It’s no question—mobile technology has become an integral part of the new generation of business accounting. It’s only becoming more prevalent and powerful each day. The transition from the traditional error-prone and time-consuming accounting process to a more advanced and mobile-enabled accounting system is evident.
Well, there are numerous reasons why switching to a mobile-based platform for your accounting services is the way of the future.
Let’s take a look.
Reasons Why You Need a Mobile-Enabled Cash Flow Software For Your Accounting Practice
Accessibility: Work From Anywhere
Utilising mobile-enabled cashflow accounting software is portable. It enables you to keep up with your work and efficiently complete your day-to-day accounting activities at any time and from any location with an internet connection. Likewise, it’s also helpful in accessing your data and balance sheets whenever you need them. It helps when retrieving crucial statements, which is perfect if you need to adjust your records, update your books, and audit-proof on the go.
Multi-User Collaboration
Typically, if you need to collaborate with different users, you are required to work on the same network, devices, and operating systems. However, mobile accounting can be accessed entirely through the internet. Thus, this provides the edge of being available to users, even if they’re from different geographical locations and time zones, to work on the same file simultaneously.
That said, with mobile-enabled financial apps, you can easily share files, updates and ideas with your team, collaborate smoothly on multiple reports or projects and ensure that everyone stays up-to-date on the latest transactions and trends.
The collaboration market is undoubtedly thriving—enabling the workforce to attain high productivity with access to real-time data. As a matter of fact, there’s a report by Mordor Intelligence stating that in 2020, the cloud collaboration market was valued at USD 31.78 billion, and by 2026, it is expected to reach USD 66.92 billion, registering a CAGR of 13.43% over the forecast period from 2021 to 2026.
Ease and Accuracy of Financial Monitoring
Balancing accounts is usually done quarterly, monthly or yearly. This is indeed a lengthy and tedious process. But the proliferation of mobile-enabled cash flow accounting software positively changed and streamlined everything. Now, it’s easy to monitor, manage and update critical financial data in real time and keep a watchful eye on cash flow trends. Hence, you know you’re operating with accurate numbers.
Invoicing On The Go
Invoicing is considered to be a tedious desk job. This task is something you traditionally do in bulk at the office and in front of your desktop. However, thanks to mobile-enabled financial apps, even while you’re taking a lunch break, at your desk or commuting—the ability to send quotes and invoices with a simple tap anytime and anywhere is now feasible. This will definitely save you time and help your clients who are business owners improve their cash flow position and get ahead of the curve in a single move.
Easy and Convenient Bookkeeping
The development of mobile-enabled cash flow accounting software is absolutely a valuable convenience for CPAs and accounting firms. Using a smartphone for work in today’s era—it’s now possible to carry out various functions for your clients, such as creating and sending invoices, income and expense statement preparations, cash flow analysis, balance sheets, tracking time and billable hours, and performing bank reconciliations. This makes it easier for you to track and give advice on trends and business performance.
Increase in Efficiency and Productivity
Automated process in nature—mobile-enabled financial apps can help you boost your efficiency and productivity. Let’s say, for instance, you have recurring invoices that are sent every month. You won’t need to recreate them from the start every single time because you now have the means to duplicate these invoices. In this way, you can save time and avoid the risk of missed deadlines. Furthermore, you can also schedule certain reminders, updates or recurring invoices in advance.
Better Functionality
When it comes to managing finances, there’s no substitute for accurate and timely information. That’s why mobile-enabled cash flow accounting software is so helpful. It offers better functionality, allowing you as an accountant to manage your books and records more efficiently, make better decisions and provide a higher level of service to your clients. So, if you’re looking for a way to enhance your accounting workflow, switching to a mobile-enabled platform is a great option.
Gain Client Loyalty
Imagine having the capacity to respond to your clients’ queries and requests quickly and provide them with valuable insights into their cash flow status relevant to their decision-making process—that’s what you get when you use mobile-enabled financial apps. It’s a great way to keep your clients happy and satisfied and be confident that they hired your accounting firm to handle their accounts which can also lead to more client referrals in the future.
Secure Critical Client Data
It’s understandable that some companies are hesitant and still doubt storing sensitive banking information and critical financial data with mobile accounting. However, mobile-enabled cash flow accounting software are created with built-in rigorous security features like authentication and end-to-end encryption, which can prevent or combat identity theft, financial fraud, breach of any data, and unauthorised parties from accessing.
Rest assured that mobile-enabled cash flow accounting software has an equal level of data security as their desktop counterparts. Therefore, you and your clients have nothing to worry about as long as you’re both using multifactor authentication and strong passwords. With mobile accounting, convenience doesn’t compromise security.
Go Paperless: Save The Environment
As everything is electronic and online, you can say goodbye to the threat of being buried in a mountain of checks, receipts and documents at the end of each financial year. Turning to mobile-enabled platforms will make your accounting process time and cost-efficient. Thus, by going paperless, you can reduce the amount of waste being created and help preserve the environment.
To sum up, here are the reasons why you need mobile-enabled cash flow accounting software for your SME accounting firm:
1) Accessibility: Work From Anywhere
2) Multi-use Collaboration
3) Ease and Accuracy of Financial Monitoring
4) Invoicing on the Go
5) Fast and Convenient Bookkeeping
6) Increase Efficiency and Productivity
7) Better Functionality
8) Gain Client Loyalty
9) Secure Critical Client Data
10) Go Paperless: Save The Environment
In Retrospect
Mobile accounting is a rapidly growing trend that’s proven to provide many benefits—from accessibility, efficiency, productivity, functionality, data security and more. That said, if you want to stay relevant and meet your clients’ needs in this fast-paced world, then switching to a mobile-based platform for your accounting practice is definitely the way to go!
There’s an excellent and convenient way to do accounting, and it’s with Moolamore! This mobile-enabled cash flow tool makes it easy to generate and analyse financial reports accurately anytime, anywhere! Request a demo today!
