The diversity and sheer volume of iPhone apps is just one reason the Apple device is considered the most desirable smartphone on the market. The flexibility provided makes it ideal for personal and professional use, but it may surprise you that the iPhone 5 will also a very capable tool for managing small business finances. The following are iPhone 5 Apps for managing small business finances:

Billtracker:
Another simple and cheap app. It can be easy to lose track of when your bills need to be paid. This app will display your payment due dates on a calendar, store account numbers and phone numbers for you and send reminders when a payment is due. Very handy if you find yourself constantly paying late fees.

CalcPad Smart Calculator:
There’s a perfectly functional calculator on the iPhone already but this one takes an interesting approach to design. All your calculations are displayed on-screen. As one reviewer says “it’s like having a paper and pen but with instant calculation ability”.

MiniBooks:
FreshBooks is a free accounting tool that allows small business owners to do a number of functions without the assistance of a professional accountant. MiniBooks is the mobile app version of this software, which offers an intuitive interface designed for the iPhone while still providing all the features included in your FreshBooks account. MiniBooks gives you the freedom to search for clients and contact them through the software. You can create, edit and send invoices, as well as estimates and payments. Timers can be started with a single tap and will continue to run even after exiting the application.

Mint:
Mint consolidates all your financial accounts to a single mobile device. It automatically sorts each transaction into a predefined category, and allows you to set budgets while providing guidance on how to achieve your financial objectives. Whether your needs are business or personal, Mint for the iPhone can help you create more efficient spending habits and organize your bills.

QuickBooks Online:
QuickBooks Online is a free iPhone app that is designed to meet all your basic accounting needs. The app works in conjunction with your desktop software to track sales and expenses, send purchase orders, and manage your invoices. Collection notices can be sent directly from the app after linking it with an existing email account. A handy search tool helps you quickly locate clients and keep track of invoices that are past due. Intuit offers the app in four separate versions. The Pro Edition comes with Customer Snapshot, which gives an overview of your clients and sorts them by their invoice date.

Receipt Catcher:
Receipt Catcher is a handy business app that allows you to keep track of your business expenses by allowing you to not only log a variety of expense details, but also capture images of each and every one of your receipts. Of course, it could also come in handy for those of you who just like to keep a close watch on your own personal expenditures.

Shareprice:
This app, which is free but requires registration, streams live stock prices to your iPhone and even uses push notification to alert you to key changes. You can add stocks to your watchlist and get market news.

iTarget:
Part of managing small business finances is creating opportunities for growth. This is why in addition to accounting tools, earnings and growth analyzers such as iTarget are critical. iTarget features a very simple user interface where you enter in your earnings target and timescale. The software will then map out a series of annual income targets as well as the percentage of growth required to meet them.