Key Advantages of Using Mobile Apps for Accounting

Of the millions of apps now available to small businesses, few have been as transformative as mobile finance applications. Mobile accounting apps have transformed how SMEs manage customer-facing and backend operations, equipping them with capabilities akin to larger competitors. Additionally, these apps enhance convenience, freeing managers and decision-makers from office constraints.

Unfortunately, not all businesses have been fully onboard the mobile app trend, largely because the benefits aren’t necessarily clear, particularly for organizations with a limited business scope. Nevertheless, integrating mobile accounting capabilities into your business’s toolbox is something you’ll need to do to stay relevant in today’s fluid environments. Here’s what you can expect when you link your accounting system to a mobile app:

24/7 Access to Financial Data from Mobile Devices

The top mobile accounting apps allow managers to track all financial activities in real-time on their smartphones or tablets. Cloud-based apps provide sophisticated forecasting models for enhanced visibility on transactions and cash flows, accessible anywhere, even outside the office.

Simpler Budget and Expense Monitoring

Mobile accounting apps balance intuitive user experience with functionality, aiding in efficient budget and expense monitoring. This user-friendliness enables managers to make informed financial decisions and maintain tight control over organizational finances, despite mobile devices’ practical limits.

Collaborative Environments

As mentioned, the data provided on mobile accounting apps is usually available in real-time. When available, all live data updates provide users with effective online collaboration and data accuracy, regardless of where they are in the world. Provided that account access is properly implemented for all team members, current-generation accounting apps can even facilitate fully remote workplaces. This is a huge benefit, as remote work arrangements are now a major draw for top talents in many industries.

Integration with Key Business Systems

Many current-generation accounting applications offer integration with a variety of business systems, including inventory and payroll. This integration opens the door for near-limitless possibilities in business automation. 

For example, data on the payroll system can be set up to automatically reflect in the accounting app, giving managers total visibility over staffing and supplier payments, even when they’re out of the office. Depending on how the accounting app and payroll software are designed, authorized managers may even have the ability to approve and automate payments from their mobile devices. So long as a system can be integrated to the accounting app, the possibilities for automation are limitless.

Better Invoicing

With mobile accounting apps, businesses can send and track invoices from anywhere, dramatically increasing the flexibility and cash flow of the organization. When integrated with a point-of-sale or customer relationship management system, they can generally be set up to automatically bill customers and send them reminders. Even better, some accounting apps permit integration with payment gateways, further speeding up the payment cycle.

Documentation Over Phone Cameras

Manual documentation can be an error-prone and time-consuming process. Fortunately, thanks to the ubiquity of HD cameras on smartphones, mobile accounting apps feature document scanning for receipts, invoices, and other financial documents. This feature reduces the risk of manual data entry errors and reduces the need for paperwork while also improving financial data access throughout the organization.

Time and Cost Savings

The benefits of accounting apps offer significant time and cost savings for businesses by reducing manual data entry and reconciliation efforts, freeing up hours for value-creating activities. Additionally, these apps enable out-of-office collaboration, eliminating the need for in-office finance management and saving on rent and utilities.

Better Cash Flow

The collective time and cost efficiency improvements enabled by mobile accounting apps also contribute to improved cash flow. For many SMEs, this is the one accounting app benefit that will change their business. The improved cash flow will, in most cases, more than pay for the cost of the app itself. This makes integrating mobile accounting apps a no-brainer for businesses seeking to improve their financial position.

Unlocking Financial Agility with The Right Mobile Accounting Apps

Investing in a mobile accounting app won’t necessarily provide your business with all the benefits above. However, finding a solution designed for your business type that also integrates with other systems you plan to use is important. Moreover, you should emphasize training and aftermarket support to ensure users can confidently use the app. Meeting these modest requirements, a mobile accounting app will provide your organization with capabilities far beyond simple remote finance management.