Best App for Tracking Small Business Expenses – More and more businesses are joining the digital wave. Did you know that investment in enterprise software will be $4.2 trillion by 2022? Having an app to run your business will help you be ahead of your field and more efficient. These apps have also grown in popularity as the easiest way to manage a business, eliminate information gaps and encourage employees to collaborate.
In this article, we share a list of the most recommended apps for business management by reviewing all the benefits they can bring to your daily life.
Why use mobile apps for business?
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Mobile apps for business can be used for the following 4 reasons:
- Organization of information
- Use of intuitive tools
- Generate collaboration opportunities
- Reduce costs and automate repetitive functions
1. Information organization
We know that much business documentation remains in physical format. However, this is not the most secure or efficient way to keep records. With an application, you can digitize relevant information and gradually create virtual processes.
2. Use of intuitive tools
Apps are designed for ease of use, so you’ll be able to start using them after a few setup steps. Just make sure your team is trained to get the most out of them.
3. Generate collaboration opportunities
By having digital tools, you facilitate the “space” where employees can share information, answer questions and generate more efficient business processes.
4. Reduce costs and automate repetitive functions
Apps often have automation options that make daily tasks easier and less expensive.
What is The Best App for Tracking Small Business Expenses?
Given the abundance of apps on the market, here are the best apps for small businesses, divided into categories.
1. Finance and Accounting
Understanding where your money comes from and where it goes is important for every business owner. These accounting apps will help you see the big picture and make the right decisions for your business. In addition, many professional accountants have platforms that are compatible with these. Your tax returns from previous years and receipts could all be in one virtual file instead of taking up physical space unnecessarily.
QuickBooks
QuickBooks is cloud-based accounting software that makes it easy to manage business expenses. Aimed specifically at small businesses, this app manages both billing and expenses. Moreover, you can keep an eye on the progress of your business with the various reports available.
Wave
If you own a small business and are looking for a simple application to manage your company’s finances, Wave could be exactly what you need. With Wave, you’ll have access to free accounting, invoicing, and receipt scanning software.
That means you can monitor everything from credit card payments to unpaid invoices in one place. Wave’s expense reports will make it easy to understand the state of your business. With iOS and Android compatibility, you’ll even be able to scan your receipts on the go.
If you have an e-commerce business or need a way to monitor card payments, Wave offers pay-per-use processing, and transaction fees are only a small percentage of the total purchase amount.
FreshBooks
FreshBooks is an accounting app that small business owners trust. With all the key features you need to keep your business finances under control, FreshBooks also offers advanced time tracking and project management options. Thanks to its many integrations, this professional app optimizes everything from emails to Slack messages and more.
2. Productivity and time management
We could all use more time, and small businesses are no exception. Use these professional productivity apps to automate time tracking and optimize your productivity.
Trello
Trello is a Kanban-style app that makes it easy to organize and manage your tasks. Trello organizes your tasks and projects across multiple lists and boards, making it easy to see what’s done and what’s not.
Teams can collaborate on multiple projects, and with a multitude of integration options, it’s possible to automate many otherwise manual tasks (such as creating new tasks from incoming client emails). Since Trello is an intuitive and visual tool, it’s relatively easy to use without much training, and the best part is that you can start using it for free.
Gemba Walk
Gemba Walk is a simple but effective method performed by managers and executives to promote continuous process optimization in their companies. During the Gemba Walk, managers physically visit the places where employees produce and sell products, assist customers, analyze data or perform other functions. It’s a walk to observe and interview employees about their tasks to identify problems and find areas for improvement.
The Gemba Walk application helps companies digitize their tours. It can help you improve your small business performance by reducing data collection time, thoroughly documenting issues, and making it easier to solve problems.
Asana
Asana is a list-based business management application. It will help you get a visual overview of a project, your team’s tasks, or personal due dates for the week or month. Switching between different views (calendars and Kanban dashboards) makes data-driven decision-making faster and easier.
Project owners and managers can also keep track of team workload and automate repetitive tasks with over 100 application integrations. The basic version is available for free for teams of up to 15 people.
Monday
When it comes to the best business apps, Monday has been getting a lot of attention lately. With its flexible features and intuitive, easy-to-use interface, you can manage almost anything.
Similar to Trello, Monday works through various boards that are used to manage and organize different projects and tasks. Since you can switch between different views, you can track costs in the dashboard view and follow the timeline of a sub-project in the main project.
Toggl
Are you struggling to understand where your time is going each day? Toggl could be the solution you’ve been looking for. This application will allow you to track the time you spend on your tasks and convert this data into different reports. This tool can recognize the software you are using and suggest entries in your timesheet, thus optimizing the speed of your work. Toggl offers a free plan for teams of up to 5 people.
3. Communication
It’s important to have the right business apps and tools to optimize communication with your employees, customers, or business partners. Here are the best apps for SMBs.
Slack
If you’ve worked in an office, you’ve probably heard of Slack. It’s an instant messaging app that allows you to stay in touch with your team members. Different conversations are organized under different public channels, which means the entire organization can access all information at any time.
Instead of having to play detective and waste time figuring out who agreed with what, you can simply browse the appropriate channel and get your answer faster. Slack offers in-app messaging (both private and public); but you can also set reminders, participate in video calls, and share files.
WhatsApp Business
The WhatsApp Business app is a communication app for small businesses that make it easy to offer personalized and direct communication with your customers. Use your computer, smartphone, or tablet to create a business profile, showcase your products and answer your customers’ questions.
WhatsApp Business also includes a decent categorization system, which means you can organize and tag all conversations. Automated responses help you add a personal touch to your business even when you’re not online.
Zoom
This video conferencing tool took over the world in 2020 and now even our grandparents can set up and join a Zoom call. Some of Zoom’s most popular features include free, unlimited 45-minute calls with up to 100 people and unlimited one-on-one meetings for two people.
You can use Zoom in a browser as well as a standalone business application, and the minimalist interface makes the tool easy to use. Zoom is ideal for communicating with remote employees. If you’re looking for more complex video conferencing features such as meeting rooms and extended meetings, Zoom is the way to go.
Microsoft Teams
Does your team already use Microsoft Office? If so, you already know that Microsoft Teams is by far one of the best applications for small business owners and their teams. Not only can you organize all internal communications across multiple channels, but you can also set up video calls and work on shared documents simultaneously.
If you already have an Office subscription or plan, Microsoft Teams is probably already included. However, if you want to try it before you buy, you can use the basic version for free.
4. Inventory management
Every small business owner knows how time-consuming inventory management can be, and sometimes the best thing you can do is automate it as much as possible. With the best business applications, inventory management is easy.
Sortly
Looking for a great small business management app? Consider using Sortly. This cloud-based business app helps you group your inventory items by category, location, condition, or any other tag you want to use.
You can also add custom fields to make sure your inventory is as accurate as possible. Plus, since Sortly is compatible with iOS and Android, you can search your entire database using a QR or barcode.
SOS Inventory
This inventory management app makes it easy to integrate your accounting and inventory processes. You will know clearly when to order new products and which products rarely leave your warehouse. You will be able to optimize your profits and respond faster to customer requests.
inFlow
The problem with most inventory software is that it is often complicated to use. inFlow strives to solve this problem with its intuitive application.
- Product organization and inventory tracking
- Bar code generation and scanning
- Order, invoice, and receipt management
- Optimization of manufacturing and replenishment
- Choice of various functions for sales and purchasing teams, as well as a visual dashboard and detailed reports
- A small business can sign up for $71 per month, giving access to 2 users and 1 inventory location.
Also read: the best app for setting goals