The 3 Best Apps for your business needs
Running a start-up company can be challenging and there are 3 apps that are built to meet your business needs. Many business owners (especially bootstrap financed ones) would be expected to wear many hats and will typically handle most of the functions single-handedly. For example; payroll, settling vendors’ payments and data entry to the accounting system, to name a few.
However, if you are doing these on your own, there are 3 apps that can be integrated with Xero to streamline these tasks. Let us have a look at the are 3 apps for your business needs.
Talenox – Payroll Management
Talenox is a multi-entity human resource (HR) management system which caters to the Singapore, Malaysia and Hong Kong markets. Furthermore, this cloud-based platform is easily accessible and stores all payroll data under one system.
Advantages of using Talenox:
- Manage all your employees’ details in one place
- Process monthly/bi-monthly or weekly payroll
- Manage employees’ leave application
- Employee self-serve portal
- Access employee data anytime, anywhere
- Data is updated in real-time
- Integrates with Xero
Talenox Localised Pricing for Singapore:
Talenox provides a free plan but with limited features. Therefore, users could test out the platform e.g. during the proof of concept or pilot phase before making the commitment to the monthly subscription model.
The Suite Plan starts from SGD40 per month (up to 5 active employees), with an additional SGD8 or SGD4 for each full or part-time employee respectively. Do check out the SUITE plan features at this link.
Managing your employee payroll can be made easier by automating manual tasks. Ultimately, Talenox is the HR management system to manage your employees’ lifecycle.
Spenmo – Expense and payable management
Expenses and payables management were seen to be on increasing demand from 2020 due to the need to have a centralised platform to manage all bill payments and employee expenses.
Spenmo was founded in Singapore since 2019, with its core focus on business payables and expenses management. Its’ product aims to provide visibility, comfort and control. Especially, on how, when and why these outflows are occurring.
Currently, there are 3 products in Spenmo:
- Smart Cards
- Bill Pay
- Cash Reimbursement
Spenmo acts as a wallet which requires the user to fund the account via a top-up for purposes of allowed transactions, bill payments and cash reimbursement. Essentially, this is seen to be a more adequate control measure for budgeting and separate allocation of funds towards different business needs.
Advantages of using Spenmo:
- Centralised platform to manage all business payments and expenses
- Create teams or departments (to tag or track expenses to)
- Issue Virtual and physical cards to employees
- Set a monthly budget for employee spending
- Low international remittance fee
- Cash reimbursement features
- Approval features for payments
- Cashback on card spending
- Integrates with Xero
Spenmo Localised Pricing for Singapore
Currently, it is free to create an account with Spenmo e.g. there is no monthly subscription fee.
The charges only apply to Bill Pay which is based on transaction type (as below):
- SGD0.50 for local bill payment
- SGD1 for international bill payment
- An additional fee applies where the payment is in a non-local currency or foreign-denominated currency
There are no fees for cards and cash reimbursement.
Very frequently, business owners will tend to use their personal credit cards to make payment for SaaS products or entertainment expenses. As a result, there is a lack of control and makes it difficult to track expenses for accounting purposes. Therefore, having a separate platform like Spenmo will help to track and manage business expenses.
Dext – Data extraction tool
Dext, previously known as Receipt Bank is well known for its Optical Character Recognition (OCR) technology which captures key information from receipts. Users can scan or use the mobile to capture the receipt and upload it to Dext. Within seconds, key information such as suppliers’ names, dates, invoice numbers, amounts and descriptions will be reflected on the user interface. Potentially, this replaces manual data entry (to a certain extent) and is extremely useful for high volume of transactions.
Advantages of using Dext:
- 99% accurate data extraction
- Replaces manual data entry
- Snap paper receipts, invoices or bank statements in one click
- Sort data by tax, supplier and region for better visibility
- Capture multi-line transactions in single receipts
- Integrates with Xero
- Saves countless hours
Dext Pricing:
Dext provides both monthly and annual payment options, with greater cost savings achieved via the annual payment mode.
Monthly plan:
- Business Plus – $25/month
- Premium – $50/month
- Enterprise – $75/month
Annual plan:
- Business Plus – $20/month
- Premium – $40/month
- Enterprise – $60/month
For the annual plan, the fee is billed annually. Do check out the various features for each plan via this link. If you do not wish to spend hours entering data into your cloud accounting system, then Dext may be the best app for your business needs.
Conclusion
Business owners with a growth mindset could explore tapping on technology to automate manual tasks. By automating your business process, you have more time to focus on higher priority or valued added tasks. With that being said, the cost of implementation must also make economic sense and potentially it should bring value to your business.
Do follow our content as we share more about the other apps for your business needs.
