One of the major causes of business failure is poor money management and/or inadequate financing. In fact, according to the NYTimes poor accounting is one of the top 5 reasons small businesses go belly up.
It’s easy to overlook something when you’re trying to keep track of expenses, send out invoices, filing taxes, doing the payroll, etc. Little mistakes start to add up overtime, and before you know it, you’re in a heap of financial trouble.
Luckily, the app explosion in recent years and the simplification of mobile testing has lead to the development of numerous money management applications and tools.
Here is an overview of some of the “must have” apps:
Wave – These handy apps have been used by more than two million users to manage bookkeeping, accounting, invoicing, and payroll. The Wave iOS app can be used to send out an unlimited number of invoices. The Android app, Receipts by Wave, helps simplify record keeping by allowing users to scan receipts and upload copies to the cloud. While the software itself is free, there is a “pay as you go” option for services such as credit card and payroll processing.
Freshbooks – This “cloud accounting” application gives freelance entrepreneurs and small-business owners a simple way to perform invoice management. It’s available in both the Apple Store and Google Play Store and comes with various pricing options, ranging from “Lite” to “Premium”. All plans are guaranteed to have 100% security and automatic backups for data.
Quickbooks – A variety of apps are available for Quickbooks small business and accounting subscribers. The company has done extensive test automation to ensure that its applications run smoothly on iPad tablets, iPhones, and Android devices. Data syncing with 400+ popular apps such as Square and Expensify (more below) is also included with the features. A vast member community and library of tutorials help users learn to use the apps and features.
Expensify – Track expenses and reimbursements for your company and employees with this useful application. Add items as you go. Pricing ranges for free to $9 a month. The free plan is ideal for startups who just need the app and up to ten “SmartScans” a month. When you or an employee SmartScans a receipt, Expensify codes and reports the expense before auto-submitting it for approval.
Digit – Being aware of your spending habits is a vital part of money management. The Digit app actually helps small business owners save money they were not even aware existed by analyzing spending patterns. It works by gathering a tiny amount of your capital and transferring it into a no-interest savings account, which can be accessed for withdrawal anytime. No fees are included, and all funds held within the Digit account are insured with FDIC up to a balance of $250,000.
EZ Financial calculators for Apple and Google Play – This app package includes every type of financial calculator any business could ever need:TVM, ROI, Currency Converter, Loan, Adjustable Rate, etc. There are literally dozens of virtual calculators programmed to help you with any financial aspects of your business.
While there are literally thousands of apps relating to money management and accounting, these are among the more useful and popular.
Michael Peggs is the founder of Marccx Media, a digital marketing agency specializing in Search Engine Optimization (SEO) and Search Engine Marketing (SEM). Before Marcxx, Peggs worked at Google in business development, forming digital media and advertising partnerships in the United States and Asia. He is also a contributor to The Huffington Post, FastCompany and Business Insider as well as and podcaster, hosting the iTunes Top 10 New & Noteworthy Podcast You University.