How To Make Money Online: The 3 Finance Apps I Can't Do Without

As an online business owner, one of the most crucial aspects is setting up a reliable payment processing system. Without it, your business won't go far as you won't be able to receive payments from your clients. In this article, I will share the three finance apps that I personally use and couldn't do without. I will also walk you through how I've set up my payment process system to receive money in the most efficient way possible, as I have clients all over the globe.

To showcase my entire system, I will dive straight into my laptop and show you how I do it. Firstly, I use Kajabi as my platform of choice to host all my courses, memberships, coaching services, and digital products. Kajabi offers different payment integrations, and I use either Stripe or PayPal as my legacy system. I prefer using Stripe because of its slightly different fees and user experience. Once I've connected my Stripe account to my Kajabi account, people can easily purchase my products, and the payments go straight through to my Stripe account. From there, I link my bank account to my Stripe account, and I use Wise as my internet bank of choice for foreign currency exchange and low fees. Lastly, I recommend adding accounting software like Zero to your business bank account for bookkeeping and reconciliation tasks.

Setting Up Payment Processing System

As an online business owner, setting up a reliable payment processing system is crucial to ensure that you can receive payments from your clients efficiently. In this section, I will share the three finance apps that I use to set up my payment processing system.

The first finance app that I recommend using is Stripe. I prefer to use Stripe over PayPal because of its slightly different fees and user experience. To connect Stripe to your platform of choice, simply go to the payment integrations section in your account settings. If you don't have a Stripe account yet, you can easily create one through your platform.

Once you have a Stripe account, the next step is to link it to your bank account. If you work with clients across the globe like I do, it's important to keep your finances in a currency that works for you. For me, that's US dollars. To efficiently convert my payments from US dollars to pounds, I use Wise (formerly known as TransferWise), an internet bank that offers low foreign currency exchange fees.

The third finance app that I recommend is Zero, or any other accounting software that can be linked to your business bank account. This app can help you with bookkeeping, reconciliation, and financial accounting tasks, which can be outsourced to your accountant.

By using these three finance apps - Stripe, Wise, and Zero - you can efficiently receive payments from your clients and manage your cash flow. Remember, businesses are built on numbers, so it's important to have a reliable payment processing system in place.

Choosing a Hosting Platform

Kajabi Overview

As an online business owner, one of the most important things to set up is a way of receiving payments. Without the ability to receive payments from clients, an online business won't go far. Kajabi is a platform of choice for hosting courses, memberships, coaching services, and digital products. It also serves as a website host and offers payment integrations.

Payment Integrations

Kajabi offers different payment integrations, including a new payment processing system called Kajabi Payments, which allows users to accept Google Pay and Apple Pay. However, this system is currently not available in all countries, including the UK. As an alternative, Kajabi offers legacy payment integrations with Stripe and PayPal. Stripe is preferred due to its lower fees and user experience.

To set up Stripe, users need to connect their Stripe account to their Kajabi account. If users don't have a Stripe account, Kajabi can help open a new one. Once payments go into the Stripe account, users can link a bank account to it.

For efficient currency exchange, a wise account is recommended. This digital bank allows users to exchange currencies at the interbank exchange rate, resulting in minimal foreign currency exchange fees.

Lastly, zero or any other accounting software should be added to the business bank account for efficient bookkeeping and reconciliation.

In summary, the three finance apps that I recommend for receiving payments in the most efficient way possible are Stripe, Wise, and Zero. These apps are essential for any online business owner who wants to build a successful business based on numbers and cash flow.

Selecting Payment Apps

Stripe as Primary Choice

As an online business owner, one of the most important things to set up is a way of receiving payments. The platform that I use, Kajabi, offers different payment integrations, including Stripe and PayPal. I prefer to use Stripe because of its user experience and lower fees. Once you connect your Stripe account to Kajabi, customers can easily make payments through your website.

Currency Conversion with Wise

If you work with clients all over the globe, it's important to have a way to handle currency conversion efficiently. I use Wise, formerly known as TransferWise, as my bank of choice because it offers borderless accounts and exchanges at the interbank exchange rate. This means that foreign currency exchange fees are at a minimum, and I can get the best exchange rates possible. I link my Wise account to my Stripe account, so once payments are processed, they go through Wise for currency conversion.

Accounting Software Integration with Xero

Accounting tasks such as bookkeeping and reconciliation are crucial for any business. I recommend outsourcing these tasks and using accounting software like Xero. Xero can be linked to your business bank account, so it can pull all the necessary information down and build reports to help you understand how your business is doing overall. Having quarterly management accounts is essential for monitoring cash flow and making informed decisions.

These three finance apps - Stripe, Wise, and Xero - are the ones that I couldn't run my business without. They allow me to receive payments efficiently, handle currency conversion, and manage my accounting tasks effectively.

Linking Bank Accounts

Connecting Stripe to Bank

As an online business owner, one of the most important things to set up is a way of receiving payments. Kajabi is the platform of choice for hosting courses, memberships, coaching services, and digital products. To receive payments, Kajabi offers different payment integrations, including Stripe and PayPal. Stripe is preferred due to its slightly different fees and user experience. To connect Stripe to Kajabi, head to the payment integrations section in Kajabi's settings and follow the integration process. Once the payments go into Stripe, a bank account needs to be linked to the Stripe account.

Currency Exchange in Wise

As an online business owner working with clients across the globe, it's important to find the most efficient way to receive payments. Wise, formerly known as TransferWise, is a great option due to its borderless features and ability to exchange currencies at the interbank exchange rate. Wise offers both personal and business accounts, and it's recommended to set up a business account. The flow of payments goes through Kajabi into Stripe, then into Wise. Once the payments are in Wise, foreign currency exchange can be done into the desired currency.

Paying Yourself

To manage finances efficiently, it's recommended to add accounting software into the business bank account. Zero is a great option to link into the bank account to reconcile and do bookkeeping tasks. Quarterly management accounts can then be generated to understand the business's financial performance.

In summary, Stripe, Wise, and Zero are the three finance apps that are essential for receiving payments efficiently as an online business owner. By setting up these apps, it's possible to receive payments from clients across the globe in a timely and cost-effective manner.

Outsourcing Financial Tasks

Utilizing an Accountant

As a business owner, it is crucial to keep track of your finances to ensure the success of your business. However, it can be overwhelming to manage all financial tasks on your own. This is where outsourcing to an accountant can be beneficial. By utilizing an accountant, you can free up your time and focus on other aspects of your business.

One of the main tasks an accountant can assist with is bookkeeping and reconciliation. This involves keeping track of all financial transactions and ensuring they are accurately recorded. With the help of an accountant, you can rest assured that your finances are being managed properly.

Bookkeeping and Reconciliation with Xero

To make bookkeeping and reconciliation even easier, it is recommended to use accounting software such as Xero. Xero is a cloud-based accounting software that allows you to keep track of all financial transactions in one place. With Xero, you can easily create invoices, track expenses, and reconcile bank statements.

By linking your Xero account to your business bank account, you can automate the bookkeeping and reconciliation process. This will save you time and ensure that all financial transactions are accurately recorded.

Overall, outsourcing financial tasks such as bookkeeping and reconciliation to an accountant and utilizing accounting software like Xero can greatly benefit your business. By having a clear understanding of your finances, you can make informed decisions and ensure the success of your business.

Conclusion and Additional Resources

Free Online Business Workshop

If you're interested in learning more about how to build an online business and make your first $1,000 of online revenue, I highly recommend checking out my free workshop. You can access it by heading over to TimPakman.com/workshop and following a few simple steps to access the on-demand training. This workshop will give you a comprehensive understanding of how all the different pieces of an online business fit together, including the payment processing system I use.

Summary of Key Finance Apps

In order to receive payments efficiently for my online business, I rely on three key finance apps: Stripe, Wise (formerly known as TransferWise), and Zero. Here's a brief summary of each app and how I use it:

Stripe

Stripe is my preferred payment processing system because of its user experience and low fees. I've connected my Stripe account to my platform of choice, Kajabi, so that when someone purchases a course or digital product, the payment goes straight through to my Stripe account. From there, I link my bank account to my Stripe account so that I can receive payments in US dollars.

Wise

Wise is an internet bank that I use to exchange currencies at the interbank exchange rate, which minimizes foreign currency exchange fees. I've linked my Wise account to my Stripe account so that once payments are processed in US dollars, I can exchange the currency into pounds and pay myself into my personal bank account.

Zero

Zero is accounting software that I use to outsource bookkeeping and reconciliation tasks to my accountants. It's linked to my business bank account so that my accountants can access all the financial information they need to reconcile and produce quarterly management accounts.

By using these three finance apps, I'm able to receive payments from clients all over the globe in the most efficient way possible.