MANILA, Philippines – Tracking income and expenses is a tedious task for business owners, particularly for newbies who have to closely monitor and control spending.
Financial adviser and ANC’s “On The Money” co-host Salve Duplito said that to simplify this task, entrepreneurs should consider harnessing technology using smartphones or tablets.
She said free applications on Android or IOS gadgets can record income and expenses “literally at the flick of a finger.”
These money management apps are iWallet, Money Tracker, Toshl Finance and Financius.
“These are capable of exporting your data, so that you are not held hostage by your phone’s operating system,” Duplito noted.
She also advised business owners to maximize the use of these apps by recording expenses in real time.
“The apps are designed to be so convenient that you can easily do them after you purchase something or after a client has paid you. So do not procrastinate,” she said.
Lastly, the financial planning expert advised business owners to keep receipts to document tax-deductible expenses and record them at the end of each week.
source: www.abs-cbnnews.com
