5 Must-Have Finance Apps & Software For SMEs
Building a brand from scratch isn’t easy. As a business owner, you’ll face all kinds of different issues that test your time management and patience. But luckily, modern marvels are well-placed to help your SME succeed. Nabarro Poole is familiar with many of them – and we’ve done our research to bring the best apps and software to your attention.
Finance control is the crux of a viable business plan. So get smart and switched on with these must-have tech additions for today’s entrepreneur…
1. Receipt Bank
Like many bookkeeping apps, Receipt Bank lets you store its titular expense evidence digitally, saving and transferring it on-the-move. But it goes further – for example, divvying up expenses for everyone on the payroll (including yourself), for a crystalline view of what they’ve accrued. The multi-user plan is just twice the price of a sole trader investment; when you scale up, therefore, Receipt Bank can still match your growing team for the same low cost.
It’s one of the best-known names in finance applications, so Xero has a lot to keep living up to. The brand has links to thousands of accounting/bookkeeping firms around the world. Such relationships yield great, impeccably up-to-date info, patches and user advice from over 1,700 support employees. In terms of functionality, Xero lets you see what each business contact has paid you, alongside daily, automated bank feeds.
We’d say that SageOne has got the most typically professional app design – similar, in a way, to those used in online banking. The interface lays out trends in your cashflow, so you can spot where dips or rises crop up. They meld smoothly with your bank data: ply it with multiple accounts, if you like, and the influx will still be easy to read. The killer hook might be for ecommerce and retail businesses, as you can simulate the profit margin (in advance) on anything you’re selling. Balance sheets sum it all up, week by week.
Jargon is a real sticking point for many SMEs. That’s understandable; after all, if you can’t read between the lines of a financial platform, its usefulness will slip away pretty quickly. Hence, Freshbooks is the perfect starting software for those new to the game. Foreign currencies, for example, are simplified, and converted automatically on your invoice statements. There are the typical late payment reminders too, of course, as well as photo-capture receipt tracking. But mainly, you’ll enjoy Freshbooks for the ‘intro level’ language and presentation.
Ok, so this isn’t a finance app, but process management is key in all areas of business and Trello is a great starting point for managing your jobs, your staff and your processes. It’s simple to use – just moving all of your post-it notes (yours and your staffs) on to the cloud and all in one place. Set up a ‘job’ – eg. month end – assign the tasks to either your staff or your external bookkeeper/accountant and you can stay in the loop from anywhere with internet access. I genuinely love this app and would love to tell you all about it.
Haven’t tried cloud computing yet, or worried about the governments ‘Making Tax Digital’? We highly recommend these apps – they’re a good fit next to an accountancy team, like Nabarro Poole. Call us today to learn more!
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