Every summer I give one of these articles over to the subject of apps that I use all the time. This year, I’m taking a slightly different slant on it, and am looking only at apps that I use in my financial life. These cross over both my business and personal lives, as some of the apps are used in both.
I’ve excluded my online banking app from the list below as everyone has different banking relationships. As it happens I bank with Ulster Bank and I think their online banking app is excellent – it is extremely easy to use and has a number of really clever services within it such as accessing cash from an ATM when you don’t have a card with you etc.
So here goes on the big 6 apps that I use regularly.
I started using Curve about 12 months ago. It is effectively a bank card, linked to an app on your phone. What is clever about it is that it becomes an umbrella card for all of your other cards, both debit and credit cards, giving you access to all these cards using your single Curve card. I hate a bulky wallet and as a result of Curve, I only now need to carry one card – my Curve card. Using the app, you choose the account / card that you want your transaction to apply to (e.g. personal debit card, personal credit card, company credit card) and you can change this in seconds between transactions. It also has a natty feature that if you forget to apply a transaction to the correct credit / debit card, when using your Curve card, you can “go back in time” and reapply a transaction to the right account later.
Details of all of your cards are not stored on your Curve card which is important if it falls into the wrong hands. Also you get immediate notifications (if you want) every time the card is used (which is a great security feature), and you can block your card yourself via the app too.
I was introduced to Xero, an online accounting system a couple of years ago. It has had a transformational effect on the financial management side of my business. I now have real-time profit & loss statements, balance sheet and a host of other useful reports that are available at the press of a button. All my invoicing and bank reconciliations are done through Xero, as is management of expenses. My accountant and I can both view the up to the minute real time information about my business, I’m saving hours every month with this software and have much better information available to me.
Specifically with the app, a great overview of business bank accounts, invoices and purchases is provided. I’ve full view of my outstanding invoices in the App and other important information. I now have all the information I need, and the time spent on “the books” is now a fraction of what it once was.
I use this app to manage my expenses. When I pay for something in cash and want to be refunded by my business, I simply photograph the receipt and let the app get to work. It extracts the information from the receipt (supplier name, amount, date etc.) and updates Xero, so that everything is accounted for. It’s not always 100% correct so needs to be monitored, but it does the lion’s share of the work. It also recognises similar payments and “learns” how similar bills should be treated.
The days of filling out expenses sheets are long gone. The app is also very effective where there are multiple team members submitting expenses and makes the whole process of authorising expenses much easier.
I’m a relatively recent user of Stripe and this came about when an adviser recently asked me could he pay me for a service by credit card. This prompted me to go looking for solutions. Literally an hour later I had a Stripe account set up (which receives credit card payments) that was fully integrated into Xero. So now I can receive payment on any invoice by credit card, and my accounting system knows about it. The Stripe app is great, providing notifications when money is received and giving me all of the information I need to manage this new form of payment.
Am I serious? Yes I am! I think the Revenue app (RevApp) is great, allowing you to log a whole range of expenses throughout the year (health expenses etc.) which makes completing your tax return very easy. You can also log a whole range of other tax relievable expenses (e.g. the home improvement tax relief scheme) and you can get lots of useful information about your tax records.
Completely different to all of the others as this is one I use for information only. It provides great information on the markets when I’m simply looking for a snapshot over a particular time period. I find their business news notifications to be really good – they tend to be very interesting and are not so frequent that they become annoying. I’m particularly enjoying their daily Brexit Bulletin – but this is turning out like a movie car crash in slow motion…
These are my “go to” apps. Why not try one or two of them out and see if they can make your life a little easier too.