Good financial hygiene is vital for both your personal financial security and your business. There are few things more boring and irksome as balancing your accounts, but it is part of a package deal labeled “Adulthood”.
Chances are, you’ve been taught how to manage your expenses at some point of your life (or learned it on your own the hard way), but have you ever thought that it could be much less tiresome and even fun? Well, it can. As they say, now there’s an app for that.
Scan and Store Your Receipts Digitally
Switching to paperless accounting has multiple benefits. One of them, obviously, is getting rid of paper.
We’ve all lost receipts (usually those we needed most) or struggled with trying to store them in the most convenient way (which barely exists). Even those who managed the science of sorting these nasty little pieces of paper into orderly files are not safe: too many people discovered to their dismay that receipts may fade with time, turning into totally useless blank pieces of paper. Of course, there are neat freaks that are aware of that and make photocopies well in advance, but, honestly, very few people enjoy stacks of paper piling up on their desk.
With a smartphone app the problem simply ceases to exist, allowing you to manage your expenses without the hassle of sorting out paper receipts. You spend your money, you scan your receipt, you store it in-app. No need to think where you put it: it’s always there, ready to be retrieved any time you want.
What’s more, you can link your bank card to your account and shop in the app. This means skipping the “scan your receipt” step, as you only receive the digital copy.
Keep Your Personal and Business Spending Separate As You Manage Your Expenses
Any business owner or freelancer knows that managing both your personal and business expenses can be a headache. Keeping them separate can be quite tiresome and requires additional time and effort.
It gets much easier with an app. You can sort your expenses into ‘Personal’ or ‘Business’ folder as you go, without giving it a second thought. This means you can track your personal and business expenses and set financial goals separately, while having the bigger picture of your entire spending in one app.
And the best thing about it is, you only need your smartphone! For more information on how to manage your expenses click here.
Additional Perks and Benefits
Let’s face it: we’re used to being rewarded for the money we spend. It is only natural to join a loyalty program or want to receive cash back on your purchases, especially if you know how to use it smartly and avoid overspending.
An expense management app with cash back functionality looks like a good idea. SPENT app offers just that: earning cash back rewards as you make purchases in-app.
That said, a smartphone app allows you to kill multiple birds with one stone: you can manage your expenses (both personal and business-related), enjoy the benefits of paperless accounting, and save some cash all along.