The Rise of Mobile Accounting

Accounting has always been a field that’s associated with piles of paperwork, spreadsheet and staggering numbers. Using computers to carry out all office tasks is no longer a feasible option, and hence more sophisticated choices are cropping up. 

Mobile accounting has become the norm and is replacing the traditional form of accounting and book-keeping. Considering the growing number of small business owners, it’s easier to conduct transactions without stepping into an office. Owners can now can focus on working towards the success of their business rather than spending countless hours logging payments and sending invoices. 

The future of accounting is integrated with technology and its time for you to join that revolution. Through this blog, we’ll bring you plenty of reasons that justify this change.

A new era of accounting

The mix of smartphones and accounting make for a powerful combination. Physical spaces are evaporating, making accounting operations executable through smartphones rather than office desktops. A mobile bookkeeping app performs fast, error-free calculations, allows you to share information with colleagues and clients and track payments easily.

Cloud technology has taken over major business operations and certified public accountants or CPAs have already shifted to ‘QuickBooks Desktop Cloud’ to access tax data, balance sheets and other important information. With mobile accounting, data can be accessed from anywhere, making it easier for you to complete operations from any place and this, in turn, makes collaborating and communicating with clients trouble-free. 

Mobile application functions

Mobile applications are shaping the future of the accounting profession and are a valuable tool for accounting firms. They have a direct impact on the productivity of the enterprise, as it’s now easier to get more work done accurately in a shorter amount of time. Some important functions that accountants can perform using mobile accounting are: 

• Easily create and send invoices 
• Perform bank reconciliations easily
• Track time and total billable hours
• Add receipts and other expenses through mobile accounting apps 

Works great for your clients 

Conducting business with clients is easier with mobile accounting as everything becomes seamless. Clients can perform tasks like invoicing and bank reconciliation from virtually anywhere, which in turn allows accountants to perform necessary functions like process tax returns. This also saves precious time which can be leveraged to offer strategic advice to clients to boost their business profits.  

Here are some other ways in which mobile accounting can help:

Invoicing can be done from anywhere

While invoicing is often regarded as a desk job, staying confined to one place in this fast-paced era is difficult. Clients who have to travel a lot find it easier to use a phone or tablet.

Stay updated with accounts

Not knowing when an invoice is due can have disastrous consequences and destabilise financial billings. Mobile accounting apps allow clients to realise they have been paid and be aware if a payment is due.  

Cleaner books 

By using apps, you can get daily automated bank feeds and code transactions regularly. This means tracking business performance is easier and the workload is smaller.

Enhance business value

A mobile bookkeeping app introduces systemised bookkeeping and accounting. Showcasing the profitability of the business is easier through clear and coherent records which can help get better buyers. Such apps are essential to present an accurate set of accounts, which in turn only enhances the value and market position of a business. 

If you plan to pursue a career in accounting, then start with a great course like the ACCA from London School of Business and Finance (LSBF) and take a look into their various programmes. 

This article was written by Nandita Kaushal and edited by Anisa C.