In the ever-evolving landscape of entrepreneurship, effective financial management is the cornerstone of success.

Small business owners wear many hats and handling bookkeeping efficiently can mean the difference between growth and stagnation.

To empower you on this journey, we’ve compiled a comprehensive list of the top 16 apps for optimising bookkeeping. From managing personal and business finances to staying on top of tax obligations, these apps will revolutionise the way you handle your financial affairs.

Are you serious about moving your business onward and upward?

Before diving into our top 16 recommended apps: What triggered you to look at these game-changing resources?

There are many reasons, but we often recommend using them to save time, achieve better accuracy, offer real-time insights, simplify expense and payment tracking, widen accessibility, and for tax compliance and accounting collaboration.

For more tips on outsourcing, here are our 5 reasons for outsourcing your admin.

Why plan out which holistic method is right for you?

Accounting and financial advisory professionals bring deep expertise and industry knowledge to the table. They can provide strategic insights, financial analysis and recommendations that go beyond the capabilities of bookkeeping apps. Their experience helps you make more informed and sustainable decisions for your business’s growth and financial stability.

By effectively integrating a synergistic blend of systems, tools, and advisory services, you gain the capability to seamlessly access and oversee information, while also evaluating data and targets in alignment with your trusted advisor. Essentially, you get more bang for your buck – And then some! This strategic approach empowers you to take your systems and processes to the next level, purposefully launching your business to new heights.

Check out these ‘need-to-knows’ about accounting  that every small business owner should grasp, especially if signing up for one of these apps.

Now, let’s look at this curated list of helpful business finance resources

Our top 16 bookkeeping apps to optimise your small business finances:

QuickBooks: Your Ultimate Financial Companion

At the forefront of bookkeeping solutions, QuickBooks: offers an array of features designed to streamline your financial operations. From tracking expenses and generating invoices to payroll management and financial reporting, QuickBooks empowers small business owners to take control of their finances. It’s ideal for a growing retail business needing advanced inventory management and seamless integration with a point-of-sale system.

Xero: Elevate Your Financial Clarity

Xero‘s user-friendly interface and robust features make it a preferred choice for many. With capabilities such as bank reconciliation, invoicing and inventory control, Xero ensures that your financial management is seamless and effective. Suited for a service-based consultancy firm seeking streamlined invoice management and comprehensive financial reporting.

FreshBooks: Streamlined Invoicing and Beyond

FreshBooks excels in providing invoicing and time-tracking solutions for service-based businesses. Its intuitive interface allows for hassle-free management of invoices, expenses, and project timelines. Perfect for freelancers who need to manage client projects, track billable hours and create professional invoices.

Wave: Simplify Your Financial Journey

Wave offers a suite of tools, including invoicing, accounting, and receipt scanning, all tailored to the needs of small businesses. With its user-friendly interface and cost-effective pricing, Wave is a solid choice. Suited for a startup entrepreneur looking to handle invoicing, expenses and basic accounting needs without breaking the bank.

Zoho Books: Streamlined Financial Management

Zoho Books integrates seamlessly with the Zoho suite, offering features like invoicing, expense tracking and financial reporting. Its intuitive design ensures that even beginners can navigate it with ease. Well-suited for a small business owner who uses other Zoho tools and wants a seamless integration for financial management.

Expensify: Expense Tracking and Reporting Made Easy

Expensify specialises in tracking business expenses and generating detailed reports. It’s great for businesses with employees who need to track expenses and submit reports for reimbursement. Suited for a sales team that frequently travels and needs an efficient way to track and report expenses to the company.

Dext: Eliminate Manual Data Entry

Dext (formerly known as Receipt Bank) eliminates the hassle of manually entering receipt information. It captures data from receipts and invoices, seamlessly integrating with accounting software. Perfect for a restaurant owner who needs to keep track of supplier invoices and streamline data entry for food and equipment expenses.

Sage Business Cloud Accounting: Versatile Financial Management

Sage Business Cloud Accounting offers invoicing, expense tracking, and bank reconciliation features. Its flexibility makes it suitable for various business types and sizes. Well-suited for a small retail store owner who wants to manage invoicing and expenses while keeping track of inventory levels.

ZipBooks: Empower Your Small Business

ZipBooks provides tools for invoicing, expense tracking, and financial reporting. Its user-friendly interface caters to small business owners looking to streamline their bookkeeping. Suitable for a consulting firm that wants to manage client billing, track project expenses, and straightforwardly generate financial reports.

Billy: Modern Invoicing and Accounting

Billy stands out for its sleek design and modern invoicing features. It covers invoicing, expense tracking and financial reporting, catering to the needs of small businesses. Suited for a creative agency that values a modern, visually appealing interface while handling client invoicing and financial management.

Kashoo: Simple and Comprehensive

Kashoo offers simplified accounting features for small business owners. It includes invoicing, expense tracking and financial reporting, all in an easy-to-use package. A good fit for a bakery owner who wants to manage daily sales, track ingredient expenses and generate basic financial reports without complexity.

OneUp: All-in-One Business Accounting

OneUp provides a comprehensive solution for small businesses, encompassing invoicing, expense tracking, inventory management, and financial reporting. Perfect for a small retail store owner who needs to manage sales, inventory, and expenses, and generate comprehensive financial reports all in one platform.

Harpoon: Financial Planning for Freelancers

Harpoon is designed for freelancers and small business owners who want to manage their finances and set financial goals. It offers invoicing, expense tracking and budgeting features. Well-suited for a freelance photographer aiming to track income and expenses, set budget goals, and plan for taxes.

Rounded: Tailored for Sole Traders

Rounded caters specifically to sole traders and freelancers. It offers invoicing, expense tracking, and tax-related features to help simplify financial management. A great choice for a self-employed web designer who needs to manage client invoicing, track business expenses and calculate estimated taxes.

Bonsai: Complete Freelance Financial Suite

Bonsai covers invoicing, contract management, and time tracking for freelancers. Its comprehensive features cater to the unique needs of freelance professionals. Perfect for a freelance videographer who needs to manage client contracts, track project hours and send professional invoices.

HoneyBook: Ideal for Creative Entrepreneurs

HoneyBook specialises in serving creative entrepreneurs, offering features for invoicing, contract management and client communication. It’s a valuable tool for those in the creative industries. Suited for a wedding planner who needs to manage client contracts, send invoices for services and maintain effective communication with clients.

Which Bookkeeping App is right for my small business?

The world of small business bookkeeping has evolved, thanks to the emergence of innovative apps designed to simplify and optimise financial operations. Whether you’re a freelancer, a small business owner, or a creative entrepreneur, there’s an app on this list to suit your unique needs.

While some offer cost savings and simplicity, it’s important to consider your specific business needs and growth trajectory. If your business expands, requires more advanced features, or needs to integrate with other tools, you might find some apps limiting whereas others offer the scalability and flexibility your business requires. Always assess your current and future needs before making a decision.

By harnessing the power of these apps, you can take control of your finances, make informed decisions, and propel your business towards greater success.

However, when it comes time to grow your business, the true value and competitive advantage is in the advice you are given. Like knowing which medical expenses are tax deductible , or being at the frontlines of the information about yearly focus areas for the ATO.

Where to from here?

When you’re ready to take your financial strategy to the next level, consider outsourcing. Our experts at Carbon will guide you towards maximising efficiency and growth, leaving you with more time to focus on what truly matters: nurturing your business’s potential.

Reach out to us today to unlock a brighter financial future for your small business.

Haven’t reviewed your systems in the last 12 months? Get a review from a team who can guide you on the intricate details of optimising your business systems .

Seeking trusted guidance that gets you growing?

For professional guidance that gets your business moving in the right direction, speak to our team of experts at Carbon. We do more than help you start, we help support your venture into the future.

Check out more of our articles or just give us a call at 1300 454 174 for the answers you seek regarding bookkeeping, payroll, accounting and tax, virtual CFO services, financial planning, start-up investments, insurance brokers and finance and lending.