You’ve heard it time and time again, “there’s an app for that.” In this case it holds true, there’s an app for just about everything – including apps that help busy business owners manage their business’ finances. Make the day-to-day operation of your business, tax time and expense management a breeze by using the top five financial apps highlighted below.
Square is a mobile application that allows you to receive and process credit card payments on-the-go. Square register charges a flat fee of 2.75% per transaction for processing payments. It’s an ideal financial application for service-based businesses such as plumbers, consulting firms or small-volume product businesses. It can even be suitable as a backup payment processor at a retail location in the event that your main payment processor is down. Square is available for the iPad and iPhone, which operate on the iOS platform, as well as phones that operate on the Android platform.
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Accounting apps are a dime a dozen, but few actually make keeping tabs on your business’ finances easier. InDinero is a web-based financial application that offers small business owners an up-to-the-minute picture of their finances. It eliminates the need for timely and costly manual data entry by updating your books automatically, streamlines payroll and even takes the reign on filing taxes. A free mobile version is available on the iOS platform.
FreshBooks is the granddaddy of all financial apps for self-employed workers or service-based businesses. It allows you to track the time that you’ve spent on a project down to the second. The time tracker can be paused to account for interruptions, which is an exceptional feature, especially for those that work at home or in a co-working environment. Inputting expenses takes just a few seconds and can be done with just a few flicks of a finger. FreshBooks also makes the much dreaded task of invoicing a painless process. Plans range from free to $39.95 per month. The app is available for the iPad, iPhone and Android.
The paper clutter created by receipts can be overwhelming. This is especially true on business trips when every expense, big or small, must be tracked in order to be reimbursed or appropriately filed for tax purposes. Expensify allows you and your employees to get rid of the receipt clutter by simply using the technology already built into your smartphone – the camera. Using your smartphone, upload a photo of your receipt to the free Expensify app and you can toss those paper receipts immediately. Expensify also has the ability to make full expense reports and even tracks analytics. The app is free and is available for iPad, iPhone, iPod Touch and Android.
Outright organizes your business’ financial accounts on a daily basis in order to lessen your paperwork workload. Like InDinero, the app also gives a bit of tax time help. The unique aspect about Outright, however, is that the program creates profit and loss statements, automatically organizes your income and expenses into IRS-ready categories and estimates your quarterly taxes, making it the ideal app for those without a knack for accounting. Outright is free to use and is available for the iPad, iPod Touch, and iPhone.
Being a business owner requires you to wear many hats. The inexperienced account hat, however, is one that you can now hang up thanks to the ease of use of Square, InDinero, FreshBooks, Expensify and Outright.
Leslie Wagner is a corporate accountant and guest author at Accounting Degree Review, a site with guides and resources to help you evaluate top-rated online accounting degree programs.