3 Entrepreneur-Friendly Banking Apps

3 Entrepreneur-Friendly Banking Apps

Traditionally, the relationships between financial institutions and entrepreneurs have been difficult. Entrepreneurs lean on banks for everything from company loans to checking accounts, since the necessity to keep the firm going dictates their choice of funding method. Also, banks require entrepreneurs – without small firms supporting the economy, banks aren’t really equipped to provide a lot.

What can be best described as a hesitant co-dependent relationship has driven entrepreneurs to request greater levels of cooperation from each other in recent years. More funding choices are available to business owners, but they have a more difficult time obtaining financed. “Double whammy” is another way of saying “out of the blue.” These days, many business owners find themselves challenged by a limited ability to control their operating costs or cash flow in the face of unanticipated disruptions. How do they keep their enterprises going with nothing incoming?

Credit card interest rates that beyond the market average are not uncommon. People also face greater difficulties in regard to low credit card rewards, incentive schemes that are ineffective, and a lack of business credit. After this event, people have a bad taste in their mouths and have a sceptical view of financial institutions.

There are numerous startups who are attempting to establish business platforms that empower entrepreneurs, instead of destroying them. Here are three financial-oriented apps with the goal of making the lives of businesses easier – all for free.

1. Set of chimes

Banking should be done the way it should be, and Chime Chime offers a spending account, a Chime Visa debit card, and a savings account, all of which are among the fastest-growing bank accounts in the United States. For automated savings, 10% of a deposit is set aside as savings or purchases are rounded up and the difference is placed in the savings account.

Chime doesn’t charge overdraft fees, monthly service fees, transfers, or foreign transactions, and customers aren’t obliged to maintain a minimum amount. The award-winning software delivers real-time warnings, and it makes it possible for users to transfer money or make payments with others. Another important feature is that it interfaces with other payment platforms to reduce paper checks. Combined with 128-bit AES encryption and safe processes for all their checking accounts, Chime protects entrepreneurs’ personal information from hackers.

2. Whirl

Small firms with nine employees or fewer can use Wave’s free financial software. With this easy-to-use software, small-business owners are able to perform duties such as keeping track of expenses and sales, managing invoices, accepting payments, and scanning receipts. Additionally, the business provides free business and personal finance software that companies and business owners may use to keep personal and corporate accounts separate but yet in one place.

It makes it simple for business owners to associate their bank accounts and credit cards with their app’s dashboard, and they may configure their data on the go. Wave, a double-entry accounting tool, helps business owners prepare for tax season. The app also allows for teamwork with partners, CPA advisors, and business associates, since everyone are able to log in and interact on the platform. It helps regulate financial data such as P&L, balance sheets, sales tax reports, and more for people who want to manage their finances on their own. The company also has 256-bit encryption and read-only connections for customers’ sensitive financial data, and it’s PCI Level-1 certified for this purpose.

3. Spending Plan

Budget tracking app Expenditure Tracker is ideal for entrepreneurs who wish to track their spending in order to build realistic budgets. The easy app helps small business owners determine whether spending should be automated, whether they need to hire additional workers, or both. Budgeting for different categories can be tracked, and users can tie their bank accounts to their profile for this.

While many business expenses may feel driven by the financial situation of the sector or by having to conduct business with clients, entrepreneurs can control how much they spend. An excellent feature of the free app is its visual representation and ability to sync different devices. For example, business partners can link their phones to the same account, and this feature makes it easy to see when a certain category is subsidising the company or actually financing others, helping entrepreneurs maximise their money.

There are numerous apps that help small business owners carry out their financial chores, save money, and turn a profit. You will be glad to know that these three free applications will support you on your entrepreneurial journey and can help your company in the process.

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About the Author: Deanna Ritchie

Deanna is the Managing Editor. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.