Accounting for Mobile Money Transactions In Your Business In One Easy Step

Mobile Money is widely used in Uganda, with 18 million subscribers transacting over UGX 24 trillion  in 2014 alone, compared to the 2014/2015 national budget of UGX 14 trillion! Ugandans have adopted mobile money as an integral part of their everyday lives, not only using it to settle amounts between individuals but also paying their utility bills, to the extent that over 74% of utility bill payments went through mobile money, with about 70% of it collected by MTN only.

Another big contribution to the high turnovers on mobile money is from merchant payments as Ugandans now pay for goods and services, school fees and even order food online and pay using mobile money.

Understanding how to leverage this trend to grow and improve your business is vital for your competitive advantage today and long term survival.

Mobile money can be used to make and receive supplier and customer payments conveniently, securely and efficiently. One hurdle that remains is reconciling these mobile payments to business records in a timely efficient way. This is especially true when dealing with volume transactions as reconciling the amount paid/received, product/service sold, branch, salesman, discount allowed/received and the customer/supplier to the correct books of accounts are inefficient and time consuming.

Fortunately, MYAccounts reconciles all customer and supplier payments made to and from your business and processes source documents (invoices, receipts, delivery notes, discount vouchers) for print or cloud storage (Windows Azure) for your retrieval at your convenience. Our POS solutions available on both Web and Mobile (Android) allows you to post mobile money transactions as well as normal cash transactions simply by selecting appropriate payment type. Your customer also benefits from having a 1 step check out process to approve transactions as opposed to the 7 step process they go through using traditional mobile money payment methods.

To enjoy the benefits of Mobile Money in your business today, sign up for MYAccounts now!

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