App of the month: a complement to Solo Expenses

Whatever else small businesses have, what they often lack is time – and that’s why online expense management is invaluable in doing the ‘heavy lifting’ of the back office work whilst the company owners get on with generating revenue – and doing that has just got easier, with the introduction of a PayPal for Business app.

The best things come in twos. Fish and chips. Fortnum and Mason. Roast beef and Yorkshire puddings. Each complements the other, and together they add up to more than the sum of their parts.

It’s the same with Solo Expenses’ expense management software when teamed with the latest offering from PayPal – and app that allows businesses to do everything involved with invoicing, and at a stroke putting all of that, alongside effective expense management software, in the palm of your hand on a smartphone.

For a small business without the luxury of an accounts department, the two marry perfectly to maximise the company’s financial control with the minimum time expense.

 Effective expense management
The two pieces of software are opposite sides of the same coin; one allowing the slick sending and receiving of payments; the other controlling the business expenses in an easy-to-follow and effective way so you always know just what spending is going on, and where the money’s going.

In December last year, PayPal for Business was launched in the US as an app for iOS and Android, and it’s already in the UK.

It allows the sending of invoices and receipt of payments, and can be used as a stand-along payments systems, or added to other methods a company might already be using. Also available is a card reader, which means a company can accept card and contactless payments through the system too.

Rolled up in PayPal’s business offering (it’s been a way of moving money on a personal level since 1998) is a cash advance system called PayPal Working Capital, which, says PayPal, offers cash advances to merchants and sellers, promising the potential to have funds available in minutes with no impact on a personal credit score. The service involves a fixed fee, and repayments geared to daily sales. No sales today? Then don’t make a payment, says the company – but it also points out that a minimum level of repayments is required.

The PayPal Business mobile app allows users to:

  • Send invoices and get paid
  • Manage sales and account activity
  • Transfer money
  • Access your customer info in one place

Invoices can be created there and then, so customers can pay promptly. You can even send payment reminders to those who don’t.

And just as Solo Expenses allows company owners to take small businesses expense management with them wherever they are, PayPal Business does the same for managing sales and account activity. All customer information, such as transaction history and contact information, is available in one place. And because it’s on a phone, the ability to be in touch with the customer is there in your hand too.

Already user reviews are coming in, and they seem to be largely in favour. Reviewer Dirk Burton wrote online: “Outstanding. I think technology has advanced due to great financial apps like PayPal, preparing consumers, for even greater innovation and exploits in the upgrade process of PayPal applications.”

We’d like to think Mr Burton believes that online expense management software like Solo Expenses is part of that technological revolution, even though we’ve been around for more than 10 years, and have users is almost100 countries. Clearly, apps are the future when it comes to effective management of company money.