woman using financial applications to manage her business

5 Financial Applications to Help You Run Your Small Business Better

2022-10-11T17:12:50+00:00

By Rody

Small businesses are usually owned by one person who runs every aspect of the business.As a small business owner, you’ll most likely be the manager as well as the accountant.This can be quite daunting. Throw in your domestic obligations as a mother or wife and automation becomes even more important.One of the best ways to achieve automation is through the use of financial applications (apps) that will help make those calculations a lot easier.Financial applications are different kinds of software that help in managing the financial process of a business/person in order for that business to achieve good financial health.A financial application will help you by automating payment, organising your invoice and managing your revenue.

Importance of Financial Applications for Businesses

They can help the business achieve optimal results over time.
They help simplify the process of purchasing, receiving payment, creating invoices, and giving receipts.
Financial applications will help with bookkeeping, expense tracking, and customer documentation.
They help to effectively analyse profit and loss, and watch out for the company’s financial health.

The ultimate goal of any business is to make a profit. Small businesses especially have little resources to spare, so automation of certain aspects of the business is a relief.Here are 5 financial applications that will help you run your small business better:

Invoice Home: This application helps businesses create invoices and receipts, and even send the business report at the end of the month to be able to gauge income, expenses, customer debt and overall financial health of the business. The free version is available and it offers all these benefits.
Good Budget: This is an envelope app that is widely used by users for budgeting purposes. This budget app is used to track spending and know how much goes into certain expenses in the business. It involves inputting details on spending in your business. Apps like Mint, and YNAB also serve the same purpose.
Venmo: Ever heard people say “Please Venmo the money” when they mean that you should send some money to them? The Venmo app can be used to make transactions by sending and receiving money. It offers a quick and easy way to get transactions done. Other apps that serve the same purpose include Paypal, Flutterwave, and Paystack.
Wave: This application helps you manage customers. It helps you organise and send them emails, invoices and receipts easily, or even track debt with reminders. All these can be done for free. The paid version allows you to process payments, bookkeep, and manage payroll for employees.
Square Payroll: This application allows you to manage your payroll seamlessly. It enables you to pay employees on time and manage taxes effectively.

Linking these financial applications to other things like your business bank account, customer details, employee list, income, and expenses will be necessary to derive maximum benefits.While the above list is not exhaustive, it provides a great foundation to help your business thrive while also freeing you up a little bit more.Now you can worry less about picking the kids up from school.Ajuwon Rodiat is a Human Capital Development Enthusiast.