Smartphones are becoming more powerful every day. Now, accounting can be done from the phone in your pocket instead of from your desk. With 6.1 billion smartphones projected for 2020, mobile accounting will only become more prevalent.

There are a number of reasons why mobile accounting is the way of the future. Let’s take a look:
 

Mobile accounting fulfills the cloud promise of working anywhere

We’re always utilizing technology like Netflix and email apps. We’re used to being able to access data (and our favorite movies) from anywhere. Accounting processes should be the same.

Cloud utilization means that mobile accounting makes data accessible wherever you need it. You don’t need to continually make sacrifices in order to complete your work. You can complete it from anywhere, whether you’re at a kitchen table or in Italy. Keeping books up-to-date and audit-proof is as easy as a client pulling out their phone and snapping a photo of a receipt. Mobile accounting is as flexible as it is powerful.

Also, the service advisors provide clients is drastically improved through mobile technology. Communication and collaboration is easier and instantaneous. Important statements can be retrieved and notes exchanged in real-time. This increases confidence and makes the process much less intimidating for accounting-weary clients.

 

Game-changing software is accessible to anyone on mobile

Consider mobile payments for instance. In the past, small businesses like electricians and plumbers would have to deal with cheques or bringing a credit card terminal on site. In these cases, it would take over four weeks for the owner to receive payment from when the project was completed.

Today, all that’s needed to process that payment is a smartphone with accounting technology. Small businesses can invoice and accept payment on the spot. Getting paid faster helps these businesses manage their cashflow. This makes them less prone to falling into debt and dramatically decreases accounts receivable.

These kinds of tools, powered by mobile accounting technology, even out the playing field for small businesses. It fosters new growth and paves the way to a future where more can be achieved with less.

Technology is integrated into daily life

Mobile phones have become a necessity. Your smartphone is the first thing you check in the morning: it gives you information you need when you need it. They’re used to access anything from the day’s weather to bank statements. It makes sense for accounting, the core of financial health, to be just as accessible.

It probably comes as no surprise that US adults spend more time on mobile phones than laptops or other devices, including tablets. There’s a strong demand there. Software companies constantly focus on developing new mobile technology and dramatically improving existing software. We’ll only come to depend on them for more, making mobile accounting the way of the future.
 

Convenience doesn’t compromise data security

Look at the partnership of Bank of America and Bill.com, a cloud payment platform.

Bill.com met this $180 billion Bank’s security standards while still providing the benefits of the cloud. They were trusted to help serve the bank’s customers. Merrill Lynch even developed CashPro BillPay, combining the bank’s product with Bill.com’s own technology. These are huge milestones in data security for cloud technology.