For business people today, mobile accounting is simply the norm. We are now in an environment where going into the office to carry out transactions, log payments or send out invoices is no longer necessary.
Being able to manage your accounts while you’re out and about rather than having to save it as a task for when you return to your desk can make a real difference to you and your business.
Mobile accounting means you can improve cash flow as you can complete transactions more quickly rather than leaving it to do at a later date.
Accuracy will improve – if you are away from your desk, you no longer need to forward details to a colleague and run the risk of missing something out.
And you can share up-to-date information with colleagues immediately, while keeping track of payments wherever you are, therefore saving time and resources.
8 reasons to go for mobile accounting
Here are eight of the top reasons why mobile accounting applications are here to stay.
1. Easy to back up data
It’s easy to back up your documents via mobile applications. Cloud computing has revolutionised the ability for your business to store and access documents on the move. This increases accuracy, traceability and ease of communication.
2. Automate process
Automatic updates, reminders and many other facilities are beneficial. Mobile accounting systems can automatically complete recurrent billing, tax calculations and reporting.
This saves time and prevents missed deadlines, among other advantages.
3. Keep track of cash flow
Transactions can be completed on the spot. Instead of sending messages back to the office regarding invoicing or making payments, transactions can be made immediately, bringing substantial benefits to everyone.
4. Manage customer requests
Some systems offer online portals where customers can view their own accounts and pay bills. This reduces the time taken to manage customer requests and overall administration.
5. Anywhere, any device, anytime access
Mobile accounting systems are now available across almost all platforms, including mobile phones and tablets. The ambition to make mobile accounting achieve the “3As” – anywhere, any device, anytime – has been realised.
6. Greater functionality
Advanced tools such as signature gathering, receipt capturing and customer relationship management applications have become available on mobile accounting packages.
This has brought further advantages out of the office and into the wider working environment.
7. Process payments on the move
Credit card processing via mobile accounting applications is a useful way of doing things. You’ll most likely appreciate being able to process payments this way, on the move.
8. Integrated systems
You can integrate your mobile systems with ecommerce sites, payroll processing, give access rights to their accountants and manage inventory.
More providers launching mobile services
An expanding number of providers are now offering mobile accountancy systems, each with different options and capabilities such as:
- Customisable systems that take account of specific industrial sectors.
- New billing and invoicing applications that allow users to use multiple currencies, apply discounts and shipping options and use flexible tax calculations.
- Task-tracking, accounting and invoicing platforms that combine all the main functions that a small business needs from its mobile accounting system.
- Customised invoices with company logos, expense reports with digital receipts, payroll with tax calculations and deductions and real time bank and credit card date.
- Systems that enable payment via a large and expanding range of payment gateways.