What is Mobile Finance?
Over the last decade, mobile devices and applications have woven themselves into the fabric of our lives. Generations of digital natives seek information, buy products, manage their financial transactions (and so much more) while on the go. They’ve come to expect nothing less in their professional lives. So, businesses have embraced mobile finance applications, which let their employees and customers access critical financial and banking information anytime, from anywhere (in the office, at home, or on the road), with any mobile device.
But not all mobile finance applications are created equal. Business owners and finance team leads must thoroughly research the available options, so they can choose and benefit from the app that best suits their organizations.
Expanding Markets and Audience with Mobile Finance
Expanding into new markets and reaching a wider audience are critical parts of growing a business. Offering mobile finance to potential customers is one way to achieve these goals.
When researching app options, keep in mind that customer engagement improves with increased accessibility and user-friendly functionalities. A mobile finance application should:
- Be web-based.
- Be customizable to each user’s needs.
- Keep track of data in real time, so customers always have access to accurate, updated information whenever they need it.
- Allow users to ask questions, manage financial transactions, or check account information without calling or visiting a brick-and-mortar location.
- Have a track record of consistent updates and improvements.
These critical functions can be heightened when mobile finance is combined with ERP.
Power Mobile Finance with ERP
Enterprise resource planning (ERP) solutions synchronize and store data from every department in an organization. They integrate business processes, streamline workflows, and support collaboration and communication among team members. When an ERP system is cloud based, employees can access it from anywhere, at any time.
For mobile finance applications, the cloud ERP solution you choose should provide built-in mobile access, so you can read reports, input data, retrieve customer information, handle financial management (e.g., control cash flow, track costs, trace data transactions), and much more while on the go.
Choosing the Right System
Powering mobile finance with an ERP solution leads to happier, more productive employees and happier, more satisfied customers. However, it also creates unique concerns, primarily about the app’s security, reliability, and usability.
These concerns can be eased if you choose a cloud ERP solution with a native mobile app. This means that the ERP vendor is responsible for keeping your data safe, maintaining uptime, and making the app easy to use. You must carefully evaluate ERP vendors to choose the one you believe will best fulfill this responsibility.
You should also carefully consider the ERP systems themselves—the promises they make and their track record of delivering on those promises. Start your research by asking:
- How will the ERP solution increase productivity?
- What features does it offer?
- How does it leverage technology?
- What is the long-term value of the product compared to the upfront cost?
- How does the system minimize risk and ensure security?
Security Solutions NW asked these questions, too, and the answers led them to Acumatica Cloud ERP.
How Acumatica Can Help
Security Solutions, which offers digital security, surveillance, and fire alarm systems for residential and commercial customers, chose to replace its inefficient business management software with Acumatica’s connected, configurable, award-winning cloud-based ERP solution.
In the Acumatica Customer Success Story highlighting Security Solutions, owner and general manager Jamie Vos says: “We searched for a provider that was built for the cloud and selected Acumatica….Now we can be seamless by using CRM and the Mobile App. All departments in Security Solutions—locksmith, retail, service, sales, inspections, testing—have instant access to information, helping to speed business and letting us focus on what we do best, which is to design, implement, [and] execute security solutions that provide peace of mind.”
Acumatica’s mobile ERP application gives customers peace of mind, too. Any changes made in the app automatically sync with the central Acumatica ERP instance. Our mobile app also allows you to:
- Review and complete approvals for time, expense, and sales orders with just a few clicks.
- Capture expense receipts, time entries, and electronic signatures (and more) in real time.
- Manage tasks and create events.
- Notify users of business events (e.g., tell salespeople about new opportunities).
- Tap or swipe to navigate through the app and view Summary, Details, and Settings.
- Have Acumatica, with its native artificial intelligence and machine learning, automatically create expense receipts from receipt images uploaded to the app.
- Customize your Personal Mobile Workspace to display your preferences and priorities (e.g., favorites, KPIs, etc.)
Acumatica’s mobile app has been designed for both iOS and Android, and it can be downloaded for free from the Apple App Store and Google Play.
Altogether, Acumatica’s flexible, comprehensive cloud ERP software powers mobile finance and can help you engage and grow your customer base with a secure, reliable, user-friendly mobile app. Driving finance with ERP has never been easier.
If you’d like to learn more, contact our team today to ask questions or schedule a demonstration.