GUEST BLOG: Financial apps to save you time and money

By David Gormer, accounting and business development expert and founder of Square Mile Accounting

So how can a small business take advantage of current digital trends? Slick and intuitive apps are a great way to start. In this short piece we’ll take a look at some of the best intuitive apps and hopefully you’ll be able to take advantage of the offerings out there.

If only our forefathers were fortunate enough to do business in the digital age. Just imagine, with that inheritance we’d all be lounging about on white sandy beaches.

But that lack of an enormous inheritance shouldn’t squash the dream of idyllic blue water just yet. With the range of financial apps out there, it’s never been easier to maximise profits, cut costs and save time.

Here are six great apps to easily and efficiently cut costs, all in the palm of your hand with savings at your fingertips. Which one will you try first?

XERO

Picture this: you’re taking a stroll while receiving a real-time view of your business performance, grabbing the latest information, raising invoices and even collaborating.

This is exactly what Xero has on offer, all via a nifty mobile app, which also allows you to raise invoices on the move. It goes without saying that these great features will increase the chances of your tax position being optimised.

RECEIPT BANK

Get rid of invoice filing and nasty headaches all in one go. By using Receipt Bank, you’re able to scan invoices, ensuring that you’re easily able to reclaim VAT, as well as decrease the chance of human error.

Not bad, right? And with your bookkeeping up-to-date, your cashflow forecast will be increasingly easy which also means you won’t have the hair-pulling fear of cash flow emergencies. Also, let’s not forget that you’ll be able to cut bookkeeping costs by up to half.

CRUNCHBOARDS

Keep up-to-date on those all-important KPIs with Crunchboards, an easy-to-use service which allows you to create and customise powerful business dashboards. With this and other apps, it’s become even easier to make vital business decisions on-the-fly.

CHASER

Everyone has that customer who just can’t pay up on time. With Chaser, you’re able to save time on uncomfortable conversations with clients when hoping to clear up debts. This can be a huge time expenditure and this unassuming app can effectively save you lots of it.

David Gormer

MARKET INVOICE

So you’ve finally got those late payments in, but now it’s time to get those late invoice payments sorted. The Market Invoice online platform gives clients access to funds on outstanding invoices, otherwise tied up for between 30 to 120 days.

This allows you more control over ever fluctuating finances which can keep you liquid when you don’t have the time to wait for cash to clear. We suggest giving Market Invoice a go to lessen the chance of an impacted cash-flow.

GO-CARDLESS

No one loves card payments, right? With Go-Cardless, you’re able to easily debt everyone from individuals, to small businesses, to multinational corporations, all the while lowering your card payments.

When using Go-Cardless, your fees are capped at only 1% per transaction. This is compared to 3% from other mainstream payment solutions. When you add up the figures, it’s easy to see why this app is a no-brainer.

Photo: Blake Patterson