Five Tech Tools That Can Help You Keep Your Budget Under Control

BY Diane Marini

Budget management is one of the most important skills in any business, since it’s imperative to keep the project costs within the initially defined financial parameters. To perform this job better, managers are increasingly turning to advanced technological tools that automate parts of the process and eliminate the possibility of human error. There are numerous budgeting and accounting applications to choose from and some of them pack a lot of unique features, so business owners need to know which combination of tools is ideal for them – and that requires some research.

Due to abundance of available options, even the most experienced managers can get confused regarding the most optimal budgeting technologies. Here are a few types of solutions that can produce a lot of value for organizations if they are used the right way:

1. Zero-based budgeting software

The central idea of zero-based budgeting (ZBB) is that each unit in the company needs to be treated as a separate budget item and accounted for in realistic terms. Every budgeting period is started by resetting all values to zero and analyzing the actual needs of each essential function. This estimation is later to set up the budget values for the upcoming period, disregarding how the same function was funded previously. It is often said that ZBB puts every dollar to work, and software solutions built on this principle can help an organization become more accountable.

2. Bank fee calculator

Every financial transaction incurs a banking fee, and over time those seemingly negligible numbers add up to take a significant chunk of the budget. Businesses need to have an accurate calculation in order to control their expenses, but some fees are not transparent. Installing a software tool that allows for precise capturing of big bank fees and features like Wells Fargo bank fees and other critical financial data can be a huge advantage for any company looking to become more cost-effective. A fee calculator app will allow an organization to predict exact costs of its core operations as well as periodic activities.

3.Spending tracker

Any complex project involves many different activities that must be financed, and funds are often spent in a chaotic manner by multiple individuals. This is a formula for disaster, which is inexcusable considering that simple digital solutions exist that can solve the problem. If your basic budgeting software doesn’t have strong tracking features, there are dozens of practical apps for mobile devices and PC’s that can be used in a complementary role. Most of those apps are free and very easy to use, allowing the management to have real-time insight into the current state of company-wide spending.

4. Digital invoicing tool

In the era of online business, there is often a need to account for sales made to remote customers. Printed invoices would slow the process too much, which is why companies need a reliable solution to create, share, and store electronic invoices. It’s important that all data is saved in a format that can be readily integrated with other financial documentation and retrieved quickly when needed. That’s why an invoicing solution should be coordinated within the existing infrastructure.

5. E-wallet management

Managing online funds is increasingly necessary for many companies, since e-wallet services are rapidly replacing traditional banks for many functions. Businesses typically receive payments through several online channels, while some even allow cryptocurrency. Ideally, all accounts should be managed from a single application so the owners can know precisely how much money is flowing into the system. This aspect of business operations will become even more important in the future, so the time to acquire good e-wallet management software is now