A recent Bill.com survey of CFOs and finance managers found that 66 percent of respondents are now processing transactions from their device with the majority moving towards conducting more business via the cloud and mobile devices.
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In January 2013, Bill.com surveyed 510 CFOs and finance managers across multiple industries who have automated their payables and receivables process in order to better understand their usage of mobile technology for business financial transactions. Of those surveyed, 46 percent of were CFOs, 36 percent were controllers and 18 percent were other financial managers.
The survey found that while many respondents only used mobile devices to process transactions and still cling to manual processes for cash flow management, 44 percent said that the ability to process mobile transactions is a business requirement.
Other findings showed that:
- 30 percent of mobile users said they are processing more than 25 percent of their transactions on mobile devices
- 11 percent are processing more than 50 percent of transactions on their mobile devices.
- 70 percent of respondents felt that the reliability of mobile financial transactions is good or excellent
- 83 percent found mobility to be secure
- Nearly half of the respondents stated that they wanted to expand the use of their mobile devices beyond approving transactions to sending reminders
- 43 percent already see managing cash flow from their mobile device as important
“As this survey has shown, the move to mobility represented by this new generation of leaders is already underway,” said Bill.com chief executive and founder René Lacerte. “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.”