Irrespective of the sector a company operates, financing is one area business owners can’t handle with levity. When a business has financial issues, the spiral effect is very likely to be felt in every aspect of the company’s operations. This is because it will be challenging to meet up with its obligations in paying creditors, suppliers, maintenance, wages, staff salary, to name a few.
To make the process easier, we will discuss the eight best bookkeeping apps recommended for every small business owner for keeping track of their financial transactions. Read on to discover more.
Expensify
With this app, you don’t have to stress yourself on keeping hard copy receipts. Instead, you can snap the receipt, then the Expensify smart scan will figure out the payee, amount, and other critical information you need.
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QuickBooks Online
With the QuickBooks app, you can handle all your business financial transactions on the go. The app is designed to help you track revenue, reconcile your account and assist you in presenting your statement of financial position.
Bill.com
The Bill.com bookkeeping app allows you to efficiently work over the process of preparing your financial documents. Bill.com is designed to help businesses, especially small businesses, to automate their account payable payment system. The unique aspect of this app is that it can be synchronized with other software such as QuickBooks, Xero, etc.
Bench
This app works wonderfully well for small business owners wanting to synchronize all their financial statements. Bench Accounting offers accounting services and also functions as an app. To enjoy the Bench services, all you need is to synchronize your company bank account to their service, while Bench bookkeepers help you prepare your financial position and present the report to you at the end of each month.
Finagraph
Unlike other apps, Finagraph works as an analytical tool that helps you understand your business financial statement from other apps, like QuickBooks, online and present the information in a way you will understand.
Wave
This app offers free and premium services for its users. While the premium service comes with different bookkeeping features, the entry-level tiers also come packed with a feature that allows users to link an unlimited number of banks accounts and credit cards. With this app, small business owners can easily track their personal and company’s financial cash flow.
Hubdoc
This app is designed to help small businesses manage every area of their finances. For example, a small business can synchronize all its financial transactions, such as income and expenditure receipts. The app also has features that enable users to transfer invoices directly to the app. So, once all entries are submitted, the Hubdoc app will convert all information into a digital-ready format for users.
QuickBooks Self-employed
This app is available for users on desktop, laptop, and mobile devices. The app is designed for one user, while there is an option to join another bookkeeper on the account. With this app, small businesses can track their company incomes, invoices, mileage, and calculate their tax payable for each quarter.
Final thoughts
For small businesses looking for creative ways to ensure they manage their company finances properly, using some of the apps discussed above will offer a lot of value. However, before signing up and submitting any personal information on any app, ensure you do your due diligence, read through their terms and conditions, and ensure it has all the features for your bookkeeping needs.
