Managing your finances in the right way is imperative to ensure your business's growth and success. It is especially important if you are starting a new subcontracting business or starting to find work as a freelancer. To be in complete control of your cash flow, you need to know about the best finance apps for subcontractors.
New subcontractors often find themselves in a bit of a pickle when choosing the finance app for their business. With so many apps available, you might get confused. So to keep it simple for you, here are the five best finance apps for your new subcontracting business.
1. Wave Accounting
If you are starting a new subcontracting business, you might have a limited amount of funds. Therefore, you would not want to spend too much money on an app that ultimately increases the expenditure of your new venture. And that is where Wave Accounting comes to your business's aid.
You can use this exceptional finance app on your mobile phone and via your computer. Though you might have to bear charges for additional services, such as payroll, no payments for basic features make it the top pick for the new subcontracting businesses.
You can find plenty of great services to streamline and manage your finances, such as:
- Invoicing management
- Allowing bank account links
- Revenue and cost tracking
Also, it can allow you to track expenditures for multiple businesses. So, if you have any side hustle/business or if you want to manage your personal finances, you can do it using the free version of Wave Accounting.
Another great accounting tool for managing your business finances that we have on our list is QuickBooks. It has a four-tiered pricing plan, making it ideal for your business. You can switch to a higher plan if you think your subcontracting company's needs increase or scale back if the business is slow.
They have a basic plan that starts at $25 for 30 days. One of the best things about QuickBooks is that it is easy to use for people with non-accounting and financial backgrounds. It has user-friendly features which make the entire bookkeeping process easy for landscapers.
Another vital element about QuickBooks is the robust invoicing system that its users can get. They can use the app to create and change any customer's invoices. Additionally, this finance app makes it easy for landscapers to create an estimate for their services.
The cherry on the topping is the reporting tools, which gather all the business transactions and data to create financial statements for you. Financial statements are an integral part of a business. It allows you to keep an eye on the expenses and income after the accounting period ends.
3. Zoho Books
If you are looking for an all-in-one solution for your business, then Zoho Books is the best choice for you. It is a complete system with an accounting side along with a suite of email, Customer Relationship Management Tool, personalized mobile application, and much more.
And if you don't want to avail all of the services, you can go ahead with the free version of Zoho Books since it allows you access to the basic accounting services. The services and features you can get from Zoho Books for managing your subcontracting business finances include:
- Account and bank reconciliation
- Allows recurring transactions
- Maintaining and tracking records for expenditures
- Sales approvals
- Timesheets to know about the time spend on different projects
You can also use the billing management system, which allows you to keep track of all the bills and helps you make payments through it. However, it will cost you money so it won't be a viable option at the start. The free features of Zoho Books are sufficient for a small-scale or new subcontracting business.
Another common name when we talk about the best finance apps for subcontractors is Xero. It is an all-in-one solution and is a competitor of QuickBooks in providing accounting and bookkeeping services to subcontracting businesses. Xero gives you a plethora of features at a lower price.
The basic version of Xero starts from only $11 per month, with the premium version going as high as $62 with additional features. Regardless of any Xero plan you choose, you will find the following features in all of them:
- Allows more than 1,000 integrations with different apps and software
- Gives access to numerous team members to control and manage the financial transactions
- Invoicing management
- Option to connect with your current bank account
- A state-of-the-art Xero mobile app that gives you all the features at your fingertips
- Creating financial reports, such as profit and loss statements, using the data and transactions
You can also use the Xero Projects app without incurring any charges. It is an additional accounting project by Xero, which is optimal for general contractors due to its hourly and project-based billing.
In a nutshell, Xero covers all of your accounting and bookkeeping needs of your subcontracting business needs. You can leverage the CRM integrations and use other services as per your benefit.
5. Building Calculator
Project calculation and cost estimation are integral parts of the subcontracting business's finances. One miscalculation can impact the overall profitability of the entire project. So, if you do not want to make this sort of blunder, then the Building Calculator finance app is the best choice for your business.
You don't have to connect with the internet since its features are available even when you are offline. All you have to do is add the estimates, and other information that the app asks for to come up with the accurate costing of the project. All in all, it ensures miscalculations do not impact your business finances.
Find the Best Debit Card for Your New Subcontracting Business
Using the best finance app is vital for your new business since it puts you in the driver's seat. You can control and manage your business expense and diversify your resources to increase the income for your business.
Also, having a robust digital debit card like VERGO can do wonders for your business. It simplifies the overall process of sending invoices and receiving payments and gives you a plethora of other perks.
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