Table of Contents
Choosing The Best Money Management App For Your Business: A Step-By-Step Guide
Determine Your Pain PointsSuppose you are moving from manual bookkeeping to automated financial software or already have a money management app you are using. In that case, you probably know the issues with your system that might not adequately meet your requirements. That said, you must create a list of shortcomings, problems, weaknesses or inefficiencies of the current system. By having a compelling list, a new money management app is the way to go.
Examine the Financial Software Requirements SpecificationEvaluating the financial software qualifications before going to the market and starting the selection process is essential. To do so, you must make a document indicating the software’s clear-cut requirements specification aligned with your strategic objectives, and then your search can begin.
Research Financial Software Vendors / SellersWith your financial software requirements in mind, now is the time to pick the right software from the right vendors. Choose a shortlist of possible software sellers through comprehensive research. You can utilise search engines, reports, forums and the current client base of the seller to evaluate their fit with all necessary features you want for your software, providing money management apps comparison with respect to these factors.
Request Demo / TestIn order to test the efficiency and capabilities of the money management app in your business, requesting a demo is a must. Thus, when the demo selection occurs, ensure you make a template to evaluate all demos equally. In addition, see to it that you involve key stakeholders to prevent potential misconstructions.
Assess the Demos and Make an Educated DecisionNote that there are specific measures you can use to gauge the predicted performance of the financial app, such as cost savings, growth opportunities and return on investment (ROI). So review these metrics with key stakeholders. Likewise, you must also tackle both the potential positive and negative externalities and the possible further investments for scalability. After doing this procedure, you can proceed to negotiate the best contract.
Working Out the Best ContractTake all the facets of the financial management tool into account and then make a BATNA (Best Alternative To A Negotiated Agreement) and reservation price. Software-related costs can be support costs, implementation costs and licensing fees. Likewise, you must ensure that you know the fares offered by competitors and keep in mind that the negotiation is to establish a win-win situation. After all, choosing a money management app is about business-specific needs or qualifications and to what extent the app can assist in accomplishing your strategy and objectives.
Criteria / Indicator To Consider When Selecting The Best Money Management App To Fit Your Business Needs
Accessibility and UsabilityWhen deciding on a financial solution, you should always consider how accessible it is and how complicated it is to utilise. In that case, cloud-based and user-friendly financial management tools are preferable. If it’s cloud-based, you and anyone on your team can access the needed financial information from any location at any time. Thus, a simple interface makes learning and using the app much easier.
Automation ProcessesAutomation should be a key criterion when choosing a good money management app. As you are all aware, manual processes reduce the productivity of a business and increase its operating costs; therefore, the idea behind a feature like this is that it helps you save time and money by automating repetitive and tedious tasks. This allows you and your team to concentrate on more critical aspects of your business, such as planning and analysis. Furthermore, automation also guarantees that procedures are error-free and secure. Cash Flow Tracking and Management Check whether the financial software of your choice offers you a complete and real-time view of your cash flow status or position. You should be able to monitor how your business funds are spent across numerous locations and divisions in an easier, faster and more accurate way.
Forecasting and AnalysisSee to it that your money management app can help you forecast scenarios and analyse your numbers so you can understand your spending trends, manage risks and opportunities and prevent a cash flow crisis from ever happening. This way, you can also improve the accuracy and success of your strategic business planning.
ScalabilityBear in mind that once you invest time and money in a money management app, it will take a lot of work to migrate data into another system. So make sure that the financial tool you choose will accommodate all your needs as you grow or scale up.
SecurityAre you sure that your financial management tool is safe? Remember that your business and client financial information is highly confidential and sensitive. With that in mind, your financial app should provide advanced encryption, two authentication passwords and daily data backup to mitigate the risks of cybercrimes.
BudgetGetting help with a money management app shouldn’t be reserved for big-budget companies. At the end of the day, one advantage of financial software is providing a more cost-effective way to handle your bookkeeping tasks and accounting needs. For this reason, staying under budget is wise while yet getting what you want from the app. Of course, you have to be a smart spender. However, to be able to do that, evaluating the app’s features is crucial because this will assist you in making an informed decision. You’ll want to guarantee that you get the most value for your money.
Reliable Customer Support SystemThe truth is—learning a new product or system, particularly one that can significantly impact your business can be challenging no matter how tech-savvy you are. That’s why it’s salient to know whether there’s reliable customer support available. Perhaps you might have an inquiry about a specific feature or have experienced technical issues that can halt your workflow—whatever the reason, it’s comforting to know in advance that any support you may require is there.
Here’s The Best Money Management App You’ve Been Looking For: Say Hello To Moolahmore!You’re in for some good news because with the following criteria elucidated above, Moolahmore is undoubtedly the best money management app that will fit your business needs. Moolahmore is so simple to use and has user-friendly dashboards. It is also very accessible because this app works seamlessly on mobile devices, tablets, and desktop browsers and is available for download on both iOs and Android systems. That said, if you’re looking for the best budgeting app for iphone or top money management apps for android—Moolahmore should be the first one on the list. Moving on, here are some of the wonderful features of Moolahmore you can enjoy:
- Automation & consolidation capabilities which help simplify the tedious and time-consuming tasks involved in accounting and financial management so you can focus on other crucial aspects of your business
- Easier tracking and comprehensive analysis of your business cash flow
- Forecasting and scenario builders that guide your decision-making process on how to allocate your resources strategically and plan better for the what-ifs
- Powerful integrations to notable accounting software (Xero, Quickbooks and MYOB)
- Save time with efficient report exporting
- Security-ensured giving you peace of mind that your critical financial data are safe from prying eyes
- Birch Finance
- Empower Money Management
- Wally Next
- Personal Capital
- Zoho Books
- QuickBooks Online
- Wave Accounting
- Your Banking App