Many business owners often think they have to do it all. They’ve seen their business grow from nothing and usually have a hand in all of its operations. Of course, there comes a point when hiring dedicated professionals to manage specific aspects of your business is the best move. Finding people to manage specific areas of your business will give you the time to focus on what you’re best at. However, hiring new employees isn’t always an option, and it isn’t something you’d want to do if it isn’t quite time yet. After all, having more employees means more payroll and moving pieces.
Fortunately, we live in a time when new technology and mobile apps, including business financial apps, are sprouting up every day to make life easier.
Managing Business Finances
The financial side of running a business is undoubtedly one of the most difficult to manage. There is an endless number of things to consider, and the job never ends. Payroll, taxes, expense reports, cash flow, multiple bank accounts… It’s a lot to stay on top of.
Lucky for business owners, there are a lot of business apps out there that are aimed at making the financial management process easier and more efficient. In this post, we’ll look at some of the best options for the tech-savvy business owner looking to improve their business finance operations.
Top Financial Apps for Businesses
Apps for Bank Accounts
It’s unavoidable, owning a business comes with opening new bank accounts. A separate account is one of the best ways to track your spending, and setting up a credit card for business expenses is another popular option.
Mix these accounts with your personal financial accounts, and things can get confusing. Getting involved with a bank that has a quality account management app can go a long way in keeping your financial life from spiraling out of control.
Here are some banks with apps for both iOS and Android devices that will keep you organized and updated.
This one’s cool because it takes advantage of the latest technology. For secure access to your accounts when you’re away from a computer, this mobile app lets you sign in with your phone’s fingerprint scanner.
This bank is no underdog in the U.S. banking scene, and its mobile app is nothing short of excellent. It made this list because it is consistently rated as one of the best mobile apps out there.
The fact is, most banks these days offer some kind of mobile app. If they don’t, they aren’t nearly as competitive as they could be and they probably won’t appeal to the younger generation. What’s important, then, is to see how well your bank’s mobile app works for you.
Take advantage! There are plenty of options out there, and outstanding accessibility has never been easier to come by.
Budget Apps
Along with bank accounts come budgets, and the need to understand business financial health.
Chances are, you don’t record incoming and outgoing payments with a pencil and a piece of paper. With the number of electronic solutions for creating and managing a budget system, there’s simply no need, and that’s a good thing.
After all, realistic and intelligent budgets are at the heart of the operations of the most highly successful businesses.
This is one’s pretty cool, as it provides you with detailed information regarding your spending and whether you’re meeting your goals. After connecting your bank and credit accounts, you get to set up your own budgets and financial goals. It will accommodate whatever level of detail you require in your budgeting.
You’ll then receive weekly reports telling you how well you’re sticking to your budget. You can also see exactly which expenses are adding up and which are under control. This will help you make any necessary changes in order to meet your goals.
This budgeting app goes a bit above and beyond for business owners. Like many other options, it pulls information from all of the relevant bank and credit accounts you assign to it. The ability to see all of your financial information in one place is immensely helpful and can help you make better financial decisions for your business.
inDinero goes one step further, though, by also offering forecasts for your business and its financial trends. Information is power, and this app gives you your fair share.
Accounting Apps and Software
For business owners with more than the most basic financial needs, accounting apps are lifesavers. They can help you manage the more complex side of financial management by doing some of the heavy lifting for you.
If you aren’t sure what exactly you should be able to get out of an accounting app, consider the following. You should look for an app that has basic accounting functions such as expense tracking and invoicing.
You should also look for these more advanced features if you need them:
- payment automation
- estimate creation
- payroll processing
- compatibility with point-of-sale software that works with a card reader
Heard of this one before? Quickbooks has been a major name in the industry for quite a while and there’s no secret as to why — it’s powerful, easy to use, and it works. While it’s designed to be useable by just about anyone, it is complex enough to be used by financial professionals around the world.
What you can do with Quickbooks is almost limitless. From basic accounting tasks to more complicated ones like inventory tracking and payroll management, it just about does it all.
The Quickbooks accounting software is available at a number of price points, all of which correspond to a different level of complexity. You can even take advantage of the Quickbooks free trial to get a taste of the program. There’s also the mobile app that offers a handful of useful features on the go.
This is an accounting app available for mobile as well as the web that has grown in popularity in recent years. And one of its major draws is that it’s free. You can pay for additional features such as personalized accounting assistance, but the free version allows you to manage payroll and invoicing for free. Simply connect it to your existing business bank account and get going.
Even managing receipts?
This one deals with the often messy handling of receipts for you. Simply take a picture of the receipt of any business expense and upload it to the app. Shoeboxed keeps track of all of them and keeps them organized for you. This is especially handy during tax time.
Another nifty feature of this one is that you can use it to manage your contacts as well. Taking a picture of a business card automatically uploads the contact information into the app. It’s like a modern-day Rolodex.
Final Considerations for Business Financial Apps
It’s clear — there is no shortage of financial business apps out there. And this post really only scratched the surface. The wide range of options available to business owners is very much a good thing. Chances are, you’ll be able to find a solution that is very closely tailored to your individual needs and the needs of your business. The competitive arena in which these apps operate also means you’ll be able to find one that fits your budget.
All of this said, it’s still true that apps can’t do quite as much as real live humans. Almost always, the expertise that experienced professionals bring to the table is worth much more than you can download onto your phone. For businesses with more advanced needs and ambitious goals, it’s still worth considering what the right professional guidance could do for your business.
We Can Help
Running a business is no easy feat. And the new apps and technology available are meant to take some of the brunt of the work. But we are also here to answer more business financial questions.
The Saddock Advisory team invites you to get in touch with us so you can learn more about our history, our services, and how we can help you! Fill out our contact form here and we’ll be in touch shortly.