More than 66 percent of finance professionals process cash flow transactions from their mobile devices, according to a recent survey by Bill.com, provider of integrated bill payment, invoicing and cash management solutions.
The study, conducted in January 2013, looked at leaders within the financial industry and their use of the Cloud and mobile technologies. Of the 510 professionals that responded, 46 percent were CFOs, 36 percent were controllers and 18 percent were financial managers in other positions. Many of whom said that the ability to process mobile transactions is a requirement in today’s world in order to increase efficiency, effectiveness and competitiveness.
“It’s exciting to see professionals start to transact and rely on mobile platforms more and more,” said René Lacerte, founder and CEO of Bill.com. “In thinking about ‘No Check CEOs,’ we realized that you can’t really help someone become a ‘No Check CEO’ unless you have a platform that supports anywhere, anytime access to financial transactions and cash flow and you need a mobile device in order to do that.”
The study also found that many finance professionals who process transactions on their mobile devices still used manual process for cash flow management. However, their level of confidence in the security and reliability of mobile computing has increased, with 11 percent of mobile users using their mobile devices for more than 50 percent of transactions. Seventy percent of respondents felt that mobile financial transactions had good to excellent reliability and 83 percent believed mobile transactions are secure.
Mobile devices are used to process more and more financial management transactions, such as sending customer reminders, adding notes to documents and managing cash flow. Forty-three percent of respondents said they view mobile management of cash flow as important, and more businesses are replacing their paper and manual processes with cloud-based systems. Described as “No Check CEOs,” many business owners desire the ability to manage their companies away from the office and have instant access to their real-time business and financial data at all times.
“As more and more businesses move to the ‘No Check’ CEO paradigm, having financial solutions such as Bill.com that can be effectively used to manage all aspects of cash flow from anywhere at any time will be increasingly important,” said Lacerte. “As this survey has shown, the move to mobility represented by this new generation of leaders is already underway. It can be seen in financial professionals’ desire to move not just transactions but account payables, receivables and cash flow management to their mobile devices. We look forward to helping usher in this more efficient and effective way to conduct business.”