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Keep Your Freelance Finances On Track With These Budgeting Apps

August 10, 2021
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As we head into the dog days of summer, now is the time to take a few moments to look ahead to the final quarter of the year so you can plan ahead financially. This is especially important for self-employed business owners and freelance professionals who should be extra vigilant about keeping your personal and business finances on track. To help you do so, the CPA for Freelancer's Team has reviewed some of the best personal and business budgeting apps. Take a look to see which ones might work for you:
The Three Best Budgeting Apps for Household Expenses:
YNAB (You Need A Budget) – YNAB is the best app for serious budgeters. Instead of using traditional budgeting buckets, users allocate every dollar they earn to something. Every dollar is assigned a “job,” whether it’s to go toward bills, savings, investments, etc.
Personal Capital – This is the best app for investors. Personal Capital is a budgeting app and investment tool that tracks both your spending and your wealth. The platform provides access to award-winning financial tools and personal attention from registered financial advisors for significantly less than traditional financial advisors.
Honeydue – The perfect money-tracker app for couples. Honeydue allows couples to see both partners’ bank accounts, credit cards, loans and investments (and each partner can select what to share with the other) so you can manage money together and see everything at one glance.
The Three Best Budgeting Apps for Self-Employed Entrepreneurs and Freelancers:
QuickBooks - The QuickBooks platform offers all the necessary resources required to not only practice diligent budgeting, but to manage many of the other accounting duties associated with business ownership.
Aside from mixing affordability with function, the app is easy to use and offers an intuitive dashboard that allows users to quickly and easily obtain high-level overviews of their financial health and be prepared for tax season. Plus, our firm can take the information directly from QuickBooks to help you manage your day-to-day accounting, tax and other financial information.
Wave - This is an accounting software (income and expense tracking) and invoicing software with receipt scanning capabilities. Wave is an app that can take the guess work out of high-level financial reports while providing the basic tools for budgeting. The platform offers paid services, specifically for online payments, bank payment processing, and payroll services.
Toshl - Users can cash in on unlimited financial accounts, unlimited budgets, planning graphs, repeat expense, income, and transfer capabilities, and receipt photo uploads. Toshl is great for small business owners who want a simple, easy to use app to help budget. Plus, it’s easy to keep track of personal and business budgets or budgets for various departments or divisions.
Whether you're looking for financial success personally or within your business, budgeting is a must. With these resources taking control of your finances is easier than you think. Take some time to map out the elements you need in order to make the right decision, but always know that we're here to help you in this decision as well.
Jonathan Medows, CPA

Jonathan Medows is a certified public accountant licensed in New York, New Jersey, Maryland, and Pennsylvania. He is also a recognized expert in taxation for freelancers and the self-employed—often tapped for his expert knowledge and perspective on self-employment taxation by national and regional publications such as The New York PostBusinessWeek, Forbes taxation blog, WebCPA, CPA Practice Advisor, and others. You can read some of Jonathan’s press coverage here.

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