Surprisingly, according to Finances Online, 7 727 banking and financial apps are downloaded per second, totaling 244.2 billion apps by 2020. According to more recent statistics, 35% of financial app users in the United States were between the ages of 25 and 34. In the 65 and older age bracket, only 5% of people used financial apps.
With technology taking over almost every aspect of business, more and more entrepreneurs are embracing the use of apps in their daily business activities. Whether you are learning how to become an insurance agent or researching business ideas, entrepreneurs are constantly advised to incorporate technology. One area of business where digital tools are commonly incorporated, is the finance area according to The Really Useful Information Company (TRUiC). The fundamentals of finance will never change: you want your profit margin and cash runway to be healthy at all times. The tools you utilize, on the other hand, can alter. Staying on top of corporate finances has never been easier thanks to technological advancements.
Here’s a roundup of the top 3 iOS and Android applications that help you keep cool, calm, and collected when it comes to operating your business, whether you’re wanting to enhance your credit score with regular bill payments or track your costs more effectively:
Xero is a popular accounting software that can be used on a desktop or as a mobile app for Android and iOS. Xero is a central hub for all of your company’s financial needs, including:
- Invoicing — create quick click-to-pay emails for consumers by sending invoices from the desktop or the app.
- Keep track of what’s in stock and what’s selling out using inventory management.
- Connect your bank account to the Xero app for banking transactions.
- Pay bills — keep track of your bills, pay them on time, or set up automatic payments.
- Payroll (through Gusto for an additional fee)
You may also provide contractors and remote workers access to Xero, ensuring that everyone is working with the same up-to-date data. The Xero app store has a lot of things you may use to make your work flow more smoothly. You can add over 800 third-party android and iOS apps to your Xero experience, ranging from PayPal to Dropbox. Xero, like most programs, charges on a monthly basis, so you may choose the plan that best suits your needs. Select from the Early, Growing, or Established categories (plans are based on the size of your company and what you might need).
QuickBooks is a well-known name in mobile app accounting, and you’ll find that you can use it regardless of which phone app you choose because it interfaces with a variety of other apps. The app has an almost endless list of features, including:
- Keeping track of your earnings and expenses
- Invoices are sent and tracked.
- Obtaining access to bank accounts
- Payroll that includes penalty protection
- Inventory control is important.
QuickBooks even allows you to connect with an online bookkeeper to ensure that everything is kept and managed correctly, which is very important for small firms without regular accountants. A QuickBooks mobile card reader app is also available, allowing you to complete a sale no matter where you are. Simple Start, Essentials, Plus, and Advanced are the four tiers of QuickBooks pricing. There’s also a freelancer option.
FreshBooks completes the trio of finest accounting software. FreshBooks is fully web based, so as long as you’re online, you can access it. It’s similar to QuickBooks and Xero in terms of features. The following are some of the features of the app:
- Invoicing is made simple — keep track of when your invoices are sent, viewed, and paid.
- No more receipt shoeboxes with expense monitoring!
- Time tracking — keep track of your hours and have them automatically included to an invoice.
- Secure communication and file synchronization make collaboration simple.
- Automatic checks assist keep your finances accurate and compliant with double-entry accounting.
FreshBooks provides a vast variety of connectors, including Gusto and HubSpot, allowing you to use it as the hub of your entire company. There are four different plans to choose from: Lite, Plus, Premium, and Select.
You don’t have to choose between several iOS and Android apps with so many integrations. You don’t have to go with any of the big names if you’re a small business owner on a tight budget. Determine your company’s needs and budget before selecting a solution that works for you.