February 9, 2021
4 Benefits of Managing Business Financials on Mobile
In this high-tech, post-cash age, making payments on a mobile device is the new normal. But people aren’t just using their phones and tablets to purchase products or pay personal bills. They’re also using mobile devices to manage bills for their businesses.
The popularity of mobile payments makes sense—they offer more flexibility, speed, and security than credit cards and paper checks. Plus, they’re easier. Particularly when it comes to managing your company’s finances, mobile options offer smart, simple solutions to complicated AP tasks.
Here are four key benefits of using mobile devices to handle your business payments.
1. Less anxiety, more control
A definite source of frustration in standard AP processes is the actual paper trail. Sifting through piles of documents to find an invoice or voiding and reissuing paper checks is not just time-consuming, it can be downright frustrating.
The simplicity and control of digital business payment options helps improve the experience tenfold. With an Accounts Payable (AP) automation tool, you can access all AP information in one secure, easy-to-navigate location—no paper clutter or clunky interfaces. From there, approve bills in a single click, stay up-to-date on payments, and ask questions or send messages.
2. Better security
The most underrated perk of mobile bill management is the added protection. Aside from eliminating paper checks and other confidential paper documents, AP automation products protect you from fraudulent activity at the transaction level and beyond.
These systems use data encryption and automated Positive Pay to protect sensitive information, like your bank account number and routing numbers. And with virtual card programs, payment speed is faster and more secure than checks. Most systems also keep time-stamped audit trails of your transaction history, showing who did what and when, in the event that an investigation is required.
3. Faster payments
Moving your bill management to a digital solution already accelerates your business’ payment process, but the intelligent platforms up the efficiency even more. Automation facilitates quick payments by digitally routing bills through approval workflows and sending reminders to approvers. Combine that with a clean, intuitive mobile interface and you never have to worry about losing invoices or chasing approvers again. Using your mobile device, bills can be approved any time, from anywhere.
Here’s how it works:
- Receive a notification that says a bill is ready for review.
- Open the website or mobile app to view the bill as well as other pending transactions in your inbox.
- Swipe the bill to approve immediately, or tap the bill to see the payment history and review documents.
- Then click “approve.” The system will send the bill to the next reviewer or to be paid.
4. Pay bills on the go
Picture this: You leave the office for a doctor’s appointment, and while you’re waiting, you get a notification that a bill is ready for your approval. Instead of delaying the approval until you’re back at your desk, you can review and approve the bill immediately. That’s the beauty of mobile bill management—it’s easy to check items off your to-do list whether you’re at the office or not.
With GRF’s recommended solutions, you can access your books on the go from any mobile device. In just a few taps, you can review, approve, and pay bills no matter where your business takes you.
Taking your payables process digital saves you time and energy, reduces the risk of fraud and error, and brings more flexibility to your bill management process. Ready to get started? Contact GRF CPAs & Advisors and we’ll help you get started as soon as you’re ready. Reach out to Jim Norton, CPA, Senior Manager, Accounting Technology Services, at jnorton@grfcpa.com.
