Mobile money management: How to create flexibility in business
Start-ups and small businesses are increasingly on-the-go. Read these essential tips to make managing your finances remotely easy
Starting a business and need to travel often? When you’re starting a new business, flexibility can be central to your success.
But if you’re travelling for work or out of the office frequently, it can be difficult to give all aspects of managing your business the attention they need.
Don’t let this get in the way of staying on top of your business finances – have a look at our tips to make managing your money while on-the-go – simple.
Make the most of online and mobile banking
Having a smartphone app to stay on top of your spending in your personal life is something we now take for granted. And, just because you’re in business, doesn’t mean this simple feature isn’t invaluable. You’re often able to monitor your incomings and outgoings, view your transaction history and transfer money needed for office bills or to pay suppliers easily, via your bank’s online business banking platform or mobile app.
This will ensure you’re always ahead when it comes to knowing where your business finances stand.
Track multiple accounts in one place
If you need to track multiple accounts, you’re bound to find a digital solution to help you do it. If you hold all your accounts with one bank or provider, then you should be able to view your accounts alongside one another via online banking. However, if you have a merchant account held by one bank and a corporate credit card with another, mobile apps like Mint allow you to sync your savings, credit and debit accounts alongside any upcoming bills or payments due, so you can be sure of your net position, no matter how far from the office you are.
There are several similar solutions available, with varied features to meet the needs of your start-up venture.
Maintain expense reports and stay on top of records
Cut down on your admin time when you’re back in the office by recording any expenses accrued out of the office – while you’re there. Digital applications like Expensify allow you to record cash expenses in over 160 currencies, categorising them as you would your day-to-day company outgoings – including any mileage and billable hours. Corporate bank accounts and credit card transactions can be imported too, so if you do find yourself out of the office for an extended period of time, your expense reconciliation process doesn’t need to fall down.
Digitalise your invoicing
Many small businesses have adopted an online approach to customer and client invoicing. New digital technologies, accessible via mobile and tablet devices, mean you can automate your invoicing process and manage it centrally, via an online platform. Many of the basic systems are free, but by upgrading to a paid version, you’ll be able to integrate other accounting applications. Moving your invoicing process online will allow you to save time and money by sending bills online, and you’ll be able to manage any outgoing communications from anywhere that you have internet access, not just in the office.
Simplify and centralise employee spending
If you’re managing employees and they’re accruing expenses, you may also want to look at a solution to keep a closer eye on how they’re spending and recording funds. With a business expense card solution like Cashplus you can provide your employees with expense cards that are linked to one main account, with a centralised card management system that’s within your control.
You’ll be able to limit the available funds, see where company funds are being spent in real-time, and if necessary – restrict certain transactions.
In the early stages of business, you want to ensure you have a clear view of your start-up capital and set in motion a smooth management process for the future. By taking advantage of some readily available and easy to manage digital solutions, you could streamline aspects of your start-up business’ money management and ensure, that even if you’re out of the office, your processes continue to run smoothly and you stay on top of your finances.
Nick Biggam is commercial director at APS. Via their Cashplus brand, APS provide business expense cards and business current accounts to small businesses and start-ups in the UK, with over 25,000 accounts opened in the past two years.