The Best Finance Apps for Small Business Owners

The Best Finance Apps for Small Business Owners

Small business owners wear many hats, especially when just starting out. You may find yourself being quality control one day and an accountant the next. Managing your small business finances is an essential part of your day-to-day business operations. You need to keep track of spending and expenses and know exactly how much money your business is bringing in. Thankfully there are many apps for small businesses and independent professionals that can make managing finances easier!

According to Think with Google, over 73% of smartphone users have used an app to manage their finances in the past month. Many different types of finance apps are available to help you manage personal and business finances.

Technology's integration into finance is called fintech, and there are over 10,755 fintech startups in the Americas alone. Roughly 56% of small to medium-sized enterprises have adopted fintech for banking and payments.

Financial apps are democratizing the industry, making services that used to be costly easily accessible to anyone with a smartphone. As an independent professional or small business owner, you have low-cost tools that once required an expensive personal advisor or multiple types of accountants. You can start your own business and immediately begin accepting payments or even get a loan through your phone.

Finance apps act as digital advisors that can give tips on when and how to spend funds, detect amounts of "misspent" money, and more. Some apps even have algorithms that can automate processes like robo-advisors or collect spending data to create accurate budgets.

Not sure which apps to start with? Here are some of the best finance apps for small businesses and independent professionals:

Mint: Best for budgeting and overseeing finances

Mint is a great business budgeting app that puts all your accounts in one place. Manage your cash flow, credit score, credit cards, bills, and investments all within the app. It's like having a bookkeeper at your fingertips. Track your business income and expenses, so you know exactly how much you're earning and spending to find more ways to save. Mint is owned by Intuit®, the company that’s also behind TurboTax, Credit Karma, QuickBooks, and Mailchimp.

Mint

Mint Features:

  • Bill negotiation. Mint’s Billshark partner will try to get your monthly bills lowered. If they succeed, you give them a percentage of the savings; if they don't, you pay nothing.
  • Security. 256-bit encryption and multi-factor authentication
  • Alerts. Set notifications when subscription costs increase and bills are due.
  • Customizable. Create your own budget options (with alerts if you go over) and set goals.
  • Advice. Mintsights™ provides personalized spending insights and finance recommendations.

Price: Free

Goodbudget: Best for envelope budgeting method

Goodbudget is a financial planning app that uses the envelope budgeting method. While marketed toward home budgeting, it is excellent for freelancers and small businesses. The envelope method divides your income into "envelopes" that you set for each budget category. These envelopes could be for supplies, marketing, or business travel. When you need to make a purchase, you use the designated envelope to avoid overspending and help visualize your budget.

Goodbudget

Goodbudget features:

  • Synch and share. Manage budgets with your business partners.
  • Debt payoff. Work on reducing your business's debt and track your progress.
  • Save. Create savings envelopes for upcoming expenses.

Pricing: Basic version is free. Plus account is $8 per month, which gives you access to unlimited envelopes, accounts, and up to five devices.

TurboTax® Mobile App: Best for taxes

In the U.S., businesses pay federal, state, and local taxes. The amount of taxes depends on your business's structure and location. A small business with employees will be taxed differently than a self-employed individual who is a sole proprietor of their business. TurboTax Mobile App lets you file your taxes on your phone. Take pictures of your forms and maximize deductions through this user-friendly tax app that's great for small businesses and independent contractors.

Turbotax

TurboTax Mobile App features:

  • User-friendly. The app guides you through the process of filing your taxes step by step. You can do it yourself or if you need more help, let a tax expert handle it.
  • Customized. Choose the type of return that fits your employment status. Self-employed covers contractors, freelancers, independent professionals, and small-business owners. Includes industry-specific deductions and credits.
  • All Online. File your return electronically and receive a notification when the IRS accepts it.
  • Simple. Take pictures of your forms and autofill data from your W-2 or 1099-NEC.
  • Quickbooks Integration. Import business information from Quickbooks Self-Employed, like expenses, receipts, and mileage.

Pricing: Start for free and pay only when you file. Pricing begins at $119 and adds $49 per state return filed.

Kabbage: Best for small business loans

Many small businesses need to borrow money to start or expand their business. It takes time to become profitable enough to reinvest in your business. Kabbage is a small business loan app from American Express that offers secured and unsecured loans of up to $150,000 to small businesses.

Kabbage

Kabbage Features:

  • Flexible Options. Choose a secure loan and leverage your assets for approval. Businesses without collateral or good credit history can get an unsecured loan like a business line of credit.
  • Quick approvals. Apply for your loan through the app, and Kabbage quickly evaluates the applications.
  • Industry-specific loans. Pay for expenses relevant to your business if it falls into a specific category like retail, restaurants, or construction.
  • Minority loans. Small business owners that fall into the minority category, including women and veterans, can apply for this loan.
  • Payback terms. Pay your loan back over 6, 12, or 18 months with flexible monthly fees.

Pricing: Monthly fees depend on the loan amount.

Betterment: Best robo-advisor investing

If you're looking to start investing, Betterment offers robo-advisors with low account minimums and fees. Choose how much you want to invest with this business finance app, whether $15 or $20,000, and set your goal to see what options are best for you. These automated investments are low-cost, diversified ETFs (exchange-traded funds). Betterment also has curated portfolios that you can select as your strategy.

Betterment

Betterment features:

  • Portfolio Options. Explore curated portfolios that you can select as your strategy, e.g., social or climate impact or innovative technology. Experienced investors can customize their portfolios.
  • No minimum. There are no account minimums, and you can choose how much you want to invest.
  • Retirement Planning. Save for retirement with an IRA and choose from traditional, Roth, SEP, or Roth conversion options. Betterment also offers 401(k) options.
  • Set Goals. Create saving and investing goals for your business and reach them with advice, goal forecasting, scheduled deposits, and track your progress.

Pricing: Three tiers based on features needed: no fee, 0.25% annual fee, or 0.40% annual fee.

PayPal: Best payment app

When you set up a merchant account on PayPal, you can accept in-person and online payments for your business. PayPal is a trusted name in payments and offers both seller and buyer protection. This is a great app for small businesses selling goods and services directly to customers or through an e-commerce site.

PayPal

PayPal features:

  • Online payments. Accept a wide variety of payment options, including all major credit and debit cards, Venmo, crypto, pay-later options, and global payment methods.
  • In-person payment. Sell goods or services in person using the PayPal card reader or PayPal QR code that links to the app.
  • E-commerce integration. Easily add Paypal as a checkout option through common e-commerce platforms like Wix and WooCommerce.
  • Invoicing. Create professional invoices using customizable templates and send payment reminders for unpaid invoices.
  • Make Payments. Link to your bank account (personal or business) or use your PayPal balance to pay vendors.

Pricing: No monthly fees, but pay 3.49%+ $0.49 per transaction (in U.S.)

QuickBooks Self-Employed: Best for freelancer expenses

When you're self-employed or own a small business, separating your personal expenses from your business expenses is important. You can write off the expenses you have as a business when filing your taxes. Quickbooks integrates with TurboTax, making it easy to do your taxes and manage expenses.

Quickbooks

Quickbooks Self-Employed features:

  • Mileage tracking. Automatically track mileage using your phone's GPS, then easily save and categorize the data.
  • Photograph receipts. When you take a picture of your business receipts, the app stores the information and can use it for Schedule-C deductions.
  • Tax estimates. Have an idea of how much you owe for your business taxes each quarter.
  • Expenses. Separate your business from personal expenses and import expenses directly from your bank account.

Pricing: Plans start at $15 per month for Quickbooks Self-Employed.

Help your business with top-rated talent

Need more help than an app can provide? As a freelancer or small business owner, finance may not be your passion. Finding time to manage the day-to-day details surrounding accounting, expenses, and invoicing can be a struggle, but that's OK! Professional business consultants on Upwork are ready to help make managing your small business finances a breeze. Whether you need help organizing your finances and setting up these processes or want someone to handle all the business finances, you’ll find business consultants who can’t wait to get started. Let them focus on their passion so you can focus on yours.

This article is intended for educational purposes and should not be viewed as legal or tax advice. Please consult a professional to find the solution that best fits your situation. Prices are current at the time of writing and may change over time based on each service’s offerings. Upwork is not affiliated with and does not sponsor or endorse any of the tools or services discussed in this section. These tools and services are provided only as potential options, and each reader and company should take the time needed to adequately analyze and determine the tools or services that would best fit their specific needs and situation.

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The Best Finance Apps for Small Business Owners
Cassie Moorhead
Content Writer

Cassie is a storyteller and content creator with over eight years of experience helping brands communicate to their customers through different channels. She enjoys finding new coffee shops to work from and spending time in nature with her dog, Sweeney.

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