One of the things about running a general contracting business today is that you can find tons of mobile apps that can help you streamline your processes. General contractors have robust business finance apps to manage the cash flow and finances of their operations.
Bookkeeping can be a tedious task since it requires too much time and energy. And it can be hectic if you don't have any accounting background. Moreover, your business might need multiple apps to deal with various functions, such as creating financial statements and cash flow management.
So, to deal with this problem, we will discuss the top apps that are a complete solution for your general contracting business. But before that, let's understand what a business finance app is and how it works.
What is a Business Finance App?
Business finance apps enable small businesses and independent general contractors to help you manage your company’s financial position. Its design and features allow you to streamline the entire bookkeeping and accounting process, making it easy to record transactions, keep track of payments, etc.
The majority of the business finance apps have mobile and desktop versions. You can access them using your phone, tablet, laptop, or any other device you have. Most importantly, you don't have to record each of your transactions manually. It saves a lot of time and energy for contractors.
How Does it Work?
You don't have to be tech or financially savvy to use any business finance app. All you have to do is pick the best one suitable as per your business requirements and download it on your mobile phone. You can create your account and start adding your data to the account.
The app will have various categories where you can organize and store everything. In addition, it will give you reports and calculators to help you stay on top of your general contracting business finances. You can choose to connect it with your banking app, CRM, ERP, and other business apps as well.
Using the mobile app can be beneficial for your business since it gives you numerous features, such as:
- Financial statements
- Cash flow management
- Wages and Payroll
Let's go over some mobile apps with all the solutions to help you manage your business finances effectively.
Top Business Finance App for General Contractors
The construction industry has a good scope in the years to come. Professionals and businesses in the industry will see a rise in their work, meaning more financial problems to deal with. Therefore, having an optimal business finance app by your side is imperative. Here are some top ones for general contractors.
On the top of the list, we have Freshbooks, which is an ideal business finance app for freelance general contractors. You can get a 30-day free trial to grasp the app's functionalities. And you can also get a premium version of Freshbooks to enjoy numerous other features.
The best part about this app is that it is easy to use. The app has a clear set of instructions to help you leverage all the functionalities in the Freshbooks mobile app. You can enjoy a wide range of features, such as:
- Expense management
- Generating reports and statements
- Project cost estimation
- Accounts payable and receivable tracking
- Time tracking
- Managing invoices and payroll
Another fantastic mobile app to manage your business finances is QuickBooks. It is a popular accounting app among the general contracting fraternity. QuickBooks can be helpful for solo contractors and SMEs in the construction industry. You can quickly become familiar with its features.
One of the things about QuickBooks is that it is more than a mobile app. It offers a wide range of programs to help other core aspects of your business. But if we talk about its mobile app for managing your finances, it allows you to:
- Process your payments
- Create invoices to send to your clients
- Connects with mobile banking apps to synchronize all the transactions
- Log miles through it
Budgeting is an imperative part of a general contracting business. It ensures you do not cross the spending limit set for a particular project. And that is where InDinero plays a vital role. The key feature that helps the app stand out is budgeting, keeping a record of the expenses for each project.
Besides budgeting, various other features are pretty similar to Freshbooks. Also, the app helps you identify the vital areas where you are spending the most. It will generate reports at the end of the month to help you understand your spending patterns.
The app is available on the cloud, which means you can access it on Windows, MAC, or any other operating system. Other great features include:
- Monitoring cash inflows and outflows
- Generating profit and loss statements
- Helping in financial forecasting
4. GoDaddy Bookkeeping
If you are working with clients that offer you regular work, then GoDaddy Bookkeeping mobile app is an optimal choice for your business. It allows you to send your client's invoice each month automatically. As a result, you won't have to worry about wasting time on creating invoices every month.
You can find a plethora of features in the GoDaddy Bookkeeping app suitable for your general contracting business. It has a very low and suitable basic plan, starting from $5, which will not put a burden on your business finances. You can also choose premium plans.
Having a business finance app in this digital era is imperative for general contractors. So, understand all your business needs and choose the best finance app. Most importantly, it is vital to have a robust debit card solution to help you earn rewards for your business and streamline payment options.
It is why you should highly consider using a robust solution like VERGO. You can enjoy cashback rewards, use the invoice management system to send invoices, and get access to amazing features.
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