There is a wealth of different money management and basic bookkeeping or accounting apps available online. Some are designed for use for personal finances while some offer more of a business model.
Different credit card companies also have handy apps that allow you to instantly categorize purchases, keep records of receipts by snapping a picture, and even keep track of where you are spending money.
Regardless of the specific type of app you choose, there are some important considerations to keep in mind when using apps on your computers, smartphones, tablets, or other types of mobile devices.
- Linking to bank accounts – Many of the most popular apps will allow you to link the app directly to your bank accounts or credit cards. If this is the case, make sure that the app can be fully locked to avoid anyone from accessing this information if your phone is lost or stolen.
- Security issues – Smartphone hacking is very real, and it is a lot easier for hackers to get into apps on smartphones and tablets than through your computer. There are security programs for phones that are important to install and use if you are entering financial information through these devices.
- Customization – Some of the apps offer very little in the way of customizing or grouping your spending activities and habits. Look for the apps that allow you to create your own categories and group items in ways that make sense based on your spending patterns.
- Ease of use – Some of the older apps available are not intuitive or user-friendly. If you have an older budget or money management app, consider looking at some of the newer designs.
- Link to your big money management software – There are apps that will sync or link to Quickbooks and other types of accounting software you may use for your personal financial records or for your business. Check apps to make sure they sync to limit your data entry time and to help prevent errors with transferring data manually.