Do you know what the best part about owning a business is? You have a right to put your hand in every pot. So, from supervising your employees to creating a marketing plan, checking equipment, managing the inventory, catering to the finances, or coming with that one big idea, you are the master of it all. However, it does not take away from the fact that it is also one of the biggest challenges you will ever encounter. After you have your business up and running, do you think you will have the time and patience to wear all of those hats in one go? More so, there are several routine tasks, which are both menial and tedious. Unfortunately, since you cannot be the master of all trades, it is easy to mess up these tasks, which can be excessively damaging for your business.
Of course, hiring an employee or two (or ten) will help you overcome this problem, but at the time, it can open up many new issues for you. As for the business financials, we know you wish to be a perfectionist.
There are a bunch of finance applications, which are designed for small business owners. They will, thus, help you prioritize and focus on the vital things and leave other tasks, such as computing, to the machines. Do you know what the best part is? Many of these platforms that can help you streamline your operations are free or available at dirt-cheap prices. So, do you need any better reason not to use them all day, every day?
Now, the problem is the market with filled with umpteen and an overwhelming variety of platforms. So, how do you pick one that works for you? Well, we did the hard work for you and have put together a list of some of the best applications and software for small businesses. Let us get started and address them one by one.
QuickBooks
The QuickBooks accounting software enables you to run your business seamlessly. It offers a sense of the overall financial health of your business. At TAE, a platform where you can ‘pay to do homework,’ we regularly use the QuickBooks app to monitor our company profit, comments Sarah, an executive with the company.
The application can be used to keep a tab on the company’s expenses and sales, and keep an account on the financial statements, for instance, the P&L statement; minimize tax deductions; keep a tab on the unpaid bills, and timely pay off your vendors and employees.
With QuickBooks, you can connect to several thousands of accounts, including credit cards, business bank accounts, Square, and PayPal. Simultaneously, you can even upload the data from the sources effortlessly. Further, with QuickBooks, keeping a tab on your business expense is easy. You can upload the pictures of your receipts from your phone seamlessly. You can access QuickBooks on your Android tablet, iPad, iPhone, and Android phones.
Wave
Wave is predominantly marketed as a financial application meant for small businesses. Ever since its release, the application has been making news in the financial sector. It is truly well-deserved and for all the right reasons. There are an umpteen variety of reasons for the Wave’s tremendous popularity. However, one thing that makes it stand out as a real winner in the class is its Price. You can get the application for free (of course, the major part of it).
The users using the Basic version of the application are entitled to the accounting software that allows easy income and expense tracking, receipt scanning, and invoicing software.
So, suppose you need an application, which takes away all the guesswork from the top-grade financial reports while simultaneously offering you the basic budgeting tools. In that case, this can be the right application for you. A good chunk of the basic tools that you get with Wave is free. Wave also provides you with paid services, primarily for the digital payments, payroll services, and bank payment process; all of this depends on your location.
Even though its scalability and features do not quite compare with other financial applications, Wave does provide fantastic options for users who are new and own a small company. ‘As a freelance, I love using the Wave application for its basic but professional budgeting resources,’ comments Jacob, an online geometry tutor.
IRS2Go
Hate the tax season? Well, we have the perfect application for you, IRS2Go. Internal Revenue Service (IRS) helps you cater to the different tax reports by enabling you to keep a tab on returns, make payments, analyze the refund status, and fetch zero-cost tax filing assistance. Further, the application also has a secure payment processed via your linked account.
The app needs your location to help you fetch reliable Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) in your neighborhood. Further, you can also employ the app to make calls to the VITA/TCE or IRS locations.
‘Anytime I need assistance with tax filing, my go-to mobile app is IRS2Go,’ comments Robert, who offers the bestdata visualization online courses.
An important thing that you should note is that the app won’t save your Social Security number, given the security risks. So, you may have to input it manually every time. You can find the application on Play Store and App Store.
FreshBooks
Often people compare FreshBooks and QuickBooks. In all honesty, there are some similarities between the two. Well, FreshBooks is an application, which stores and operates the data on the cloud. Cloud storage is a good thing for people who are always on the go.
‘At TFTH, a company that offers assignment help Brisbane services, we use the FreshBooks application on a routine basis, and it has simplified many tasks for us,’ comments David, a TFTH representative.
Well, yes, it is indeed one of the most phenomenal applications for freelancers and small businesses. Many users who have employed both QuickBooks and FreshBooks believe that the latter is way more intuitive. The FreshBooks biggest strength lies in the fact that it allows seamless automation and customization for your invoice. The application is compatible with about eighty-four different apps, such as G-Suite, Zoom, and Shopify. With the tool, you can develop your tailored billing system if needed.
Further, the application also has a time-tracking feature. This can be particularly helpful for freelancers. See, if you work and charge as per the billable hours, this tool can help the tracking. More so, FreshBooks has plenty of additional features that you may not see in QuickBooks. QuickBooks curtails you to one to five simultaneous users only, depending on the plan you use, but you can have unlimited simultaneous users on the FreshBooks application. Further, the app lets you classify the expenses as you enter them. This will help you have all the vital information during the time of tax filing.
Another fantastic feature about FreshBooks that you find only in the most expensive QuickBooks plans is the team roles. With FreshBooks, you can assign different levels of permission to the different people depending on their business hierarchy. The app also lets you collaborate with other team members you may be working with jointly. This feature is absent in QuickBooks. However, an important thing to note is that FreshBooks Accounting is a web-only platform. Thus, it will run only on your laptop or PC. You can find the app for both Windows and Mac computers.
