Many individuals are using mobile devices to stay on top of their budgets and manage their finances.
With numerous apps and many mobile-optimized websites for banks, credit card companies and other businesses, it is easy to manage your finances on the go. The same can be true for small businesses.
Monitoring Your Budget
A business often has a complicated budget.
It may require time spent sitting crunching numbers to determine where to put all of your money and how much to designate to different areas. Once you have a budget in place, you can monitor and manage it from anywhere.
Today’s business is not always conducted sitting behind a desk in an office.
People are busy, going to meet customers instead of waiting for them to come to the company. They have meetings and appointments that take them out of the office.
It is essential that you can monitor your budget at all times instead of waiting until you get back to the office.
As the article “6 Reasons Why Mobile Devices are Turning into Budgeting Tools” states, business owners and managers can do so many things with their budget on mobile devices:
- Check bank account balances
- Transfer money from one account to another
- Set up payments to vendors
- Send out payment reminders to customers
- Record transactions
- Scan receipts
In addition, they can review where they are in their budget versus where they are supposed to be.
Small business owners are often wearing many hats. They don’t have a lot of time so they must make every second count.
At the same time, managing the financial aspect of the business is essential. It is a task that often gets overlooked or delayed with the other urgent and important matters a manager must handle.
With mobile budgeting, a business owner can stay on top of things even though they are busy.
Save Money and Increase Profits
The two goals every business has in regards to finances are to save money by reducing costs and to increase profits. Budgeting with your mobile device can help in both areas.
If you are visiting with a vendor and he or she offers you a discount if you buy in bulk, you can quickly check your budget to see if enough money has been budgeted in. You won’t miss out on a great deal by waiting until you get back to the office.
In another instance, meet with a client who is behind on payments and set up a payment plan. Create a reminder in your accounts receivable on the spot to check back in 30 days. Immediately record a business luncheon with a prospective client so that it doesn’t get forgotten. Lastly, scan in the receipt for accounting purposes and set up a new entry in your accounting program.
These are just a few basic instances of how you can use quick and easy access to your budget to help improve your business’ bottom line.
With the improvements in how budgeting and finance apps work with mobile technology, it is easier to stay on top of your company’s finances no matter where you are.
About the Author: Joyce Morse is an author who writes on a variety of topics, including business and technology.