Corporate accounting platform ScaleFactor is rolling out its Android app for business professionals to gain real-time visibility into company finances.
The company is introducing its Android app to link small business owners to ScaleFactor Business via their mobile devices, the firm said in a press release Thursday (Feb. 14), a functionality that the firm's CEO and founder Kurt Rathmann said is often missing for the small business community.
“Small businesses historically don't have the ability to access accounting, finance and back-office operations from smartphones and tablets,” Rathmann said. “ScaleFactor's mobile app brings real-time accounting information to SMBs to help with financial planning, predictions and forecasting regardless of their location.”
Users can customize their dashboard for faster access to key data, and can upload receipts into the mobile platform to automatically input data from purchases into the ScaleFactor solution. The app supports multi-entity login for professionals with more than one business, and alerts users when action needs to be taken.
The app is already available on the iOS App Store and Google Play, the company noted.
Last year, Rathmann spoke with PYMNTS about the challenge for business owners to accelerate their processes — and the role of data sharing as part of that effort.
“There are lots of different solutions, that solve specific problems, that business owners are using, but the issue is that they don’t integrate together very well,” he said in July, adding that this challenge means data can be lost and siloed, and prevent businesses from obtaining a real-time, holistic view of their operations and finances.
“The trends we see are the efforts to speed that up, and take the lag out of that process in an effort to provide more real-time information to a company,” he said.
Research released in 2017 from Intuit found accountants cite a lack of proper record-keeping as the biggest accounting mistake that small businesses make.