Entrepreneurs and financial institutions have been in a long-running, complicated relationship. Entrepreneurs require ways to fund their business and keep it moving. This means they rely bank for anything from loans and checking accounts to business. Banks require entrepreneurs too. without small-scale firms that are fueling the economy it’s not much banks can offer.
It is this (sometimes difficult) co-dependent connection has caused entrepreneurs in recent years, be demanding more. Even with more loan options, entrepreneurs face the difficult time getting funding. It’s like an added burden in an age where entrepreneurs have to cut their operating expenses or protect their cash flow from unexpected delays — how do keep their business running when money is flowing out but not a single penny coming in?
Others have had to contend with the high interest rates on credit cards as well as weak rewards programs more complicated banking accounts for business and the absence of corporate credit. This has left a bad taste in their mouths, and a feeling of reluctance towards institutions of finance.
There are many businesses working to create platforms that aid entrepreneurs rather than harm them. Three banking-oriented apps are that aim to make the lives of entrepreneurs easier — with no cost.
1. Chime
Chime is an HTML0 mobile banking application with the tagline “banking like it should be,” and it provides an approach that is two-pronged to ensure entrepreneurs’ success by securing cash and managing their money. Chime is among the fastest-growing bank 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 is able to be set up for savings automatically by having 10% of the deposit set aside for savings or by rounded up the amount of purchases and transfer the difference to savings.
Business owners who have had to deal with the fluctuations and turbulences of running a business will be relieved by the fact Chime doesn’t charge any fees for monthly service, transfers, or overdrafts Chime does not charge fees for overdrafts, monthly services transfer, or foreign transactions. Additionally, users do not have to maintain the minimum amount of balance. Chime’s award-winning app offers real-time alerts and daily balance alerts as well as the ability to transfer money between accounts, or to business partners or other individuals. It also works to other platforms for payment, removing checkbooks made of paper. And should a business owner need to issue a check, he can make a request through Chime’s Chime application and let Chime forward the request. For entrepreneurs concerned about security risks, Chime uses 128-bit AES encryption and secure methods for all of their bank accounts.
2. Wave
Wave provides free financial software for companies with fewer than nine employees. The simple-to-use program takes on the accounting needs of entrepreneurs by helping them manage sales and expenses, track invoices, take payments, manage accounts receivables, create payroll, scan receipts and generate accounting reports. The company also offers a free personal finance software that allows entrepreneurs can manage their financial affairs for their personal and business accounts on the same platform, and keep their finances distinct.
The application allows business owners to connect their bank accounts and credit cards to their dashboards instantly. Wave has double-entry accounting as well as well-organized tracking to help entrepreneurs prepare for tax season. Entrepreneurs are also able to invite people who can help them manage their books, from accountants to business partners and business partners to work together via the application. If you want to manage the financial data on their own Wave can help them create P&L and balance sheets sales tax statements, and much more. If you’re concerned about security, Wave offers 256-bit encryption and read-only connection with bank data. It’s also PCI Level-1 certified to handle sensitive financial data.
3. Spending Tracker
Entrepreneurs looking to monitor their spending in order to create precise budgets spending tracker is a no-cost app that can pinpoint where the money is being spent. Its intuitive interface lets small-sized business owners to see how their expenses are distributed in a given time and allows them to determine the need to automate the simple, yet time-consuming process, or even hire a employee. Users can link their banking accounts, and set goals for each budgeting category , so they can keep track of their progress over a specific month or the entire year.
The majority of business expenses can be caused by the costs of dealing with customers or the financial environment of the business itself However, entrepreneurs also exert control over their spending. The free app’s intuitive visualisation and syncing capabilities (business partners, for instance are able to sync their mobiles on the exact accountand let you know when an area of spending is taking up profit or is actually financing others to help entrepreneurs make the most of their profits.
While financial institutions and banks could have made certain entrepreneurs anxious There are a variety of applications that can assist small business owners to carry their financial responsibilities as well as save money, and maximize the profit they’ve earned. The three apps listed below can aid entrepreneurs to move forwardand take their businesses along with them.