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5 Types Of Financial Apps, Software, And Tools All Small Business Owners Need

Your business’s financial health should be your number one priority. If you don’t have the money to run your business, you don’t have a business. Because of this, it’s important to invest in financial apps and systems that make it easy for you to stay up-to-date with every aspect of your finances. Learn more about the different types of financial apps and tools available for businesses to determine which options fit your needs.

Payment Gateways

If you want to process credit and debit card payments from your customers, you need a reliable payment gateway service. Payment gateway services let you process a variety of payment methods, including credit and debit card payments, from customers around the world. Payment gateways also integrate into your virtual shopping cart system, and they allow you to offer alternative payment methods such as Paypal and payments from eWallet services such as Apple Pay and MasterPass. Once the payments are processed, your payment gateway lets you deposit your funds directly into your bank account.

Budgeting Apps

Running a business is hard enough without having to worry about the financial aspects of it — and business owners also need to manage their personal finances too. Fortunately, financial apps that help you create and follow budgets, such as Mint and You Need a Budget, make managing your business and personal finances simple. These apps are easy to use, and you can download them directly to your mobile device so you can see a snapshot of your financial situation whenever or wherever you want.

Financial Forecasting Apps

Monitoring your current money situation isn’t enough if you really want to stay on top of your financial situation. You need to know and understand what will happen to you financially if you continue to spend at the same rate you’re currently spending. The Budget Boss app helps you with this. You enter all of your business or personal income and expenditures, and the app creates charts to show you how your cash flow situation will look in the future.

Bookkeeping Software

Bookkeeping software is an essential part of every business. Not only does it help you track all of your business income and expenses, it sends invoices and receipts to your clients. Good bookkeeping software also lets you run reports to show your income and expense trends over specific periods of time, as well as reports that show you where different percentages of your income originate. So if you offer a variety of products or services, you can create tags for each type of product or services and add them to incoming payments. This way, you know if one product or service is outshining the others or if one is falling flat so you can adjust your focus if necessary.

Financial Management Software

Financial management software ties all the data from your financial apps and tools together. It analyzes your personal and business accounts, provides you with historical financial statements, and creates three-to-five-year financial forecasts for your business. It handles everything from your business and personal finances to your investments, credit scores, and tax returns. If you want to ensure your business and personal finances are always in tip-top shape, you need to invest in financial management software as soon as possible.

Ultimately, the type of financial software, tools, and apps you use to run your business will vary depending on the type of business you own. Take the time to research options in each of these categories. Then you can make an educated decision as to what your business really needs.

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