Accounting tasks used to involve sitting at a desk digging through piles of paperwork and receipts, sifting through confusing spreadsheets, and manually keeping track of payments, invoices, payroll, and other vital data. Fortunately, today, accounting is just one of the many business processes transformed through mobile technology.
Mobile accounting apps have revolutionized accounting operations, enabling users to do everything from entering bills and assigning expenses to viewing reports and tracking time anytime, anywhere, from virtually any device. Even better? It’s easier than ever for small business owners like yourself to take advantage of all the time- and cost-saving benefits this new accounting era offers.
The growth of the mobile accounting software market
A recent study found that the global Mobile Accounting Software Market accounted for $14.3 billion in 2022. And as the need for on-the-go real-time financial reporting, invoicing, and expense tracking grows, so is the expected demand for mobile accounting apps. Let’s look at the capabilities and applications of mobile accounting apps and how they can help businesses across all types of industries.
Perform accounting tasks on the go with cloud accounting solutions
Accounting software offers tools that help businesses organize and manage bills, track expenses, calculate tax deductions, and more. Cloud-based accounting software takes it even further by enabling you to perform all those tasks through mobile apps. As long as you have an internet connection, you can run your business on the go from your smartphone, tablet, or laptop.
While specific functions depend on the mobile accounting app you choose, common capabilities include:
Fast, secure digital payments at point-of-sale create a seamless payment experience that your team, clients, and customers will appreciate. Accept payments via credit and debit cards and payment apps. You can even set up sales, taxes, and tips. Plus, payment data will integrate into the rest of your accounting software, so you’ll immediately know what money is coming in.
You don’t have to wait to return to the office to send a customer invoice. With a mobile accounting app, you can create and email your invoices right away. The faster you send your invoices, the faster you can get paid.
Forget trying to keep track of paper receipts. Some mobile accounting apps turn your phone’s camera into a receipt scanner. They’ll even pull data such as the date, vendor, and amount directly from the receipt eliminating the need for manual entry.
Keep tabs on spending with mobile accounting apps that connect to your bank accounts, credit cards, or other apps. Since everything syncs automatically, you can get an accurate view of expenses at any time.
Tracking, submitting, and approving employee hours is effortless with mobile time tracking. Team members can clock in with their phones making it easy to track labor estimates versus actuals for each project—and make adjustments as needed.
Access essential reports
Robust reporting tools sync with your mobile accounting app so that you can run an accurate balance sheet, profit and loss report, revenue stream report, and other real-time business performance insights.
Benefits of mobile accounting apps for small businesses
Mobile accounting apps provide valuable tools and features to help you manage your business easier and expedite empowered decisions.
Work from anywhere, 24/7/365
Whether entering transactions or sending profit reports, a mobile accounting app gives you the flexibility to work from wherever you are, whether at home, with a client, or at a job site.
Mobile apps optimize on-the-go workflows. With a touch of a button, you’ll be able to support:
- Vendor and receipt management
- Time and mileage tracking for yourself and your team
- Transaction reconciliation and more
Plus, sending reports and invoices from your phone saves you time while increasing productivity.
With the ability to access updated reports anytime, you can gain immediate insights into business expenses and performance. If necessary, you’ll have data to make informed decisions on the spot without waiting until you get back to the office.
Cloud accounting apps make keeping track of your small business finances simple. Assign permissions to critical data, and you and your designated team members will all be on the same page. Collaborate with your colleagues, bookkeeper, or accountant on taxes, projects, cash flow, transactions, job costing, and more.
Peace of mind
Real-time information can help provide some peace of mind that your business is running smoothly or if you need to make some changes. Mobile accounting apps also adhere to strict security protocols to help ensure that your data stays protected and private.
Mobile receipt capture, automatic sales tax calculations, mileage and time tracking, and other features reduce errors by minimizing the need to add information manually.
Builds business reputation
Precise records, cost estimates and billing, faster transaction processing, and flexible digital payment options enhance your business’ long-term value. This encourages loyalty and can help turn new customers and clients into repeat ones.
Mobile accounting apps deliver a high level of convenience and capability in the palm of your hand. All types of businesses and organizations have embraced its cloud technology, including contractors, legal and health services, IT, government agencies, and nonprofits. Consider the big advantages mobile accounting apps can offer your small business.