Accounting is often seen as mundane and painful. However, in today’s world, apps provide the efficiency needed to maximize financial intelligence.
Instead of a bunch of paper and spreadsheets, modern accounting provides dashboards and reports to help your business grow.
With a solid financial intelligence, your business:
- Better handles times of adversity and uncertainty
- Makes sound decisions for overall company success
- Able to take opportunities when they present themselves
The best way to gain financial intelligence? Understand your numbers. The problem is, when accounting becomes about data entry and compliance you never get to truly see the numbers.
With technology, automation and a tech-savvy partner, the fundamentals should be on autopilot so you can spend more time making decisions with your data.
In this article you’ll find 5 apps we use to keep your finances in tip top shape and make life easier.
Our pick for on-line accounting software: Quickbooks Online or Xero
Again, the point of software is allowing you to do all kinds of things easier, quicker and more effectively. When it comes to accounting, the right kind of solution makes all the difference in the world.
There are two major options in this space, Quickbooks Online or Xero.
We work with both, and they have similar capabilities. Often, which to choose depends on what other tools you are using. Some have better integrations than others.
Otherwise, it can be a matter of personal preference. Either way, both of these cloud apps are tremendous for syncing with bank feeds and removing the need for data entry.
First, you don’t need to purchase expensive software. You can use an online solution, like Xero or QBO, and take care of every accounting and transaction need you may have. These cloud tools allow you to access your data at any time from anywhere.
Here are some of the features we like, all included in Xero and Quickbooks Online:
- Invoicing
- Inventory tracking
- Bank Reconciliation
- Bill Payments
- Mobile app
Your accounting software acts as the hub of your financial system, so it’s important to know what tools you can integrate to maximize efficiency.
Cash flow forecasting & financial intelligence: Float
Accounting generates a lot of data. So much data that it can often be confusing making sense of it all when it comes time to use it to make business decisions. This is where apps like Float truly shine. They allow you to accurately model your cash flow across a variety of scenarios so you can make data backed decisions.
Cash flow forecasting used to be a task that required a lot of time and was quite frankly left in the hand of accounting firms that specialized in this type of financial advisory service. Float’s integration with Xero, and most accounting software, allows you to get real time insights with just a couple of clicks.
Here are some of the features of Float:
- Syncs with your accounting software
- Allows you to import invoices and bills
- Scenario Planning
- 14-day free trial
Integrated reporting and forecasting: Spotlight Reporting
The ability to make strategic data backed decisions is critical to every business. The problem is that when presented, financial data can become difficult to interpret. This is where apps like Spotlight Reporting can help. It allows teams the ability to make easy to understand financial dashboards quickly.
Spotlight reporting stands out in two crucial ways to help businesses succeed. First, with Spotlight you can build out a financial forecast. This will pull data from Xero or Quickbooks Online and allow you to make projections in the future.
Additionally, Spotlight Reporting has a dashboard to see your key metrics at a glance. At Pasquesi Partners, our clients have 5 key metrics on a dashboard so they can track the health of their business in simple, accessible way.
Spotlight Reporting offers a suite of tools designed for every kind of user. From business owners and CFOs to Financial Advisors and Franchises.
Here are some of the key features of the app:
- Aggregate, rank and benchmark hundreds of General Ledger accounts.
- ‘All-in-one’ budget creator, full three-way forecasting and scenario builder
- Real time cash flow movement and balances
- Budgeting and cashflow forecasting
- Report white labeling with your branding
Payroll Management App: Gusto
(Source: Wikipedia)
Payroll used to be an incredibly time consuming part of running a business. But ever since payroll apps like Gusto have started becoming more ubiquitous, payroll is significantly more efficient.
Besides making the processing element of it easier, Gusto also includes tools that allow you to file payroll taxes, keep track of employee benefits and give several options to your employees like time tracking and requesting payment advances. It features robust integrations with the most popular accounting apps like Xero and Quickbooks. This deep integration allows it to enable services like Gusto Checkout. This service allows employees to get advances based on their estimated earnings and makes adjustments in their future paychecks automatically.
Additionally, Gusto also includes a whole set of HR focused features like hourly work tracking, paid time off tracking, organizational charts and a secure repository for employee paperwork.
Here’s a quick glance of Gusto’s main features:
- Contractor Payments and 1099 for filings
- Health benefit administration
- Paid time of policies and time-off request management
- Full service payroll and next-day direct deposits
It’s also worth noting that while we recommend Gusto, ADP is a strong player and is also a great option for many firms. At Pasquesi Partners, we support ADP as well as Gusto to provide the best payroll option for each business.
Receipt tracking and expense management: Expensify
Whatever the size of your business, keeping track of your expenses is critical to keeping accurate books. What apps like Expensify allow you to do is to make this process easier and automatically integrate it with other financial apps you are using.
One of the key elements of Expensify is that it has a mobile app that lets you track receipts and log other expenses. Tracking on your phone certainly beats dealing with a weekend’s worth of crumpled up receipts and trying to remember how many miles you drove.
Some of Expensify’s key features are:
- Corporate card reconciliation
- Receipt integrations with services like Uber, Lyft and Hotel Tonight
- Mileage Tracking
- PCI Compliant Security
- Tax Tracking
Other notable options: Popular apps for expense tracking, beside Expensify include; Divvy, Tallie and Zoho Expense.
Choose the right financial app (3 ways)
With so many apps out there, how do you choose the right one?
Here are a few tips to help you find the apps that will maximize financial intelligence in your business.
1. Choose a problem to solve
What’s your biggest financial problem? Is it keeping accurate books or maybe cash forecasting?
With knowing what the main problem is you’re tackling, you’ll be able to find the app that will help you handle it the best.
2. Test drive the app
Most apps have free trials and if they don’t, you can usually request one if you reach out to them. You’re putting a lot of trust into the financial apps you’re using, so make sure it’s a right fit and that you’re only paying for the features you need.
3. Make sure it works with your workflow
Financial apps are supposed to make your life easier. So if you find yourself spending more time just to make it work, you should take a look at your other options. Consider choosing an app that fits better into how you manage your business and your finances.
Manage financial intelligence better with apps
Making data-backed business decisions doesn’t have to be tedious or expensive. It also shouldn’t be a guessing game. With financial intelligence apps that can integrate together and do most of the heavy lifting, you can definitely make the most out of your financials.
We live in an era that has plenty of options to fit about every need. From simple and user friendly to full featured and customizable, it will definitely help you to try out the different apps out there so you can find the ones that suit your needs and make your life easier.