Financial institutions and entrepreneurs possess a complicated connection. Entrepreneurs need strategies to finance their businesses and maintain business moving, meaning that they lean on banks to get everything from company loans to checking accounts. And banks won’t entrepreneurs, also — with no small companies fueling the market, there are not many banks can do. Some banking apps are helpful for entrepreneurs.
This (sometimes reluctant) co-dependent connection has directed entrepreneurs, in the past several decades, to need more. Despite more financing choices, company owners have a more difficult time getting financed. This seems just like a double whammy in an age when a few entrepreneurs struggle to reduce their operating expenses or secure their money flow against sudden disruptions — how do they keep their companies going with money flowing out and nothing coming from?
Others have grappled with higher credit card rates of interest, limp rewards applications, more complex business bank accounts, and lacking business charges. It has left a sour taste in their mouth and a reluctant feeling toward financial institutions.
However, there are lots of businesses working to create platforms that assist entrepreneurs instead of hurt them. Listed below are 3 banking-oriented apps aiming to create entrepreneurs’ lives easier – at no cost.
Free Banking Apps for Startup Business & Entrepreneurs
Chime is a mobile banking app using the slogan “banking like it should be,” and it delivers a two-pronged way of ensuring entrepreneurs succeed: saving money and managing it. Among those fastest-growing bank balances at the U.S., Chime supplies a bank account, a Chime Visa debit card, and a savings account. The savings account could be set up for automatic savings with 10 percent of a deposit put aside as savings or from rounding purchases up and changing the gap to savings.
Entrepreneurs who’ve experienced the ups and downs of the company are going to be comforted by the fact that Chime does not prolong fees for overdrafts, monthly support, transports, or overseas trades, and users are not required to maintain a minimum balance. The award-winning app offers real-time alarms, in addition to daily balance alarms, and it empowers users to issue money transfers between accounts or along with different people or companies.
In addition, it integrates with additional payment platforms to get rid of paper checks and when a company owner needs to issue you, he could submit a request through the Chime app and have Chime send it. Best of all for entrepreneurs concerned about safety breaches, Chime utilizes 128-bit AES encryption and safe procedures for all their checking accounts.
Also read: 9 Money-Saving Ideas For Your New Business
Wave provides free financial software for companies with nine workers or fewer. This easy-to-use banking apps take on accounting tasks for entrepreneurs by assisting them to monitor expenses and earnings, handle statements, accept payments and monitor accounts receivable, difficulty citizenship, scan receipts, and also make accounting reports. The business also supplies free personal finance applications so business owners are able to manage their personal and business financing through one stage while keeping them separate.
The app allows business owners to attach their own bank accounts and credit cards and personalize their dash immediately. Wave provides double-entry accounting and organized tracking to assist entrepreneurs to prepare for tax periods; entrepreneurs may also encourage individuals who assist them handle their novels — from CPAs to company partners — to collaborate through the app.
For people who wish to control the financial data, the software helps them issue P&L, balance sheets, sales tax reports, and much more. And for its security-conscious, Wave offers 256-bit encryption and syncs connections with bank information, and it is PCI Level-1 qualified for handling sensitive financial information.
3. Spending Tracker
For entrepreneurs who wish to monitor their spending to create accurate budgets, Spending Tracker is a free app that pinpoints where money is going. The instinctive app helps small business owners determine how costs are allocated within a particular time span, permitting them to check if they should automate a straightforward, but time-consuming, procedure or employ a different staff member. Users may attach their bank accounts and set goals for each budgeting group so that they can monitor their improvement in a specific month or year.
Many small business expenses might feel driven by the price of conducting business with clients or by the financial landscape of the business, however, entrepreneurs also wield influence over their spending. The free app’s simple syncing and visualization skills — business partners, by way of instance, can sync their own telephones to identical accounts — make it apparent when a particular group is consuming profits or really funding other people, assisting entrepreneurs to maximize their money.
While banks and financial institutions might have left some entrepreneurs uncomfortable, there are several apps working to help small business owners carry their financial tasks, save money, and capitalize on the money they have made. These 3 free banking apps will help entrepreneurs move forward – and bring their businesses alongside them.