Running Your Business From Your Phone

Running Your Business From Your Phone? Here's How to Keep Your Accounts Organized

Running a business today does not always mean sitting behind a desk with files, registers, calculators, and spreadsheets spread across your table. For many business owners, the office is wherever their phone is.

You may be checking customer payments while sitting in a shop, sending invoices while traveling, reviewing sales before going to bed, or checking your business expenses while having your morning tea. Smartphones have made it possible to manage many parts of a business from almost anywhere.

But there is one area where many business owners still struggle: keeping their accounts organized.

Sales happen quickly. Customers buy on credit. Expenses appear throughout the day. Payments come in through different channels. Receipts get lost. And when everything is recorded in notebooks, WhatsApp messages, memory, or scattered spreadsheets, it becomes difficult to understand the real financial position of the business.

The good news is that you do not need a complicated accounting system to stay organized.

With the right habits and a mobile-friendly accounting solution such as Accountio, you can keep your business records organized directly from your phone and spend less time worrying about where your money went.

In this guide, we will look at practical ways to manage business accounts from your phone, track income and expenses, stay on top of customer payments, and build a simple accounting routine that actually works.

Why More Business Owners Are Managing Accounts From Their Phones

Business has become faster and more mobile.

A shop owner may spend most of the day dealing with customers rather than sitting at a computer. A freelancer may work from different locations. A small business owner may visit suppliers, meet customers, deliver products, and manage employees throughout the same day.

In these situations, waiting until you get back to your laptop to update your accounts is not always practical.

Your phone is already with you.

That makes it a natural tool for managing your financial records.

A mobile accounting system allows you to record important transactions when they happen instead of relying on memory later.

For example, if you purchase stock for Rs. 25,000 in the afternoon, you can record the expense immediately. If a customer pays Rs. 15,000 toward an outstanding balance, you can update the payment at once.

This small change can make a major difference.

Instead of asking yourself at the end of the month, "Where did all the money go?", you have a clearer picture of what happened throughout the month.

The Real Problem Isn't Your Phone — It's Disorganized Records

Many businesses are already managing their work on their phones.

However, the issue is that essential business data is stored in different places.

You may have:

• Customer balances in a notebook

• Sales data in WhatsApp

• Expense receipts in your wallet

• Suppliers' data in contacts

• Payments data in bank messages

• Stocks purchase in your mind

• Personal expenditures and business expenditures intermingled

• Important numbers written on any pieces of paper

On its own, it seems like everything is under control.

The trouble starts when you need an overview of your finances.

How much have you sold during the month?

How much money is due from your customers?

What was the cost of your stock?

What are the necessary expenses?

How much cash do you have?

It can take many hours just to get the answers. And sometimes the only possible answer would be the estimated one.

That is why the accounting of your business from your phone should not be just about recording of numbers. It should be about making all the data accessible from one place.

Start by Recording Every Sale

One of the easiest things you can do to make your accounting better is to form the habit of logging all your sales.

Whether the sale is big or small doesn’t matter.

Both a sale of Rs. 500 and a sale of Rs. 50,000 will have an effect on your business records.

If your sales are not logged properly, your income statement will start getting incorrect very quickly.

Form a habit of logging the following for each transaction:

• What item you sold

• Amount of the sale

• The client

• Whether the client paid instantly

• Was the sale a credit sale

• The payment received

• Remaining balance

It is much easier to log all this right away rather than reconstructing the information a few days later.

Especially if your business handles a lot of cash and credit transactions.

Thanks to a mobile accounting software such as Accountio, you will be able to access your business records on your phone without having to wait for your PC.

Keep Customer Dues Under Control

Credit sales can be beneficial to your business but at the same time, can be detrimental to your cash flow if you do not manage them properly.

A customer says,

"I'll pay you next week."

Next week turns into next month.

When you have many customers, you forget whom you have to get money from.

This is when customer payment tracking comes into play.

For each credit customer, you must know:

• The value of purchases

• How much they have paid

• How much they owe you

• The date of payment

• How long it is outstanding

You should not have to rummage through your old WhatsApp chats or pages of your notes to get this information.

Your accounting system should give you easy access to it.

Having a clear idea of the balance of each customer will also improve your follow-up professionalism. Rather than saying, "I think there is some payment outstanding," you can tell the exact figure.

It will make things clear for you and your client.

Separate Business Expenses From Personal Spending

One of the most frequent problems faced by owners of small businesses is the confusion between personal and business expenditures.

You use the same bank account, wallet, or cash for both.

In the morning, you buy stocks, in the afternoon, you pay for a personal expense, then pay for fuel for work-related travel, and eat out during the evening – using the same money for all of this.

In a couple of weeks, it is hard to tell what the real amount of expenditures was made by the business.

This will lead to misrepresentation of your financial accounts.

You should try to clearly separate:

Business expenditures

• Stocks purchases

• Rents

• Salaries

• Utilities

• Transportation

• Advertising and marketing

• Packaging

• Supplies for office

• Software fees

• Payments to suppliers

From personal expenditure, which cannot be considered as business cost.

Even if you are a tiny business, such separation will help greatly with keeping your financial accounts clear.

Record Expenses the Moment They Happen

It will be hard to track expenses when you decide to do it at the end of the week or the month.

Though you will be able to remember the big expenses, the small expenses may be forgotten.

But small expenses matter too.

Think about how many small expenses a company can have during a typical week:

• Delivery expenses

• Fuel

• Packaging

• Tea for guests

• Balance on your mobile phone

• Internet services bill

• Minor repairs

• Stationery

• Transport expenses

• Bank fees

None of these expenses may seem important at first sight.

But together they may have a notable effect on your profit.

That is why expense tracking should become a daily routine.

This routine is easy to follow since you always have your phone with you.

Do not put off till tomorrow what you can do today.

Don't Rely on Memory

Your memory serves many purposes.

However, your business accounts should not be one of them.

While you may remember that a client made payment to you the previous week, do you know how much exactly?

Even while you recall that you bought stock recently, do you know the exact amount?

Although you may recall that you made a payment to a vendor, can you instantly locate the date and details of that payment?

With the growth of your business, depending on your memory can pose a threat.

An organized accounting system should serve as your financial database so that you do not have to remember everything yourself.

It is quite simple:

Write it down once, file it right and retrieve it easily.

Make Your Phone Your Business Accounting Assistant

Your smartphone is capable of being more than just a means of communication.

When used correctly, it can become a useful tool in managing your business.

Thanks to the mobile accounting system, you can perform a number of significant tasks without being restricted to your desk.

For instance, within the course of a typical working day, you would be able to:

1. Register a sale to your customer.

2. Register a new customer.

3. Register a payment.

4. Update a balance.

5. Register a business expense.

6. Review latest transactions.

7. Look at your finances before making a business decision.

It will save your time and prevent you from forgetting about some of the transactions.

The main thing here is to find the right system that will not be too complex to work with.

A complex system which you don't want to use is much worse than an easy one.

Create a Simple Daily Accounting Routine

There is no need to dedicate many hours every night to accounting.

The best way is to develop a short daily schedule.

Every day after the business closes, take a few minutes for checking your accounting.

Step 1: Today's Sales

Ensure that everything you have sold has been accounted for.

It is necessary to check if there were some credit sales.

Step 2: Expenses

It is important to enter expenses while having the receipts and payment details before your eyes.

Step 3: Customer Payments

Make the record of payments you have received today to keep the balance of your clients correct.

Step 4: Outstanding Amounts

You should consider those clients who have not yet paid.

Thus, you will be able to act proactively rather than solve cash flow issues when they arise.

Step 5: Your Financial State

You should review your income, expenses, and other important financial information.

The procedure does not take long, but it saves much of your time.

Use Categories to Make Your Records Easier to Understand

Just keeping track of expenses is sometimes not sufficient enough.

You have to categorize them as well.

For instance:

• Inventory

• Rent

• Salaries

• Utilities

• Marketing

• Transportation

• Maintenance

• Office costs

• Bank costs

• Other costs of business

Why is it important?

Because by categorizing them, you get an idea of what is costing you.

In case you observe an abrupt increase in your transportation cost, you will try to find out the reason behind it.

In case marketing cost increases without any improvement in sales, then you will reconsider your approach.

Similarly, if inventory costs have increased without any rise in your revenue, then you would reconsider your purchasing policies.

Accounting is not only about keeping the data.

Keep Your Invoices and Customer Records Organized

Invoices play a crucial role in professional business management.

Invoices serve as an informative document for your clients about what they bought and what amount is due from them.

Also, invoices allow you to keep track of your sales.

When all invoices are generated and stored in a digital form, you don’t have to rely solely on paper invoices.

The mobile-friendly approach will allow you to easily access your client’s details and transaction history at any time.

It is especially helpful when you’re working out of the office.

Suppose that you meet one of your clients out of the store and he asks you about some previous purchase.

In response to your "I’ll check later," you have an opportunity to quickly check the necessary data on your smartphone.

That is why mobile business management is so beneficial..

Review Your Accounts Every Week

It is essential to maintain records on a daily basis, but a weekly review is equally important.

Every week, try to make out a larger picture of the situation.

This includes:

• How much did the business sell this week?

• How much cash was received?

• How much is still due?

• What are the major expenses incurred?

• Are the expenses rising?

• Who are the customers with the outstanding payments?

• Is there any record that needs revision?

Weekly review is important in helping to recognize any potential problems in the early stage.

For instance, you will notice that many of the customers are becoming late in payment.

You have the chance to rectify your credit policy.

There could be some expense which rises sharply.

Without the weekly review, such a pattern would remain hidden.

Don't Wait Until Tax or Year-End to Organize Your Accounts

The most common mistake of any businessman is that he or she thinks that accounting is only relevant once a month or year ends.

It might even be too late by that time to get all the information in order.

Accounting is not a one-time thing but a continuous process.

Every transaction that is made plays its role in forming your accounting records.

And as long as you maintain your accounts throughout the year, certain financial activities become more convenient for you.

You will also make wiser decisions since you deal with up-to-date information.

Make Financial Decisions Using Real Numbers

Business decisions shouldn’t always rely on emotions.

Sure, you may feel that sales are growing, but what do the numbers tell you?

Maybe you feel that a particular product is very profitable, but have you considered all of your expenses? Is it really profitable?

Are you sure that your client is a good client when he is paying his bills late and causing your cash flow problems?

Organization will enable you to answer these questions.

Once your financial information is up-to-date, you’ll be able to make business decisions based on facts.

This can help you with:

• What products to concentrate on

• What expenses to cut down

• What clients need some action from you

• When to buy inventory

• Whether you can afford a new investment

• Where your business is winning and losing money

What Makes a Good Mobile Accounting System?

If you are going to control your finances through your smartphone, the program you use makes all the difference.

The ideal solution would be the one that is:

Easy to use

You do not have to have any accounting background to enter data.

Accessible

Your vital business information must be available anytime you need it.

Organized

Your sales, expenses, clients, payments and other data must be clear enough.

Fast

Entering your financial transactions must not seem like an enormous effort.

Designed for Small Businesses

A small business does not require an overly complicated accounting program.

It is the program that best suits your workflow.

This is where Accountio comes into play as a convenient tool that will help you deal with your accounting issues more easily and efficiently.

How Accountio Can Fit Into Your Daily Workflow

The most important feature of using the Accountio application is not the availability of one more application in your mobile phone.

Rather, what is most important is getting an organized approach to managing your business finance.

With this application, you will be able to organize all the financial details and documents in one place instead of maintaining them separately at various locations.

You can integrate the process of accounting into your business management process instead of doing it separately at a different time.

This is important for any busy businessman.

You are already using your mobile phone for communicating with clients, contacting suppliers, checking messages, etc.

Why not maintain your accounts using it?

Start Small and Build the Habit

You don't have to revamp your whole business approach all at once.

Begin with the basics.

Log all of your sales.

Tally up all your business expenses.

Maintain your customers' balances.

Check your account balances.

Keep your personal and business expenses separate.

Then as your business evolves, refine your process.

Consistency is key.

An effective yet simple accounting process done daily is far more useful than an advanced process done once a month.

Your Business Can Be Mobile. Your Accounts Should Be Too.

It is no longer an oddity for people to manage their businesses using their phones.

People want instant responses. People pay instantly. People running the businesses travel around. Suppliers require immediate information. Instantaneous decisions need to be made.

Your accounting process needs to reflect that.

You shouldn’t have to wait until you are comfortably seated in front of your computer to be able to know what is going on with your business.

With good mobile accounting, your financial records will always be at your fingertips.

You will be able to make entries instantly, monitor the debts of your customers, monitor your expenses, analyze your business performance, and make sound decisions.

The point isn’t to complicate things.

The goal is to make it simple, consistent, and useful.

Final Thoughts

Having control over your business through your cell phone is faster and more flexible provided that you manage to organize all the necessary accounting processes.

The main thing here is not to consider accounting as something that you will do “later.”

Enter the transactions at the time they occur.

Monitor client payments.

Follow up on expenses.

Separate business from personal finances.

Check your figures regularly.

And, what is the most important thing here, choose the accounting system that is simple enough for you to implement in your daily routine.

Accounting system like Accountio will allow you to bring your accounts to your mobile lifestyle through your cell phone.

Your business is on the go.

Accounts can be too.