The Ultimate Guide to Choosing A Finance App

Choosing the right finance app for your business can feel daunting. From figuring out what software is a good fit for your business size and industry to determining the price you’re willing to pay, there are many factors to consider before you commit. And the process of finding the best fit for your accounting and finance needs can feel extra stressful, simply because of the amount of time and energy you’ll have to invest into learning a completely new software. It’s important to choose an app that you are ultimately comfortable with; the last thing you want is to be faced with buyer’s remorse.

To make the process a little easier, we’ve surveyed the FinTech landscape and identified the top accounting apps for all business sizes. Whether you’re a small business, a large enterprise, a not-for-profit organization, or a freelancer, this guide will help you better understand the technology behind the apps so you can make a more informed purchase.

The last thing you want when choosing #FinTech is to face buyer’s remorse. Click To Tweet

 

Apps for Freelancers

 

FreshBooks

Administrative tasks, such as billing and invoicing, are an important (but incredibly laborious)  process for any freelancer. FreshBooks is of one many finance apps that can simplify your workflows by automating and streamlining time tracking and client invoicing. But what really sets FreshBooks apart is its custom branding feature, which allows users to send uniquely branded invoices via email. Freelancers always want to communicate credibility and professionalism, and customizing your financial documents is a great way to build both. Other helpful features include automatic reminders, late fees, and the ability to accept deposits for work not yet completed.

QuickBooks Online

Beyond its capacity as a small business app, QuickBooks Online (QBO) is also a great tool for freelancers. Managing finances as a freelancer can feel daunting; after all, you’re the only person responsible for keeping everything in order. With QBO, users can not only access essential accounting features—such as automated client invoicing and financial reporting—but QBO also offers access to local Intuit advisers who can help you troubleshoot any problems. Users looking to save money will also appreciate QBO’s competitive pricing.

.@FreshBooks' custom branding feature truly sets it apart. Click To Tweet

Finance Apps for Small Businesses

 

FreshBooks

FreshBooks is accounting software that aims to turn complex financial management into a more enjoyable experience. From its humble origins as as an online invoicing app, FreshBooks has evolved into a formidable player in the SMB accounting realm. Thanks to a redesigned software launched in 2016, the UX now features a cleaner dashboard coupled with the same strong invoicing and billing features. The redesign also boasts an improved search filter, invoice conversations, and multi-currency expenses. Not only can you manage invoices and collect payments within the same system, but you can also streamline your finance workflow by integrating with other business apps. Another advantage is FreshBooks’ variety of full-featured mobile apps and add-ons for Android and iOS.

QuickBooks Online

QuickBooks Online (QBO) is a cloud-based accounting software package developed and marketed by Intuit. When it comes to investing in IT resources, SMBs often face more limited budgets and staff. QBO offers one of the most affordable paid packages and services for small businesses; price is what truly sets it apart from the competition. Starting at $9.99 a month, basic features include financial reporting, income and expense tracking, and tax filing, to name a few. The software also boasts time-saving features such as workflow automation, automatic data backups, and built-in report templates. For example, you can record all your sales and accelerate the payment process with the automated invoice and billing feature. Most accountants are also familiar with QBO, making the transition a breeze—they’ll have one less thing to learn, and you won’t have to teach them the fundamentals of the app.

Xero

Xero is another cloud-based accounting software for SMBs. Although QuickBooks has become a household name in the accounting apps space, Xero is steadily claiming a spot of its own. Xero prides itself on being a ”beautiful accounting software,” thoughtfully designed with an easy-to-use interface. And Xero’s clean and friendly UI attracts and retains its users. From managing bills and payrolls to invoice and quote processing, Xero offers features crucial to any SMB. Unlike most accounting software programs (which charge extra for additional users), all Xero subscription plans include unlimited users at no added cost. And if you’re always on the move, its seamless mobile app allows you to keep up with your tasks anytime, anywhere.

Did you know? All @Xero subscription plans include unlimited users at no added cost. Click To Tweet

 

Mid-Market and Enterprise-Grade Finance Apps

Intacct

Intacct is a enterprise-grade general ledger accounting platform. Endorsed by the American Institute of CPAs, Intacct provides a reliable platform that allows for robust financial management capabilities. If your business is outgrowing entry-level accounting apps, such as QuickBooks, Intacct might be a solid solution. With its wide range of core accounting features and multi-currency management tools, you can reduce errors and be well-equipped to scale your business. You can also easily augment Intacct’s capabilities with other third-party add-ons.

NetSuite

NetSuite is a robust, integrated cloud business software suite; it includes business accounting, CRM, and eCommerce software. NetSuite ERP, in particular, focuses on financial management with capabilities superior to the entry-level accounting software for SMBs. It includes a wide range of features which span accounting, demand planning, and payment management solutions. With NetSuite ERP, you can eliminate manual bottlenecks, integrate your front and back office workflows, and more. For example, you can get the most out of your recurring revenue streams by getting a 360° view of your customer interactions in real time—the first step to expediting your business growth. NetSuite ERP’s intuitive UI—which allows users to customize screen layouts, and presents dashboard information in a functional yet aesthetically pleasing fashion—sets it apart from other enterprise software.

SAP

SAP (Systems, Applications and Products) is a German multinational software company that is well-known for its ERP software. Due to their scale, enterprises need a more complex app system than SMBs. Depending on your industry or your company’s specific needs, it may be necessary to pay a premium for the features and capacity you need. (After all, the more specialized the software, the more expensive the price.) SAP BusinessOne Financial Management is an enterprise-grade ERP software offering features such as budget management, financial reporting, and multi-currency support.

Integrating Your Finance App

When choosing an integration solution, make sure it’s dynamic, extendable, and cost-effective. Click To Tweet

Selecting an accounting app isn’t the end of the road. Once your financial system is in place, you then need to consider how it interacts with all of your other apps. Many FinTech apps offer point-to-point integrations with other popular programs like Salesforce, Shopify, and Concur. To truly augment your finance app’s capabilities, however, it must fit seamlessly into your existing workflows. So when choosing an integration solution, make sure it’s dynamic, extendable, and cost-effective.

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