one or two business days with a charge of 2.75% for each card swipe. Furthermore, it eliminates the need for a merchant account, thereby rendering significant savings compared to traditional processing methods. Square can also aid in customer resource management by enabling the collection of customer email addresses when sending immediate receipts via email or text.
Evernote
Evernote serves as the ultimate digital notebook for your business, providing a versatile platform to capture, organize, and find information across multiple devices. This highly adaptable app is particularly useful for small business finance, allowing you to jot down extraneous pieces of information, email directly from the app, clip webpages, and capture images. It integrates seamlessly with various email and communication programs, in addition to numerous productivity applications.
Evernote also offers mobile apps for both Windows and Mac operating systems, ensuring accessibility and convenience. With the free version, as well as a premium version at $7.99/month, Evernote caters to various user needs. All notes are stored in the cloud, enabling easy access and retrieval of information whenever required. With Evernote at your fingertips, you can effectively supplement your financial management practices, making it an invaluable tool in the realm of business finance.
Expensify
Expensify revolutionizes expense management by simplifying the tracking and reporting of business expenses. Ideal for sole proprietors, employees, and small businesses, Expensify allows for systematic receipt scanning and expense tracking, significantly reducing the time spent on compiling expense reports. Users can snap pictures of receipts, which are then automatically categorized and reported.
On a company level, Expensify facilitates expense reporting, card management, approvals, and reimbursements. Reports can be automated for seamless transmission to managers and the accounting department. With a starting price of $4.99 per month, Expensify offers tiered pricing depending on the number of users and transactions per month. Furthermore, the app is compatible with both Mac and Windows operating systems, ensuring comprehensive accessibility.
Conclusion
In conclusion, a variety of free and premium financial management apps exist to simplify and optimize the business finance sector. From mobile bookkeeping to automated reporting, these applications offer a plethora of features designed to streamline operations and enhance efficiency. Wave and QuickBooks Online cater to those needing extensive bookkeeping and accounting tools. The square stands out for businesses that need a robust point-of-sale system, while Evernote and Expensify focus on note-taking and expense reporting, respectively.
Lastly, don’t forget the numerous free invoice generator tools available online, providing customized invoicing solutions for businesses of all sizes. With such a wide array of technology at our disposal, managing business finances has never been easier.