When it comes to grooming a small business to become the next multinational corporation, every penny counts. Business owners not only look for cost-effective ways to run their business, but also to track recurring expenses and project costs into the future to ensure finances remain in the black. In this age of technology, many free applications have sprung up claiming to offer the best money saving methods with the best visualizations of savings. But which app is really the best? The answer is: it depends on your business’ needs. Whether your company needs a way to track individual employee’s expense reports or to provide a picture of your corporate finances, there’s an app for that.
Mint is the most popular money-tracking app on the market today, boasting more than 15 million users and a user-friendly interface. Mint is great for visualizing bank accounts, credit cards and business loans all in one place. Graphs and charts make this app a favorite among consumers and even offers custom tips to help you save money faster.
Wally is great for business travelers drowning in receipts from various restaurants, hotels and public transportation. This app actually lets users scan in their travel receipts and stores the information for you. The details of each receipts are added into the program automatically to save users time and money.
This unique app allows your company to invest in stocks even without complicated knowledge of the market. Acorns rounds your spending up to the nearest dollar and invests the difference in low-cost ETFs. Your investment portfolio is tailored for you after calculating your net worth and annual income. Users can choose from a variety of suggested investment portfolios. This adds to the passive income of your business and provides some extra wiggle room for future spending. All types of businesses are eligible to receive money through investments, although the rate of growth you receive from passive income could change your company’s classification as a C-corporation or an S-corporation.
Level automatically syncs with your company’s bank accounts and updates on a regular basis to provide a daily snapshot of your spending habits. This app is capable of calculating your business’ average daily spend to estimate future spending. Use the “Insights” section to see projected finances if your company continues to spend at its current rate.
Unlike the other apps, Simple plays an active role in users’ spending habits. A daily “Safe-to-Spend” amount is determined when the app is installed. Each day, this Safe-to-Spend amount is transferred from the user’s bank account to a debit card. Simple charges no ATM fees and offers a foolproof way to track spendable finances over time.
Like personal finances, businesses have to worry about credit scores and eligibility for future loans. Credit Karma generates free credit scores and reports. The app is also able to recommend credit cards and loan offers users might be eligible for.
Digit is great for hands-off users. This app operates primarily through the Web or via text message. Once the app is synced with corporate bank accounts, it sends a daily text message to the user of choice to report your balance as well as spending trends from the last two days. Savings contributions are recommended to ensure safe financial practices.
Businesses should keep data use in mind when utilizing applications as primary means of financial tracking. Connect to Wi-Fi whenever possible to avoid unnecessary data charges and check your phone bills regularly to ensure accuracy. Telecom phone bill management companies like Telanalysis offer telecom audit services to save your company the hassle of reading through the small print of your contract. Avoid wireless waste by signing up for a phone plan that meets your company’s needs without excessive charges. A telecommunications audit from a cost reduction expert is the best way to determine whether your company can save money through phone bill modification. These money-saving apps combined with safe spending habits can add up to thousands saved per year. It’s time to invest in your company with the smartest technology the world has to offer.