Essential Budgeting Apps for Small Businesses in 2024
- Presented by Republic Bank and Judy Machni
Running a small business requires a lot of time, management, communication, organization, and financial planning. Effective financial planning is essential to maintaining a financially sound business, starting with setting a budget, reviewing it regularly, and adjusting as necessary.
Budgeting for a small business can be daunting at first due to numerous factors such as incoming revenue, payments to vendors, payroll, inventory purchases, and more. Fortunately, budgeting apps can simplify this process. These apps help track spending, monitor bills, and plan future projects, often with built-in intelligence tools for better money management. Here are some of the best budgeting apps for small businesses in 2024:
QuickBooks Online
QuickBooks is a popular all-in-one accounting software for small businesses. It allows you to:
- Track income and expenses
- Record and organize receipts
- Invoice customers and receive payments
- Run reports on profit and loss, expenses, and balance sheets
For sole proprietors or self-employed individuals, QuickBooks offers a Self-Employed option. The QuickBooks Online Standard plan starts at $30 per month.
Xero
Xero is a comprehensive financial management tool and one of QuickBooks’ biggest competitors. Features include:
- Unlimited users
- Hundreds of app integrations
- A simple, easy-to-use dashboard
- Powerful reporting tools
- Basic inventory tracking
Xero plans start at $15 per month with a 30-day free trial.
CountAbout
CountAbout is ideal for sole proprietors and freelancers. It offers:
- Simple, customizable, and secure budgeting tools
- Tracking of transactions from bank, credit card, and investment accounts
CountAbout offers a 45-day free trial, with standard plans starting at $9.99 per year.
LivePlan
LivePlan is designed for startups, helping with:
- Creating a business plan
- Refining business strategy
- Integrating with QuickBooks and Xero
LivePlan’s Basic plan starts at $20 per month, while the Premium plan starts at $40 per month.
Budgeto
Budgeto is clean and simple, offering:
- Intuitive and easy-to-use interface
- No annual contract requirement
- Easy sharing of financial reports
- Integration with QuickBooks and Xero
Plans start at $25 per month with a 14-day free trial.
Empower
Empower is a free option that helps with:
- Tracking all accounts in one place
- Viewing investment accounts
- Planning for retirement
- Discovering hidden fees
- Monitoring spending
Empower aims to assist organizations of all sizes with wealth management and retirement solutions.
Conclusion
While budgeting is essential for small businesses, it doesn’t have to be difficult. These budgeting apps can simplify financial management, making it easier to maintain financial health and achieve business goals.
For more tips on budgeting for your business and mobile app features that can help you save, call Republic Bank at (800) 526-9127 to connect with our expert representatives. Plus, check out our resource library.
Judy Machni is Vice President and Branch Sales Manager for Republic Bank of Chicago, Member FDIC and an Equal Housing Lender.
