Best Business Finance Tools And Apps To Use In 2024

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December 14, 2023 Business

Did you know that a survey by The Penny Hoarder found that 40% of people who follow a budget manage their money with spreadsheets, while 14% of budgeters use a budgeting app?

In today’s fast-paced business world, small business owners constantly seek innovative ways to streamline their operations. As we enter 2024, the reliance on technology, especially mobile apps and software, has become more pronounced than ever.

For entrepreneurs and freelancers alike, the challenge is not just about making profits, but efficiently managing income and expenses. This is where the best finance apps and business finance tools come into play.

From QuickBooks simplifying invoice processes to FreshBooks revolutionizing expense tracking, these tools reshape how small businesses handle their financial health. Whether budgeting, cash flow management, or integrating accounting software, the right finance app can make running a business smoother and more efficient.

Let’s dive into the best business finance tools and apps of 2024, offering a guide for business owners to stay on top of their financial game.

Best Accounting Software for Businesses

Leading Accounting Software Options:

The landscape of accounting software for businesses has evolved, offering robust solutions for entrepreneurs. The leading options like Xero, Zoho Books, and QuickBooks stand out for their ability to streamline financial management.

Each platform offers unique features tailored for small business accounting, automating various tasks to save time and enhance accuracy. Their user-friendly interfaces simplify managing business finances, making them ideal for small business owners who want to efficiently stay on top of their financial health. Let’s dive in!

QuickBooks:

QuickBooks stands as a cornerstone in small business accounting software, offering an all-encompassing solution for entrepreneurs. Its ability makes financial management tasks like payroll services, credit card processing, and invoicing remarkably user-friendly.

QuickBooks also features a mobile app compatible with iOS and Android, enabling business owners to manage their finances on the go. Its intuitive design and robust functionality simplify complex accounting tasks, allowing for efficient tracking and management of business expenses. QuickBooks is a versatile and indispensable tool for small business owners who want to keep their financial health in check.

Xero:

Xero continues to be a standout choice among accounting apps for small businesses. Known for its cloud-based approach, Xero offers unparalleled accessibility, enabling business owners to manage their finances anytime, anywhere. Its remarkably user-friendly platform makes it easy for non-accountants to navigate complex financial tasks.

Xero excels in automating essential functions like invoicing and inventory management, significantly streamlining the accounting process. It’s particularly favored by startups and small business owners for its efficient integration with various business tools, simplifying financial management, and helping to keep track of business expenses effortlessly.

FreshBooks:

FreshBooks is a top pick for business owners seeking an intuitive and efficient way to handle their finances. As a standout accounting app, it simplifies financial tasks, from invoicing to managing expenses. Its user-friendly design makes FreshBooks one of the best finance apps for small businesses. It’s not just an accounting tool; it’s a versatile finance management solution tailored for the busy entrepreneur.

Whether you’re keeping track of personal and business finances or streamlining business operations, FreshBooks offers a seamless, cloud-based platform. It’s a prime example of software for businesses that makes financial management accessible and straightforward.

Expense Management

Top Expense Management Tools:

Navigating the financial landscape of your business demands efficient expense management tools. These tools, pivotal for business owners who want to stay on top of their finances, offer more than just tracking; they are a gateway to insightful financial planning.

For those looking to streamline their processes, the tools that improve ecommerce stand out as essential. These management tools help manage cash flow and set the groundwork for robust financial health, making them indispensable in today’s fast-paced business environment. Let’s dive in!

Expensify:

Expensify emerges as ideal for those looking to manage their finances easily. Expensify simplifies expense reporting. This app lets users swiftly capture receipts and track business expenses, making it a favorite for accountants and small-business owners (especially if they’re heavy on pricy marketing tactics like influencer marketing). Its intuitive interface, compatible with Android and iOS devices, ensures managing accounts is hassle-free.

More than just an expense tracker, Expensify offers a free version catering to the diverse finance needs of businesses. Its cloud-based accounting software seamlessly integrates with various management tools, proving it’s not just an app but a comprehensive financial companion for those looking to run their business more effectively.

Zoho Expense:

Zoho Expense is renowned for its efficiency. This app simplifies expense management, a vital aspect for anyone keen on maintaining a tight rein on their business financials.

With Zoho Expense, users enjoy the convenience of a mobile app that lets them record receipts and track expenditures on the go. It’s particularly beneficial for small business owners who want to seamlessly integrate personal and business expenses.

The app also offers cloud-based accounting software, a boon for accountants seeking a robust yet user-friendly management tool. Its ability to sync with various software for businesses makes it a versatile and indispensable tool for any business owner looking to streamline their financial processes in 2024.

Receipts by Wave:

Receipts by Wave is a stellar management tool for business owners who want to streamline their financial processes. This app lets you easily capture and manage receipts, making it a top pick for businesses looking to simplify expense tracking.

With its user-friendly interface, it’s not just an app for small enterprises; it also caters to the personal finance needs of entrepreneurs. The ability to scan and upload receipts directly means you can stay on top of your finances without hassle.

Wave’s efficiency positions it among the best finance apps for small businesses, allowing owners to focus more on running their business and less on managing accounts. Its integration with other financial planning tools further enhances its usefulness, making it a practical choice for those who need a comprehensive finance management solution.

Fyle

Fyle streamlines expense management by automating receipt capture, credit card reconciliation, and expense reporting for employees and finance teams. Employees can effortlessly track and submit receipts through various platforms, including Gmail, Outlook, Slack, and Teams.

Fyle’s direct integration with Visa and Mastercard ensures real-time reconciliations for existing cards, eliminating the need for statement uploads or unreliable bank feeds. Employees receive instant notifications about card transactions and can respond with receipt images for automatic reconciliation.

Additionally, Fyle empowers finance teams with simplified expense management through streamlined approval workflows, pre-submission policy checks, and seamless integrations with NetSuite, Sage Intacct, QuickBooks, and Xero.

Invoicing Solutions

Recommended Invoicing Apps for Small Businesses:

Recommended invoicing apps, crucial for any business’s financial toolkit, are indispensable. Apps like Wave invoicing and bill.com offer a seamless way to manage invoices, saving time and enhancing accuracy.

These apps are especially beneficial for small business owners, simplifying the invoicing process with user-friendly interfaces. They help you track sales and expenses and maintain top-notch financial organization, making them some of the best software for small businesses. Let’s dive in!

TurboDoc:

TurboDoc is an optical character recognition tool offering automated invoice and receipt processing using AI. Save time on paperwork – transform financial documents into easy-to-read data.

In most cases, invoices and receipts come unstructured, with different order of data and changing names of the fields, TurboDoc automatically captures all critical details such as supplier name, total amount, taxes, due date, supplier payment details, invoice/receipt number, invoice/receipt date and more.

Software is powered by an advanced AI model trained on a large corpus of documents, ensuring high accuracy.

2. Wave Invoicing:

Wave Invoicing is a real gem for anyone juggling business and personal finances. What makes it shine is its zero cost. It’s free, which is a huge plus when watching your budget. It’s incredibly straightforward to use, too. This means you spend less time wrestling with complex software and more time focusing on the important stuff — like growing your business.

Wave isn’t just about sending invoices. It’s a full-fledged financial buddy, linking smoothly with many other apps to keep your business finances on track. For small business owners or freelancers, it’s a relief to find an app that makes financial management less of a headache and more of a breeze.

3. Bill.com:

Bill.com is a standout choice for businesses seeking robust online accounting software. It streamlines managing your cash flow and vendor payments, making it a breeze to run your business finances.

This software program is designed to help you efficiently manage everything from invoicing to payments. Its integration with many other apps makes it versatile and convenient, especially for businesses looking for a finance management solution that fits seamlessly into their existing systems.

Bill.com offers a mobile app, too, letting you handle financial transactions on the go. It’s a professional, efficient tool for anyone serious about taking their business financial management to the next level.

4. PayPal Invoicing:

PayPal Invoicing is one of the best apps for efficiently managing business finances. This tool simplifies the invoicing process, making it completely free to send invoices to clients. For business owners, PayPal Invoicing is a financial planning software that can help you manage your business transactions efficiently.

The mobile app lets you create and send invoices on the go, ensuring you can manage your finances wherever you are. It’s not just about invoicing; this app also lets you track payments and sales, helping you run your business more effectively. With such intuitive features, PayPal Invoicing is a top pick for businesses seeking a hassle-free financial management experience.

Financial Analytics and Reporting

Analytics Tools for Business Finances:

Analytics tools for business finances are vital for understanding your company’s financial health. They can help you manage your finances by providing clear insights into income, expenses, and profit trends. Many apps offer these analytics features, making tracking and analyzing financial data easier.

Such tools are helpful and essential in making informed decisions and ensuring your business stays on the right financial track. These tools turn complex data into understandable, actionable information. Let’s dive in!

QuickBooks Advanced Reporting:

QuickBooks Advanced Reporting stands out as one of the best apps for comprehensive financial planning software, especially tailored for businesses seeking to streamline their financial processes.

This tool transcends the typical offerings of many apps by providing in-depth insights into business finances, making the management of these finances a breeze. It’s not just an app to track your financial health; it also lets you delve into detailed reporting, which is instrumental in making informed decisions.

Whether it’s about managing employee data or setting financial goals, QuickBooks Advanced Reporting is a robust management software available to help you run your business more efficiently.

Tableau:

Tableau is a powerful business finance tool offering unparalleled data visualization and analysis capabilities. It is ideal for businesses of all sizes and simplifies complex financial data into easy-to-understand, interactive dashboards. This enables better decision-making by providing clear insights into financial trends and performance metrics.

With Tableau, you can effortlessly integrate data from various sources, ensuring a comprehensive view of your financial landscape. Its user-friendly interface and robust analytics make it an essential app for finance professionals seeking to optimize their financial strategies and drive business growth.

Power BI:

Power BI, a renowned business intelligence tool, stands out in business finance for its robust data visualization and analytics capabilities. It empowers users to transform raw data into insightful, interactive dashboards and reports.

With Power BI, businesses can easily connect to various data sources, simplifying complex data analysis. Its user-friendly interface and powerful data modeling features make it accessible yet potent for professionals across various industries.

By leveraging Power BI, companies can make informed, data-driven decisions, enhancing their financial strategies and overall performance. This tool is a game-changer for anyone seeking to harness the power of data in business finance.

4. Fuel Finance

Fuel Finance is your cloud-based financial department tailored for startups and SMBs. Their intuitive platform seamlessly integrates key financial functions, offering spreadsheets, P&L, CF, and unit economics. Securely organizing critical financial data in the cloud, Fuel Finance provides a panoramic view of your financial landscape. With a user-friendly interface and powerful analytics, this financial management software is a valuable addition to any finance-related strategy, contributing to business growth. This user-friendly tool offers features such as spreadsheets, graphing, and various financial projections. Additionally, it conducts monthly Plan/Fact analyses, ensuring accurate forecasting.

Budgeting and Forecasting

Budgeting and Forecasting Software:

Budgeting and forecasting tools help analyze expenses, predict future financial trends, and make informed decisions. They offer a comprehensive view of a company’s financial health, enabling better resource allocation and risk management.

Ideal for small and large businesses, these applications streamline financial planning, ensuring you’re always ahead in your financial journey. Let’s dive in!

Adaptive Insights:

Adaptive Insights stands out in business finance tools, offering dynamic budgeting and forecasting capabilities. It facilitates real-time financial planning and analysis and is designed to accommodate businesses of all sizes.

Its user-friendly interface simplifies complex data, making financial insights accessible to all team members. The tool integrates with existing systems, enhancing resource allocation and decision-making processes.

With Adaptive Insights, businesses gain a clear picture of their financial health, aiding in strategic planning and risk management. It’s a top choice for efficient and insightful financial management solutions.

Planful:

Planful is an exceptional tool for modern businesses seeking streamlined financial planning and analysis. This cloud-based platform excels in budgeting, forecasting, and financial reporting, offering real-time insights to guide strategic decisions.

With its user-friendly interface, Planful simplifies complex financial processes, making it accessible even for those without a finance background. It integrates seamlessly with other business tools, enhancing efficiency and data accuracy.

Using Planful, businesses can focus on growth and performance backed by solid financial planning. It stands out as a valuable asset in the arsenal of business finance tools and apps.

Tidemark:

Tidemark stands out as a game-changer in the realm of business finance tools. It’s designed for companies who need a comprehensive view of their financial health. Its user-friendly interface sets Tidemark apart, making complex financial data easy to understand.

You can track budgets, forecast revenues, and analyze financial trends all in one place. It benefits businesses looking to streamline their financial processes and make data-driven decisions.

Tidemark’s real-time analytics and collaborative features also help teams collaborate more effectively. It’s a reliable, efficient tool for managing your business’s financial needs precisely and efficiently.

Payment Processing

Tax Management

Tax Management Tools for Small Businesses:

Tax management tools are designed to simplify this complex task. They help businesses track expenses, calculate taxes, and ensure compliance with regulations.

By automating these processes, these tools save time and reduce errors, making tax season less daunting. Whether you’re a small business owner or part of a larger corporation, these tools are invaluable for keeping your finances in check and avoiding penalties. Let’s dive in!

TurboTax Business:

TurboTax Business stands out as a robust tool in business finance management. This software is designed to make handling your business finances a breeze, especially during tax season. Its user-friendly interface simplifies complex tax processes, making it one of the top picks for the best financial tools for businesses.

You can easily navigate tax-related challenges using the TurboTax app, ensuring accuracy and compliance. The app’s guidance is tailored to your business’s unique needs, illustrating how such apps can help streamline financial tasks. Whether you’re a seasoned entrepreneur or new to the business, TurboTax Business is an invaluable asset for efficient financial management.

H&R Block Business:

H&R Block Business emerges as a formidable contender in business finance tools. It’s an app to help entrepreneurs and small business owners streamline their financial tasks, particularly during tax season. The application’s intuitive design and user-friendly features make navigating the complexities of business taxes less daunting.

As one of the recommended picks for the best financial tools, H&R Block Business enables users to manage their business finances efficiently, ensuring accuracy and adherence to tax laws. This software for your business demonstrates its utility by offering tailored solutions, proving its worth as an essential tool for maintaining financial health and compliance.

TaxJar:

TaxJar is a standout among apps that will help manage and simplify the often complex world of business taxes. It’s explicitly designed to assist businesses of all sizes in navigating sales tax compliance easily.

TaxJar makes business finances a breeze by automating many tedious tasks associated with tax calculations and filings. This app’s straightforward interface and efficient processing make it a top pick for the best financial tools available. It benefits businesses operating in multiple states, offering clear insights and guidance on various tax jurisdictions.

Financial Integration Platforms

Integration Platforms for Financial Data:

In today’s fast-paced business world, integration platforms for financial data seamlessly blend your financial information from various sources into one unified system. This makes tracking your business’s financial health easier and more accurate.

Whether you’re managing budgets, forecasting, or analyzing expenses, these platforms simplify these tasks, offering you a clear financial picture and helping you make informed decisions. Let’s dive in!

QuickBooks Online:

QuickBooks Online is a top choice for businesses seeking efficient financial management. This cloud-based tool offers a comprehensive suite of features, catering to invoicing, expense tracking, and payroll processing with remarkable ease.

Its user-friendly interface makes navigation a breeze, even for those new to finance software. Real-time data syncing across devices ensures access to financial information anytime, anywhere, fostering informed decision-making.

QuickBooks Online integrates seamlessly with various third-party apps, enhancing its versatility. Whether you’re a successful small business owner or manage a larger enterprise, QuickBooks Online streamlines finance tasks, freeing up valuable time to focus on business growth.

Zapier:

Zapier is an exceptional tool for automating workflows between various business finance apps and services. Its intuitive interface allows you to create seamless connections with minimal technical knowledge.

Imagine integrating apps like Mint (a free personal finance tool) with others used in your business. This interconnectivity not only streamlines processes but also ensures consistency in data management.

Zapier’s flexibility in connecting many apps makes it indispensable for managing finances efficiently, helping you focus on strategic decisions rather than getting bogged down in mundane tasks. Its user-friendly nature and powerful automation capabilities make it a must-have in your financial toolkit.

Workato:

Workato stands out as a stellar choice among business finance tools. It’s designed to help you create streamlined workflows, enhancing efficiency in your financial processes. Notably, Workato excels in automating tasks, which is crucial for businesses looking to optimize their finance operations.

Workato also became a robust, user-friendly option. By choosing to use the app, you leverage its capability to integrate various financial platforms seamlessly. It’s not just about automation; it’s about making your finance management smarter and more cohesive. Workato, also a free tool, offers a comprehensive solution to modern business financial challenges.

Mobile Finance Apps

Mobile Apps:

Mobile apps for on-the-go financial management are invaluable assets for modern business professionals. These tools offer real-time insights into financial data, facilitate efficient budget tracking, and enable seamless transactions.

Ideal for busy entrepreneurs, these apps provide access to critical financial information anytime, anywhere. They simplify accounting processes, ensure accurate expense tracking, and aid in decision-making, making financial management more efficient and less time-consuming for those constantly moving. That’s why creating finance apps has become a competitive landscape, and we’ll list out the ones coming on top.

Expensify (Mobile Version):

Expensify is a highly efficient finance tool for businesses, especially beneficial for managing expenses on the go. Its mobile version stands out for its user-friendly interface and practical features.

Expensify allows employees to easily capture receipts through their phones, simplifying the expense reporting process. It automates the entry of transaction details, saving valuable time.

The app offers real-time expense reporting, a boon for managers overseeing budgets. Its integration with major accounting software enhances its utility. Expensify’s mobile app is indispensable for modern businesses seeking streamlined expense management.

QuickBooks (Mobile Version):

QuickBooks’ mobile version is a prime choice for managing business finances on the go. Tailored for convenience, it offers a comprehensive suite of features, including invoice creation, expense tracking, and real-time financial reporting. Its user-friendly interface simplifies complex accounting tasks, making it accessible even for those with limited accounting knowledge.

The app seamlessly integrates with the desktop version, ensuring data consistency and allowing business owners to make informed decisions based on up-to-date financial insights. Whether you’re a small business owner or a freelancer, QuickBooks mobile streamlines financial management, leaving more time to focus on business growth.

PayPal Business (Mobile App):

PayPal Business is a vital tool for modern entrepreneurs, easily streamlining financial transactions. This mobile app offers a user-friendly interface, allowing businesses to manage invoices, track sales, and process payments swiftly.

Its global reach facilitates seamless international transactions, making it a go-to choice for businesses operating across borders. The app’s robust security measures ensure safe and secure transactions, giving business owners peace of mind.

With a PayPal Business account, small to medium-sized enterprises can efficiently handle their finances, freeing valuable time to focus on growth and development. This app is an indispensable asset in the digital finance toolkit of any business.

Conclusion

In the dynamic landscape of 2024, businesses have an array of sophisticated finance tools and apps, each designed to streamline various financial aspects. Accounting software like QuickBooks, Xero, and FreshBooks continue to lead the market, offering comprehensive solutions that simplify bookkeeping and financial management.

Expense management has been revolutionized by tools such as Expensify, Zoho Expense, and Receipts by Wave, which efficiently track and categorize expenditures. Invoicing solutions, including Wave Invoicing, Bill.com, and PayPal Invoicing, have transformed how businesses bill clients, ensuring transaction accuracy and speed.

Financial analytics and reporting have seen a surge in the adoption of powerful tools like QuickBooks Advanced Reporting, Tableau, and Power BI, providing deep insights into financial data and aiding strategic decision-making.

Budgeting and forecasting software, particularly Adaptive Insights, Planful, and Tidemark, are pivotal for future financial planning, offering predictive analytics and scenario modeling. Payment processing solutions such as Stripe, Square, and PayPal Business have become indispensable, facilitating smooth and secure transactions.

Tax management, a crucial aspect of any business, is efficiently handled by applications like TurboTax Business, H&R Block Business, and TaxJar, ensuring compliance and accuracy. Integration platforms, notably QuickBooks Online, Zapier, and Workato, have emerged as key players in synchronizing financial data, enhancing efficiency, and reducing manual errors.

The rise of mobile finance apps like the mobile versions of Expensify, QuickBooks, and PayPal Business has empowered businesses with on-the-go financial management capabilities, ensuring continuous oversight and control over financial operations.