Small business continues to have a significant impact on the changing face of the American economy and the way we do business. Small businesses account for 54 percent of all U.S. sales, according to the U.S. Small Business Administration, with the small business sector growing rapidly as small business failures have decreased. Running a small business often means the business owner takes care of a range of company needs, including finances. Fortunately, a large number of accounting apps are geared to small business, and offer a ton of easy-to-use functionality. Here are five workhorse apps to check out.
You may already know QuickBooks directly or through your accountant, but for small businesses, QuickBooks Online is a natural. With its familiar, updated interface for navigation, QuickBooks Online is pretty comprehensive. The app accomplishes just about everything a small business needs, including the need to organize expenses, track income and sales tax, and send estimates and invoices. There is also an option to upgrade, which allows you to track inventory, prepare 1099s and calculate payroll.
Expensify, an all around finance tracking business app is a robust yet easy way to manage and keep track of your expense reports. Once the app is installed on a phone just take a photo of receipts and Expensify converts it to an organized report. It is especially travel expense friendly for catching every transaction, and a plus for small business to keep track of overall costs, including mileage, credit card receipts, and billable hours.
As small business owners have receipts to scan, invoices to send, expenses and payments to keep track of, Wave offers ways to accept credit card payments online, and create estimates and receipts in a flash to help keep business humming along. Wave is a small business one-stop-shop that stays on top of it all with a selection of features just right for small businesses. It is also 100 percent free for businesses with ten or fewer employees.
BizXpense Tracker, a spot-on app created with small businesses in mind, tracks expenses, mileage, and time worked. BizXpense Tracker is all-inclusive to record each expense and location. You can easily create PDF reports too using one of more than a dozen templates provided, or make your own for a small fee.
FreshBooks is an easy-to-use app for the self-employed and service-learning small business. It can tackle and manage billing, employee time, payroll and taxes, monthly invoices and customer follow-ups for payment, plus FreshBooks lets you accept credit card payments online, and includes an at-a-glance dashboard that reports what’s what in profitability. Provided is also the company’s award winning customer support, so questions never go unanswered. You can try the app for 30-days free.
This article was written by Melanie Graysmith for CBS Small Business Pulse.