March 6, 2013
We’ve talked a lot lately about “No Check" CEOs. As a refresher, “No Check” CEOs are a new generation using game-changing technology to replace time-consuming paper processes with fast, efficient cloud-based systems everywhere in their businesses. These “No Check” CEOs aren’t tied to their offices, but free to manage their companies from wherever they need to be, with instant, real-time access to their business and financial data from anywhere, 24 hours a day.
Many never use paper checks, because they send electronic payments instead. Their staffs never waste time printing invoices or stuffing envelopes, or spending money on supplies and postage because they invoice and process bills electronically. And because they also get paid electronically, you never see a pile of checks sitting in an office waiting to be deposited – customer payments go straight into their accounts.
I truly believe in the No Check CEO paradigm. It’s one I try to live myself. And nowhere has the momentum for this new mindset been more apparent than our recent survey of more than 500 CFOs/finance managers about the importance of mobility.
Our survey discovered that a majority of financial professionals are moving to conducting business via the Cloud and mobile devices. 44 percent of respondents said that the ability to process mobile transactions is a business requirement. When asked what percentage of financial transactions were being conducted via their mobile devices, 30 percent of mobile users are processing more than 25 percent of their transactions on mobile devices while 11 percent are processing more than 50 percent of transactions on their mobile devices. And in contrast to past conceptions of mobility, 70 percent of respondents felt that the reliability of mobile financial transactions is good or excellent. In addition, 83 percent found mobility to be secure.
Due to this increased confidence in the security and reliability of mobile computing, almost half of the respondents said that they wanted to expand the use of their mobile devices beyond approving transactions to sending reminders, adding notes to documents stored on the cloud and, most importantly, managing their cash flow. 43 percent already see managing cash flow from their mobile device as important and, as we increasingly move into an economy run by “No Check” CEOs, the comfort level and need for comprehensive financial solutions on mobile devices will become more and more critical.
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.