Top 5 Must-Have Financial Apps for Small Business

Mar 25, 2013


Not long ago, owning a small business meant spending a lot of time up to your ears in financial paperwork – keeping track of invoices, compiling expense reports, and painstakingly being certain that income and expenses were properly tracked and reported for tax purposes, etc. Today, these 5 must-have financial apps for small business make it possible to manage your finances quickly, easily, – and on the go, if necessary:


Mint

Before Mint, it was wise to hire a professional bookkeeper to keep track of your personal and business finances. Now, you can pull all of your financial information together into one place, and see how you’re doing at a glance. Manage your personal checking and savings accounts, your business accounts, and retirement accounts, all in one place. With Mint you can also set financial goals and budgets, and easy-to-use charts and other tools let you see your progress at a glance. Because you can access your account online from anywhere, you don’t have to be sitting in your home office on your personal computer to use it. Access it from your smartphone on the go, too.


Expensify

financial apps small business

Receipts are the bane of most business owners’ existence, but they don’t have to be. Every savvy business owner knows that the IRS is pretty picky about what you can and can’t deduct as an expense – and if you’re ever audited, you’ll need proof to back up your claim to expenses. For that, of course, you need to keep your business-related receipts as documentation.

Fortunately, one of the must-have financial tools for small business is an app called Expensify. What does it do for you? It lets you scan receipts or take a snapshot of them using your smartphone, and then organizes that information into a report that shows the date of the receipt, the payee, the amount paid, and the category to which the expense applies. If you wish, you can also import expense reports from different accounts, credit cards, and e-mail online receipts, in addition to paper receipts. You can then export those reports to tax filing applications like TurboTax.


Intuit GoPayment

Intuit GoPayment is a mobile payment solution which allows a small business to accept credit card payments. It synchronizes with QuickBooks and includes a free credit card reader. There are many solutions like it, but GoPayment is easy, affordable, and used by hundreds of businesses.


Freshbooks

With Freshbooks, you create an online account and track your business financials from anywhere – even on the go. Create invoices and get paid right from your smartphone. Track billable time, and keep track of expenses by taking pictures of receipts and then submitting them to your account. It’s even possible to generate project estimates with your phone if you wish. The cost ranges from free to $40, depending on how you use Freshbooks. It’s an especially valuable program if you want to stay in control of your business even when you’re on the road.


TurboTax

An oldie but a goodie. TurboTax remains the premier tax software and is clearly a great financial app for your small business. No other tax program is as user-friendly for small business owners. Its detailed questionnaire alleviates confusion and helps you make sure that figures are entered correctly on tax forms. Never miss a deduction or reporting a necessary expense again when you use the right version of TurboTax (such as Deluxe, Premier, or Home & Business). In addition, TurboTax prepares estimated tax vouchers for business owners who must pay quarterly estimated taxes as well as files yearly business/individual income tax returns.


About the author:

Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm that offers mobile credit card readers. She brings more than 15 years of experience in the bankcard industry in direct sales, sales management, and marketing to the company and also serves on its Board of Directors.

 

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