Best Apps for Business Finance Management

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Every business owner wants to see their business thrive and grow. To do that, they need to keep their business's finances healthy. 

Luckily, over the years, technology has made it easier to keep your finances in check. With the help of these apps and tools, tasks can be executed more efficiently. You and your finance team can have a better handle on your money and at the end of the day, you can run your business more smoothly. 

 

5 Apps and Tools To Make Business Finance Management Easier

Managing your business's finances is critical to its current and future state. It's more than just improving business cash flow too. You have to deal with tasks big and small like sending invoices, collection, recording credit card transactions, and preparing financial projections. 

When selecting a financial management tool, keep in mind your business's needs, budget, and the tool's scalability. It should also have resources and support available to make sure everyone in your team knows how to efficiently use the tool's features to get the most out of it.

Integrating apps and software that help streamline these tasks can be of great help to your finance department. Through time, you and your team can find out what does and doesn't work for your business. In the end, you're able to build an intelligent business solution and efficient system that your finance department will thank you for. 

 

1. Wave Bookkeeping

Wave Bookkeeping is a great beginner's choice for small- to medium-sized businesses that are new to integrating finance apps and software. It is one of the best free bookkeeping apps on the market. 

It is a 100% web-based platform, making it incredibly easy to access. This is perfect for cross-department functions between Accounting and Finance. 

With Wave, you can track your income and expenses with the use of double-entry accounting, a common practice used by most businesses. You can also link unlimited bank accounts, allowing you to have an overview of everything in one place. You don't need to worry about your receipts either. Just snap a photo of them and upload it to Wave. 

Custom invoicing is also possible with Wave. The drawback with the free app is you can't track your accounts receivables or your accounts payable. It also does not have any payroll functions or allow for online payments. 

You have the option to buy additional services for your business, as well as work with Wave advisors to help you with your taxes.

 

2. Zoho Books

If you're looking for accounting software that can grow with your business, Zoho Books is a great option. The basic plan starts at $9 per month and adjusts with your business's needs as it grows. 

The cloud-based software is intuitive, containing all the necessary features a business owner will need. You can perform tasks like sending out recurring invoices, payment reminders, accounts receivable, tracking inventory, and so much more. Being able to automate these tasks can improve business cash flow. 

Because everything is in one system, your financial records are neatly kept. This is perfect for your Finance Department, as it makes gathering the business's data so much easier for financial analysis and projections.


3. QuickBooks

QuickBooks is one of the more well-known bookkeeping and accounting tools. It's also available as a mobile app, making it easy to access your business's numbers on the go.

It has a four-tiered pricing plan starting at $25 a month working up to $150 for the advanced tools and features every bookkeeper or accountant would ever need. 

This powerful accounting app can track both income and expenses, send and track invoices, connect to your bank accounts, send out payroll with penalty protection, manage inventory, track employee time, and more. 

For small businesses without a permanent accountant, QuickBooks also lets you connect with an online bookkeeper to keep everything managed correctly.

 

4. PlanGuru

Planning a budget and executing a budget can sometimes be a little tricky to do. However, it is vital to create and stick to a realistic budget if you want to keep your business's finances healthy. 

A lot of accounting software has tools to track your expenses, manage cash flow, and make financial projections. That may be enough for some businesses but if you think your business could improve on its budget management, this may be the platform for you.

With PlanGuru, you can first analyze your budget to see where your business can improve. It analyzes data from your cash flow records, balance sheets, and income statements. Pinpointing your financial shortcoming before they become serious problems is a great first step to getting a handle on your budget. 

If you're already a QuickBooks user, integration to PlanGuru is pretty easy. The drawback to this platform is it's only compatible with Windows. And if you want to have a cloud-based version of PlanGuru, it's locked behind a paywall. 

PlanGuru offers a 30-day free trial. After that, it's $99 a month.

 

5. FinancialForce

Focusing more on financial planning, Financial Force is an Enterprise Resource Planning (ERP) tool that tracks spending, profitability, and resource availability, and keeps positive sales and customer numbers through its customer-centric approach.

This Chief Finacial Officer tool is easy to use. It makes financial records easy to access as well as integrates easily to the Salesforce platform, a customer relationship management software. 

Having a financial management tool like FinancialForce can make it incredibly easy to plan annual financial targets and create realistic budgets. You're also able to better monitor assets and active capital, making it easier to protect your business's financial future. 

It may take some time to have the initial implementation set up. Some also find the financial reporting function to have a learning curve. 

 

Technology Integration for Your Business's Financial Health

Good financial management is the key to running a thriving business. One of the best ways to do that is by having solid systems and tools to help your team run smoothly.

Integrating technology into your business's financial tasks can have so many benefits. You can keep all your data neat and organized, making it easier to access and collate for any analysis, reports, and projections. You can also automate a lot of tasks, allowing your team to focus on other duties that can further enrich the business's financial health. 

Today's markets are fast-paced and your business should be able to keep up. Continue to grow your business by using technology to propel you forward.

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