Mobile accounting is now the new normal. 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.
The benefits of flexible working to enterprises of all sizes are remarkable. Small businesses can concentrate on running their companies rather than doing administration; they can improve cash flow as transactions are completed more quickly and transparently; they can share information with colleagues more easily and keep track of payments – saving time and resources.
8 reasons to use mobile accounting
Here are eight of the top reasons why mobile accounting applications are here to stay:
Easy to back up data
It’s easy to back up your documents via mobile applications. Cloud computing has revolutionized businesses’ ability to store and access documents on the move. This increases accuracy, traceability, and ease of communication.
Automatic updates, reminders and many other facilities: mobile accounting systems can now automatically complete recurrent billing, tax calculations and reporting. This saves time and prevents missed deadlines, among other advantages.
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.
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.
Anywhere, anytime access
Mobile accounting systems are now available across almost all platforms, including smartphones and tablets. The ambition to make mobile accounting achieve the ‘3As’ – anywhere, any device, anytime – has been realized.
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.
Process payments on the move
Credit card processing via mobile accounting applications is among the most popular new tool of recent months. Small business owners particularly appreciate being able to process payments this way, on the move.
Businesses can now integrate their mobile systems with e-commerce 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:
- Customizable 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.
- Customized 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, including PayPal, Google Wallet and many more.