Since the advent and development of the digital age, new technologies have been designed to help aid both personal and business finance.
The capability to communicate and calculate at light speed has enabled entirely new ways to conduct financial services, and it’s these ‘fintech’ solutions that this article highlights for businesses large and small. By using the right mix of traditional and new-age financial services, your business will prosper thanks to enhanced efficiency savings. The less time you spend stressing about your finances, the more you’ll have to concentrate on maximizing your profits.
Banking
While the traditional banks are catching up with the fintech revolution, it’s smaller neobanks that are working on industrious new ways to save your business time and money. It’s worth doing your research to find the bank that now has the best deal for you – it is unlikely to be the one you’re currently using. The benefits of aligning with a digitally transformed neobank are multiple, but some of the benefits include smaller fees, faster processing, personal account management, and up-to-date financial analysis that can serve to show you where your business is losing money.
Insurance
All businesses benefit hugely from insurance – a well-needed safety net when financial mishaps happen to your organization. Insurance is changing in many helpful and exciting ways, and the business insurance at Next Insurance is a wonderful example of what you can achieve if you take an age-old financial industry and add a dusting of digital technology to it. Through some small business insurance options, you are able to select tailored policies within minutes through their website, saving you the wrangling and discussing that you’d have to do with an insurer in branch. It’s a huge boon for small businesses looking for an appropriate policy.
Payments
Both in terms of point-of-sale hardware and sales software through the internet, the sea change in payment methods has seen businesses streamline their payments with customers. The buzzword in this industry is ‘frictionless’ – and that’s exactly what you get with the ‘near field enabled’ payments systems that take contactless payments from phones and cards. The same principle exists online – if your business sells online, try and onboard as many payment methods as possible to make the click-through to buy experience smooth for your customers. You might find umbrella software is the most efficient way to cover many of these payment bases.
Accounting
No longer will your small business be forever visiting an accountant. While this is ordinarily tax deductible, it’s an inconvenience you’ll be able to do without with financial technology. Modern accounting is all about the analysis of big data and one of the upshots is that you’ll be able to produce incredibly enlightening sales data charts, broken down by day, week, month or year, to show you what’s happening in the financial side of your business. It’s these insights that make modern accounting so exciting – the data it presents can be vitally useful for company strategy.
These four ‘fintech’ boosts to your business should help you concentrate on money matters in an entirely new way.
