Many businesses see the benefits of using their phones to manage their money and accounts. Software for accounts receivable and managing your finances have become so accessible that you can use them across all devices, including mobile.
Not every business owner is aware of the tools available, so if you’re curious about what financial software is available, look no further. Here’s an overview of the top seven most innovative financial applications and how they can help your small business grow.
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What Are Finance Apps?
Before getting into the top financial applications, it’s important to understand what finance apps are and what they can do for you. Finance apps come in many forms, such as personal, managerial, investment, budgeting, and tracking.
There are many different types of finance applications, but they all serve a certain purpose, to help you get your finance in order. For a business, especially a small one, finances are extremely important to understand and manage.
How Do Finance Apps Help Small Businesses Grow?
Finance apps help business owners manage their finances via mobile devices. The advantage of accessing your finances from your phone is that you can access all the information you need to make quick business decisions involving your finances.
Additionally, keeping track of your finances as a small business is critical to the health of your business. You’ll typically see invoices, expenses, and other cash flow information from your finance app to help you make informed business decisions.
What to Look for in Finance Apps?
There are plenty of things to consider when looking for the perfect finance application for your business, but here are the four most important things you should think about when looking for your ideal finance application.
Make Sure It’s Available for Your Device:
You first want to ensure that whatever finance app you want is compatible with your devices. For example, if you use an Apple device, you may have access to only certain finance applications. Android users typically have access to most finance apps.
Look for a Free Trial:
Keep these three things in mind once you determine the software has a free trial.
- Check to see how long the free trial lasts.
- Ensure you use the full free trial to see if the app is right for you and your business.
- Consider the features that help you the most.
Ensure You Can Access Your Financial Institutions:
Some apps don’t provide access to certain banks or credit lines. Additionally, they may not integrate with other finance software such as Upflow or CRM tools like Asana. Not integrating with certain software isn’t the end of the world, but if you need it, make sure it has the option.
Make Sure It’s Secure:
Since you’ll be using this software to access most of your business financials, you’ll want to ensure it’s secure. Research what security measures the finance application you use has, and try to see if it has extra security, such as two-step authentication or biometric security support.
7 Finances Apps That Will Help Your Small Business Grow
Here are some impressive finance apps that will help grow your business. Each app brings a unique way of handling your finances, and most offer extra perks and benefits. Read and decide which one best fits your needs and see if it’s the right fit.
Mint’s one of the best finance apps on the market. You can see most of your finances, whether your bank accounts, credit cards, bills, or investments. Additionally, Mint is one of the most secure finance apps on the market, using 256-bit encryption and multi-factor authentication.
Why You Should Choose Mint
Mint is one of the market’s most secure and reliable finance apps. The main reason you should choose Mint is that it provides you with all the necessary tools that a finance app needs and does it without fault or error. If you’re new to finance apps, Mint is your best bet.
- Alerts and reminders.
- Cash flow tracking.
- Custom budgets.
Here are the main benefits of using Mint.
- Free credit monitoring.
- Free version.
Here are some of the downsides of using Mint.
- It takes a while to set up.
- Connection issues.
2. Personal Capital:
If you want assurance, clarity, assistance, and security, choose Personal Capital as your finance app. Personal capital is one of the best money management software on the market, but it benefits small to medium-sized businesses and isn’t ideal for personal use.
Why You Should Choose Personal Capital:
Personal Capital gives you an accurate view of your net worth and provides you with ways to organize your spending and savings automatically. This finance app provides you with many analytic tools and personal financial advisors. For smart growth, choose Personal Capital.
- Personal financial advisors.
- Planning and analytics tools.
- Investment check-up and fee analyzer.
Here are some benefits of choosing Personal Capital as your finance app.
- Financial advisors.
- Extensive analytic and investment management tools.
Here are the main drawbacks of Personal Capital.
- $100,000 minimum account balance.
- High management fees.
- Expensive for start-ups.
For businesses with plenty of expenses and liabilities, you should look at Prism. Prism is a financial app that specializes in organizing your bills. Prism ensures you stay on track with all your payments by organizing due dates and monthly amounts.
Why You Should Choose Prism:
Instead of logging into multiple accounts to see your monthly expenses, you can use Prism instead. Prism ensures you keep track of all your liabilities and never miss payments. For a business, this is imperative for a good business credit score.
- Automatic calendar organization.
- Pay directly from Prism.
- Biometric authentication.
Here are some of the benefits of using Prism.
- 256-bit AES encryption.
- All accounts are in one place.
Here are the downsides of Prism.
- Reporting features take more work to customize.
- Difficult to learn.
- Weak analytics.
Budgeting is extremely important for small businesses, and EveryDollar helps in every avenue. With EveryDollar, you can budget your monthly expenses and properly invest your income into your business needs. You can personalize your budget, set due dates, and track your spending.
Why You Should Choose EveryDollar:
EveryDollar keeps your budgeting consistent. If you need help organizing and creating a budget for your business, EveryDollar does it for you automatically and consistently. With reports, you’ll understand how much you can spend per month and what expenses you’ll need to pay.
- Budget personalization.
- Cross-device sync.
- Saving funds account (for emergencies).
Here are the pros of using EveryDollar.
- You can split transactions.
- Make notes within your budgets.
- Set due dates manually.
Here are the drawbacks of EveryDollar
- No credit score or investment monitoring
- Free version limitations
The great part about Stripe is that it provides an optimal experience across all devices. For online businesses, Stripe is your best finance app on the market. With Stripe, you can manage your revenue, invoices, and accounts receivable.
Why You Should Choose Stripe:
Online businesses should choose Stripe as their finance tool. With Stripe, you have multiple avenues to adjust how you receive payment. Additionally, you have plenty of customizable options to improve the customer checkout experience and get full 24/7 customer support.
- Automatic revenue collection.
- Accept payments online from anywhere.
- Embed financial services into your account.
Here are the Stripe benefits.
- Supports multiple currencies.
- Transparent pricing.
- Easy to use.
Here are the drawbacks to using Stripe.
- Limited functionality for brick-and-mortar retailers.
- Messy data reporting.
QuickBooks aims to provide a simple and fast overview of your financial information for your business. Through QuickBooks, you can receive payment, see your profits at a glance, and track your business expenses. For small businesses, QuickBooks is a great financial app.
Why You Should Choose QuickBooks:
QuickBooks provides a nearly all-in-one solution for small businesses. While other apps have a sole focus, QuickBooks offers a variety of features that cover most of your business needs regarding finances. It’s a true one size fits all solution for most small businesses.
- Auto income and expense tracking.
- Payroll integration.
- Mileage tracking.
Here are some QuickBooks pros.
- Wide variety of integrations.
- Impressive record keeping and reporting.
- Easy information sharing.
Here are some QuickBooks cons.
- Learning curve.
- Expensive monthly payments.
7. Zoho Books:
Last but certainly not least is Zoho Books. Zoho Books provides you with accounting on the go. You can manage receivables, inventory, banking, and reports through the mobile application. The data available to you via the Zoho Books mobile app is beyond impressive and useful.
Why You Should Choose Zoho Books:
Zoho Books is an affordable option for businesses that need accounting services. If you already use Zoho as your main CRM tool, then using Zoho Books is a no-brainer. Zoho Books meets all of your accounting needs at an extremely reasonable rate.
- Expense tracking.
Here are the benefits of Zoho Books
- Accepting secure online payments from anyone.
- Schedule reports and receive real-time data.
- Automate business workflows.
Here are the drawbacks of Zoho Books
- Lack of invoice customization.
- Language selection limitations.
- Software glitches.
Spenmo is a spend management platform with corporate cards offering solutions to help companies have control and visibility over their business finances. Spenmo is one of the best and most reliable finance platforms in the market which has great features that can be used by millions of merchants across 210 countries where Mastercard is accepted. It is a platform that helps businesses control their expense management, accounting, and budgeting effectively.
- Corporate Card
- Bill Payments
- Payment Automation
- Employee Reimbursements
- Expense Tracker
- Easy online application
- Easy to use
- Can use it anywhere where MasterCard is accepted
- Provide real-time tracking
- You can set personalized policies for each employee.
- Browser Reliance
- No access to the Internet
- Doesn’t have a free version
- Only supports one language (English)
Regardless of your needs, a finance app will provide you with everything you need. Consider trying out some of these finance apps and see which ones truly impact you and your daily business operation. Remember, keeping track of your finances is extremely important.
Every finance app on this list will provide you with some way of helping innovate your small business and grow into a more profitable firm.
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