Why do we need Apps for Budgeting?
The most common reason new businesses fail is lack of planning. Bosses and employees may be passionate and industrious, but if they don’t have a set schedule of planned performance, they’ll basically be flying blind. These quarterly statements are called budgets and they generally include simple tables made up of numbers. Creating a budget gives management the ability to monitor progress against the stated or budgeted figures and goals. Every major corporation on Earth prepares a budget every three months (each quarter), and uses it as a guide to help them meet quarterly earnings.
In the past, budgets for big companies took weeks, even months to prepare. But with help of technology, it is now possible to create an accurate, easy to understand budget plan in no time. This lets owners make decisions and manage their businesses based on budgeted figures, which may vary slightly from actual figures. In other words, it gives managers greater transparency and control. In this article, we will discuss a few of the best business applications, or apps for budgeting and cash flow.
1. TurboTax SnapTax
Because it is much faster and cheaper than doing it the old-fashioned way, most modern businesses are now filing their federal and state income taxes online. TurboTax SnapTax
helps users review, pay, and file their taxes securely. Companies of all sizes can start the process for free and then remit a small fee upon completion.
Expense accounts must be included in any comprehensive budget. They include gas fees, tolls, airfare, hotel and motel bills, etc. XpenseTracker is a helpful app that lets bosses keep track of all of their expenses with photo receipts that can be filed on any computer. It makes budgeting a whole lot easier by tracking and recording all monthly expense accounts and storing them in a single file.
Cash flow is defined as the total amount of money that is coming in and going out of a business at any given time. Designed for the iPad and iPhone, iReconcile keeps track of all spending, revenues, profits and losses.
Developed for the iPad, iPod touch, and iPhone, this application helps users record budgets, expenses, and income by week, month, year, or quarter. It also includes special features such as graphic reports, a calculator, and a calendar.
Hardly any business owner takes the time to actually balance their checkbooks these days. Most business transactions are entered and recorded into accounting programs. The checkbook app helps expedite the process by keeping track of all business transactions and separating them into transaction types. What’s more, the app also presents these transactions in colorful charts that are displayed on your computer, tablet, or mobile device. The app is also available on the Android platform.
When it comes to budgeting, centralization is the single most important feature of any application. You want an app that will put everything in the same place so that it is easier to monitor. This makes life a whole lot easier when you have to make business decisions based on your budget. BillMinder 3 was created for the iPad, iPod Touch, and iPhone. It produces real-time charts and graphs that help with expense tracking. The program even automatically backs up all of this data, just in cases you should lose or misplace your mobile phone.
Most businesses have creditors, i.e. debts that they must pay off on a set schedule. Debt Snowball Pro shows users exactly what they owe each month and even helps them determine the best or most affordable way to pay them off using different debt strategies.
Considered by many to be the Rolls Royce of budgeting apps, iMoneyTracker monitors income, budget, expenses, and cumulative accounts. It even provides an expense and income summary on a weekly, monthly, quarterly, and yearly basis. For many business owners, this is the only application they will ever need to keep track of their budgets.
Because most business owners have their own expense accounts, it’s important for them to keep track of exactly how much they’re spending on the company’s dime. Money 5 tracks all credit and debit cards that are connected to your business and may therefore impact budgeting.
For business owners and employees that frequently travel overseas, Expenditure records all transactions and even converts the currency when necessary.
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