Banking Apps, Entrepreneurs and financial institutions have had a tumultuous relationship in the past. Entrepreneurs rely on banks for everything from business loans to checking accounts to keep their businesses afloat. Entrepreneurs are critical to the economy, and banks can’t achieve much without them.
Co-dependency has encourage businesses in recent years to expect more from their suppliers. As a result, company owners are having a difficult time securing the funding they need. Entrepreneurs that have difficulty lowering expenses or protecting their cash flow from unanticipate events may find this double whammy a double blow. How can they keep their firms running with money pouring out and nothing coming in?
Others have had to deal with high interest rates on credit cards, weak incentive programmes, more difficult company banking accounts, and a shortage of business credit. They’ve been left with a foul taste in their mouth and a shaky confidence in financial institutions after this experience.
However, there are a number of firms that are attempting to create platforms that benefit entrepreneurs rather than harm them. At no charge, here are three banking-relate applications that are design to make the lives of small-business owners simpler.
Its tagline is “banking the way it should be,” and Chime takes a two-pronge approach to helping businesses succeed: saving money and managing it. You may use your Chime Visa debit card to make purchases, and you can also save money in your Chime savings account. Automatic savings may be set up by setting aside 10% of a deposit or by rounding up purchases and transferring the difference to the savings account as a percentage of the total.
You may rest easy knowing that Chime does not charge fees for overdrafts (which might happen), monthly subscription fees, transfers, or international transactions, and users are not force to maintain a minimum amount. In addition to daily account balance updates and real-time alerts.
The award-winning software lets users send money between accounts or to other individuals or companies. If a company owner has to write a check, he or she may do it using the Chime app, which interfaces with various payment systems and has Chime send the check on his or her behalf. Businesses concern about data breaches may rest easy knowing that all of their checking accounts at Chime are protect by 128-bit AES encryption and other robust security measures.
Businesses with fewer than nine workers may take advantage of Wave’s free financial management software. In addition to helping entrepreneurs keep track of sales and costs, handle invoices and payments, collect payments and monitor accounts receivable, issue payroll, scan receipts, and make accounting reports, this user-friendly software also helps small businesses manage their finances. Business owners may keep their personal and business funds separate by using the company’s free personal finance software.
Owners of small businesses may quickly and easily link their bank accounts and credit cards to the app, allowing them to personalise their dashboards on the go. Entrepreneurs may use Wave to work with their CPAs, business partners, and others who assist them in managing their accounts, such as Wave’s double-entry bookkeeping and structure tracking.
The programme aids people who like to keep track of their own financial data, such as P&L, balance sheets, sales tax filings, and more. With 256-bit encryption and read-only connections to bank data. Wave is PCI Level-1 certified for handling sensitive financial information for those who are worried about security.
3. The Spending Tracker
The Spending Tracker is a free programme that enables businesses to monitor their spending in order to create realistic budgets. The easy tool enables small company owners to examine how costs have been distribute over time. Allowing them to choose if they should automate a simple but time-consuming procedure or employ. More personnel. Users may link their bank accounts and also establish budgeting goals for each category. Allowing them to monitor their success over the course of a month or year.
While many company costs may seem to be dictate by the cost of doing business with clients. The financial environment of the sector, entrepreneurs have some control over their spending. The free app’s simple visualisation and synchronisation capabilities—company partners. For example, may connect their phones to the same account—make it evident. When a certain category is consuming earnings or funding others. Thus helping businesses make the most of their money.
While banks and financial institutions may have given some entrepreneurs pause. There are various applications available to assist small business owners in managing their finances. Saving money, and capitalising on their profits. These three free applications may assist entrepreneurs in moving ahead — and with their businesses.