How do you manage your business finances?
Organizing small business finances can seem tedious to most. However, cloud-based tools and apps can come in “handy” as you look for new ways to manage and improve your bottom line.
Here are five financial management apps that every small business can benefit from:
Expensify imports expenses and receipts straight from your business credit card or business bank account, submits PDF expense reports by email, and reimburses reports up to $10,000 entirely online. Expensify has also bolstered its QuickBooks export features, helping your bookkeeper, accountant, or finance department integrate their expense reports with ease.
Expensify is definitely for small business owners who dislike expense reports. With Expensify, you can simply take a photo of the receipt and Expensify converts it into a friendly report. Forgot your receipt? No worries, you can enter the transaction information in just a few steps.
Pricing: Expensify is free for individuals, and with companies that have multiple employees using the app, the first 2 users are free with additional, active users costing $5 – $10 a month, depending on your accounting package.
Small businesses can accept credit card payments on-the-go with an iPhone, Android or iPad.
Square’s electronic payment service is the perfect companion app for small business owners who need to accept payments wherever they are – at their local place of business, trade shows, client meetings and more.
Download their (free) card reader or manually enter the payment within the app. Then the funds are directly deposited into your bank account within 1-2 business days.
Pricing: One option Square offers is a monthly pricing package, which is $275 for the month and 0% per swipe for your first $250,000 in transactions. If you think you will be exceeding this transaction limit, it might be best to pay Square per swipe, which is 2.75% per transaction. No matter which plan you are on, if you enter the credit card information manually, it will cost you 3.5% plus 15 cents per transaction.
inDinero, “the Mint.com of small business apps” aims to help small business owners track and manage their money with ease. Their real-time dashboard claims to make small business accounting easy for everyone.
Essentially, inDinero pulls in your business bank and business credit card statements; then immediately allocates your expenses to their proper categories. inDinero will also prepare profit and loss statements, track spending habits so you are able to effectively budget your money.
Pricing: inDinero is free up to 50 monthly transactions, costs $29.95/month for 500 monthly transactions, and $99.95/month for unlimited transactions. You can download their free mobile app to get started.