Technology presents continual room for general industry development and small-scale solutions. It permeates the physical and virtual worlds. We’re moving increasingly online, to the point that just about every subgenre of every industry has some online presence.
It’s no different for finance. You might even say finance leads the charge with a very robust fintech industry, with tech hubs in major countries and cities worldwide home to many successful companies and startups. Digital money is taking off; buying and selling happen online, and physical technology facilitates it in many different ways.
If you’re running a business, you might be interested in the ways you can optimize your finances with technology. Take a look at our guide for some ideas.
Accounting software takes the heavy lifting out of finances
They say the first hire any business should make is an accountant. The logic suggests they will pay for themselves by looking for savings in your business operations and takes the heavy lifting out of your finances by doing all the bookkeeping.
However, there are a lot of software solutions for bookkeeping nowadays. We’re already upgrading from the pen and paper to the Microsoft spreadsheet. What’s to stop us from upgrading to something tailored to keep a record of all your finances?
Nothing. Software solutions will take you to the next level by helping you track and analyze your spending within your business, so you don’t have to spend on an accountant.
The market has plenty of software solutions that apply to different finance areas. One example is spend management software, which will continuously work to optimize your business spending to make sure you are making good decisions with your money.
Alternative payment methods offer better security
A big problem that has occurred in finance has always been fraud. Human and computer intelligence has spent equal time trying to prevent and deal with fraud, but it was a timely task that would take a team of salaries.
The concept isn’t entirely gone, but it has been streamlined by automatic fraud detection software. These systems can detect and flag any potentially fraudulent cases using AI, removing the hard work.
Plus, alternative payment methods offer very little room for fraud. Contactless payment machines are end-to-end encrypted to allow no room for hackers, and data is stored in clouds to ensure no one can access them.
Online banking is helping us budget
We’re increasingly dependent on our phones to survive, but that isn’t entirely bad. We’re addicted because many things are working for us, making yesterday seem harder than today. One of those is online banking. We watch our incomes and outcomes fluctuate, we’re even notified whenever we buy something, and we make big decisions like opening accounts and starting to save online.
That doesn’t have to stay on the personal level. Mobile accounting is also available, which offers you all the same perks like notifications of changes and implementing changes, plus business-specific tasks like creating and sending invoices, capturing receipts and gathering signatures.