Money Matters

Why a mobile accounting app can help to manage your business finances

Managing your finances when running your business is essential but it can be time consuming. Learn how a mobile accounting app can help.

Running your own business? You’ll know managing your accounts is essential. But it can also be time consuming.

This is where using a mobile accounting app can really help.

There are a growing number of apps that can enable you to manage every aspect of your business on your phone or tablet, whether you’re out on the road, at home in the evening or talking to a client in a meeting.

And that includes your business finances too.

The growth of cloud computing, and the increasing sophistication and capabilities of mobile devices such as phones and tablets, means you can check and manage your accounting operations in the palm of your hand by just tapping on a screen.

Your mobile accounting app will be instantly synced with any other device you use (desktop computer, laptop, tablet).

That means you can, for example, check out your cash flow situation no matter whether you’re sat in front of your computer or sitting on the bus, mobile phone or tablet in hand.

In this article, we look at the benefits of using a mobile app for handling your accounts, and how it can make everything from recording expenses and chasing up payments to generating quotes and estimates quick and easy, wherever you are and at any time of the day.

Here’s what we cover:

How to manage your business finances with a mobile accounting app

How using mobile apps can make your life easier

What financial tasks can you carry out with a mobile accounting app?

Final thoughts on using a mobile accounting app

In the past, you had to manage your business finances either using a pen and paper, or on your computer via spreadsheets or accounting software.

But today, you also have the option of using a mobile accounting app.

That means you can use an app your mobile phone or a tablet to oversee your accounts. And that’s ideal if your business involves you being out and about meeting clients, or you’re not working from behind a desk every day.

But where to start with an app? Begin by choosing the right one. In fact, you may find your accounting app is free as an add-on to your accounting software.

And what can you manage with your accounting app?

From viewing performance and the health of your business to capturing receipts and finding transactions, there are lots of financial admin tasks that you can deal with.

Not only will you save time but you can ensure that your accounts are constantly up to date, improving cash flow and avoiding that last minute rush to deal with taxes at the end of the quarter or the year.

An accounting app could also save you money on bookkeeping fees as, alongside your accounting software, you should be able to rely less on the professionals to manage every aspect of your finances.

(But it’s always good to have them on hand if you need their support.)

As a small business owner, you may find that your days are so busy running your company that you don’t have time to do your accounts during the daytime. So that inevitably means evenings and weekends are pencilled in to issue invoices, chase payments and general quotes and estimates.

But with your mobile accounting app, time spent on a train, waiting in an airline lounge or sitting in a reception can now be used to keep your financials up to date.

If the nature of your business means that you’re forever out and about – perhaps you’re a plumber, electrician, gardener or mobile café owner – then being able to manage your accounts quickly and easily on the go is even more important.

Cash flow is the life blood of any business and small businesses and startups live or die by it.

Instead of waiting until you get back into the office or you’ve found time in your packed diary to catch up with your finances, a mobile accounting app will allow you to issue invoices instantly, flag those that are overdue and, very importantly, chase them up.

You can also give clients and prospects estimates during meetings rather than having to send them on afterwards.

Tracking income and outgoings used to be a job to carry out at your desk. But with your app, you and your team can review the numbers in real time when you’re out and about. That’s ideal if, for example, you’re going to a meeting and you need easy access to up-to-date business figures.

With mobile expense tracking, your employees can submit and monitor their expenses and provide you with real-time information on their status. This is particularly important if you and your team are out and about visiting clients, working on projects away from the office or travelling abroad on buying trips, for instance.

A good mobile app will also allow you to manage stock.

If you’re providing goods and/or manufacturing, this is particularly important.

Real-time stock management and purchasing will allow you to run a lean, just-in-time inventory operation, saving you money while allowing you to respond to orders quickly, safe in the knowledge that you’ve got the stock ready to go.

Having access to a mobile accounting app means evenings and weekends dedicated to managing your business finances can become a thing of the past.

Being able to review the health of your business anywhere and at anytime means you’ll be able to make smarter decisions.

And having the ability to easily capture receipts, issue invoices and manage quotations will result in time freed up to focus on value-add tasks.

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Want to know how you can boss it at your business? Read this guide for top tips to help you master your business admin and truly take control.

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