Using mobile payments to keep better records
March 14, 2013

Starting and running a small business can be a daunting prospect, especially for an inexperienced entrepreneur. The popular number being passed around the business community is that as many as 44 percent of startups fail within three years of being created. On top of that, the leading reason is frequently inexperience - 46 percent of companies close because entrepreneurs don't understand the importance of key functions such as record planning and payment of taxes, according to StatisticBrain.

Keeping records is particularly vital to the success of young organizations. Records can impact businesses in a variety of ways, and entrepreneurs need to realize that transaction histories and accompanying files can play a crucial role in the management of their companies.

"Many business owners invest a lot of time and effort into the running of their business and yet fail to realize the importance of maintaining good documentation," accounting agency AJML Group explains. "The business owner is looking for the maximum return from their investment and the maintaining of good records is part of that equation."

Keeping accurate records of transactions can help organizations by assisting them in the preparation of financial statements, illuminating where revenue is generated and providing management with the ability to make better purchasing decisions. On top of that, transaction histories can be a good measure of current business performance and can save a lot of time and effort in the long run - nothing is more frustrating than sitting down at the end of a reporting period and having to go back over numbers because logs weren't accurate.

Keeping payment records
One area in which accurate records are particularly important is payment transactions. While they can be frustrating to keep track of, it's absolutely pivotal that businesses do so - particularly in high-volume industries such as retail. By documenting every transaction, businesses can effectively evaluate product sales and revenue flow.

In that regard, mobile payment solutions - such as Sage Mobile Payments - can help entrepreneurs ensure that their record-keeping practices are spot on. Businesses can look up sales for specific time frames, complete with dates, records and authorization codes. Companies can even go as far as emailing receipts to clients with Sage Mobile Payments.

By having both record-keeping functions and payment processing features combined through one app, businesses can effectively take care of two important tasks at once.

Nexus: G-WEBCD3