Do you have a business? Perhaps it’s been around for a few years now and you’re making a steady profit or perhaps you’ve just launched and you’re looking at ways you can grow?
Embracing technology could be a great way of making more money and growing your money. A financial app could help you budget and can even give you financial advice.
Here’s what you need to know about the best finance apps.
- Help You Budget
There are many financial apps out there that can help you budget. Apps like Yolt and Wally allow you to track all of your purchases and outgoings and to see how you can reduce your spending.
This is important if you want your business to run more effectively. It could be small changes like realizing your office spends $100 over a month on ballpoint pens because employees keep losing them. You could then tell your employees to be more careful and not to lose their pens.
Some employees like to treat their employees by offering them free tea and coffee. It might sound like a small expense that will be easily covered but if you have bought an expensive coffee machine with reliable cartridges you can soon find yourself spending thousands of dollars over the month.
A budgeting app will help you see clearly what your spending is on individual items as you can break down your spending into different categories and see your money spent in different forms such as pie charts.
- Integrate With Your Business Bank Accounts
Some business apps can be integrated into your business bank accounts to enable you to do your budgeting automatically.
Multiple employees can add their business spending accounts to the main business account so you can see clearly what is happening in your business and who is spending what.
It is easier to see if one employee is overspending and needs to be told to tone it down or even if one employee is using the company debit and credit cards for their expenses.
These budgeting apps can also be accessed using a mobile phone instead of a conventional computer. This means you can track your spending on the go and can get a notification anytime anyone in the business uses the company credit or debit cards.
Alternatively, if you do want some financial apps for computers, be sure to check out this site to give you some ideas:
https://setapp.com/lifestyle/the-best-personal-finance-apps-for-mac
These apps also make it easy to freeze a card at any moment so if you suspect an employee is committing fraud on the company account you can freeze them out straight away.
- Keep Track of Expense Receipts
One of the most irritating things about running a business is keeping track of your expenses. A finance app can help you do this. New fintech or neo banks like Revolut and Monzo which have business accounts, have a feature where you can take a photo of your receipt and add it to a transaction on the app immediately.
If all of your employees use the app then you can make it company policy that they have to take a photo of their receipts and add them to the app.
This way when it comes to organizing and filing expenses, HR and the accounts department will love you. All they will have to do is log onto the app and see the receipts.
The apps store all of the receipts in the cloud so there is no need to worry about running out of space on your mobile phone or tablet.
- Give You Business Advice
Financial apps are also very good at giving businesses advice to help business owners just starting to learn about how to make more money and improve their businesses.
There are many apps that act like courses where you can take lessons every day that can improve your knowledge and help you succeed at business with things like an understanding of how the stock market and even trends for bitcoin in 2020.
- Practice Trading on the Stock Market
Another reason financial apps can help boost your growth is by helping you practice trading on the stock market through trading apps.
Trading apps allow you to set up an account and practice purchasing stocks and shares for free. You actually don’t buy the stocks and shares but the app pretends that you have so you can see what happens in terms of the price.
Many business owners who want to trade on the stockmarket spend a year practicing on trading apps before they make the move to buying stocks and shares for real so that they don’t lose money. Apps like Trading 2-1-2 are popular.
Digital banks now also offer an option to buy stocks and shares in different companies and trade foreign currencies.
A Financial App Can Be Great For Helping You Manage and Grow Your Business
Financial apps are great for managing and growing your business in so many different ways.
Fintech apps can help you track your business spending for multiple accounts from the comfort of your mobile phone and you can even make your accountants’ life easier because you can take a picture of all your receipts and attach them to a particular expense.
Trading apps like Trading 2-1-2 can also help you practice trading on the stock market without losing any money so that in time you can become a master FX trader that can make serious money.
Some business apps also give invaluable advice and knowledge about basic principles like knowledge of how the stock market works.
If you are interested in reading more about a financial app or the best financial planning apps be sure to check out the rest of our site.
For more of our great articles, read these:
The Three R’s of Budgeting Your Money
Bringing Lunch To Work Saved Me Lots Of Money
What Is Taylor Momsen’s Net Worth