3 Financial Apps Your Small Business Needs

Most forward-thinking entrepreneurs utilize technology in one way or another to manage the ins and outs of their small business; but just because a corporation uses technology, doesn’t necessarily mean they are using it in the most beneficial way.

Digital applications have truly revolutionized the way many companies do business across the globe. By utilizing technology as a smart financial strategy, entrepreneurs are better able to do business, interact with customers and ensure their processes run more smoothly. It does help, however, to be able to tell the good from the bad. With that in mind, here’s a helpful list that breaks down the right kinds of applications and what they can do to help take your business to the next level.

  • QuickBooks – while there are tons of accounting applications flooding the app store, there’s only one that has stood the test of time. QuickBooks was one of the pioneering accounting vendors on the market and it has continued to revolutionize the industry by providing top-notch customer experiences and exclusive services. With QuickBooks, clients are given instant access to sales and expense trackers, profit-and-loss reports and in-the-moment updated invoices. Plans start at just $10 for the first six months and as little as $13 per month thereafter. QuickBooks has desktop versions, cloud versions and mobile apps – all of which can connect to each other so business owners can take their accounting on the go.
  • Expensify – there is no greater aspect to running a small business than ensuring proper payment is collected or dispersed for services rendered. Expensify is one of the most popular applications on the market which makes managing expense reports seem like a walk in the park. Clients who use Expensify see a marked decrease in stress levels simply because the information can now be so easily accessed – even from the comfort of their own home! Plans start at just $5 per month for each active user and $9 per month for corporate clients respectively.
  • Slack – when it comes to communication platforms, there’s no better option to choose from than Slack. This revolutionary instant messaging platform allows managers to gain instant access to their team and for those team members to never be left out of the proverbial loop again. Instead of passing email chains back and forth, Slack keeps messaging sleek and in one central hub. Slack even offers easy-to-use drag and drop features that allow instant sharing of PDF images – like contracts and invoices – to everyone on your team. A free trial is offered from the company but premium plans – featuring exclusive upgrades – start as little as $8 per month per user.

With the technological advancements afforded to society over the last two decades it would seem like a no brainer to find a way to make them work on your behalf for bettering your business. Whether you run a fortune 500 company or a small business from home, digital applications provide data driven analytics to help businesses make better financial decisions.

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The Worst Mistakes a Business Can Make

When you’re starting a small business, you hope it’s going to endure for years to come. Unfortunately, many small businesses close in their first year. Sometimes it’s due to circumstances outside of your control – if a big competitor moves into town with more resources than you can dream of, there’s nothing you can do about it. Sometimes, however, entrepreneurs are the architects of their own downfall.

Here are some of the biggest mistakes you can make, presented in the hope that this will help you avoid them.

False Economy

It’s tempting to cut corners to save money in the early days of your business. This is only storing trouble for the future, however. If you need expert help, it’s worth paying out for it to insulate yourself from the consequences of future errors.

An example of this is when you’re getting contracts drawn up. If you pay for a contract lawyer to help you draft and review them, you’ll be left with watertight documents to make sure you have the goods and services you need. If you don’t do this and find yourself challenged, or forced into making unexpected payments down the line, you will have no one to fall back on.

Hiring Badly

Your staff are your biggest asset: they fill out the gaps in your skillset, and allow you to specialise in keeping the business running while they perform it’s everyday functions.

When you’re first hiring you may be tempted to hire reassuring people rather than the best for the job. It’s a mistake to bring in family and friends. It’s tempting because you’ll feel they will always back you up, but sometimes you need someone who will challenge you. Having a strictly professional relationship will make it easier to let someone go if you need to, as well, without causing the loss of a friendship.

Assuming Success Just Happens

Success takes a long time and hard work: customers will not simply come to you. You need to be prepared to be selling your business at every hour and minute of the day in order to find the loyal, slid customer base you need to put your business on a firm footing.

From attending local networking events, to finding cheap ways to generate publicity for your venture, this is all additional work on top of keeping the wheels of the business turning and you need to be prepared for it.

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