Running a business can be a daunting task especially if you don’t carry out due diligence before venturing into the business.
For big organizations, they can afford to hire experts to man various departments and ensure everything goes on seamlessly. But, for Small and Medium Enterprises (SMEs) it is a different ball game.
Usually, SMEs have limited staff, and handling the financial aspect of the business becomes the responsibility of the founder. Mismanagement of funds could lead to packing home.
For business financials, it is, therefore, necessary to monitor the income and expenditure and ensure that even if profit isn’t pouring in yet the business is above water level.
For many businesses, that kind of real-time insight can mean the difference between success and failure. Most businesses fail not because they don’t have a great product or their poor marketers, but rather because of cash flow issues.
Having deep insight into your finances can help you avoid the next cash flow crisis. Mobile apps can help you keep track of the business financials, there are a lot of apps for that now.
Some of the apps have specific functions while others are general financial management apps.
Listed below are financial management apps for SMEs:
Wave
This is a financial management app that SMEs can use to keep business accounts.
The wave accounting app is free, however, it has only an online platform.
For SMEs, the app can be used to generate invoices for products/services rendered. The record of every transaction is saved and arranged by the app that bookkeeping doesn’t stress the business owner.
Wave also helps the business owner know their loyal customers through the app history, their preference and this will help you know how to serve them better.
FreshBooks
This is another business financial management app that comes in handy for SMEs, it enables one to monitor their income, expenses, and generate invoices as well.
FreshBooks checks and balances your account, this reduces error and gives the business owner an accurate result of the business financial status.
There are also FreshBooks tools that give you insights backed by business data from your transactions. This helps business owners in making informed business decisions.
Another interesting feature of FreshBooks is the Credit feature, it enables one to track overpayments, prepayment, and credits notes.
Invoice2Go
This app basically helps you create, edit, and generally manage your invoices from anywhere, and anytime.
Invoice2Go also keeps track of all your transactions, and one can easily pull up past invoices from archives when and if the need arises.
Expensify
This is also one of the many financial management apps that helps SMEs keep track of their expenses, both online and offline expenses.
For offline expenses, the business owner takes a picture of the receipt and the app processes and keeps a tab of it. Expense report is really made easier with Expensify.
Another beautiful feature of Expensify is that it can be integrated with other small business apps, together the financial aspect of your business is well taken care of.
inDinero
This app acts like a financial accountant because in addition to its budgeting feature, it can prepare financial reports and also present insights based on the report.
inDinero can also be integrated with other financial management apps for a more resounding effect.
As an SME owner, you can see that you don’t have to sweat over financial management, use any of these apps and then concentrate on other aspects of your business that needs attention.
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.
