This column is authored by Yash Mehta, CEO, Esthan
It’s getting to be that time of the year when people who own businesses spend a lot of their time in auditing and evaluating the money that they made during the previous year, while also investigating on the amount of time and effort that was spent on different business ventures. Well, I hope most of them are! Speaking of saving time and money when it comes to successfully managing as well as running a flourishing Internet of Things business idea, I might have some cool applications to share with you guys. These applications have been an integral part of my IoT business and these have, over time, helped me in saving a lot of my money, time, as well as efforts!
So what has worked in my favor? Well, I have leveraged on several tech-savvy applications, some of which I bought for money, that have definitely helped me in saving a lot of my time and cost eventually. Others helped me to keep a track on my personal finance activities so that I can keep up with self-funding of my business. Above all the financial problems, I faced a huge trouble in finding IoT enthusiasts to join my team. In India, individuals having an IoT platform knowledge can be mostly found in Bangalore, Hyderabad and Delhi eco system. So I shifted my office to Bangalore. Soon after that, I ran out of funds, just in a matter of time I changed the way how I manage my time and money. Therefore I bring you my experience in this article.
So without much delay, let us take a brief glance at the 5 applications that have helped me in saving time and money for my IoT business.
I believe that the heart and soul of managing an IoT business is to track the advancement across different projects both from a micro as well as macro level. If the same stands true for you as well, then Asana is undoubtedly the best application for your IoT business that will definitely help you in saving a lot of your money and time. The best part about using the Asana app is that it can be used in several different ways for managing your business, that too across multiple hierarchies. You can create workspaces for tracking the various tasks going on in any particular project. Asana allows you to create templates for all your projects along with the ability to add more tasks across each section. You can then break it into smaller sub-tasks, assign these tasks to different individuals, assign the due dates, add comments and tags, etc. This is a great way to save a lot of time and effort in your next IoT venture.
Unlike Asana, Xero is more of an accounting application which helps you in keeping a check on double entry bookkeeping, all by itself. This application has proved to be very beneficial for my IoT business since all I need to do is verify the data entries, unlike before when I was making all the entries on my own. Xero accounting applications help in reconciling all the transactions in just a few minutes! It is a must-have time and money saving application for all IoT businesses.
TuTuApp application is available across multiple platforms, including Android and iOS mobile devices. TuTuApp enables you to install as well as run paid apps on your iOS and Android powered devices. This cross-platform application is available for free of cost and you can download and use all paid applications, hence also creating a feature-rich environment for your IoT business to grow and bloom. This app also comes with an inbuilt toolbox which manages your device’s Bluetooth, Wi-Fi, and other such utilities. It also helps in maintaining the speed and RAM usage of your mobile device, hence making sure that it functions smoothly during all times.
Harvest can be termed as the “wallet” of my IoT business. Using Harvest application, I have been able to handle all sorts of time-tracking, estimation, expenses, and invoicing. This app comes with a flexible and secure reporting system, which allows me to track metrics of all sorts, such as hours spent, invoices, unpaid cheques, expenses, and so on, that too across multiple dimensions (by tasks, by users, by customers, by clients, by projects, etc.). The security has been termed as the biggest threat to IoT by Paul Billygraham. He talks about the need of end-to-end encryption applications to secure connected devices, similarly Harvest just acts as a gateway to manage my transactions and uses 128 Bit encryption for security. It also comes with an editable timesheet that you can go back to and edit during any point of time. As a best practice, once I have send out the invoice through Harvest, I also make sure to attach a web link that my clients can use for making the payments through PayPal. Once the payment is made, the invoice gets automatically marked as paid and it directly gets saved on the accounting system.
5. Receipt Bank
Receipt Bank is yet another money and accounting application for IoT businesses which very conveniently keeps a record of all my invoices and expenses, hence saving me from the troubles of inputting all the data manually. This app extracts all pertinent data and information from the invoices/ receipts and these receipts and invoices are then pushed onto Xero for the purpose of bookkeeping. Now that’s convenience taken to a whole new level! One of the impressive features of this application is its accuracy.
These applications helped me saving the most crucial resources for my business, time and money. I would like to know your thoughts and favourites in the comment section below.