The number of mobile apps for enterprise users has grown steadily in the last few years, and the growth rate has only been increasing so far. While the devices are flying off the shelves, more and more software developers are presenting consumers with various apps for their devices. As the world of apps grows larger and tasks get simpler, the modern mobile device user is almost thrilled to bits. Many companies are encouraging BYOD (Bring Your Own Device) to work so that employees who are accustomed to their apps can function better and run on a high productivity margin.
The app revolution has touched almost every industry, and the financial management industry is no exception. The requirements to have accurate numbers and zero margin for error separate the finance industry from others. Even a slight error can cause the loss of enormous amounts of money. While using an app, these error margins are almost nil, allowing users to spend time on other tasks as well.
Here are a few examples of mobile apps for financial management in enterprises:
This is an accounting app that is best suited for small businesses and allows users to track income sales and expenses, print checks, manage payroll, pay bills, create invoices and forms, and accept credit and debit card payments. You can use this app on all your devices simultaneously because it syncs data automatically across your desktop, phone, or even tablet.
You can start a free trial of this product immediately, and Intuit even promises a 60-day money-back guarantee if you find the software too complex for your use. If you think that is a good value, you will be delighted to know that this software allows integration with thousands of other business apps and add-ins.
This software is aimed at bigger enterprises and offers a cloud-based solution that provides mid-market accounting and financial management apps for businesses. The various offerings include modules for accounting, order management, purchasing, financial reporting, and business intelligence. The app also offers multi-currency support, sales-tax management, multi-entity support, inventory management, contract and revenue management, and integration with the Salesforce.com platform. To be extra safe with all your valuable data, the company’s data center has backups on three continents and offers special disaster-proof security for your crucial financial data.
Developed by Google Apps for small businesses, this app allows employees to create expense reports directly from bills that can be scanned by a phone, and then a report is automatically generated. You can also sync it with your credit card or bank account to have your expenses registered automatically. This app is integrated with Intuit QuickBooks and comes free for creating and submitting reports.
An app developed for customer-centric businesses, Chargify is suitable for those who have an online subscription feature in their businesses. If you want to track orders and have special offers or discount coupons or even expiration dates and deadline renewal requirements, this is the app for you. It is modeled to have higher costs once you have crossed the 500-customer mark, but that would only mean that your earnings have also risen suitably.
Another app available at the Google Apps store is FreshBooks, which is the answer to managing your invoices. This is cloud-based software that helps you streamline the process of either creating or receiving invoices including tracking your employees’ time, which is essential for billing your clients correctly. This app handles recurring billing procedures like retainer clients and makes it easier to follow up with your clients, which results in less time wasted on billing hassles and follow-ups, freeing time for you to invest elsewhere.
In addition to the apps mentioned above, an enterprise may need specific features that existing financial apps don't provide. Since some existing apps only fill about 80% of a company's needs, custom apps will be needed in order to enhance processes and meet specific business objectives. Companies can work with a mobile app company to develop and design a custom mobile app that will fit the company's specific needs.
The financial services industry is a huge, diverse field that has specific requirements depending on whether you are an individual, small enterprise, or a rapidly growing organization. No matter the size of the enterprise, being tech savvy is no longer an option but a requirement.
The involvement of the IT industry cannot be underestimated when discussing the growth of the finance industry. The recent IDC predictions only reiterate this fact stating that IT spending in the finance industry is expected to exceed $430 billion this year and about $500 billion by 2020.
When you experience such rapid and expansive growth in technology, you gain in terms of increased productivity and enhanced customer experience, but you are also required to keep an eye on aspects of mobile security. Exposure to various mobile devices makes it difficult to stick to compliance guidelines and your organization might be at risk of data leakage.
So, the key solution to this problem is to choose the correct mobile application management program or the type of apps you choose for your enterprise. The right choice will ensure that you enjoy the benefits of technology while your data remains safe and secure.
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