Essential fintech apps for small business

In this innovation road trip, you'll discover more about a trending financial technology known as FinTech. You'll learn about its benefits and get a better feel about the right FinTech apps to help your small business become more financially effective and efficient.

Then, we’ll pass on the steering wheel to you on our way back so you can incorporate these financial tips into your small business. So, are you coming, or not? Before you know it, you’ll be automatizing, optimizing, and most importantly- delegating tasks with these incredible fintech apps.

What is Fintech?

As Investopedia defines it, Financial Technology (Fintech) is the integration of tools and assets that seek to improve and automate economic the delivery and use of financial services.

The impact that fintech is making throughout our economy is still in its infancy stages. Fintech is just about innovating and bringing solutions to the banking, lending, and capital markets.

— Jason Raznick

Top Benefits of Using Fintech Apps for Businesses.

FinTech is positively changing how small businesses work- everywhere. FinTech doesn’t just lighten the weight of managing your business finances. It also gives business owners a competitive edge, no matter the industry. This groundbreaking technology is here to crush old structures. Yes, small business owners, the wonders of speed and accessibility are now at your hands.

1. Cash Flow Management

Cash flow is the oxygen that makes your small business breathe. Fintech funding technology can give you a hand if you want to make future investments to guarantee your business’s profitability and expansion. Small business owners can access working capital through online processes and apps. Access to cash flow and create opportunities for your business.

2. Online Accounting

FinTech solutions can make your life a hell lot easier and save you a lot of time and money. The main benefit of investing in online accounting is working hand in hand with remote access to an accountancy firm. Through online accounting, also called cloud accounting, you can submit information and digital paperwork that deals with everything to tax to payroll only at any time or place in the world. All you need is a device and internet connection. Seeing the real-time results of your revenue and expenses will help you plan your cash flow ahead of time and take remedial action fast.

3. Automated Payments

Another way FinTech is helping small businesses is with automated payments. The world of transactions has now become much simpler and faster than before. According to Orion Market Reports, the use of physical cash had already decreased by more than 42 % in the US back in 2019. Later, COVID-19 accelerated and popularized new FinTech apps that became more popular than ever.

Invest in automated cash management tech and put an end to manually handling your business cash.You can do all of this through a mobile device, using a point of sales system (POS). This system integrates diverse operating areas into one central location. Meaning you’ll be able to manage your inventory, CRM, and accounting in one place.

Type of Fintech companies

When FinTech first emerged, it only considered established financial institutions, like traditional banks. However, today the FinTech industry is broader and more vital for small growing businesses. The FinTech solutions market will grow at an annual average of 53% until 2027.

As the market grows, it also expands. So yes, small business owners, there are a wide array of FinTech apps with competitive prices you’ll be able to choose from this 2022. But first, let’s look at the different categories that classify the diverse FinTech universe:

1. Banking

To date, this is the FinTech industry with the most significant number of apps, and this includes modern neo banks to traditional bank structures that have decided to innovate.

2. CryptoCurrency

Another popular form of currency that uses blockchain technology to authenticate transactions. According to Allied Market Research, the global cryptocurrency market size is expected to reach almost $5 billion by 2030.

3. Mobile Payments

The global Mobile Payment Market will be valued at more than $8,7 billion by 2027. The cash and credit card transactions world is being replaced with mobile payment apps like Apple Pay, Google Pay, or Samsung Pay.

4. Investment Apps

This industry provides FinTech solutions for new and experienced investors. They can help you manage stock or other financial markets investments. 

5. Insurance

The combination of insurance and financial tech can be creatively called Insurtech. According to Mckinsey, 75 % of InsurTech businesses are focused on serving retail clientele, and the rest are in the commercial segment.

6. Budgeting Apps and Software

This Will help you manage your business bills and balances, and create budgets based on your spending among other functions. For more information about this industry go back to the Online Accounting and accounting software section of our article.

7. Credit Score Monitoring Apps

These services can help you manage your credit history. This includes keeping up with public records, accounting, and notifications of any activity or changes in your credit report. Something beneficial if you’re looking to protect yourself from fraud. 

Get more information about more top tech investments with the best return for your business.

FinTech Apps by type:

According to Singular’s 2021 report these are some of the Top FinTech apps on each platform (iOS and Android):

FinTech is the new Gutenberg revolution to financial literacy, and it is empowering small businesses and people everywhere. FinTech solutions have come to disrupt the old barriers that financial education is inaccessible. Trust us, the fintech world is not just here to stay, it’s here to grow.

Get access to working capital and hop on the Fintech revolution!

Yes, fintech solutions can increase the efficiency and productivity of your business. Don’t be afraid to upgrade and give your business that competitive edge this 2022.

If you need working capital, we can help. We are experts in connecting you with the capital you need to grow your business, and we intend to make that process easy and simple. It takes less than TWO MINUTES to get pre-qualified, so why wait?!

Disclaimer: The content of this article is based on the author’s opinions and recommendations alone. This material has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. We suggest consulting with your tax, legal, and accounting advisor before engaging in any transaction.