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February 2020

Running a business in the 2020s shouldn’t be so complex that you miss out on big opportunities for growth. In fact, with technology being so embedded in our lives, it’s never been easier to ‘hack’ many of the most tedious jobs out of our lives. Hundreds of apps (most of which are free) are designed to make saving, budgeting and bill paying intuitive and automated. If you haven’t already, it’s probably time to get on board. Here are our favourite types of app that make keeping on top of your finances easier.

Apps for accounting

Deadlines often creep up on people - anyone needing to complete self-assessment forms will be familiar with that rushed feeling of getting the right paperwork to HMRC; but apps exist to simplify the process and ensure you manage that paperwork efficiently. Xero, for instance, is an all-in-one platform that helps you keep on top of invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. QuickBooks is another that lets you track your business’ sales and expenses; view financial statements, such as profit and loss reports; pay your employees and vendors; track unpaid invoices; maximise your tax deductions etc.

Apps for reminding

Setting calendar alerts could be an option, but we like the look of PWC’s new app that helps you avoid late payment penalties. Since missing a deadline can be costly, a personalised notification to give you a nudge ahead of your PAYE, Corporation Tax, Confirmation Statement, Annual Accounts and VAT deadlines can save a lot of time and worry. There are other apps of course - we particularly like the look of Bill Monitor, Bills Manager and Reminder and Mint.

Apps for business expenses and receipts

From taxi receipts to business expense management, holding on to physical receipts can be a pain and the risk of losing something important is ever present. Thankfully the saying ‘there’s an app for that’ is also true for this problem. Simply scan your receipt into a safe place and voilà! We like the look of Expensify, Evernote and ReceiptBank.

Apps for tracking investments

Apps that enhance your powers of organisation tend to be most effective when they integrate multiple functionalities into one place. With this in mind, we built our own app called MyIFA: it offers features including calculators, tools and guides for users to explore. Aimed at those clients wanting to have all their investment information in one place, the portal gives you access to relevant news, tax calculations and even direct access to our team of financial experts. Start the new accounting year on the right foot and make sure technology helps you relieve the pain of admin. For help with understanding whether your financial plan is still working well for you, don’t hesitate to contact your financial adviser.