Entrepreneurs and financial institutions have a complicated relationship. Entrepreneurs are always in search of ways to fund their companies, meaning they depend on banks for everything including checking accounts, bank loans, etc. And vice versa. Banks need entrepreneurs too. Without small businesses supporting the economy, there is nothing much that banks can do. Here, we are discussing the best finance apps for small business owners.
This co-dependent relationship has helped entrepreneurs, in recent years, to increase their demand. Despite more lending options, business owners have a difficult time getting financed. This feels like a double whammy in an era when entrepreneurs struggle hard to lessen their operating charges or secure their money flow against the unforeseen disruptions- how can they keep their business going with nothing new coming in and money flowing out?
Others have dealt with high-interest rates, reward programs, more complex business banking accounts, and lacking business credit. This has left them with a hesitant feeling towards financial institutions. However, many companies are working to build various platforms that assist entrepreneurs. Here is a list of a few banking-oriented apps that can make an entrepreneur’s life easy at no cost.
Best Finance Apps for Small Business Owners
Chime
It is a mobile banking app that offers a two-pronged approach. The app ensures entrepreneurs achieve success in saving and managing money. One of the fastest-expanding bank accounts in the U.S., this banking app offers a spending account, a savings account, and a Chime Visa debit card.
Entrepreneurs who have experienced the ups and downs in a business will be consoled by the fact that the app does not extend charges for overdrafts, monthly services, foreign transactions, or transfers, and users don’t have to maintain a minimum balance. This award-winning app provides alerts and daily balance notifications. It also enables users to issue money transfers between accounts or with businesses or other people.
Spending Tracker
This is one of the best finance apps for small business owners who want to track their expenditures to create accurate budgets. This is a free mobile app that shows where is the money spent. This intuitive app helps small business owners find out how expenses have been placed over a certain period, helping them to see whether they require to automate a simple, yet time-consuming procedure or hire another staff. Users can attach their bank accounts and set targets for each budgeting category so that they can track the respective progress within a given period, maybe a month or a year. This app’s simple user-interface and syncing abilities make it easy to use.
Wave
The app provides free financial software for businesses with a maximum of nine employees or less. This simple to use software takes into consideration the accounting tasks for entrepreneurs by assisting them to track sales and expenses, handle invoices, accept payments from different sources, track accounts, scan receipts, develop accounting reports, and issue payroll. This company also provides free personal software so business owners can handle their business as well as personal finances through this single platform while keeping both separate at the same time.
Quickbooks
Quickbooks’ accounting software helps you to run your business and offers a sense of your brand’s overall financial condition. You can make use of QuickBooks to keep a track of your business’ sales and costs; view financial statements, like profit and loss reports, pay your vendors and employees, track the unpaid invoices, increase your tax deductions, and much more.
This finance app connects to thousands of accounts- including business bank account, Square, and credit cards- and uploads data from these sources effortlessly. Also, it simplifies the process of doing your business taxes, as it tracks the expenses and allows you to upload photos of the receipts using your phone. With QuickBooks Online, you can access QuickBooks on your iPad, iPhone, Android tablet, and Android phone.
Freshbooks
This app gives small business owners and freelance workers a simple way to handle and track invoices. This app helps you to create professional-looking and personalized invoices to match your brand; automatically bill your customers for recurring invoices, and accept credit cards on your mobile. Other interesting features include the ability to track and organize expenses from anywhere and develop customizable business reports. This app works on iOS, PCs, and Android devices.
Gusto
This is another best finance apps for small business owners which makes your company’s payroll, tax, and benefits processes easy and simple. In addition to handling online employee onboarding, this finance app handles new-hire reporting and all state, local, and federal tax filings; automates deductions for the worker’s comp payments and emails online pay stubs to employees.
Amex Mobile
Used in both Android and iPhones, Amex Mobile allows you to peek into your bank account when you are not using your keyboard. You can even use your phone’s fingerprint scanner to ensure a safe login.
Simple
A bank for millennials and the tech-savvy, the app makes banking simple. You can handle your finances, pay your bills, monitor your saving and spending, and much more with this hybrid bank app. It is revolutionary in the way the finance apps should be.
QuickBooks GoPayment
If you love the idea behind Square, there is much more where that came from. Point of sale apps is all in fashion these days, helping you to interact with your client seamlessly. QuickBooks GoPayment provides a free card reader- though you do not even need one, as you can use the camera to scan a credit card and it fits in with your Apple Watch. You can make a list of frequently sold products and track your analytics also.
InDinero
This is one of the best finance apps for small business owners as it pulls financial information from all the bank and credit card accounts you sync it with, offering a comprehensive snapshot of how much do you spend, on what, and when- as well as forecasts and analyses on your business’s financial trends. Even a small business incurs countless expenses in every direction, but InDinero can help you to handle the confusion without any mess.
Mint
Just like InDinero, Mint takes information from your credit card and bank accounts to provide you weekly reports and track your expenditure. You can set up specific goals and budgets- just spend $60 every week on restaurants, for instance- and this app will evaluate your bank statements to see whether you have achieved success or not, and by how much you had spent. Connect your business bank account to see if you are spending too much on a certain thing. This will reduce your cash flow!
Wally
Being a popular finance app, Wally lets you track your money. Wally’s extra usefulness comes from its receipt-scanning capabilities, which restrict you from having to enter everything that you spend your money on manually.
Home budget with sync
A family-style budgeting app, this app allows a group to find out their budgets together. If you handle a small business with a few others, you might put your money together and handle your budget through this app.
GoodBudget
If you are looking for a better version of Mint, you are lucky. GoodBudget has your back. You can set categories for spending and tracking your habits and their results on your phone.
Spendee
On the other hand, Spendee emphasizes simplicity. Briefly, you can understand your expenses, including what you spend money on and how those habits match with or miss your objectives.