Update: This article was last updated on 21st September 2020 to reflect the accuracy and up-to-date information on the page.
A commonly relatable example of mobile accounting is your bank account applications. These applications can track and list all your financial transactions from anywhere, anytime – all you need is an internet-connected device.
Along with listing the financial transactions, you can process certain transactions and banking tasks as well with the same application.
So, What Is Mobile Accounting?
Mobile accounting is the ability to access and process accounting information, which could be data, applications, etc. over the devices that are not restricted by the physical locations.
That means you can access data or applications from anywhere using the tablet, laptop, smartphone, and other internet-connected devices.
With certain solutions, you do not even require to download or install the application on the local device. Your internet browser can deliver that for you.
It also means operations such as – managing financial transactions, maintaining payrolls, calculating taxes, etc., can be processed and monitored by the user over handheld devices without being in the office premises. The idea is to let the accounting operations continue over a device that the user is familiar and comfortable with.
So, check WhatsApp messages from friends and also file the taxes for the client at the fingertips without any disruption.
Why Mobile Accounting?
Since the accuracy and security of accounting are as critical for businesses as for professionals, reliability has to be a necessary element with every innovation in the accounting industry.
The rising abilities of mobile devices and improvements with security solutions have enhanced the reliability of mobile accounting solutions.
According to a survey report by Software Advice, 64% of the respondents could access the mobile version of their accounting app. On the other hand, 36% of users said they could only access it through a mobile browser. However, there was no respondent who could not access the information through their smartphones.
If further shows, mobile accounting is being discussed heavily in recent times and also gaining popularity with the practice. Here are some of the benefits that mobile accounting offer:
1. Easier Multi-User Collaboration
Traditionally collaborating with the different users required them to connect on the same local network. Mobile accounting works on the internet, which enables users located at various geographical ends of the globe to work together on the same file.
It also overcomes the limitations of traditional accounting, which requires all users to use the same device, OS, and software version. Mobile accounting can work smoothly even with all users using different devices or mobile OS.
2. Work From Home
Work-from-home is a practice that offered convenience to the users, along with the promises of betterment in productivity. However, certain concerns, such as security and tracking of actual work done, remained hindering. Switch to the mobile accounting world, and the stage is well set for the work-from-home to perform.
Here, you can control the security and also track the activities of the users to maintain a constant watch on who is doing what with your accounting operations.
3. Friendly File Sharing
Earlier, emails were the most preferred option for file sharing. After a certain number of exchanges of emails for the same file with updates from various ends, users would be left with multiple copies of the same file. Eating storage space and tougher to manage!
Mobile accounting offers the same file that is stored on the cloud for editing/review to different parties. So, a single copy is maintained that simplifies the sharing in a big way.
4. No Worries of Damages to Local Device
From natural calamities to man-made accidents, there are a number of reasons that can damage the local device, which could lead to loss of data permanently. Mobile accounting does not store data on the local device.
So, you can let go of your worries concerned with the local devices and save yourself from the efforts of backing up the data. And if you are using a reliable cloud hosting service for your accounting applications, the data backup is maintained by the provider for free.
5. Instant Updates For Software
Updates are important for security as well as for the performance of any software. Downloading and installing updates is not an easy task. Moreover, it may not be an automated process with every software.
With cloud-based mobile accounting at your service, updates install automatically without disturbing the task. So, you remain up with the latest technology without any hassles.
6. Outdated Local Devices Will Not Hamper Performance
With time, the hardware technology of your local device can become outdated. It will not support certain updates or may not be able to process the heavier tasks. Buying new hardware or upgrading, it is always an expensive task. The affordable option is to go with the mobile accounting in alignment with the cloud option.
As no data or application resides on the local device, you do not have to worry about the resources of the end-user device until your internet connection is good enough.
7. Apps Can Integrate Together Well
Accounting operations, even for a single professional, cannot be managed with a simple single application. Banking applications, accounting applications, tax software, and sometimes other payment apps require integration to manage the accounting system correctly.
With business users, a number of applications and complexities rise further. What mobile accounting ensures is an easier integration between the different applications. Powered by the internet, they can share the information between each other automatically to maintain the correct and recent information for streamlined operations.
Requisites of Mobile Accounting
Working on mobile accounting will require you to have:
- Mobile-based accounting applications
- Internet-connected device
- Dedicated apps and licenses
- Security parameters – login credentials, setting up sharing users, etc.
How To Be Mobile Accountant With Existing Setup
You can opt for totally cloud-based applications that are compatible for cross-device operations to help you become a mobile accountant. That can change the way you work completely if you have become accustomed to the local accounting solutions.
According to the same survey report by Software Advice, time-tracking, and easy upload of receipts are the most preferred features to choose mobile accounting. However, the change in interface and functionalities might hinder your tasks.
A friendly solution for you to move to mobile accounting without changing much of your working structure is hosting your desktop applications with cloud hosting providers.
By opting to host your applications with trusted providers, you can gain accessibility of the applications on the mobile devices and manage the accounting tasks from anywhere.
Are you a mobile accountant? Tell us your experience with it in the comments below. If you have any query or suggestion, you can also mention them.
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