Chase business credit card customers will soon enjoy real-time expense reporting and tracking, thanks to a new mobile application available on both the iPhone and Android platforms starting this month. In a statement to reporters, company officials introduced Jot, a mobile app companion for business customers with Ink from Chase credit card accounts.
- Texting and tagging. Although many small business credit cards already offer text message notifications almost in real time, Jot enables users to convert a spending alert into a trackable expense using the app's tagging feature.
- Universal reporting. Jot users can prepare downloadable expense reports pre-formatted for Intuit's QuickBooks software. Business owners and accounting managers can get even more advanced data from Excel-ready reports, exportable directly from the app.
- Live account management. Owners and managers can instantly view their own expenses, as well as company-wide views of employee spending. Account administrators can adjust individual credit card spending limits on the fly from within the Jot app, especially after reacting to a spending alert or to an employee phone call.
Ink from Chase project managers studied the impact of mobile accounting applications in partnership with the Small Business and Entrepreneurship Council. 300 American small business owners surveyed by the partners reported saving over five hours a week by switching many of their routine administrative tasks from desktop software to mobile apps.
Chase researchers estimate that online apps can save small businesses as much as two full weeks per year. That's time that could be well spent on business development or rest and relaxation.
In a related study of Ink from Chase business customers, Chase found that more than four out of five business owners keep their eyes on their companies' books, with three in five company leaders speculating that real-time tagging and expense approval would help reduce overhead.
A special web page on the Ink from Chase website links to free Jot downloads for Android and iPhone users.