When you run a small business keeping on top of the finances is extremely important. During work hours, you can check the accounts as and when necessary but what happens when you are not there. If you are travelling, ill, on holiday or it’s simply outside work hours, it can be difficult to check in with finances, create invoices and receive payments among other things.
Why are apps so good for finance management?
That is where technology comes in and in this modern day working world, there is an app for everything. From apps that help you save to ones that track your spending and everything inbetween, it’s easy to keep up to date with your business finances.
Expensify
Expensify is a great app for the business person that spends a lot of their time on the go travelling to see clients. This app allows you to scan receipts to easily log your expenses. This makes it easy for staff to get properly reimbursed and for you to keep on top of your finances.
After logging your expenses, you can create on the go reports with categories and tags for each expense type. You then simply submit the report through the app and you are reimbursed by the company. It’s a neat way to make the expenses system in your company work simply and smoothly, stopping any over and under charges for staff and yourself.
As an extra feature, the app includes flight status updates and reports automatically to you about your trips. Another great and useful feature for the on the go business professional.
Wave
This is a professional mobile invoicing app which is perfect for small businesses, freelancers and contractors. Through Wave, you can create invoices, accept credit card payments and check the status of an invoice.
Your Wave profile allows you to create unlimited invoices with customisable templates. All invoices have the option to be multi-currency, which is great for international businesses. Plus you can view your records offline and accept/report cash and credit card payments for your invoices.
It is an app that lets you keep on top of your invoicing system to make sure your business gets paid all you are due on time.
Money Dashboard
The Money Dashboard app lets you view your current, credit and savings account details and balances all in one place. It is compatible with all UK bank and credit card companies and to maintain security, it uses the same practices as the world’s leading banks. Money Dashboard uses your information in a ‘read-only’ way so when you enter your internet banking details into the app it stays private.
Due to their read-only way of reading information, you can only retrieve balances on this app. You cannot make payments, withdrawals or transfer money through Money Dashboard. It is this that pulls this app down slightly in terms of usefulness. However, it could still be useful for those that have multiple accounts at a couple of different banks.
Account Tracker
This app shows your accounts, balances and transactions all in one place which is great for those with accounts spread across different banks. Through Account Tracker, you can set budgets to track your spending, create detailed reports of your finances and back up information to your iCloud and Dropbox accounts.
There is multi-currency support for those that regularly do business abroad. You can also enter your recurring transactions, such as utility bills, using calendar based repeat intervals. That feature will show you future commitments too so you can plan your money accordingly. If you are near or in your overdraft or you need a bill reminder, the app features an alerts system too.
This is a good app for those that like to meticulously plan their finances and businesses that need to check and monitor their accounts often.
Your bank’s mobile app
If you want to keep things really simple, you can use your bank’s mobile app only. Bank mobile app’s are very good these days at letting you do plenty of things on your account that you can do in branch or on your laptop. You can view statements, make payments and transfers on the go, check pending payments, report lost or stolen cards easily, update details, inform your bank of last minute trips abroad and find your nearest branch. These apps are useful from a personal and business level to keep on top of your finances wherever you are.
Whether you are going to keep it simple or use a few apps, there are many ways to manage your business finances. If you need any further help with your business’ finances or financing your business in general, contact us for free, impartial advice on solutions such as invoice finance, commercial finance and business banking facilities.