How Has Tech Changed Business Finance?

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(Fabrizio Van Marciano, Pixabay)

6 July 2017. It’s fair to say that technology is reshaping every aspect of your lives, both personal and professional. Just recently, we examined how tech has altered investments and how it has caused the stock market to evolve. Today we’re looking at something different, examining how technology has shaped the handling of money in business. Believe it or not, businesses aren’t handling monetary issues they way they used to, and you’re about to discover why.

Automation

Yes, these days, it’s crucial for businesses to keep costs as low as possible and what better way to do this than to cut down the number of staff. When you reduce staff numbers, you have to replace them with something, and that’s where automation comes into play. Automation is the process of completing actions in business without human input. An example of this would be invoicing. In the past, you would need to hire an accountant to complete invoicing in your company. Today, it’s completely automated with no accountant necessary. Instead, the numbers can be handled by an advanced piece of software and everyone can be paid the right amount.

Online transactions

Don’t you just hate the time of the year when the taxman comes knocking? You’re probably constantly worried about getting on the wrong side of the IRS. Well, things are a lot easier these days now that you can pay your tax online. Sure it can still be a complicated process, and a lot of people often do continue to use the services of a tax attorney. But, it’s a lot simpler than it used to be and as such there’s less of a chance of late payment, or worse, paying too little. If in any doubt, you should always speak to an attorney about how much you need to pay. But, the fact that it’s all handled digitally make things a little less complicated and far more rapid.

On the cloud

Since everything is handled online, it does make sense for businesses to use cloud servers when handling their finances. With cloud technology, it’s possible for business owners to constantly keep a check on the funds in the business accounts as well as the outgoings. This allows companies to avoid any unexpected financial issues because they are always on top of the situation.

The other benefit of cloud accounting is when hiring an accountant. If you do still need an accountant in your business, they don’t have to be an in-house employee. Instead, businesses can use outsourcing services, reducing the cost and still getting the support they need.

Keeping things secure

The final benefit new tech has brought into the world of business finance. There’s a reason why tax payments can be handled online and why you can monitor accounts through online servers. It’s all secure enough to do so, and this extra security has made the world of business finance far more efficient and easy to manage.

As you can see, tech has brought a lot of benefits for business owners, and it will be interesting to see how things continue to change in the future.

(TheDigitalWay, Pixabay)

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