TABLE OF CONTENTS
- Why Use a Finance App?
- Best Business Accounting Apps
- Best Free Business Finance App Tools
- Best Finance Apps for Banking
- Best Finance Apps for Budgeting
- Best Finance Apps for Business Expense Management
- Best Small Business Money Management Apps
Small business financial software can help you manage tasks including budgeting, payroll and taxes. However, if you often work outside of a central office, you need mobile finance management solutions. Here are the 13 best finance apps that can help you handle accounting matters from anywhere.
Best Finance Apps for Your Small Business
- QuickBooks Mobile App
- Xero Accounting App
- Zoho Books Mobile App
- Square Point of Sale
- Bank of America Mobile Banking App
- Wells Fargo CEO Mobile
- NetSuite ERP
- Microsoft Power BI
Why Use a Finance App?
While you can manage your financial information with Google Sheets or Microsoft Excel, it’s more cumbersome to manually collect data, and it can open the door to significant errors that impact your bottom line. For example, the University of Toledo’s budget projections were off by $2.4 million in 2004 due to a typo in a formula on their spreadsheet. Also, a chief executive at TransAlta, a Canadian power generator, said a “cut-and-paste error” in Excel cost the company $24 million in 2003.
Bookkeeping software can automate many accounting processes to help reduce errors. Reconciling your accounts every month can also prevent mistakes. (e.g., QuickBooks software will note any discrepancies in the reconciliation process.)
Best Business Accounting Apps
If you’re one of the U.S. small businesses that use QuickBooks for accounting, the QuickBooks mobile app might be one of the most useful programs available. You can run your company’s finances from your smartphone, performing essential tasks such as:
- Entering transactions
- Recording expenses
- Invoicing customers
- Sending reports
The app automatically backs up your data to the cloud and syncs it with all your devices. Thanks to the popularity of QuickBooks, you can easily integrate this app with many other financial and business apps, streamlining your workflow and saving significant time and expenses.
Xero is one of the most popular alternatives to QuickBooks. QuickBooks was initially developed for desktop use and later migrated operations to the cloud, but Xero’s creators specifically designed the finance app to support the needs of cloud-based users. You can use Xero to:
- Reconcile bank transactions
- Create and transmit invoices
- Record and review expenses
- Store customer contact details
- Let employees access invoices and expenses from their smartphones
If you’re looking for an accounting app optimized for a cloud-based workflow, Xero might be just what you need.
Zoho Books offers a free business finance app to companies using Zoho’s desktop software. With the app, businesses can tackle the following tasks:
- Send invoices
- View a KPI dashboard
- Create reports, including income statements and balance sheets
- Monitor expenses
- Manage customers’ online payments
- Sync with other Android or iOS phone apps to assist with business accounting (e.g., use Apple Maps and GPS to record mileage)
Although the finance app is free, most user plans for the software range from $15 to $60 per organization per month if you pay annually. However, businesses with less than $50,000 a year in revenue can access a free Zoho Books plan.
Best Free Business Finance App Tools
While both QuickBooks and Xero charge fees, ZipBooks includes a free starter option with essential accounting features: The free version of ZipBooks lets you:
- Connect to 1 bank account
- Send an unlimited number of invoices
- Receive digital payments
- Manage as many customers and vendors as you want
- See basic reports
Premium versions of ZipBooks offer additional features. Note that the mobile finance app is available only for iOS phones.
Square Point of Sale can be a viable solution if you need to accept credit cards, but you don’t want to pay a lot in setup fees. By integrating the free app to a credit-card reader that attaches to a smartphone or tablet, the Square POS lets you:
- Accept cards, cash, checks and gift cards
- Input customer signatures
- Add pictures of inventory items to make it easy for employees to help customers check out
- Clock employees in and out
- Manage customer directories
- Keep cards on file for regular customers and recurring charges
- Receive customer feedback via digital receipts
- View sales analytics data
- Manage invoices
- Track inventory
- Manage data from multiple locations remotely from your smartphone
- Integrate with third-party software for accounting, tax preparation and online commerce
The Square POS app and the first magstripe reader are free. Additional magstripe readers, chip and contactless payment readers and stand and register readers are available for a fee. Each transaction costs a processing fee.
Best Finance Apps for Banking
An increasing number of banks offer mobile finance management solutions. The Bank of America Mobile Banking app allows you to:
- Deposit checks
- Transfer money
- Pay bills
- Make purchases through a digital wallet
- Manage your budget
- Receive mobile alerts to monitor items such as balances or suspicious activity
- Receive help through a virtual financial assistant
- Secure access through Touch ID and Face ID
You can use the app with Android or iPhone operating systems.
While programs such as the Bank of America Mobile Banking app are designed for general purposes, the Wells Fargo CEO Mobile app aims to meet the specific needs of small business owners. This app lets you:
- Make instant deposits by snapping photos of checks
- Check balances, upload receipts and manage out-of-pocket expenses from your smartphone
- Receive notifications about accounts and transactions
- Use a mobile token code or “eyeprint” authentication for secure access
- Access your finance app through your Apple Watch
Users can download CEO Mobile from the Google Play Store or the Apple App Store.
Best Finance Apps for Budgeting
If you want a comprehensive financial planning tool for your business, consider NetSuite ERP, an all-in-one enterprise resource planning program designed to manage many crucial business functions from a single dashboard. NetSuite ERP includes powerful budgeting and financial planning features, such as:
- Integrated financial planning, budgeting and forecasting
- Call logging and tracking
- KPI dashboard
- Capital expense planning
- Simplified travel and expense planning
- Automated allocations of indirect expenses
- Operational expense planning
- Customized reporting
- Strategic workforce planning
- Financial statement planning
Not just a budgeting app, NetSuite ERP integrates its functions with capabilities such as order management, production management and supply-chain management. So if you need robust budgeting and financial management tools, NetSuite ERP offers one of the best apps for company financials.
Artificial intelligence can help companies to make smarter business planning decisions. Microsoft Power BI (as in business intelligence) provides a platform for harnessing AI to optimize your financial planning and budgeting. Power BI’s small business budgeting software gives you the ability to:
- Transform raw data into visuals representing economic trends
- View visual representations of financial data on the premises or in the cloud
- Share visualizations of data with colleagues
- Collaborate through shared dashboards and interactive reports
- Control who can access data through built-in governance and security tools
Power BI lets you create custom dashboards and use plug-and-play dashboards specially designed to display key financial data.
Best Finance Apps for Business Expense Management
Your company needs to keep track of expenses for tax purposes, but manually entering receipts into a spreadsheet can be tedious. One of today’s best expense-management apps for small businesses, Shoeboxed simplifies the tracking process by letting you:
- Scan in receipts with your mobile device (or mail in your receipts to Shoeboxed, whose staff will scan them for you)
- Extract key expense data from your raw receipts
- Search and scan extracted data
- Organize and export reports on your expenses
- Turn over scanned data to Internal Revenue Service (IRS) auditors
- Keep your expense data secure during transmission
This can be the best app for some of your company’s financials’ organization and reporting. Users can choose among 3 paid plans — Startup for $18 per month, Professional for $36 per month and Business for $54 per month, for your first year if you select annual billing. All tiers allow for unlimited users and file storage. However, only Professional and Business levels integrate with QuickBooks software and no fees for document returns.
Shoeboxed can save you hours tracking your expenses while saving you money in the process.
Designed for iPhone users, XpenseTracker from Silverware Software offers an all-inclusive expense tracking and reporting platform that can be used both as an app to manage business expenses and personal applications. XpenseTracker lets you:
- Track expenses
- Track business mileage
- Capture photos of receipts with your iPhone and search through captured images
- Sort expenses by date, category, payment type or client
- Use preinstalled classes, or create your own customized groupings
- Key categories to account numbers for easy reference
- Organize your expenses into logs
- Create customized reports
- Display data in the currency of your choice
- Export expense data to spreadsheet programs such as Excel
- Export photos of receipts
- Email your expense data
- Automatically back up your expense data
A sister finance app, BizXpenseTracker, includes these features as well as the ability to:
- Track time worked on a project,
- Use optical character recognition scanning
- File sharing through Dropbox
Best Small Business Money Management Apps
Developed by QuickBooks developer Intuit, Mint has become one of the most popular money-management apps. Mint lets you do the following:
- Monitor your finances from your mobile device
- Manage all your finances from one central interface, including balances, bills and credit scores
- Create customized budgets
- Receive automated notification reminders when bills are due
- See warnings when funds are low, so you know how much is available for spending
- Get AI-generated budgeting tips based on your spending
- Check your credit score as often as you want, and get tips on how to optimize it
- Keep your financial data secure with encryption and multi-factor authentication
Mint is geared toward personal finance management, so the app might be a better fit for a freelancer or solopreneur. Mint can be downloaded for Android and iOS devices.
All business owners face the unpleasant but necessary task of filing taxes. The IRS2Go app makes this chore easier by letting you use your mobile device to:
- Check the status of your federal tax refund.
- Make secure payments from your bank account or with a debit or credit card.
- Get free tax assistance software, or find a Volunteer Income Tax Assistance or Tax Counseling for the Elderly site near you for qualifying taxpayers.
- Subscribe to IRS tax tips on social media channels such as Twitter, Instagram and YouTube.
- Receive login security codes for certain IRS services.
You can get IRS2Go through Google, Apple or Amazon.