There are other benefits to saving money, too, of course. Putting money into a savings account can help you increase your personal wealth. The more money you save in business means more money you take home. A healthier bank account means not falling back on credit cards to help with major purchases.
Saving money used to be something you did laboriously, tracking expenditures and a checking account by hand. Today, with online bank accounts, automatic deposits, and mobile apps designed for saving money, saving can be painless. Luckily there are several apps on the market we can recommend.
Choosing the Perfect Money-Saving App for Your Small Business: Our Methodology
To maximize your profits and minimize expenses, selecting the right money-saving app is paramount. But with a plethora of options available, how do you make the smartest choice? In this guide, we’ll break down the essential criteria to consider when picking a money-saving app, providing you with the confidence to manage your finances effectively and boost your bottom line. We’ve ranked these criteria on a scale of importance, using a 1-5 rating scale, with 5 being the highest importance and 1 being the lowest:
- User-Friendliness (5/5): A user-friendly interface is crucial, as it ensures you can quickly navigate the app and take advantage of its features without a steep learning curve.
- Cost Tracking and Budgeting Tools (4/5): Look for apps that offer robust cost tracking and budgeting tools to help you keep your business finances in check.
- Savings Opportunities (4/5): Assess the app’s ability to provide savings opportunities, such as discounts, coupons, or cashback offers, which can significantly impact your business expenses.
- Compatibility with Accounting Software (3/5): Consider whether the app can seamlessly integrate with your existing accounting software to streamline financial management.
- Security and Data Protection (5/5): Ensure the app follows stringent data protection measures to safeguard your financial information.
- Customization and Personalization (3/5): Evaluate whether the app allows you to customize settings and tailor it to your business’s specific financial needs.
- Customer Support and Resources (4/5): Access to reliable customer support and educational resources can be invaluable when using a money-saving app.
- Mobile Accessibility (5/5): With business on the go, having a mobile-friendly app is essential for convenience and real-time financial management.
- Reviews and Recommendations (4/5): Consider feedback from other small business owners and entrepreneurs who have used the app to gauge its effectiveness.
- Cost of Subscription or Usage (3/5): Assess the cost of using the app, including any subscription fees or transaction charges, to ensure it aligns with your budget.
There are plenty of great money-saving apps to help you out. Check out the 20 best we’ve found.
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20 Best Money Saving Apps
Here is our list of the 20 best money savings apps for 2020.
The free Mint mobile banking application gathers your bank account and credit card information in one place. Using the Mint app lets you connect your business account to set-up budgets and goals and then analyzes your bank statements, savings and checking accounts. It gauges how well you are adhering to them. Additionally, the app features budget alerts, investment tracking and a free credit score.
The Goodbudget app performs similar tasks to the Mint banking mobile app and you can also set-up categories for spending to monitor your business and personal finance. It is also ideal for businesses that need to track a variety of payments such as debt pay-off progress. There is also a ‘synchronize and share budget’ feature to eliminate any miscommunication between partners or employees. There is a free plan available, though the Plus plan only costs $60 a year or $7 a month.
This app is another excellent savings tool to help control business expenditure. Mvelopes is concentrated more on categorizing debt payment progress, so while it is a good application for a consumer in debt, it can be very useful for any business with multiple monthly re-payments that need to be met. There is a $19 and a $59 per month plan that each come with additional features, though the basic $6 per month plan will be suitable for most small businesses.
The InDinero app is designed specifically for small business and gathers all relevant financial information from all the business bank accounts and credit cards you sync it with. It gives a comprehensive overview of your spending and will analyze and create forecasts based on your financial behaviors. The InDinero app also offers a basic tax filing service that covers the preparation and filing of one Federal and one State tax return, with extras available at an added cost. At $300 per month, you can expect the very highest quality. There are also custom savings plans available for businesses to choose only the features they need.
You can also use the Wally app to track your business expenses, plus it has an extra receipt-scanning feature to speed-up the data entering process. It is completely free, though the Wally app creators do say they intend to introduce optional premium features in the future ranging between $0.49 and $4.99. These will most likely be aimed at general consumers though, with the basic business budgeting capabilities remaining free.
6. You Need a Budget (YNAB)
This consumer-orientated application has many features that a small business can use to draft budgets and analyze expenditures. You can use it to monitor bills, wages and investments. The You Need a Budget app promises to teach anyone how to prioritize and plan a budget, which is perfect for a new start-up business. You can take advantage of the 34-day free trial, with the monthly plan of $11.99 per month. Alternatively, you can save $60 of the yearly amount by paying $84 for the annual plan in one lump sum.
Simplicity and ease of use is the unique selling point of the Spendee banking app. It lets you monitor and understand your business savings or personal finance at a glance, showing you where you spent your money and whether or not your spending is keeping in line with your assigned savings goals. The Spendee app has a 7-day free trial and a free basic plan, with advanced plans at $14.99 and $22.99 per year.
One of the best apps for saving money and keeping your savings account looking healthy is the Oportun app. Both general consumers and small businesses can use the application to analyze your spending habits and automatically saves the perfect amount every day so you don’t have to worry about it. The savings is then diverted into a no-interest savings account to keep your business in great financial shape. The monthly subscription costs $5 and can be canceled at any time.
9. HomeBudget with Sync
Designed as a family-style budgeting and money-saving app, the HomeBudget with Sync app enables groups to synchronize and plan budgets together. For multiple owners of a small business, this app could allow you to align your collective funds together with your business budget which is then managed through the app. It is also an inexpensive option as the app costs less than $5.
10. My Budget Book Pro Edition
This app provides personal and business financial budgeting and savings tools, with its main feature being a spending tracker. Featuring easy-to-read graphics, the My Budget Book Pro Edition app lets you manage multiple accounts and transfer funds between them as well as managing your revenue and expenditure. There is a free version that can be used for any length of time and allows up to 16 monthly transactions, though this limit can be removed with a one-off in-app purchase.
The free EveryDollar app comes from money savings expert Dave Ramsey and helps you create a monthly budget plan to achieve your financial goals. While originally designed for consumers, this savings app allows the user to set up custom categories that can be used for business. There is also the EveryDollar Plus app that has an annual fee of $129.99, which features Dave Ramsey’s premium budgeting tools.
The Cheqroom app is an excellent inventory tracking finance app for businesses of any size. It allows you to access and manage your inventory from any device and can help you make the right assets available when needed. The app also lets you track your AV or IT assets to prevent them from disappearing or being damaged, resulting in significant savings for your business. There is a 15-day trial at no cost with the Basic savings plan costing $55 per month and the Professional $79 per month.
LivePlan helps you create a dynamic business plan with one-page pitches and detailed infographics. Connect it to your accounting software to track your business budget and revenue growth, with automatic financials keeping you aware of your situation. The LivePlan app also includes over 500 sample plans and has lender-ready themes. There is an annual $15 per month fee, or a $20 pay-as-you-go option. They also offer a 60-day money-back guarantee.
14. InvoiceCare (ZenCash)
The InvoiceCare app was previously known as ZenCash and tracks unpaid invoices for you. It syncs with your accounting system to let you manage your accounts from one platform. The app can save your business money by contacting late-paying customers and by keeping your records fully organized. It also has a special customer relations feature that can send thank-you notes. The price starts at $500 per month with a one-year contract for businesses managing up to 20 clients.
If your business offers subscription models, then you probably already know how hard it can be to keep track of them. The ClarityMoney app helps you manage, monitor and terminate any subscriptions that are no longer needed, saving you and your business money. The savings app can also be used to organize your expenses and break down your spending by category. It lets you track all transactions at a glance and is also 100% free to use.
16. Maxio (previously Chargify)
Maxio is also ideal for businesses that deal with online subscriptions, with the app letting you manage expiration dates and renewal plans as well as special offers and coupons. The Rapid Offer Builder feature on the Maxio app is just one of several that is perfect for B2B SaaS companies as it provides millions of subscriptions and pricing combinations to give you an advantage over the competition. There are also many financial insights and analytics options and much more. Start-ups can begin on the $149 per month plan, with advanced packages available at $299 and $499 per month.
The QuickBooks app is a powerful accounting app designed for non-accountants. Known as one of the best finance apps available, it is easy to use and learn initially but can scale according to your business needs. Features include basic accounting management for taxes and inventory. Freelancers and the self-employed have a plan for just $1 per month, while the basic plan starts at $8 with the advanced costing $45 per month.
This cloud accounting mobile app is an invoice and expense managing tool that is also easy-to-learn for business people who aren’t qualified accountants. It is suitable for small to medium-sized businesses as well as freelancers and contractors. The Freshbooks app also boasts excellent customer service. There is a free trial along with plans from $6 per month up to $20 per month.
Use the intuitive Wave app to manage your accounting, payroll, and invoicing, while using the receipt scanner to enter data quickly and easily. This is definitely one of the better finance and banking apps with over two million small business owners using it. The accounting, invoicing and receipts scanning features are all free to use, with an additional credit card processing tool available for a small percentage of the transaction amount.
The Proven app organizes your hiring process, which is ideal for an entrepreneur with several business interests or small enterprises whose managers do not have a lot of spare time to seek out that ideal candidate for a new position. This app lets you post job listings to multiple job boards with a simple click. You can then quickly go through the applications and sort them into three categories of yes, no, and maybe. There is a one-off fee of $5 to use the app., with further fees according to usage.
The Power of Automation: Streamlining Your Finances
In today’s fast-paced business world, efficiency is the key to success. By automating your financial processes, you can save time, reduce errors, and ensure that your finances are always up to date. Here are some ways automation can benefit your small business or entrepreneurial venture:
- Automatic Expense Tracking: Money-saving apps can automatically categorize and track your business expenses as they occur, eliminating the need for manual entry. This not only saves time but also reduces the risk of errors.
- Scheduled Bill Payments: Set up automatic bill payments for recurring expenses like rent, utilities, and loan payments. This ensures that you never miss a payment deadline and avoids late fees.
- Savings Goal Contributions: Many money-saving apps allow you to set savings goals for your business. You can automate regular contributions to these goals, helping you build a financial cushion effortlessly.
- Invoice Reminders: Automate invoice reminders to clients or customers. This ensures that you get paid on time and improves your cash flow.
- Payroll Processing: Use payroll software to automate employee salary payments, tax deductions, and other payroll tasks. This not only saves time but also reduces the risk of payroll errors.
- Inventory Management: Implement automated inventory management systems that track your stock levels in real-time. This helps prevent overstocking or understocking of inventory.
- Tax Preparation: Use accounting software that automates tax calculations and helps you stay compliant with tax regulations. It simplifies the tax filing process and reduces the risk of errors.
- Financial Reporting: Automate financial reporting to generate regular reports on your business’s financial health. This provides valuable insights for decision-making.
- Email Alerts: Set up email alerts for important financial events, such as large expenses, low account balances, or unusual transactions. This allows you to address issues promptly.
- Bank Reconciliation: Money-saving apps can automatically reconcile your bank statements with your financial records, ensuring accuracy and detecting discrepancies.
|Automatic Expense Tracking
|Money-saving apps categorize and track business expenses in real-time, eliminating manual entry, saving time, and reducing errors.
|Scheduled Bill Payments
|Set up automatic bill payments for recurring expenses, ensuring payments are never missed, and avoiding late fees.
|Savings Goal Contributions
|Automate regular contributions to savings goals, simplifying the process of building a financial cushion for the business.
|Automate reminders to clients or customers for timely payments, enhancing cash flow and reducing the need for payment follow-ups.
|Use payroll software to automate employee salary payments, tax deductions, and other payroll tasks, saving time and minimizing errors.
|Implement automated systems to track inventory levels in real-time, preventing overstocking or understocking of inventory.
|Utilize accounting software to automate tax calculations and ensure compliance with tax regulations, simplifying the tax filing process and reducing errors.
|Automate the generation of regular financial reports to gain insights into the business's financial health, aiding in informed decision-making.
|Set up email alerts for crucial financial events, such as large expenses or low account balances, enabling timely action and issue resolution.
|Money-saving apps automatically reconcile bank statements with financial records, ensuring precision and detecting discrepancies for accurate financial tracking.
Are Money Saving Apps Safe?
Cybersecurity is a big issue these days so every small business owner will want to know if the finance/banking app they connect with is safe. Most app developers are aware of this and will include information on their websites detailing exactly how they manage and guarantee the security of your business in this digital age.
For example, the Digit app holds its user’s money at FDIC insured banks, which means they are protected up to $250,000. They also secure data with 256-bit encryption, which is the same level of security used by the military. The Mint app participates in security scanning with VeriSign (a global provider of domain name registry services). That ensures security for sensitive data transfer. They also employ additional measures such as multi-factor authentication, four-digit entry codes and touch ID, as well as letting you manage the mobile devices associated with your account. Should a device be lost or stolen, it can quickly be denied access to your account.
Most apps will use some form of encryption when transferring data. This means whenever data travels between the server and your phone or a debit card, transactions are downloaded from a bank, it only travels via encrypted channels so nobody can see it as it is transferred. It will then be encrypted in the server again with strictly limited access.
If you have any doubts or concerns about security, then most apps and their creators will have customer service you can contact for more information. If an app doesn’t satisfy your security concerns, then there are plenty of other options out there so simply shop around until you find one that does.
Getting Started With Money Saving Apps
With the variety of apps today, how do you get started? The first thing to do is to figure out what you want to use the app for. It might be to save money by putting greater funds into a savings account. It might be for budget planning or accounting, for checking account purposes, mobile banking, chasing invoices, or streamlining your hiring process to free up your time to drive your business forward. Identify the candidate apps that offer the services and tools you need, and see if their security measures meet your expectations by reading what the vendors say about it or contacting their customer service.
The best way to tell if an app’s features are right for you is to simply try it and see. Most of these money savings mobile apps offer a free trial, so go for it. A better idea might be to try out two or more apps at once so you can compare them. Use each one for a few days to get a good feel of it.
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