Every business aims to be efficient and profitable. Carefully tracking income and expenditure is one of the crucial steps to remaining a going concern. If done properly, tracking expenses can help to determine and eliminate wasted resources in your business operations. You can redirect the saved money generated from identified gaps into more worthwhile investments that will ensure the growth and financial viability of the business. This leads to great savings. Sounds tempting for all business owners, right?
However, organising the finances of a business is easier said than done. It is tricky, often tiresome; and one may easily lose track if not equipped with the right tools. We all know the drill. We keep the receipts, manually list all expenses, or put them into an excel file. However, as the business scales, and expenses pile up, this manual accounting process is no longer efficient, and greatly affects productivity.
Fortunately, with the prominence of smartphones, money savings apps have emerged to be the easiest way to track and optimise business expenses. The B app; a money saving app powered by Clydesdale Bank, can help business owners in three important ways:
- It automatically and smartly catalogues all your debit card transactions into specific categories. This provides a clear picture of the business’s cash flow.
- You can filter and sort all transactions if you wish to look into specific categories. For example, if you wish to streamline your travel expenses, a few taps will present the data you need to do so.
- Most importantly, this money saving app is also a learning app that provides useful insights about your expenses. It can predict how the business’s cash flow will look like by the end of the month. With the earliest sign that you can go over your allotted budget, you can adjust your expenses accordingly.
Money saving apps are by far, the easiest way to keep your business expenditures on track. With the use of your smartphones or tablets, tracking and optimising business expenses can be easily done with just a few taps. There are several accounting apps that are good for businesses:
- QuickBooks – This is accounting software supports the operations of the business. It offers a wide range of basic to advanced features to meet your accounting needs depending on the size of your business.
- FreshBooks – It is particularly useful for small business owners and entrepreneurs. It is easy to use, and offers all the features a small business requires to effectively manage its finances.
- Wave Accounting – It is designed mainly for small businesses, and offers a free cloud-based accounting software. It offers a comprehensive set of accounting features.
- Xero – This is the best accounting software for Mac users. Xero’s cloud based accounting software a full-featured solution that helps to save time by automating accounting tasks and integrating with over 500 apps that are already in use by businesses.
As an entrepreneur or business owner, using an app that best suits your business requirements will help you make well-informed business decisions, and improve your business expenses.