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Software for Tracking Income & Expenses for a Personal Business – The top 7

software-for-tracking-income-expenses

According to the Small Business Administration (SBA) Office of Advocacy’s Frequently Asked Questions section, around 20 percent of small businesses fail within the first year. Ineffective money management and bookkeeping is one of the biggest reasons why many small businesses have had to shut shop within the first few years of opening. Hence, as companies grow and get more clients and deal with more vendors, the need to have an efficient software for tracking expenses has become quite important.

Here’s an updated list of business and personal expense tracking software that will help you pick the right one based on your needs.

Cloud Books

The company caters mainly to freelancers and small businesses, offering its Powerful Online Invoice Software at affordable prices. Starting at 10 USD, they offer a comprehensive solution that comes with a free business expense tracker trial for thirty days. Notably, the company offers email support, phone support, and also live chat support for paid users. Further, it ensures security for your data with its cloud storage.

Also Read: 10 Tips for Small Businesses to Track Their Expenses

Intuit QuickBooks Online

With competitive pricing starting at $8/month, the company’s software for tracking income provides integration with PayPal, Shopify, and Square and 24/7 chat support along with receipt capture. While all the plans offer basic services, such as sending invoices and getting payments, the premium users gain access to time tracking software, inventory management, and even full-service payroll.

FreshBooks

Known among small businesses for being one of the top business expense tracking software, this product provides you access to excellent mobile apps for convenient bookkeeping starting at around $15/month. Apart from the exceptional user experience and support, they provide their clients with useful team collaboration tools.

Pabbly

Aimed at small businesses, this subscription billing software is priced at $9/month. When you make your monthly payment, get new subscriptions, customers, or revenue, you can count on the software to provide you with easy-to-understand, actionable metrics. To keep you focused on your business’ growth, the product takes care of automating your customer communication, business workflows, and invoice creation as well.

Also Read: 6 Reasons Expense Tracking Software is Important

Sage 50cloud

This business expense tracking software has excellent support and advanced features, making it a robust tool tailored to the need of the modern small business. Moreover, it comes with multiple pricing options and offers great customizability as well. The feature of integration with Microsoft Office 365 allows it to share data with productivity tools, giving it a slight edge over several other software in the market.

Wave

This is a free software that you can take advantage of if you are a freelancer or a small company with a few employees looking for an invoice and transaction management solution. You also have the option of getting payroll services for a small extra fee. However, it is worth noting that even though the software keeps your bookkeeping updated with its cloud, it does not provide project management, in-built time tracking, or inventory tracking.

Xero

Its recent updates in areas, such as document management, reports, and projects make it a favorite among many small businesses. While it lacks phone and chat support and needs improvements to the mobile app, it is affordable and provides decent inventory tracking. It can also be integrated with payroll apart from being used for expense tracking.

Bottom-line

Managing finances properly has become all the more important during this economic turmoil around the world. Choosing the optimal software for tracking income and expenses from the list will give you an edge to navigate the present scenario and emerge with a clean balance sheet and steady cash flow.

Also Read: 3 Quick and Simple Steps for Business Expense Tracking

Why Enterprises Should Use Custom Billing Software?

enterprises-custom-billing-software

With a custom billing software, enterprises can keep up with the pace of the business. Owing to its numerous benefits, this software has become the buzzword among businessmen.

Enterprises often work in a cut throat environment. They have to constantly improve and adapt in order to thrive. Handling a large client base and their billings can be a challenging task. You have to revise payments on a regular basis. It is one of the most time-consuming jobs and even a slight mistake can cause huge financial losses. Not only you end up losing your money, but also your brand image. So, how to tackle this problem? Well, a custom billing software can come to your rescue.

Here are some of the reasons why you should be using it –

Automated Payments
Business in America lose up to 51.9% of the value of their receivables that are not paid within 90 days. Enterprises struggle on a daily basis to get payments on time. It involves a lot of unsuccessful phone calls, dodgy emails, and whatnot. Some people just find a way to delay payments. Most of the time, an enterprise is not prepared to deal with such clients. CloudBooks generates more than 10,000 invoices a day and saves clients 60hrs per month with its powerful automated tools.

A custom billing software like this allows you to make payments easily. It completely automates the process of collecting payments. It sends invoices directly to the clients, allowing managers to easily track due dates, pending payments, and levy late payment fines. With a custom billing software, you can easily set up different payment gateways for easy payments. This means currency and language are no longer an issue.
Record keeping is extremely important in matters of delayed payments. This is where custom invoicing can save you the most time. Using an online billing software, you can avail of cloud services. They not only store your records safely but send you timely reminders for irregularities in payments. A recurring well-formed invoicing system not only helps you but helps your client as well.

Also Read: Billing And Invoice Software

Instant Invoicing
A lot of enterprises deal with a variety of clients, all of whom have different invoicing models. To cater to large client base with different invoicing is less profitable and more of a burden to accounting teams. This perception causes a lot of enterprises to drop clients with different invoicing models. A custom invoicing software empowers an enterprise to accept a variety of clients.

With a custom invoicing software, you can easily churn out invoices at your will. For example, you did some extra work for a client, and your accountant forgot to bill the overtime. Now, the only way to fix this is to request the client or use the next billing cycle. With a custom invoicing software, you can simply make a new invoice instantly and send it to your client.

Also Read: Billing Software for Small Business

A B2B Heaven
Custom invoicing software are invaluable when it comes to business communication. They provide a single window through which you can deal with multiple clients at once. Most businesses struggle to manage their account effectively. With a custom billing software, enterprises can keep a record of everything they receive and send out – from estimates to perks.

It allows you to avoid the unnecessary friction that comes with billings. CloudBooks integrates with your communication platforms to manage clients easily. Using a custom billing software, you can send out all your documents in an efficient and timely manner. It sets a workflow for your enterprise that increases productivity and avoids confusion.

Also Read: Important Key Aspect of Every Billing Software

3 Quick and Simple Steps for Business Expense Tracking

Only someone who has spent hours sorting through business expenses understand the need of a good business expense tracking model. Step up your business expense tracking game with these 3 quick steps.

Accounts and business finances are not hard to manage, but they are not fun either. It is extremely important for an organization to have a tight grip on the cash flow. Business expenses are the necessary costs that are incurred to run an organization. Tracking them is a matter of great stress and duress. Taxation days, in particular, can be a nail-biting affair for most business. Understanding how to properly track expenses can ease the pain of business owners. But with these three steps, you can make your expense-tracking for your small business simple.

Use a Separate Bank Account
It is easy to use a personal account when you are starting a business. But it can be a pain in your accounting later. So, to make a distinction between your personal purchases and business-related purchases, use a separate bank account.
A business account is not a separate entity of capital. It is still your money, but it is accessed separately. This gives you the freedom to manage your business expenses, especially, if you wish to scale your business or hire a bookkeeper. Every transaction on this account can be closely monitored and tracked.

Use this account to recognize all kinds of business expenses, including travel. It is important to take account of everything you spend on your business. From the flight you take to the car you rent to the cost of the trolley at the airport. Note everything in the business account.

Track Your Daily Receipts
Use a cloud bases expense tracking software to track daily expenses. The money you spend every day for your business is what culminates over time into your balance sheets. So, to manage business expenses efficiently, it is important you track everything on a day-to-day basis. Set up reminders to avoid missing daily payments.

Keep a keen eye on your recurring payments. They seem like a small amount but can make a huge dent in your overall profit. A good expense tracking software allows you to record every transaction. This means, all your receipts are stores in a cloud-based expense tracking software. Storing all your receipts is extremely handy during filling, payment collection, and tax rebates.

Daily receipts are not just client related. Everything from purchasing stationary to a casual business travel should be included. Business tracking software like CloudBooks allow you to directly record all receipts. It also comes with a time tracking tool to make sure you get paid for every hour of work you put in for a client. All this is good practice to follow for an organized approach to business.

Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Analyze Your Purchases
CloudBooks saves all your transactional history and receipts in a cloud database. Along with that, it offers you various tools to analyze your business expense. With CloudBooks, you can track your overall expenditure, personal capital, monthly expense, and much more. You can schedule monthly analytical reports that calculate the highs and the lows of your monthly expenses.

You get monthly reports with which you can assess what is profitable for your business and what is a liability. It helps you organize your recurring expenses, and makes tax season a smooth ride. Not every business purchase is particularly smart, you will be surprised to find how much money you simply waste, even as a small business.