Focusing on growing your small business while keeping track of your cash flow can be challenging. If you are like many business owners who are constantly on the move, you need the right tools to stay on top of your finances no matter where you are.
Technology has evolved to the point where smartphones, mobile devices, and software applications make it possible to do everything from ordering raw materials to collaborating with contractors from anywhere, any time. This includes an array of bookkeeping apps that can help manage cash flow, reduce costs, and improve accuracy and efficiency.
As your resource for working capital financing, Summit Financial Resources can’t emphasize enough the importance of putting the right accounting software in place to help ensure that your financials are accurate and reliable. We have seen first-hand how doing so can streamline financial tasks, speed up cash flow, and ultimately help small businesses grow.
We’ve compiled a short list of some of the best bookkeeping apps aimed at helping small businesses organize their finances. They are easy to use, so you don’t need an accounting degree to keep accurate books. Online accessibility makes these apps an essential tool for monitoring cash flow, managing payroll, and speeding up invoice payments, all while helping you avoid costly errors that can result in lost income or tax penalties.
QuickBooks Online is the original and most popular cloud-based accounting app, and many experts continue to rank it the best online bookkeeping program for small businesses. It is easy to use, well designed, and has different price points and packages to serve a wide variety of users. Because it simplifies even the most complex accounting processes, QuickBooks Online offers an immersive way for small businesses to manage their cash flow, invoicing, billing, and even taxes via their mobile devices. The platform’s extensibility and reporting function are second to none among top bookkeeping apps, putting the information you need to monitor your company’s financial health at your fingertips.
FreshBooks boasts a simple, user-friendly interface that even non-accountants can understand. Small business owners who have been using Excel spreadsheets to keep track of their finances will find it easy to transition to this cloud-based accounting system. FreshBooks provides an all-in-one option for managing their bookkeeping tasks, including invoicing, sending late payment reminders, tracking time, managing expenses, and viewing financial reports. Using the platform saves time and helps eliminate the hassle of creating invoices and collecting payments.
Wave is an easy-to-use accounting software platform specifically for small businesses with less than 10 employees. The app is easy to set up and even easier to operate, with a simple dashboard that has everything you need for your financial management processes. Wave lets businesses track sales and expenses, manage invoices and customer payments, pay employees, scan receipts, and generate accounting reports. The company recently added free personal finance software to help small business owners manage all of their finances in one place.
Sage Business Cloud Accounting
Cloud-based accounting and invoice management tool Sage Business Cloud Accounting (formerly known as Sage One) is a small business solution that offers accounting, expense management, and project accounting in a single platform. The app is easy to navigate, with summary tabs on the dashboard that provide a graphic overview of your company’s sales, expenses, cash flow, and forecast cash flow. You can manage a variety of payment processes from any mobile device, including invoices, estimates, price quotes, and statements. For accounting novices, the company’s website hosts a knowledge base and how-to videos, as well as fee-based training courses.
Zoho Books is another super-easy online accounting program designed to help small businesses manage their finances and stay on top of their cash flow. Known for being hassle-free, simple to navigate, and a good value, this software application equals and sometimes surpasses other online accounting solutions in terms of flexibility and depth in standard bookkeeping areas, such as sales and purchases, time- and project-tracking, and inventory management. It has a myriad of useful features such as profit and loss, cash flow statements, and balance sheets creation. Zoho Books also benefits from working with the rest of Zoho’s business apps, so you can connect your projects, CRM, email, and more to your accounting workflow.
Xero was an early entrant in the field of cloud-based accounting and has evolved rapidly in terms of usability, features, and extensibility. The Xero accounting app is designed to grow with small businesses, and the company excels at orienting new users, offering a comprehensive walk-through of major setup procedures. You can start out using the platform to create invoices and monitor payments and gradually add features over time to manage all of your financial tasks. The software’s simplicity, wealth of integrations, and frequent product updates make it a superior solution for many small business accounting needs.
Working Capital Financing is a few clicks away.
Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.