Running a small business takes a lot of time management, communication, organization, and financial planning. On the financial planning front, staying ahead of your profits, losses, cash flow, investments, etc. is your ticket to maintaining a financially healthy business. But there is one important place to start, and that is by setting a budget, reviewing it regularly, and adjusting it as necessary.
Budgeting in a small business can be overwhelming at first, because there are so many factors within your business to consider, like incoming revenue, payments to vendors, payroll if you have employees, purchasing inventory or machinery — you get the idea.
But the great news is that you don’t have to do it on your own, and you don’t have to struggle with manual budgeting in complicated lists, spreadsheets, and other tracking methods. You can do it all in one place with just a few clicks or taps by using a budgeting app!
Budgeting apps will make your life a whole lot easier. They help you track your spending, monitor your bills, and plan for your future endeavors. Most apps also have built-in intelligence tools to help you manage your money better, make recommendations for more intuitive budgeting and spending, and help you save. Some of the apps are free, while others have a monthly or annual subscription fee.
We’ve compiled a list of some of the top budgeting apps for small businesses in 2024 and how their features will help you with smart financial management.
1. QuickBooks Online
QuickBooks is a well-known all-encompassing accounting software for small businesses. To manage your budgeting, QuickBooks allows you to track income and expenses, capture and organize receipts, invoice customers and receive payments, and run reports for profit and loss, expenses, and balance sheets. If you’re looking for a budgeting app that can also be your go-to tool for bookkeeping and accounting, QuickBooks is a great choice. For sole proprietors or freelancers, QuickBooks also has budgeting tools in their Self-Employed option that are a little less costly. For a standard QuickBooks Online plan, the monthly fee starts at $30.
2. Xero
Xero is one of QuickBooks Online’s largest competitors as it also functions as an all-in-one tool for financial management, budgeting included. All plans with Xero offer unlimited users, has hundreds of app integrations, and has a simple, easy-to-use dashboard. It also has robust reporting tools and basic inventory tracking. It shakes out to be a less expensive option than QuickBooks, starting at $15 per month with a 30-day free trial.
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3. CountAbout
CountAbout has been listed by Forbes to be a great resource for sole proprietors and freelancers. With their simple, customizable, and secure budgeting tools, you can easily track how making even the smallest changes in your spending can be applied to paying off debt or reaching your savings goals faster. CountAbout helps you track transactions from your banks, credit cards, and investment accounts making it easier to be in control of your finances. You can start a free trial for 45 days, and then start a standard plan for only $9.99 per year.
4. LivePlan
LivePlan is a good option for startups as it is designed to guide you through the beginning stages of running a business. It helps you create a business plan and polish your business strategy, but also integrates with QuickBooks and Xero to help you scale as your budgeting needs evolve. In order to get access to their ongoing budgeting tools past the startup stages, you’ll need to purchase the Premium plan. The basic plan starts at $20 a month, while the Premium plan starts at $40 a month.
5. Budgeto
If you’re looking for something clean and simple, Budgeto is a great option. It is very intuitive and user friendly, there is no annual contract involved, and you can upgrade or downgrade your plan at any time. You can easily share financial reports within the software, and it also integrates with QuickBooks and Xero. Plans start at $25 a month with a 14-day free trial.
6. Empower
If you’re looking for a free option, you might consider going with Empower. You can track all of your accounts in one place, check up on your investment accounts, plan for retirement, uncover hidden fees, and keep a close eye on your spending. Their mission is to help all sizes of organizations with wealth management and retirement solutions and give business owners a simple understanding of the state of their finances now and in the future.
While budgeting is truly a necessity for small businesses to succeed and not be in the dark about their financial health, it doesn’t have to be tricky. For more tips about budgeting for your business, mobile app features that can help you save, and more, give Republic Bank a call at 800-526-9127 to get in touch with our expert representatives. Plus, check out our resource library.