Business finance management is about so much more than merely keeping accurate books and balancing business accounts. Without proper finance management, businesses overspend, leading to ineffective profit distribution and ineffective capital expenditures.
A successful business does not only rely on sales to survive. Businesses that sell in high volume but lack basic business finance management skills are setting themselves up for failure. And, make no mistake about it, competition is fierce, with more than 28 million small businesses in the United States. These businesses employ well over 50 million workers as well, which only adds to the complexity of proper record-keeping for many businesses.
With this much competition, small businesses have no excuse for ignoring the necessity of business finance management since apps are making finance management easier than ever. Many small businesses are strapped for time during the busy workday which is why an intuitive app that effectively integrates within a business’s financial accounting system is so beneficial. For small- and medium-sized businesses that lack a fully staffed finance department, business finance management becomes possible with a feature-rich finance management app.
Here are a few of the things to look for to ensure the business finance management app helps you take your business to new heights.
The App Should Be Easy to Understand, Install, and Use
Without ease of use, any app is doomed to failure. Just ask Steve Jobs, the man who revolutionized the smartphone and created the App Store beloved by so many people around the world. Steve Jobs loved simplicity, and Apple’s innovative designs followed suit.
A business finance management app should adhere to the same line of thinking when it comes to understanding the app, installing it and using it daily. The primary reason small- and medium-sized businesses should use an app is because critical business processes are simplified, allowing the business to operate more efficiently. Apps that lose sight of this should be avoided since your business will get bogged down in complexity.
No matter how rich the app is in features, the app will become a chore if it lacks an easy interface that turns mundane tasks into simplified joy. When apps become a chore or inefficient, businesses are not benefiting.
The simple look and feel of an app is enough to take away the frustration of bookkeeping when an app is properly designed. When an app is easy to download and becomes an effortless way to simplify the drudgery of business finance management, your business reaps the benefits. Those benefits are taken a step further when the business finance management app tightly integrates with your existing financial accounting system.
The App Must Provide Effective Integration with Your Financial Accounting System
Easy and effortless integration with your existing financial accounting system is a critical component of a financial management app. For many small to medium sized businesses, QuickBooks is the financial accounting system of choice.
Tight integration with QuickBooks is one way an app sets itself apart from the competition. For example, Expex captures all the QuickBooks files required for the user to start using it immediately after their account is setup. The amount of time and money saved with such tight integration of your accounting ecosystem is matched only by the amount of stress it saves your small or medium sized business.
Expex even designed its pages to match those of QuickBooks, which goes a long way toward ensuring understanding and ease of use as well. That way, businesses that use QuickBooks intuitively understand how to manage payments through the app. That is tight and effective integration in a nutshell.
Accounting software like QuickBooks is critically important, thanks to its ability to enhance the speed and accuracy of managing business transactions. While the benefits of accounting software seem obvious to most businesses, too many businesses lose sight of how much time is wasted inputting data into QuickBooks in the first place. A business finance management app prevents this, allowing business management to be smooth and effortless at every possible stage.
A Finance Management App Needs to Add Valuable Insights for Your Business
No matter how easy an app is to use and integrate with your business operations, it still must add significant value for your business to remain worthwhile.
With a valuable business finance management app, your business should be able to:
- Completely Automate Bill Receipt, Approval and Payment Processes
- Access a Digital Filing Cabinet
- Easily Integrate Payments Within Your Accounting System
- Eliminate the Time and Resources Wasted on Paper Bills
- Avoid the Antiquated Practice of Printing, Signing and Mailing Checks
- Receive Critical Business Safeguards Like Enhanced Fraud Protection & an Audit Trail
- Significantly Reduce Payment Processing Times
Once your business starts paying bills through a streamlined app interface, you will question why you used to pay bills the old-fashioned way. With modern technology, there is no reason small businesses cannot enjoy affordable app technology that helps them compete with the big guys.
With Expex, you receive all the previous benefits and more. Ask yourself how much time your business wastes on administrative tasks that could be better spent elsewhere. Expex makes it possible to reallocate that time (payment processing time alone can be reduced up to 85 percent) into crucial hours you are able to put back into your business, increasing revenue and growing your bottom line in the process. To learn more about expex or to see a demo, contact us or call (518) 389-2311.