The Top 3 Online Tools For Money Management
Chase your dreams of a perfect business with online money management tools. With the rise in global inflation, financial management has become critical for every business. Money management should always be a company’s top priority, whether it aims to expand its horizon or prepare for the unpredictable market crashes that result in currency depreciation.
Most enterprises hire professional financial advisors for such purposes, and rightfully so. But now, online money management programs are available. Generally, these are user-friendly, easy-to-use, secure, and very convenient. Such tools manage investments and other finances, track expenditures, organize financial records, construct budgets, assess financial decisions, and devise future plans.
A typical finance managing software merely acts as a portal for administering money. But the advanced versions can assist with reducing debt, administering the budget, and even providing financial counseling as an additional service.
Common Finance Management Mistakes
Big corporations have dedicated finance teams in charge of managing monetary transactions. But small-scale businesses have to handle all these matters on their own. These are some of the most common financial blunders made by companies:
· High expenditures
Many firm owners believe that they must keep raising their investments to multiply their profits. However, this is not always the case. Excessive expenditures within a short time might lead to a skewed ROI (Return on Investment) ratio, perhaps putting the organization in financial jeopardy.
· Overestimating Sales Forecasts
Overvaluation of future sales can lead to an incorrect revenue assessment at the month-end closing. It disrupts management’s plans for the following month and creates a chaotic scenario.
TOP 3 ONLINE TOOLS FOR MONEY MANAGEMENT
Though finance management is a daunting task, the following remote tools can assist you:
1. Mint
Mint is a powerful, free personal finance software that allows users to consolidate all their accounts and payments into one location for better management. It was founded in 2006. Intuit bought this accounting software in 2009. Mint is now available alongside the company’s other popular money management tools, such as Quicken, QuickBooks, and TurboTax.
The software makes budgeting and tracking free credit/bills easier for users. It is designed as a multiple-device compatible program. Users can access Mint from a desktop or mobile device. It also offers free Apple Watch, iPhone, iPad, and Android apps.
Mint budget software demonstrates how the company’s current expenditures will affect the month-end revenues, future forecasts, and other investment goals. It offers customized budget construction and management services.
Because Intuit owns it, Mint has robust features to secure sensitive data. It is scanned for security and is constantly validated and monitored by VeriSign, an online security company. This software also employs multi-factor authentications to safeguard each account.
2. Personal Capital
If a business requires an all-in-one online money management tool, then Personal Capital Finance & Wealth Software is the best option available. It is the most suitable budgeting, personal finance, and investment management software that helps in establishing a secure financial future, managing portfolios/assets, and keeping track of expenditures and saving in real-time.
Founded in 2009 by Bill Harris, Personal Capital was designed to be compatible with all devices and platforms. It is a read-only app, which means it cannot transfer or withdraw money from accounts.
The encryption on the website is rated A+ by the world-renowned Qualys SSL Labs, which is a higher rating than most banks or brokerages. For Perfect Secrecy, the Personal Capital uses ECDHE key exchange. Its servers only support the TLS v1.2 protocol, which is very secure. It is operated under SEC cybersecurity laws and utilizes Verisign and other cutting-edge security technologies.
Personal Capital’s six services make financial management easy. These include:
- Net Worth Tracker: It determines the precise net worth of clients that allows for more up-to-date financial decisions.
- Budgeting Tools: They create budgeting plans and organize savings and expenditures details.
- Paystub Software: The software keeps track of incoming and outgoing funds in real-time, paying and tracking bills, past/recent/pending payment information, etc.
- Retirement Planner: It establishes and monitors the client’s retirement goals to see if they are on track with the savings.
- Fee Analyzer: It presents a detailed look at the client’s investments and determines how hidden costs affect the savings.
- Education Planner: This software estimates the money the client might need to save for future educational expenses.
3. PayStub Generator
Businesses frequently struggle to manage their expenses and keep track of various payments. So, it is essential to acquire an online paystub generator to generate paychecks for the staff and pay stubs for all the business transactions. These pay stubs can serve as proof of expenses for businesses and proof of income for employees because they provide comprehensive information about transactions.
There are numerous efficient, accurate, and cost-effective pay stub generators available online to help businesses, staff, freelancers, entrepreneurs, and contractors. Companies can use these apps to generate customized, professionally formatted pay stubs, keep track of staff’s payrolls, and maintain transactional records. Entrepreneurs, employees, and freelancers can utilize them to keep track of personal finances, make large purchases, obtain credit cards, apply for bank loans, fill out tax forms, rent real estate, and verify income.
FINAL THOUGHTS!
Online money management tools allow clients to track their finances in various ways. Some offer a broad range of services, while others are focused on one to two. If you aim to create a financially secure future for yourself, give them a shot. In the best-case scenario, you will be able to enhance your budgeting, investing, credit score, and record-keeping skills for free.