Financial Apps You Need to Improve Your Financial Oversight in 2022

By May 6, 2022News
Financial Apps You Need to Improve Your Financial Oversight in 2022

The new year is always an exciting time for business owners and entrepreneurs. It’s a season of planning, reflection, and setting goals. You might be launching something new this year or setting ambitious growth targets. Or maybe you’re focusing on financial goals and investments. If money is an area you plan to prioritize in 2022, some great apps can help you monitor your money easily and confidently. Let’s look at some tips for finding the best app for the job and our favourite apps that will help set your business up for success.

Year-End Review

When was the last time you evaluated your cash flow or reimagined your investments? Not sure where to begin? The start of the year is an ideal time to sit down and review your business financial reports and projections, and an appointment with your accountant can help set you on the right path. Once you have a clear vision laid out, you’ll need the right tools to help you monitor your finances through the year.

What to Look for in an Accounting App

Many apps on the market claim they can simplify different aspects of your business, but how do you decide which ones to use? We have a list of five components that you’ll want to consider before choosing to pay or subscribe to any app. Once you’ve determined this list of qualifications, browsing for software to fit your team will be a breeze.

Cost

Since we’re focusing on budgets and finances, the cost is the first thing to look for in a business accounting app. Some apps will offer free and paid levels, providing different access to features, depending on the price you pay. Other apps will charge a monthly fee or a discounted annual price. Once you know which app will work best for your business, you can decide which price fits your budget.

Compatibility

Another factor you’ll want to look for in any business app is compatibility across different operating systems. Unless your company has a policy for Mac-only products or PC-only products, you’ll likely have a mix of devices in your office. Your team may also have a variety of desktop computers, laptops, tablets, and mobile phones. Apps that can function cross-device for both iOS and Android are ideal for everyone to use seamlessly.

Usability

Business life keeps you busy. It’s counter-productive to find an app that is supposed to help you with your finances but is impossible to navigate. The best way to discover whether the structure and format of a new app will work for you is to test it out. Many apps offer free trial periods to get a feel for the program before purchasing. You can also check out the reviews and ratings to see what other customers say.

Security

Your best strategy for choosing apps is finding ones with high ratings. A free app with very few or only negative reviews is one you’ll want to avoid. We recommend avoiding apps with very few or low ratings because they might be a scam or malware in disguise. The security of your business should also be top of mind when purchasing a new software.

Users

One additional factor to consider when selecting new programs is how many users will need access to the app. Different apps will offer different prices for a set number of users. Before you decide on which apps you want, we recommend creating a list of the people who will use it to help determine the exact cost of each option.

The Essential Accounting and Bookkeeping Apps for Businesses Banking

You probably already use an app from your bank for your personal bank account, but do you use it for your business? If not, we recommend finding out what apps your bank offers small businesses and testing them. Most Canadian banks have mobile apps that allow their customers to view their balances, pay their bills, transfer money, even create budgets and monitor spending. Most of them also offer specialized services for small business owners, giving you access to customer shopping data. Knowing who your customers are, where they are shopping from, and when they are buying can help you make informed decisions for your business, such as your opening hours. And, since it’s coming from the bank that you already know, trust, and do business with, you can feel confident in their security.

Bookkeeping and Accounting

If you’re not already using a mobile bookkeeping app, we suggest that you start. We love QuickBooks Online and its easy-to-use mobile accounting app for business. Not only does QuickBooks make tracking bills, sending invoices, managing expense reports, and submitting payroll a breeze, it also integrates seamlessly with many other programs you might already be using for your business.

Investments

Whether you have investments directly with your bank, a financial management firm, or you’re doing it yourself, investment apps help you oversee your money, track performance, and make informed decisions.

Budgeting Because we love QuickBooks Online, we also love Mint by Intuit. If you’re a one-person show or looking for support for your personal finances, this app helps you track your spending, stay on budget, and even offers personalized advice to help you reach your financial goals.

Managing Financial Apps

Now that you have all these apps in play, how will you use them effectively? Your apps will track your finances automatically in real-time, but we recommend scheduling time for analysis and discussion with the appropriate members of your team. If you’re managing your money solo, we suggest setting aside time once or twice a week to review and track your numbers. Plus, don’t forget to bring your trusted advisors, such as your financial advisor and business accountant, into these conversations!

Small Business Accounting Solutions in Edmonton

Do you need help managing your bookkeeping software? Financial planning requires attention to detail that many business owners would prefer to pass on to the experts. If you’d like to work with a small business Chartered Professional Accountant, book your free consultation with us today! The CPAs at Schwan & Associates are here to help your business gain financial insight in 2022 to get you on the right track for growth.

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