Best Budget App for Small Businesses: 10 Lifesavers

To a small business, a budget is like a treasure map. It tells you where you are, where you need to go, and how to get there. For small businesses, budgeting is key to ensure that you have enough money to have a healthy bottom line. Yet, only 54% of businesses¹ had a budget in 2021.

Check out our list of the best small business budgeting tools and learn why they’re important. We’ll also talk about how Wise can help your business save money along the way.

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How to choose a business budgeting app

Your company’s financial picture can be daunting, but budget apps make things much easier. The best small business budgeting software will track your spending and provide helpful reports, so you can see where your money is going.

Here are the most important things to consider:

1. Can it scale with you?

If you're a freelancer or have just a few employees, you might not need an app with all the bells and whistles. But if you're expecting to grow, you'll need an option that can handle your expanded finances.

Many personal budgeting apps can’t handle many accounts or a lot of transactions. They can have trouble scaling when it comes to tracking inventory or invoicing. As a result, they slow your growth down and even make your finances more unclear.

An app that won’t hold you back is critical. Look for small business budget software that's affordable now, but also has advanced features and plans that will be helpful as your business grows.

2. Budgeting feature

The best apps will let you set up a budget and then track your actual spending against it. This way, you can quickly identify areas where you're overspending and make the applicable changes.

Some also allow you to set up alerts that notify you when you are close to going over budget in a certain category. This can help you avoid overspending and getting into financial trouble.

3. Additional features

Some tools are a step-up – they don't just track your spending, they help you analyze it and make recommendations. This can be helpful if you're not sure where to start with your budget or if you need help staying on track.

Some apps even offer features like inventory management, alerts, and CRM integrations. These can be helpful if you have a brick-and-mortar store or need to keep track of your customer relationships.

Of course, these additional features should take away from keeping your business afloat with a budget app. You should always seek a balance to ensure that you’re using the tools that help your business succeed, while also saving a little money on additional features along the way.

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4. Integrations

Put simply, an integration is when one app can connect or “talk” to other software you're using. Budget apps don't operate in a vacuum – they need to talk to your bank, your accounting software, and maybe even your point-of-sale system.

For example, you might have a budget app that connects to your bank account, so it can automatically import transactions. Or, for cash flow forecasting, you might need an accounting integration to provide up-to-date information.

The important thing is that the app can connect to the other software you're using, so you don't have to manually enter data in multiple places.

Did you know? 👇👇

Wise helps companies around the world send and receive overseas transfers at low-cost. Wise also integrates with top budget apps, such as QuickBooks, Xero, Sage, and Wave to make tracking and reconciling your transactions easier. Send funds at the mid-market rate or receive funds at no extra cost after paying a one-time fee for local account details in top currencies (GBP, USD, EUR, CAD, AUS and more). 🚀

5. Price

You'll want to consider the price when choosing an app, but don't just go for the cheapest option. Remember that you get what you pay for. The most expensive app isn't always the best, but the free ones might not have the features or integrations you need.

6. Ease of use

You should be able to understand and use the app without having to read a 100-page manual. The best budget apps are designed with the user in mind, so they're easy to navigate and have a clean interface.

If you're not sure about an app, see if it has a learning hub, knowledge base, or customer support team that can help you get started.

7. Permissions

Budget apps have access to your financial data, so make sure that you're comfortable with the app's security and privacy policies. Read through the permissions carefully before giving an app access to your accounts.

If you use an accountant, see if they can get access to the app to help you track your finances. And, if you want a third party to take a look, consider whether you’ll be able to conceal certain data.

Lastly, permissions help you decide what your co-workers can see and make changes to. A good budget app will give this peace of mind.

10 of the best budget tools for small businesses

We know that time is money, so we've done the legwork for you and rounded up 10 of the best budget software for small business owners.

1. QuickBooks

QuickBooks is one of the best small business budget software options available. Known as the paperless office solution, it offers a full view of your finances. Along with Xero, it's a solution that gives you a true double-entry bookkeeping system.² You can do your invoicing, track your inventory, and run your payroll all from one app.

Things to consider 👇	Description
Budgeting	Track your business expenses, income, profitability, and taxes
Can it scale	Provides several scalable features, like QuickBooks Multicurrency, for businesses that expand internationally
Additional features	The platform offers invoicing, bill pay, and tax preparation features
Integrations	Integrates with over 750 other business apps, so you can manage all your finances in one place
Price³	Offers a free trial and four pricing plans starting at $22/month
Ease of use	Easy to use, with a clean interface and helpful tutorials
Permissions	Users can be assigned all access, limited access, or none

Connect Wise and QuickBooks
to save and manage transactions easily 🚀

2. FreshBooks

FreshBooks is an app that's designed specifically for small businesses. It offers all the features you need to manage your finances, from invoicing and tracking expenses to running your payroll. However, it doesn't do anything special that makes it stand out from the other apps on this list.

Things to consider 👇	Description
Budgeting	FreshBooks has an Expense Tracker that connects to your bank account or credit card
Can it scale	International online payments and automated billing make it easy to scale
Additional features	The platform offers time tracking, mileage tracking, proposal software, and more
Integrations	Integrates with over 100 apps
Price⁴	Offers 4 pricing plans starting at $15/month (+ save an extra 10% on a yearly plan)
Ease of use	Boasts an intuitive interface that organizes everything in one system
Permissions	Assign different levels of access and permissions to everything in the account

3. Wave

If your main focus is accounting features such as invoicing, Wave might be the small business budget app for you. The platform is free to use and offers budgeting, income and expense tracking, and double-entry accounting.

It is also tailored for small businesses with 10 or fewer employees. Wave integrates with popular business software such as PayPal and FreshBooks, so you can manage all your finances in one place.

Things to consider 👇	Description
Budgeting	No specific budgeting tool. Breaks down expenses from connected bank accounts and credit cards into categories
Can it scale	Wave is tailored for new businesses and may not be able to scale efficiently
Additional features	The platform offers bookkeeping support and accounting and payroll coaching for an extra fee
Integrations	Integrations with Google Sheets and BlueCamroo, but others are made through Zapier
Price⁵	Invoice, accounting, and banking are free, while payments cost per use and payroll require a monthly fee
Ease of use	User-friendly interface and intuitively designed – no need for prior knowledge
Permissions	Ability to set and restrict user roles

Connect Wise and Wave
to save and manage transactions easily 🚀

4. Xero

There's one thing that every business strives for – growth. And Xero is an app that's designed to help businesses grow

It offers all the financial features you need like invoicing, tracking expenses, and issuing payments. Plus, it has extras like inventory management and project management

Things to consider 👇	Description
Budgeting	Create an overall budget and use the Budget Manager worksheet to create more
Can it scale	All plans have features for scalability. Using integrations can provide things like CRM pipeline opportunities and cash flow forecasting
Additional features	Accounting dashboard to monitor daily cash flow, inventory software, online file storage, data capture, and more
Integrations	More than 700 integrations through an API
Price⁶	Offers 3 pricing plans starting at $13/month
Ease of use	Solutions are customized for each business
Permissions	Grant limited, standard, and admin access

Connect Wise and Xero
to save and manage transactions easily 🚀

5. Zoho Books

For small businesses, Zoho Books' most effective feature is its ease of use. The app is designed to be straightforward, so you can get started without having to wade through a lot of complicated features.

The platform also scales to your needs by adding features as your business grows. Features notably include multi-currency support and advanced reporting.

Things to consider 👇	Description
Budgeting	Budgeting tool to compare projected budget to actual performance with extensive reports
Can it scale	Fully scalable with no feature limitations or user caps
Additional features	Keep track of sales and purchase orders, automate business workflows, vendor portal for self-management, multiple project management, and more
Integrations	Integrates with top payment apps, POS apps, and tax apps, but is more limited than other platforms
Price⁷	Free plan (for 1 user and accountant) and 5 paid plans starting at $15/month
Ease of use	Simple and seamless UI and UX
Permissions	Grant access to certain modules or unrestricted access

6. Sage Accounting

This all-in-one accounting app offers everything a small business needs without being overwhelming. The app can track your income and expenses, send invoices and even reconcile your books.

Sage Accounting is easy to use and comes with a variety of features designed to help small businesses grow. This includes forecasting, project management, and real-time inventory management.

Things to consider 👇	Description
Budgeting	Budgeting and planning cloud software for forecasting, what-if scenarios, and reporting
Can it scale	Can scale up to a medium size business
Additional features	Sage Intacct advanced financial management platform, Sage HR to manage workforce, SAGE HRMS human capital management software, and more
Integrations	Connect to more than 5,000 apps through Zapier
Price⁸	Free 30-day trial and 3 paid plans starting at $17
Ease of use	Straightforward top navigation but has a dated interface
Permissions	Can set access levels for employees and grant special access to accountants

Connect Wise and Sage
to save and manage transactions easily 🚀

7. OneUp

OneUp is a small business budget app that's designed for businesses that are just getting started. It offers all the basic features you need to manage your finances, but may not be able to scale if you’re headed for rapid growth. The platform acts as a business assistant, offering banking and business solutions in one place.

Things to consider 👇	Description
Budgeting	Transforms bank feeds with AI into accounting
Can it scale	May allow your business to expand, but is tailored specifically for small businesses
Additional features	Inventory module, lead management, vendor quotes, purchase orders, and more
Integrations	API-based platform
Price⁹	Free 30-day trial with 5 paid plans starting at $9
Ease of use	Seamless interface with colorful tiles for each feature and personalization with a quiz to set up your business
Permissions	Limited permissions settings – either admin or user

8. Causal

This financial modeling platform is for businesses that want to get a handle on their money. With interactive dashboards, you can generate charts and tables for financial forecasting.

Causal even lets you grab data from your accounting system and combine it with other information for a fully-integrated model.

Things to consider 👇	Description
Budgeting	No dedicated budgeting tool but provides calculations and visual data to help
Can it scale	Made for scalability, with plans tailored for early-stage companies, startups, and larger companies with multiple stakeholders
Additional features	Monte Carlo simulation, collaboration, and more
Integrations	Spreadsheet integrations, accounting integrations, product integrations, CRM integrations, and more
Price¹⁰	Free plan, Startup plan at $250/month, and Business plans upon request. All plans come with a 14-day free trial
Ease of use	Elevates the use of spreadsheet tools with an easy-to-use dashboard
Permissions	Custom views and independent stakeholder permissions

9. Budgeting templates

For businesses that need a little help getting started, budgeting templates are cheap, easy to use, and require no specialized knowledge, making them great budgeting tools for small business owners.

The templates include categories such as start-up costs, inventory, payroll, and marketing expenses. Once you've filled out the template, you can use it to track your progress and make changes as needed.

If you’re looking for a good option, Wise’s simple business plan template uses effective prompts to tailor your roadmap to success.

Want to capture the net worth of your business? Download a simple balance sheet template.

Interested in getting a better look at how your business is doing overall? This cash flow statement template is your best bet.

10. Wise makes budgeting seamless

Thanks to integrations with QuickBooks, Xero, Sage, and Wave, Wise can send financial data to your accounting software for automatic reporting, budgeting, and expense reports.

With Wise, you can take advantage of mid-market rates, so you know exactly what you’re spending, easily collaborate with everyone on your team, and transfer funds across 54 different currencies with a Wise business account.

So, what are you waiting for? Start budgeting with us today.

Push your budget further
with Wise Business 🚀

👉 Integrate with QuickBooks, Sage, Xero, Wave
👉 Manage day-to-day finances
👉 Save on incoming and outgoing payments
👉 No hidden fees

Learn More:

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Sources:

1. PR Newswire - 54% of Small Businesses Have a Budget for 2021, Finds New Survey From Clutch
2. Investopedia - Double Entry: What It Means in Accounting and How It's Used
3. QuickBooks - Pricing
4. FreshBooks - Pricing
5. Wave - Pricing
6. Xero - Pricing
7. Zoho Books - Pricing
8. Sage Accounting - Pricing
9. OneUp - Pricing
10. Causal - Pricing