Uncategorized

Using Mobile Applications for Managing Business Finances

 

Mobile accessibility should be prioritized by businesses when selecting an expense and financial management application. Having access to information at any location and any time can be integral to making business decisions. It is no secret that banks have already deployed mobile applications for all users. In addition to general banking information businesses need convenient access to a variety of financial data including cash-flow reports, business expenses, consumer transaction records and other items. Having the ability to validate data, audit expense claims and streamline workflow processes increases transparency and reduces error when managing finances.

Consumer Financial Management Applications
Ensuring trust between a business and consumer is integral when developing a need for systems in financial management. Consumers engaging in online transactions require immediate verification of the transfer of funds and benefit from long-term access to receipts and upcoming invoices. On the business side, owners having the ability to verify transactions and monitor progress on the go ensures any discrepancies that may arise are handled immediately. Platforms like Stripe, PayPal and Payoneer serve as an intermediary for financial transactions between any business type and a consumer with long-term access to data that can be validated by both parties. In addition to online access, each vendor has mobile applications readily available to every end user.

Financial Performance Applications
Small business accounting systems like QuickBooks, Xero, or FreshBooks allow for users to understand real-time financial situations of the organization in cash-flow reports, income statements, balance sheets and forecast modeling. The availability through a mobile application also allows for accountants to create customer invoices or purchase orders from any locations within the application. The interfaces of these tools host a powerful contact management system allowing for easy creation of new receipts and invoices for recurring customers. Users can also quickly email receipts and verify financial information when accessing.

Expense Tracking
Business expenses can cause a headache if not organized as they occur. When traveling, flights, dinners, gifts, events and other business related-expenses can result in several receipts that can easily get lost or even forgotten about. Reimbursement processes require verification depending on the policies and procedures within an organization. Tracking expenses for tax deduction purposes also require receipt management. Using a mobile application to record a transaction in real-time allows for the receipts to be captured and stored in a cloud system without having to save a physical copy. Tools like Expensify, ShoeBoxed and QuickBooks provide easy storage and access to expenses on the go. Being able to total up expenses and submit a reimbursement request has never been so easy.

Accountability within a company’s financial management process is key when remaining compliant and keeping cash-flow under control. With the ability to quickly download a variety of applications and access on a mobile device, there is less complexity involved when processing transactions, storing and validating information. Depending on what your organization, it is important to assess what type of mobile application best fits your financial processes and systems. If you’d like to have a customized application developed to better fit your needs, contact an expert at Tech Treats to help build your information architecture.

Leave a Reply

Your email address will not be published. Required fields are marked *