Every business entity, regardless of its size and stages, as a priority and goal, has the best possible positioning in the market. In order to achieve this, it must be multidisciplinary and at the same time able to monitor and respond quickly to changes in the market. A quick response to these changes is one of the key factors for gaining a competitive edge over other competitors.
Often this competitive advantage is very small in comparison, but very significant in terms of essential business decisions and procedures. In order to make the best possible business decision, the most important are the reports we have from the previous period of operations. That is why a system for recording financial transactions was developed with a special module for generating reports by all possible criteria, which gives us an overview of information and our business in the previous period.
The design and construction of such systems utilize state-of-the-art web technologies that allow users to access anytime, anywhere, with a high level of security (certified access). These reports give the management of the business entity a very important, fast and accurate record of financial transactions, on the basis of which they can have an insight into the state of their business, as well as in making correct and very important business decisions. Such applications can also be very useful for managing personal finances.
The need to use new technologies in business
With the rapid development so far and the tendency to continue it, the management has realized that in order to further improve the business it is necessary to keep the paperwork of financial transactions up-to-date and that electronic records would greatly speed up and facilitate the work, while web access would enable the application to be accessed from all objects, and the data is summarized in a single database. Web applications allow a client to move from one branch office to another (located in another city) and keep his data accessible. Also, the management of a company can now access data and reports at a much faster rate (anytime, anywhere).
Using personal finance management applications
A thorough analysis of current spending and income/cost ratios must be made before attempting to arrange finances. We are not even much aware of what it is spent on. That’s why the help of a smartphone is welcome …
Spending tracker – Android, iOS
When launching an app, you must enter monthly revenue and gradually enter costs as they accrue. Costs are divided into categories. The categories provided by the application are not perfect (for example, no rent/home loan, bills, cosmetics …), but this is not a problem as you are free to create categories that suit you. For example, the shopping category seemed too general to us, so we separated grocery shopping from cosmetics, medicine and clothing. It supports various currencies. After each cost entry, the amount is deducted from the income and you can know at any time how much money you have left and what you have spent so far. By rotating the mobile phone horizontally it is possible to see graphs showing the dynamics of consumption. Plus there is the ability to enter regular monthly expenses – for example, if your home loan sits on the 30th of the month, the app will automatically charge that cost.
Good budget – Android, iOS
Quite an unusual interface, it does not offer input of its own settings, so everything is in English, and the amounts offered are in dollars. Which is all the same because it’s an important income/expense ratio, but it’s confusing. The data can be entered into envelopes, and in each one, you enter the budget for each category and then keep track of that budget. Quite complicated.
Mint
Mint lets you keep track of everything in one place. How much money you have on your cards, how much your bills are, have you saved anything and the rest? All alerts, as well as new payment and application transactions, are automatically updated. You can divide all your expenses into different categories and then have an overview of how much you have spent. You can also create additional categories for things like travel. It also offers you the option of distributing your remaining money until your next paycheck. The downside is that there is no option for creating a flowchart, but you can always do it on specialized sites, like Zen Flowchart.
Home Budget – Android, iOS
Excellent home screen interface does not require any data and does not need to enter its own settings. The cost entry is not by category, but you write down what the amount was spent. What worked out well in this app is setting a budget for certain items and keeping track of whether you stick to it. For example, you enter that you will spend $ 500 in restaurants this month and choose whether this is fixed or may vary. The app alerts you if you exceed your budget. Overall, it’s not bad, it’s transparent, but for that basic, cost tracking.
Budget – IOS
This application does not ask you to create your own profile. Just install it and start using it. You will enter your income and expenses and on that basis, the application will continue to calculate everything that you require. It can also notify you when you have to make regular payments and the like.
Conclusion
A good way to raise awareness of how you manage your finances is to keep track of what your money is spent on a daily basis and record the inflows. However, if this requires too much work from you, you will probably quit quickly.
That is why the mobile phone is very useful because it is always with you and today there are many applications that can be used for this purpose and are very easy to use.
All you have to do is download one of these applications and then every time there is an influx, you enter that you have received money and every time you spend something you enter that expense. If you want to go one step further you can set up different categories which then allow different reporting later. With these reports, you can gain a better understanding of how you spend money and adjust your habits.
