5 Outstanding Apps for Managing Your Small Business Finances

5 Outstanding Apps for Managing Your Small Business's Finances

Small businesses contribute significantly to the economic vitality of communities by creating jobs and economic activity. However, due to the small workforce size, a single resource is frequently required to perform multiple tasks. Maintaining control of the financial side of the business can be challenging for such businesses.

Small businesses frequently lack the financial resources to purchase expensive accounting software. Typical issues they face include cash flow difficulties, tax compliance difficulties, and payroll difficulties. They typically keep track of finances and related matters using conventional methods. Several bookkeeping tips can assist these business owners in maintaining accurate records.

There are also some fantastic Smartphone apps that keep track of one's financial situation and even offer advice. They include many of the features found in more expensive financial software. Generally, these features are offered for free or at a low cost. I'll list these fantastic apps to assist you in managing your small business finances in this post. 

1. Freshbooks

It's a cloud-based mobile application that stores data. It can be used concurrently by multiple personnel, and the administrator can control the level of access granted to each user. Likewise, invoices that are compatible with a variety of other similar applications can be customized.

Freshbooks also includes tools for tracking billable hours, which can be beneficial for certain businesses. It enables users to categorize expenses according to their tax treatment. The web-based application is compatible with Mac and Windows computers.

2. Invoice2Go

It's an ideal app for small businesses where employees are responsible for both finances and sales. The app enables you to create new invoices and, if necessary, to retrieve invoices for clients from several months ago. Also, the app assists in forecasting expected cash flow in the coming weeks and months.

3. Hubstaff

The app includes some excellent budgeting and payroll features, making it an excellent choice for small businesses. It enables you to keep track of the time spent on a given project by various teams and individuals, as well as the associated costs. Additionally, it tracks budget allocation and the amount spent on a particular task.

Payroll can be automated using hourly rates and the number of hours worked. Additionally, the app enables automatic billing to clients and notifies users when payment is received via the selected method.

4. Square

It is an excellent option for businesses with a moderately high transaction volume. The app includes point-of-sale functionality for both in-store and remote locations. In addition, it is capable of collecting payments for online transactions.

The app keeps track of items sold and updates the inventory accordingly. It is also compatible with a variety of other delivery apps, which aid in tracking the location of orders. The app can email invoices to clients as well.

The ATM reader and accompanying app are both free. It charges 2.75 percent of each transaction, which is slightly higher than the rates charged by commercial, financial institutions and may not be ideal for businesses with a high volume of transactions. It is quite adequate for smaller establishments.

5. Fluidly

It's an excellent choice for small businesses that operate almost entirely on cash. It provides real-time cash flow forecasting and also assists in the development of alternative cash flow scenarios. It is compatible with a number of popular accounting programs.

The web-based application is also compatible with Mac and Windows. With monthly plans starting at $13, it's a reasonable option for cash-strapped small businesses.

Small businesses require every bit of assistance they can get, and these apps undoubtedly assist. They share some of the same features as more expensive software but are significantly less expensive. These tools can help such businesses avoid falling into a financial bind without realizing it.