When are working in an organization, you are more relaxed about finance. All you need to do is your designated work and end of the cycle you will get the salary. It is as simple as it is. The financial part like tracking your LOP, days of presence and more are calculated by the HR department. You, being an employee of the organization don’t need to take any hassle. However, the picture becomes completely different when you claim yourself as self-employed.
Self-employment is a thing that most people have a desire in their minds to be. Working freely without anyone’s supervision or command is something people crave for.
Though the grass seems greener on the other side, there are some problems also which a self-employed person may face. Managing finance is a huge responsibility where you alone have to take care of all the transactions and keep a note of it. If you are not confident about your accountancy, you shouldn’t try by just keeping notes. With the growth of your business, the complications of your expenditure and profit will increase. In case of making any mistake in numbers, you may face a huge loss. Therefore, we are here to tell you about some pro tools to manage your finance in an organized way.
This tool has been introduced to the market in the year of 2016. This is used by many freelancers extensively for keeping a record of the contacts and the invoices to ensure on-time payments. According to the survey, freelancers have alleviated their payment transactions faster and smoother after getting this tool. The availability of the same across the globe and the supporting third party payment processes makes it popular among the users.
For growing your business, you need to plan ahead and for that Even can be extremely useful for you. This is more like a banking app that enables you to predict the expenditure and payment so that a balance can be created evenly. Depending on your financial information, the app will come up with a plan to stimulate your income. In case of your paycheck falls short, you can get an interest-free loan from Even to handle the situation.
Mint is also an efficient financial tracking app that enables you to get an overview of your financial status at a glance. This app is capable of fetching information of your bank account, savings account, credit card and investment accounts. Here, you can set alerts and reminders, budgets and get a detailed report at the end of the month. Mint, with its own analysis program, can assess your credit score as well.
QuickBooks is a popular accounting software that is a complete package that every freelancer need. Right from invoicing to tracking mileage it enables you to perform any job with expertise. The mobile design of the app allows you to simplify the entire accounting process and saving time. Through the app, you are capable of taking pictures of the payment receipts where the software automatically keeps a record of the expense. With the no-fee bank transfers, it speeds up the payment process as well.
This is a forever free tool that you can use as a freelancer for managing your accounts. Along with handling invoices, tracking expenses and making payments through the credit cards it can keep help your scanning the receipts as well. The premium version is for the business owner where a processing fee is needed for various additional features.
This tool streamlines the entire process from proposal to payment. Creating and sending customized contacts and invoices is easy with the tool. The reminder for the payments is an extra feature that will never let you miss the payments. PayPal, Credit cards and ACH bank transfer all are accepted here for the payment transactions.
Chime offers free account that is connected with the VISA Debit cards. Even for foreign transactions, it doesn’t take charges and also, no minimum balance is required for opening an account here. It creates savings account for you which enables you to increase your saving by providing a round-up figure for a purchase. It has the cash-bash option as well.
If sticking to a budget is difficult for you, you can get the tool GoodBudget to manage your finance. You will get virtual envelopes here to categorize the expenses for separate purposes. You can import the bank account information from there and the detailed categorized transaction will help you get each expense perfectly.
It is a mobile banking app which has its own debit card. The interface is extremely clean and user-friendly. No minimum deposit is required to get an account here. Every time you use the debit card, the app will keep you notified which will help you to understand the expenses and have a record of it. Likewise, it helps you to keep an eye on the budget and makes you stick to that.
Simple is indeed a simple banking app that has the feature to manage your finance easily. The safe to spend tool is the most attractive feature of the app that helps you to calculate the balance of the expenses. Based on the future bills it will give you an idea about how much you can spend now to keep yourself on the right track. The app is also featured with a detailed account of spending where you can get photos and your check-ins of the purchases. No deposit is required here.
These are the tools that have helped millions of freelancers in managing their account and being on the right track. These are also useful for people who are poor at personal finance management. If you are a freelancer and haven’t started using any of it, you should consider any of the above-mentioned ones. Because, with the expansion of your work, more complications will be added to your responsibilities and You need to take care of your finance properly. Which one will you going to choose?