11 Tools To Simplify Your Business Accounting


by The Young Entrepreneur Council (YEC)


Question: What app or software helps make managing your business finances a breeze?


1. Stay on Track With Indinero

“The most important financial metric for most startups is monthly cash flow. Indinero lets us easily see how much we’re spending each month by category so we can budget for the coming months.”

Bhavin Parikh | CEO, Magoosh Test Prep




2. QuickBooks Eases Things

“Almost all small business accountants in the United States are familiar with QuickBooks. Thus, I recommend any QuickBooks product (although I like Online Edition the best) because it makes it easy for your to clean up books and collaborate with your accountant for tax time.”

Eric Bahn | Founder, Beat The GMAT



3. Outright Shows Everything

“I’ve got Outright set up to push notifications to my phone: every time I receive a payment, my phone goes ‘cha-ching!’ It’s a good noise to hear. On top of that feature, Outright can automatically pull in data from accounts and other apps, while putting everything together in a format that makes my CPA very happy. (Disclaimer: I write for the Outright blog, as well as using the app religiously.)”

Thursday Bram | Consultant, Hyper Modern Consulting



4. Go With Google Docs

“Google Docs is a great tool to manage business finances. It’s very powerful and simple to use which makes it a breeze to use.”

Ben Lang | Founder, EpicLaunch




5. Pay Up With Square

Square is a great payment processing mobile app that makes accepting credit cards a snap and moves money quickly into my bank account.”

Benjamin Leis | Founder, Sweat EquiTees




6. Microsoft Excel Is Still Relevant!

“It is the industry standard for spreadsheets for a reason. With a little training, you can run circles around any closed source software.”

Peter Minton | Founder & President, Minton Law Group, P.C.




7. I Owe It All to Freshbooks

“I’ve never been very good with money. In fact, at one point, I appeared on CNN as the poster child for those with shopping problems. But Freshbooks helps me keep it all together on the business side. I use it to track my time and my business expenses, send invoices (and followups), send out and receive estimates, and generate tax reports. And despite my history with money, it’s all a breeze.”

Steph Auteri | career coach, writer, and editor, Word Nerd Pro



8. Wave Accounting Saves Time

Wave Accounting is completely free and connects directly to your bank account. It automatically keeps track of all your spending for you. It’s a great product and a huge timesaver.”

Josh Weiss | Founder and President, Bluegala



9. Sync With Mint.com

“Although most people use Mint.com to monitor their personal finances, many business owners don’t take advantage of doing the same thing with their business accounts. Not surprisingly, Mint’s software works similarly with business bank accounts and credit cards, which makes it very valuable to manage budgets and overall spending.”

Logan Lenz | Founder / President, Endagon



10. Stick With Shoeboxed

“I used to dread tax time, because my receipts were always a mess, and often nonexistent. Shoeboxed makes it incredibly easy to keep track of all of my receipts, and then import all of the data to sites like Outright, Mint, etc.”

Sean Ogle | Founder, Location 180, LLC



11. There Are Still ‘Human’ Applications…

“I have this awesome human application called a Director of Operations. She handles all the accounting, financing, taxation, and regulation. It’s like magic. I’d highly recommend getting one. They can read between the lines on all those long-winded documents and keep you from wandering into trouble.”

Brent Beshore | Owner/CEO, AdVentures



Photo Credits

The YEC | ddpavumba | freedigitalphotos.net