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Mobile Accounting in a Technology-Driven World

In the day and age of the mobile technology take-over, mobile apps are being developed to use in all areas of life and business, including the accounting world.

For a long time accounting was one of those fields that followed very similar regimens and processes that had been around for decades; however, as technological advancements in every field, including accounting and finance, have pushed things forward software and systems have made it easier for accountants to do their job with greater efficiency and speed. This has been transforming the industry in recent years and one of the specific advancements is in the use of accounting applications that are now available on mobile devices.

One of the challenges with mobile accounting is the complexity associated with the implementation of a business-wide solution. It’s much more difficult to roll out a mobile solution for business accounting than it would be for personal use. Rolling out new accounting systems can be a major undertaking and even the implementation of an application that may improve things in the long run can be a big distraction and headache in the short term. Accounting and finance executives have to consider a number of factors and strategically assess how the application will align with the current systems and reporting as well as the true enhancements that can be expected if it goes well.

Current mobile accounting applications are most commonly seen improving typical tasks such as:

  • Processing payroll

  • Checking invoices

  • Reviewing transactions

  • Running reports

The simplicity and on-demand flexibility of being able to do these tasks on a mobile device is extremely appealing for those who work remotely, are traveling frequently, or are always on the go.

An important consideration, likely the most important consideration, when choosing to implement a mobile accounting solution is security. Security plans must be in place, and accountants must adapt to the ever-changing threats of cybersecurity with new systems and with mobile accounting. The accounting and finance executives must also determine which personnel will be using the platform and determine any protocols and security measures associated with mobile users. Guidelines and limitations should be in place on a per-user basis as the information being accessed is extremely sensitive.

Another consideration when determining the types of tools and tasks that are required for mobile accounting is determining if an app or if a mobile-friendly website will get the job done. Depending on the size of the team who will be using the mobile accounting software, a mobile-friendly website could be more appealing as it’s a little more flexible if there are device restrictions on the app being considered.

Lastly, compliance and other regulations must be adhered to when considering the enactment of mobile accounting. As we all know, different regulations are in place depending on the type of organization and its function, and this is exactly the case for mobile accounting as well. There will be specific regulations and rules that will apply specifically to mobile accounting, so make sure to be completely aware of any associated regulations or adjustments to a process when considering implementing a mobile accounting process.