Utilizing advanced technology is a way to manage business operations more efficiently. Jago’s Shared Pocket is here to help you become jago at managing your business operations. What is the Shared Pocket?
Becoming Jago at Managing Business Operations with the Shared Pocket
Before discussing the Shared Pocket further, Jagomin will discuss a little about Pocket. Pocket is an innovative feature in the Jago application.
The Pocket feature allows you to manage your finances easily and practically. You can create one Pocket for every need.
Uniquely, each Pocket has its own bank account number. So, if you want to have multiple bank accounts, you can, with Jago.
The Shared Pocket is one of the many types of Pockets. With the Shared Pocket, you can collaborate financially with other Jago users. It can also make you become jago at managing business operations. How come?
1. Managing petty cash with the Shared Pocket
In running a business, you must be familiar with what is called petty cash. Petty cash is an amount of money set aside to finance certain office expenses, such as giving rewards to employees who excel or perform brilliantly. Employees are happy when their hard work is appreciated and will be motivated to be more productive and give their best. This will certainly be good for the business you run.
For petty cash, you can create a Shared Pocket. You can change the name of the Pocket as you wish, for example to 'Petty Cash' so it's easy to monitor. After that, you can allocate the budget for petty cash into the Shared Pocket. The source of the funds can be from the Main Pocket or other Pockets of your choice.
Then, you can invite employees to join the Shared Pocket. You can also set the role of each member of the Shared Pocket, for example, as a viewer or a spender.
Even better, the Shared Pocket maintains transparency. Transaction history can be seen by each member. You can also set a spending limit for the Pocket. Thus, improper use of money can be minimized.
So, when employees want to use the petty cash, they can take it directly from the Shared Pocket. You or those appointed to be responsible for supervising the use of petty cash also don't need to take note manually.
Also read: Smooth Business Lots of Cuan, Managing Business Finances the Juragan Way
2. Managing business cash flow with the Shared Pocket
For those of you who run a business with your spouse or business partner, the Shared Pocket can help you manage business cash flow to ensure that it stays positive.
Just like using the Shared Pocket for the petty cash, you can also use the Shared Pocket to manage cash flow. When you invite your spouse or business partner to join, they can automatically access the Shared Pocket from their Jago application.
When managing cash flow using the Shared Pocket, you no longer need to share personal or confidential information such as PINs and passwords in order for your spouse or business partner to access the money. Or vice versa.
How to Create a Shared Pocket
Now, it’s time for you to create a Shared Pocket to be better at managing business operations. How to create it? Very easy. Follow these steps:
- On your Pockets tab, choose the Pocket you wish to change into a Shared Pocket.
- Find and tap the Invite button on the top of the screen.
- Choose members to be invited.
- Select a role for the invitee.
- Once accepted, your Pocket will automatically change into a Shared Pocket.
Enjoy how easy, practical and fun it is to manage business operations using Jago’s Shared Pockets. To be able to use Shared Pockets, you first need to have a Jago account.
Download the Jago application here for those who don’t have it yet.
