Four Benefits of Managing Business Financials on Mobile
By Haley Lyons, Partner
In this high-tech age, using cash less and 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 – it offers more flexibility, speed, and security than credit cards and paper checks. Plus, it’s easier. When it comes to managing your company’s finances, mobile options offer smart, simple solutions to complicated AP tasks.
But is mobile bill management right for you and your business? 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 the platform we use, you can access all AP information in one secure, easy-to-navigate location; there’s no paper clutter or clunky interfaces. From there, you can 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, it can protect you from fraudulent activity at the transaction level and beyond.
For example, the service we use – bill.com – uses data encryption and automated Positive Pay to protect sensitive information, like your bank account number and routing numbers. And with their Vendor Direct virtual card program, payment speed is faster and more secure than checks. It also keeps 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
Outsourcing your bill management to us already accelerates your business’ payment process, but the bill.com platform ups 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.
4. Pay bills on the go
Picture this: You leave the office for an 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 what makes mobile bill management so great – it’s easy to check items off your to-do list whether you’re at your desk or not.
With mobile bill management, 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.
Outsourcing to us 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 our firm and we’ll help you start using Bill.com right away.
Learn more about Haley Lyons.