Accounting departments of businesses around the world have witnessed significant technology advancements in recent decades. From desktop accounting software to cloud-based accounting software, technology has always focused on improving accuracy and achieving optimum accounting operations efficiency. Accounting trend is growing fast. The creation of mobile accounting apps or cloud accounting on smartphones can take your business to the next level.
Business accountants are no longer stuck behind a desk, slaving away at the traditional time-consuming and error-prone accounting process. Mobile accounting apps have become an essential part of the new generation of business accounting. It enables businesses to manage their accounting tasks on mobile devices while on the go. Here are some benefits of mobile accounting apps.
With mobile accounting apps, you can save money by going paperless or paper less. Money saved can be channelled into other essential aspects of your business operations.
Accountants appreciate the ability to work anywhere as long as they have their mobile device and internet connection to perform their job via the mobile accounting apps.
When data is stored in the cloud, accessing files is also feasible, and it results in uninterrupted communication and collaborations with other stakeholders.
3. Increases Business Value
Accurate bookkeeping is essential to effective business management. Good financial record-keeping boosts the business’s value. Correct and precise records illustrate a more evident potential of a company in terms of its profitability.
This positions your company a notch higher in terms of its resale value. Mobile accounting apps surely simplify and enhance the accuracy of financial records.
4. Data Security
Some people may still have doubts about the security of data recorded and stored via mobile accounting apps. However, mobile accounting apps are created with built-in enhanced security.
Authentication and end-to-end encryption of the software enable data security in the mobile accounting software. This way, it is extremely difficult for unauthorized parties to access.
5. Accuracy and Ease of Financial Monitoring
Traditionally, balancing of accounts is typically done yearly, monthly, or quarterly. This process is a tedious and lengthy one.
With mobile accounting apps, you can easily monitor and manage your business cash flow anywhere, anytime. You can capture expenses, issue invoices, monitor and follow up on outstanding payments, and view upcoming bills too.
Your business data is updated in real-time; hence you know you’re working with accurate numbers.
6. Fast and Easy Invoicing
Mobile accounting apps provide the ability to send quotes and invoices while on-site, straight from their smartphones. This will surely save you time and help you get ahead of the competition.
With the automated invoicing feature, you can benefit from the impact of paying bills on your cashflow status.
7. Increased Efficiency and Productivity
The ability to perform all the functions discussed above on the go using a smartphone is a valuable convenience for businesses.
Collaboration and communication across departments become seamless and instant, hence the enhanced ability to get work done efficiently.
8. Client Loyalty
Accounting firms using accounting software that comes with a mobile app tend to provide shorter turnaround time in responding to clients’ requests. This is because files and data can be access remotely and while on the go.
Imagine having the ability to immediately provide an overview of the cashflow status to your client onsite – they would be impressed and confident that they hired the right accounting firm to handle their accounts.
The use of mobile accounting apps is an unstoppable growing trend. Businesses benefit from cost, accessibility, productivity and efficiency, data security, and more.
Find out how Financio CONNECT accounting mobile app empowers you to spend less time on bookkeeping and more time doing what you love. With this feature-rich mobile app, users can access financial data, track and create invoices, track expenses and more, anytime, anywhere.
Data entered into CONNECT mobile app, will automatically synchronise across all their devices. For more information, feel free to get in touch with us.