3 Free Banking Apps for Entrepreneurs .Entrepreneurs and financial institutions share been in a long-running, complex relationship. Entrepreneurs require ways to finance their business and keep it moving. Banks need entrepreneurs, too . without small-scale companies driving the economy there’s nothing banks can offer.
It is this (sometimes difficult) co-dependent relationship has led entrepreneurs in recent times, to be demanding more. Even with more loan options available to business owners, they face an more difficult time getting financing. It’s like double blow in a time where entrepreneurs have to cut their operating expenses or protect their cash flow from sudden delays — how do keep their businesses running
Others have had to contend with excessive interest rates for credit cards as well as weak rewards programs more complicated banking accounts for business and the absence of commercial credit. It has left a bitter taste in their mouths, and a feeling of reluctance towards banks.
However, there are a lot of companies that are working on platforms that support entrepreneurs rather than harm them. Three banking-related apps are designed to make the lives of entrepreneurs simpler — and without cost.
Chime is an HTML0 mobile banking application that promotes “banking like it should be,” and offers two ways to ensure that entrepreneurs’ success by securing cash and handling it. One of the fastest-growing banks accounts available in Chime is in the U.S., Chime provides an account for spending and an account with a Chime Visa debit card and savings accounts. The savings account can be set up to allow savings automatically by setting aside 10% of the money put aside for savings or by rounded up purchases and transferring the amount to savings.
Business owners who have had to deal with the fluctuations and turbulences of their business will be reassured by the fact Chime doesn’t charge any fees for monthly service, transfers, or overdrafts Chime does not charge fees for overdrafts or monthly service transfer, or foreign transactions, and customers don’t have to keep the minimum amount of balance. Chime is a prestigious app that provides real-time alerts along with daily balance updates and allows users to make money transfers between accounts as well as with other businesses or individuals. Chime also integrates to other platforms for payment, removing the need for paper checks. Additionally, should a business owner need to issue one, they can request it via Chime’s Chime application and have Chime forward the request.
Wave provides free financial software for companies that have fewer than nine employees. The simple-to-use program handles accounting tasks for entrepreneurs by helping them manage sales and expenses, handle invoices, take payments and keep track of accounts receivables, issue payroll, scan receipts and prepare accounting reports.
The app lets entrepreneurs to connect their bank accounts as well as credit cards to their dashboard in a matter of minutes. Wave has double-entry accounting as well as well-organized tracking to help entrepreneurs prepare for tax time. Entrepreneurs can also invite others who can help them manage their books, from accountants to business associates to work with them through the application. If you want to manage the financial data on their own Wave software can assist them to create P&L as well as statements on tax sales and much more. If you’re concerned about security, Wave offers 256-bit encryption and read-only connections to bank data. It’s also PCI Level-1-certified for handling sensitive financial data.
3. Spending Tracker
For business owners who wish to keep track of their expenses to create precise budgets the Spending Tracker is a free application that can pinpoint where the money is being spent. Its intuitive interface lets small-scale business owners understand the way expenses are allocated in a given time which allows them to know the need to automate an easy, but lengthy procedure or recruit a new employee. Users can connect their bank accounts to the app and also set up targets for each budgeting category , so they can monitor the progress they make in a particular month or over the course of a year.
The majority of business expenses can be motivated by the expense of doing business with clients or the financial environment of the industry However, entrepreneurs also exert the power to influence their spending. The app’s simple visualisation and syncing capabilities (business partners, for instance are able to sync their phones with the accountand let you know when one particular category is taking up profit or is actually financing others which helps entrepreneurs maximize their cash flow.
Although financial institutions and banking might have left certain entrepreneurs nervous There are a variety of applications that can aid small-scale business owners in carrying their financial responsibilities to save money and make the most of the profits they’ve earned. Three free apps will assist entrepreneurs in their journey -and bring their businesses along with them.