Chase helps small business owners manage expenses via mobile app
The Jot mobile app lets small business owners track, categorize and organize their business expenses via their iPhone and Android devices. The application is available for free download in Apple’s App Store and Google’s Android Market.
“With Jot, small business owners can save administrative time in the back office by streamlining the process for managing and tracking expenses,” said Maura Rose, general manager for Ink from Chase, New York.
“Our research has shown that small business owners want to spend more time engaged in the daily activity of growing their business and less time managing their expenses,” she said.
“We wanted to provide our Ink customers with a solution that was on the go as much as they are. With less time reconciling receipts, business owners can have more time to invest in the projects they love and further build their businesses.”
Chase serves consumers and small businesses through 5,200 bank branches, 16,200 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities.
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Consumers can receive text alerts within seconds of making a purchase with their Ink card.
Additionally, small business owners can tag their purchases to custom categories on their smartphone or online.
The app also lets employees tag their business expenses.
“Ink from Chase recognized that small business owners are accelerating their adoption of mobile technologies, moving away from desktops and laptops and toward smartphones and tablets,” Ms. Rose said.
“The team designed Jot to support those small business owners who are often on-the-go and rely on mobile application solutions,” she said. “This is a mobile and online solution, so it meets everyone’s needs.”
Consumers can view all transactions on their account, including those of their employees.
In addition, the app lets consumers adjust employees’ card spending limits in real-time and create and download reports into accounting software such as QuickBooks and Excel.
Ink from Chase also partnered on a recent study with Small Business and Entrepreneurship Council, which surveyed 300 small business owners.
The study found that U.S. small business owners who are currently using a mobile app report saving an average of 5.6 hours per week.
Additionally, the study found that the use of mobile apps is currently saving an estimated 1.28 million small business owners approximately more than 372 hours annually, or nearly two full weeks, giving them more time to focus on growing their business.
“Chase has a long history of partnering with small business owners,” Ms. Rose said. “In addition to the Ink from Chase portfolio and benefits, Chase is also committed to lending $12 billion to small business owners this year across the entire bank.”