The Impact of the Mobile Revolution on Budgeting
Posted by Martijn van der Hoeden
A decade ago, a smartphone meant a BlackBerry, and no one had heard of “apps.” If you were transported back to 2007, you would be shocked at how integral apps have become to your life.
From a business perspective, apps have moved the traditional office onto a handheld device. Now, even when you are home or on the road, there is no reason why you can’t call back a client, enter an appointment in Outlook, answer an email, input your expenses, edit a report, or generate a new project budget with all the associated dependencies attached.
Most of all, there’s no reason why you can’t keep an eye on the budget and alert the team to a dangerous trend. Below are two actions you can take today to save your budget and become your enterprise’s utilization hero.
1. Let employees book hours directly on their mobile phones
Even when everything looks great on the balance sheet, your company’s cash flow can slow to a trickle due to slow payment of invoices. One way to keep your organization healthy is to speed up invoicing by having employees enter their hours in real time. That’s what the mobile revolution was meant for, as long as you have the right cloud-based software that makes it easy for people to record their hours effortlessly.
2. Forecast expense trend lines in your phone to see if you are headed for a budget overrun
Business leaders at best-in-class firms don’t have time to go back to the office to check on all their concurrent projects. They use mobile-enabled dashboards that centralize all the critical metrics for each venture. Once employees are entering their hours as they book them, your software should be able to visualize the data as trend lines, with budget caps in red. Internal logic should also take care of special cases like currency conversion, tax implications and the potential for overtime to spike the expenses. Think of your mobile device as your universal remote for project management, and you won’t get caught by surprise.
A call for better suggestions
Smart companies today are relying on tech to help them prevent budget overruns, scope creep, scheduling headaches and low-value manual handling of administrative tasks. Unit4 invites you to watch our on-demand webinar full of budgeting advice.. In this wide-ranging discussion, you will discover how to use your phone for streamlining the budgeting process, implementing cloud-based dashboards, and invoicing directly from project screens. Be a mobile revolutionary and maximize utilization of your existing resources.