The 4 Best Financial Tools and Apps for New Businesses

Launching a new business is an exciting time. However, you might find that in the early days you spend more time completing admin tasks than you do actual work. This often comes as a surprise to new business owners. 

Thankfully, however, there are now a bunch of financial tools and apps available to streamline those mundane, time-consuming tasks. From automated invoices to payment reminders, financial tools help you work faster and smarter so that you can focus on what’s important.

In this article, we will be sharing the 4 best financial tools and investing apps for new business owners. So, whether you’re just starting out or you’re looking to streamline your processes, you can take these tools for a test drive.

1. SumUp  

The easier it is for people to pay you, the more likely they’ll get it done. That’s why SumUp portable card readers are a great financial tool for your new business!

SumUp card readers provide business owners with a system that makes accepting payments easier and more portable than ever before. So, whether you’re working from a cafe, offering home visits, or selling concert tickets in the middle of a field somewhere, SumUp card readers are a portable, simple, and convenient way to offer your customers a cashless payment option.

When you choose a SumUp card reader for your business, you can take advantage of the following: 

  • Payments via Apple Pay and Google Pay
  • A card machine that accepts all major credit cards
  • Access to a suite of powerful business tools
  • The ability to pair the SumUp card reader to your mobile device
  • Bluetooth connectivity
  • Up to 12 hours of battery life

2. Wave Accounting

Wave Accounting is a budget-friendly accounting tool for small businesses. If you have just launched your business and your accounting needs are fairly minimal, the Wave Accounting app could be just what you’ve been looking for. In fact, the app is completely free on the most basic pricing plan. So, you won’t have to pay a penny when you’re just starting out, and you won’t need to dive into piles of the best accounting books to understand how the software works either!

Wave Accounting has a vision to support small business owners pursue their dreams and reach their financial goals. 100% web-based, the Wave Accounting app makes it easy to access your accounts whenever and wherever you want to. You can operate the app from your desktop and/or mobile phone, whatever is most convenient. If you sign-up to Wave Accounting you can take advantage of the following:

  • Free invoicing software
  • Online payments
  • Unlimited bank and credit card connections
  • Easy-to-use smart dashboard
  • Accountant-friendly software
  • A Wave business account and debit card
  • Payroll software
  • Personalised help from Wave’s advisors

If you want to keep track of your finances without spending hours each week filling out a spreadsheet, Wave Accounting is a great option! What’s more, it’s budget-friendly for those in the beginning stage of business when everything’s exciting but there isn’t a lot of money coming in just yet. 

3. LivePlan

In order to achieve your financial goals, you need to start with a business plan. We know this doesn’t sound very exciting but trust us when we say, having a business plan can make a huge difference to the financial growth and success of your company.

LifePlan is one of the best business plan tools available. Purposefully created to be accessible and affordable for small business owners, LivePlan helps entrepreneurs plan, fund, and grow their businesses successfully. With the help of LivePlan you can write your own financial plan, secure the funding you need to succeed, and receive valuable insights into your business to help reach your goals faster.

Achieving financial success as a business owner is so much more than simply taking care of your accounts, it involves creating a foolproof financial plan that sets you up for success.

4. Xero

Xero is a fantastic accounting software that helps simplify those everyday financial tasks. With a whole range of features available, Xero is the perfect accounting tool for new business owners as it supports you in the process of paying bills, sending invoices, claiming expenses, and tracking ongoing projects (to name a few!)

Xero can be operated from a desktop or mobile app. So, you can check your accounts whether you’re in the office or out and about. With a simple monthly pricing model, you can choose an accounting plan that suits your needs. When you choose Xero to handle your accounting you can:

  • Pay your bills
  • Complete your VAT returns 
  • Manage and claim your expenses
  • Connect Xero to your bank for a live bank feed
  • Track projects
  • Set-up payroll
  • Track corporate taxes
  • Keep your finances up to date
  • Send invoices and quotes

And so much more. For a full rundown, check out Xero’s features here. With so many great features, it’s no surprise that Xero is one of the UK’s most popular accounting tools for business owners.

Final Words

So, there you have it; the top 4 best financial tools and apps for new businesses. We hope these tools will help you manage your finances effectively, streamline those mundane tasks, and stay on track to reach your business goals.