The Top Financial Apps for Small Business Owners

Every entrepreneur needs a little bit of help managing their business finances—use these apps to make your life easier!

When you’re a business owner, you have more than just a job. Even after you’ve turned off the lights and locked the doors, you are still in charge of making business decisions at all hours of the day. Any entrepreneur understands how the details of your business can pile up until some of your important tasks get buried. That’s why it is so important for business owners to constantly monitor all of the financial details for their business. You never know, one accidentally missed bill could potentially turn into a mess of additional fees and phone calls! 

In order to avoid making financial mistakes while running your business, it’s good to have a few tools on your side to simplify your finances. That’s why we’ve come up with a list of handy finance apps that will make managing your business that much easier. We’re covering a variety of different apps that can help you in different branches of business— including everything from getting life insurance to filing your taxes. If you’re looking for some pro tips to make managing your business that much easier, keep reading!

1. Fabric by Gerber Life

Using Fabric you can set savings goals and even protect your loved ones by purchasing no medical exam life insurance

Use Fabric to secure a life insurance policy that works with your budget,

Searching for an app that can help you set money saving goals and get you an instant quote for a life insurance policy? Look no further than the Fabric by Gerber Life app. This app is a powerful tool that will help you set personal and professional savings goals. For example, you can use the Fabric app to set savings goals for a rainy day fund. All you have to do is set your goal in the Fabric app and you can begin contributing to a high yield rainy day fund. As you contribute to your account, you can track your progress and even get suggestions on how you can save even more money. Once you have reached your rainy day savings goal, you are prepared in the case of a slow sales season or any other unforeseen expenses.

Another excellent feature of using Fabric by Gerber Life is the ability to get life insurance without a medical exam. Life insurance is extremely important for business owners. If you are running your business and you are uninsured, there will be no payout to keep the business running in the case of your untimely death. In fact, the financial burden of your business ventures will be transferred to your loved ones. If you don’t have a large sum of money saved in advance, the situation could be financially difficult for your family. 

If you are looking to get insured quickly, your best option is to search for life insurance with no medical exam. When you choose to get life insurance without a medical exam, then you are choosing the most efficient method for coverage. While the results of the medical exam can take 6-8 weeks to come back, you can get approved with no medical exam in a matter of days. For a lot of busy entrepreneurs, this time saved between applying and getting approved for life insurance is incredibly valuable.

2. IRS2Go

IRS2Go makes paying your taxes easier than ever before

Get your taxes taken care of with IRS2Go.Image courtesy of RefundTalk.

The IRS2Go app is the official mobile app of the IRS. It allows you to check your refund status, make payments, find tax preparation assistance, explore different tax tips, and more! You can also use IRS2Go to get access to mobile payment options like IRS Direct Pay. IRS Direct Pay offers a free and secure way to pay directly from your bank account. You can also make a credit or debit card payment directly through a payment processor. 

When you use the IRS2Go app, you are able to directly access different tax software from your mobile device to quickly prepare and file your taxes. Additionally, IRS2Go can generate login security codes for IRS online services which allows you to retrieve codes through IRS2Go instead of using text messages. This added security measure to make sure that all of your information remains confidential. Plus, you can access important tax information in both English and Spanish.

3. Goodbudget

Keep your business finances in order with this budget tracking app

Easily plan out your expenses using Goodbudget. Image courtesy of Ting.

Goodbudget is budgeting software that is based on the “envelope method”. When you use the app, you make envelopes for all your budgeting categories—rent, loan payments, payroll—and then set aside money up front in each envelope. Then, you can spend the money in each envelope based on categories instead of your account balance. The “envelope method” is a way to plan your spending instead of just tracking it. 

Using Goodbudget you can save money for professional purchases by making payments on renovations, raw material costs, or for expanding your team without draining your savings. Having the money to save and actually taking steps to save money are two very different things. Using this app you can plan ahead and save for big expenses months in advance. Not to mention, you can use the app to start setting aside money to pay off debts! Use the Debt Accounts feature to track your payoff progress and see when you’ll be debt-free—all while simultaneously setting aside money for the other essential business costs.

4. Toshl Finance

Keep all of your paperwork and expenses together in the Toshl Finance app

Never worry about losing important reports again. Image courtesy of Toshl.

Toshl Finance is an app for small business owners who want to keep their expenses under control and all of their important documents in one place. You can use the app as a budget keeper, bill organizer, or an expense tracking tool. Toshl Finance can also be used to monitor expenses under the same account, filter budgets by categories, export PDFs, spreadsheets, Google Docs, and CSV reports. 

If you deal with international clients or suppliers, then there is another feature of Toshl that you’ll find appealing. The Toshl Finance app includes support for 165 currencies with real-time exchange rates. That way, you can track your expenses in any currency you deal with regularly. The app also offers cloud syncing, so you don’t have to worry about losing spending histories. Overall, the Toshl Finance app clearly displays the info providing charts, expense locations maps, graphs, and notifications through a user-friendly interface. Make sure you never lose track of your expenses using Toshl!

5. Venmo

Make payments and sales using Venmo—an already nearly universally adopted platform

More than just personal money transfers, Venmo can help you run your business. Image courtesy of Paypal.

You’ve likely heard of Venmo before, but did you know that you can use it to help run your business? Venmo offers business profiles, which allow users to accept payments for goods and services. Business profiles are built for individuals, sole proprietors, and registered businesses. When you start a business Venmo account, the account is completely separate from your personal account. This way, you can accept payments for goods and services without  any interaction from your personal payments or accounts. 

Venmo offers a lot of benefits from their business profiles including the ability to generate referrals among Venmo users, the option to add links and social media accounts to your profile, and the ability to refund customers directly from the Venmo app. Venmo is especially useful for businesses that are just starting out and need a payment processor. However, when your business begins to grow, you may need to eventually upgrade to a different platform. That said, if you are starting your business by selling products directly to customers—like at a farmers market—then Venmo is the perfect tool for your business.

If you haven’t already downloaded these apps to help you manage your business, now is the time to try them out! Starting your own business is difficult enough, so why not consult a few apps that can really make your life easier. You know more than anyone how valuable your time is as an entrepreneur, so even if these apps help you save seconds or minutes this blog will have been well worth your time!

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