Accounting for the Next Generation: Free Apps for Small Business and Personal Budgeting

Smartphones are everywhere. As the cost of smartphones lowers, more people are using them. For small businesses, smartphones are ideal for communicating via voice or email. For personal use, smartphones allow people to manage many different apps. Currently, there are many great apps available to people that help them with all things financial. You can manage bank accounts, keep records, and make budgets right from your smartphone. Here is a look at some of the apps available to you for your accounting needs.

Shoeboxed

One great app for the iPhone is called Shoeboxed. Shoeboxed for the iPhone is designed to streamline the process for submitting expense reports. You can take a photo of any receipt you have and log it in a file. You can even add a note to it for further details. Shoeboxed allows you to track the total expense amounts in a detailed list that easily translate to an expense report. This is ideal for small businesses so that they can track expense reports instantly. The app takes care of everything once you take a picture of your receipt.

Expensify

Like Shoeboxed, another app that does all the work for you is Expensify. This is available on the iPhone as well as the Blackberry and Android phones. Like Shoeboxed, Expensify eliminates data entry by doing all of the leg work once you take a picture of your receipt. Expensify gives you detailed expense tracking. You can also text an expense to a phone number that instantly uploads all of the details in to your expense account.

Outright

Another free app for accounting is called Outright. Outright provides you with a quick glance at every part of your financial situation. It tracks expenses with great detail so that you can see how your money is coming and going. You can also keep track of money you owe and money owed to you. This app pulls information from bank and credit card accounts as well as eBay and PayPal. You can also scan in receipts to track expenses further. Outright also helps you when it comes time for taxes. It will give you estimates for all of your taxes and even organize all of the w-9 forms you deal with.

Quicken

As far as personal budgets go, there are many great free apps around. Quicken released a budgeting app for the iPhone that is similar to its popular computer program. This app tracks account balances and transactions from all of your bank and credit accounts. You can also create and manage your personal budget and get a clear picture of your real time financial situation.

Mint

Mint also has an app for smartphones. Mint is a free online site that tracks all of your bank accounts, credit cards, loans, and debts. This translates to the Mint app. The Mint app tracks all of your accounts and provides you with detailed breakdowns of what you spent. For example, you can get an exact dollar amount of what you spent at restaurants. Mint will also provide you alerts when your accounts fall below a certain amount. Since all of your accounts or in one place, the Mint app saves you a lot of time by not having to check many different accounts.