Jot, a new smartphone app from Ink from Chase, will make it easier for small business owners to manage all company-related purchases in real-time.
Chase (NYSE: JPM) released the Jot mobile app for its Ink from Chase customers, who are small business owners with an Ink Chase business credit card.
When a purchase is made on the Ink card, a real-time alert is sent to the customer’s smartphone. The purchase can then be tagged under customized categories. Jot will offer the ability to create reports that could be downloaded onto popular accounting software such as Quickbooks and Excel.
Additionally, employees with company cards can also tag purchases and card spending limits can be changed in real-time with the Jot mobile app.
Through a survey of 300 small business owners, Ink from Chase and the Small Business and Entrepreneurship Council, found that American business owners who used a mobile expense tracking application saved an average of 5.6 hours per week. Mobile apps are projected to save 372 hours per year for an estimated 1.28 million small business owners.
“Jot will enhance the finance-savvy business practices of small business owners, allowing for additional time and an improved focus on the passion and sense of accomplishment they have for their business,” Richard Quigley, president of Ink from Chase, said in a press release.
Features on the Jot mobile app could prove useful for everyday consumers as well – in the event that Chase incorporates this form of real-time expense tracking into its Chase Mobile app and/or Blueprint feature.
Currently, only Ink from Chase customers can use the Jot mobile app, which is immediately available for download on iPhones and Android devices.
Ink from Chase customers who don’t have a supported smartphone can still access Jot online and proceed to manage their expenses.