Author: Dan Smith
Self-employment can be both thrilling and terrifying. You have to maintain financial discipline after making the necessary financial preparations to start a business.
Furthermore, you may need to make adjustments to your spending strategy to ensure you have enough cash to cover your expenses.
To succeed, your ability to create and adhere to a monthly budget should be considered a primary goal. Therefore, it is critical to be aware of the regular cash inflow and outflow in your business, especially when you are just getting started.
Having the right budgeting app is beneficial for your business while tracking your spending. This article entails some of the best budgeting applications to help you enhance your financial journey.
Let’s get started.
1. QuickBooks
QuickBooks is one of the best budget applications for self-employed, and other independent contractors. This application is designed to make your quarterly and year-end tax preparation simple by assisting you in separating your spending from your business expenses.
Additionally, QuickBooks Self-Employed provides a variety of features that make keeping track of your business spending simple.
Another great feature of the application is the ability to scan receipts. Additionally, it can uncover tax deductions for you when you classify your transactions. QuickBooks Self-Employed can also assist with your TurboTax tax filing each quarter without any rigorous or complicated process.
Pros
- Accurate financial reports
- Simple to use and learn
- Adaptable with third-party apps
- Reasonably priced
Cons
- Stability issues/system failures
- No real-time support
- Problems with file size and transaction number caps
2. Personal Capital
This is one of the finest applications for investors. Personal Capital is an investing and budgeting application that helps keep track of both your income and expenses. For a lot less money than traditional financial counselors, the platform offers personal attention from qualified financial experts and access to award-winning financial tools.
Pros
- An open-source financial dashboard
- A potent platform that combines investment management and budgeting
- Ability to optimize taxes
- Assistance from financial consultants
Cons
- Limited budgeting features
- Steep minimums
3. Goodbudget
Goodbudget has over a million downloads with an established solid reputation for creating financial reports and tracking expenses. This application uses the cloud to sync with every transaction made inside the business structure.
Additionally, the app can store up to 5 years worth of transactions with access to email assistance.
Users can use programs like “Bill Keeper” and “Capital One Wallet” to stay on top of incoming invoices and purchasing procedures.
You can share information with your budgeting partners thanks to its ability to sync with numerous devices.
Since there isn’t a demo version of the program, it is advised to watch some videos to determine whether it will fulfill your needs before opting for the commercial version. You can get Goodbudget from Google Play and the App Store.
Summary
Budgeting apps are crucial, especially for self-employed. Don’t let finances and income prevent you from starting your ideal business or moving into a more lucrative position. The applications mentioned in this article are proven to help you improve your budgeting skills and get rid of stress.