In this day and age where everything can be accessed through your phone, it’s no surprise that the most efficient way to run your business finances is digitally. With the rise of demand of easy and accessible financing and budget apps, one quick search on your App Store or Google Play will result in an array of choices that all seem to do the exact same thing… so how do you choose?
Just like anything concerning your business, you want the best of the best. Something that’s easy to use, effective, but won’t create an unnecessary dent on your overall budget. No need to test out all of them, here are five of the best phone apps to use to make managing your finances a little easier:
One of the easiest and simplest apps out there for tracking your finances. It allows you to detail your expenses with all the important aspects – where the purchases was made, what category it falls on (food, clothing, home, etc.), whether it was a personal or business purchase, and a section where you can write why you made the purchase. This allows to you to get a better view and a more insightful grasp of your finances.
Expensify is perfect for small businesses with a lot of traveling involved. While it has all the basic features for managing and tracking expenses, the two features that really make this app stand out is 1. Its GPS and time tracker, which allows the user to track mileage and the time spent on a particular project. You can sync these information when making invoices to clients so that it outlines these aspects for a more detailed billing, and 2. It tracks transactions made on your credit card, automatically pulling it up on your expense reports, making for an easier process.
Most apps that can analyze spending habits and trends begin doing it once you’ve started making transactions while on the app, this is where Mint sets itself apart in that aspect. Because it asks for access to your banks and credit cards (Don’t worry, they can’t do anything with the money – you’re only giving them permission to view where your money is going and when it’s being spent), it also has access to your spending history which allows them to analyze your habits and trends and give insights moments after you get it. Mint also provides bill payment (if you give them permission to) and a free credit score.
Digit helps small business owners develop a saving habit. It analyzes your income, spending habits, and spending trends and looks for ways to take out a few dollars for you to save. The money automatically goes to your Digit savings account. They make sure all transfers are never more than you can afford, patterned from your income and habits. It records all transactions for better monitoring of your money.
Spendee tracks your expenses and over time, creates graphs and charts for you to give you a full view of where your money is going and how your expenses are matching up with your income. You add your expenses manually, and if it’s a recurring expense you can categorize it as that and it automatically repeats itself as an expense with the time you set for it.